‘Advisers are traumatised’: Industry body to query planner mental health

The survey, launched by the AIOFP and developed in conjunction with adviser and psychologist Philippa Hunt, asks around 80 questions to former and existing AMP advisers relating to how the wealth giant’s business policies have affected their mental health.

AIOFP executive director Peter Johnston said the survey had been completed by around 75 advisers associated with AMP over the last two months, and the results would inform a new mental health service to be launched by the association later in the year.

“We got two clinical psychologists to put it together for us, and it tells us what everyone already knows is going on in the marketplace – advisers are severely traumatised,” Mr Johnston said.

“The service we are putting together off the back of it is going to be a comprehensive one – we’re going to have a panel of clinical psychologists from around Australia which is going to be partly subsidised by some of our sponsors looking to assist members with their mental health issues, and we’ve got applications in for some government funding as well.”

Mr Johnston said the service would be open to all AIOFP members including those associated with AMP, who numbered around 100 in the industry body’s membership.

However in a recent video update to members, chief executive of the Advisers Association Neil Macdonald said the peak body for AMP planners would discourage their members from taking the survey, suggesting mental health was a delicate subject best left to professionals.

Former AMP adviser David Haseldine, who has been promoting the survey on his website the Real AMP that records data on the financial effects of AMP’s advice turnaround strategy, said he was disappointed with the AMP association’s decision to “bury” the mental health needs of advisers.

“One assumes that the association is there for the benefit of advisers, however the blatantly incongruous stance the association is taking does everyone damage, not the least of which would be the association’s own credibility,” Mr Haseldine said.

“I applaud Peter and the AIOFP for taking the lead on an issue where so many others have backed away from, including AMPFP’s own association.”