‘Decimated and shattered’: New survey looks at adviser’s mental and emotional health

Two figures within the advice industry – Artemis Investments (NSW) director Philippa Hunt and Forte Asset Management founder and director Steve Prendeville - joined forces for the new initiative following recent conferences held by the Association of Independently Owned Financial Professionals (AIOFP) in Hobart and the Hunter Valley last year which Ms Hunt ran sessions at.

The two were “bowled over” by the responses and decided to team up as Ms Hunt has a background in organisational psychology as well as a successful career in financial advice, while Mr Prendeville is "often the last resort for advisers to sell their business who are desperate to get out of the industry" in his role.

“We are alarmed at the number of advisers exiting the industry with more likely to leave in 2022 and again 2026,” Ms Hunt told ifa.

“We are losing the experience and knowledge that sustains the industry.”

The survey also seeks to understand the toll that government and regulator reform has had on the sector, which Ms Hunt believes has not been handled well by either.

“In my 20 years of experience in this industry… I have never seen or experienced the haphazard onslaught of legislation that has so decimated and shattered the people in the industry,” Ms Hunt said.   

“We are now dealing with the fallout of increasing costs of advice because of the compliance paperwork duplicating the processes that were already in place.  Advice costs over $5,000 for a statement of advice and most advisers don’t charge that amount. It makes advice for ordinary Australians unsustainable for a small business.  Mostly the high net worth clients will be left to afford comprehensive advice. 

“The mental health and emotional wellbeing of advisers, their business and employers has been crashed over the impost of badly thought-out legislation, the pandemic, lockdowns and burnout.”

Ms Hunt and Mr Prendeville will look to get a screengrab of the situation that advisers face in 2022 given there has been no attainable way of understanding their currents needs so far this year.

The survey looks at the mental and emotional health of planners, as well as FASEA, LIF and the effects of both now. It is targeted to all financial advisers, including those in insurance and investment, as well as staff who work with and for advisers.

“When the results are in, data analysed and reported of this current point in time we hope to get a clearer picture of current state of mental health, emotional state, the effects of the most far-reaching legislation,” Ms Hunt said.

To complete the survey, click here.

If you are suffering from depression, anxiety or suicidal thoughts, or you’re worried about someone else and feel that urgent professional support is needed, contact your local doctor or one of the 24/7 crisis agencies below: Beyond Blue: 1300 22 4636 www.beyondblue.org.au Lifeline: 13 11 14 www.lifeline.org.au Suicide Call Back Service: 1300 659 467 www.suicidecallbackservice.org.au

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.