‘We don’t need more regulation: Govt urged to support advisers’ mental health

Following the release of a new survey this week – which seeks to ascertain the current mental and emotional health of advisers in Australia – survey creators Philippa Hunt and Steve Prendeville have called for more action, saying government and regulators must “listen, consult with us and act”.

“We want to see the worst of the unintended consequences ameliorated and streamlined so that advisers are less burdened by paperwork and compliance, fear of getting the compliance wrong and more time spent helping their clients,” Ms Hunt told ifa.

“Less duplicated compliance will assist to decrease the cost of time to make advice more affordable. There has to be a better way of providing scalable strategic advice and separate advice from product.”

Through the survey, 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.

Ms Hunt suggested government and regulators must change education standards by recognising prior learning and experience and also fund mental health support for advisers.

“We don’t need more regulation or bodies to regulate behaviour and force advisers to pay levies for them,” she said.

“Once we know what the most burning issues are now, we can assist with appropriate support.

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.