Advisers taking on stress of clients in crisis

Zurich head of mental health and wellness Maria Falas told ifa the adviser community was facing “interconnected challenges” relating to mental health, as clients’ and their own financial stress combined to create issues that advisers rarely had time to address given their high workloads.

“Many advisers are supporting clients including those who may be doing it tough because of how their own lives and businesses have been impacted,” Ms Falas said.

“As a result of having such strong client relationships they will often take on the stresses facing their clients.

“The impact of the scale of regulatory change taking place across the industry has [also] been significant. Outside of work they may be the main breadwinner for their family and have financial stress.

“Finally, whilst there is support and resources available for advisers it would be very hard for many of them to find the time and space to do this given everything going on. All of the above combine to produce what can be a constant and high-level of worry which impacts adviser mental wellbeing.”

The insurer had recently formed a working group with key industry associations and stakeholders, including the AFA, FPA and dealer group Bombora, to address the rising incidence of mental health problems across the industry.

Ms Falas said the group had focused on increasing the number of resources available for advisers to help both themselves and their clients, in a year that had been marked by declining mental health across the country following the COVID movement restrictions.

“The key insight from our industry working group was to stay focused on how we can help advisers to support their clients and team,” she said.

“By producing tools and resources that achieve this, then advisers will also have access to these tools and resources for themselves.”

Zurich had recently launched an adviser wellbeing hub that included content and tips around managing stress, improving physical health and wellbeing, and CPD-accredited courses advisers could take in mental health related subjects.

Ms Falas said the hub was part of the insurer’s broader MindFit program that aimed to better educate advisers, clients and the insurance industry around awareness and diagnoses of mental health issues.