Former financial planner and Property Funds Management Australia founder Barry Daniels said a common theme in his conversations with advisers across the industry at present was frustration at being misunderstood and ignored as regulatory change continued at pace.
“Advisers [believe] that people outside the industry, especially regulators and politicians, have no appreciation of an adviser’s feelings of capitulation, loss, dismay and disbelief, but above all, that no one understands nor appreciates the role advisers play and service they provide,” Mr Daniels said.
“The vast majority of Australia’s advisers … genuinely care for the wellbeing of clients. It’s both a privilege and a challenge to be across all their personal affairs, that has regrettably become another layer of stress in the lives of advisers dealing with mental illness.”
The comments follow ifa reporting earlier this year that indicated around 20 deaths had occurred in the industry in 2019 as a result of ill mental health among advisers, with AFA chief executive Phil Kewin commenting that increasing reports of suicide meant financial planning could have “one of the highest risk rates of any occupation in Australia”.
With the industry still in flux and further new regulations on the horizon, Mr Daniels said it was important for advisers to develop coping strategies to deal with what were likely to be further ups and downs in coming years.
“When articulating my life journey to advisers, it is in the context of a never-ending cycle whereby periods of war and lowest of emotional troughs are followed by times of calm and peace before they too give way to war once again. This makes developing a framework or strategy of coping skills even more challenging for the individual,” he said.
“In my case, the guiding light to recovery and wellbeing are contained in a daily rigid regime of journaling, meditation and exercise that are undertaken with a resolute military like commitment. I also have other strategies – therapies – in reserve and in readiness should the current approach no longer be effective.”
If this story has raised any emotional or psychological issues for you, you can use the below resources:
Lifeline – 13 11 14/ www.lifeline.org.au
Suicide Call Back Service – 1300 659 467/ www.suicidecallbackservice.org.au
Mens Line Australia – 1300 78 99 78/ www.mensline.org.au
If I could just send a message to all of you out there that are struggling,
1) Prepare yourself and then spend some time thinking about how to get your clients ready for you to leave the industry
2) Give your clients concrete steps to follow as to how to manage their own affairs from now on
3) Quit the industry
If you’re stuck in debt or you have a book to pay off, try and run it down as much as you can, if you have to sell your house and move somewhere smaller to retire debt, do that.
Do something else that adds value in peoples lives, there’s a billion opportunities out there.
Replace the word Adviser with Farmer and it would be a national outcry….. yet we hear nothing, and no one listens.
After 20 plus years I got out about 18 months ago and my mental well-being has now thankfully been restored. I really feel for those that are suffering and can’t see a way out due to their individual situation. Dreading going to work each day is not a healthy thing. All the best.
ASIC – The staggering level of Regulatory Capture to Industry Super, the disgusting treatment of Real Advisers.
Just like the RC showed how useless ASIC were, found so dreadfully conflicted with the decades of pandering to the Big Banks.
What will ASIC do when it is proved over time their treatment of Real Adviser was corrupt, disgustingly conflicted and dreadfully short sighted ???
How can a so called Regulator be so bad at doing what they are meant to do ???
That’s right, they live in a Canberra Bubble, have no real world experience and their no 1 KPI = MORE BS REGS !!!
Great job ASIC. Seriously pathetic.
Getting out was the most relieving and positive thing I have ever done in my life. Period. I applaud any who decide to stay and say you are stronger than me, but please don’t let this pitiful industry destroy your spirit. It is not worth it even for a second!
Age 37, 15 years experience, 3 degrees, multiple designations and FASEA requirements all done. This week i resign from the profession. Biggest weight off my shoulders.
not to outdo you, 4 degrees 21 years experience signing off too gonna get into mortgage broking and hock debt
But wait, ASIC want more affordable and more people getting advice.
Yet at the same time ASIC do everything in their powers to TOTALLY SCREW REAL ADVISERS at EVERY TURN.
ASIC are Disgusting.
Good luck on your next Gig, surely it is impossible it can be as over regulated as Advice.
About 60 now, 43 years in the industry, calling it quits end of ’21. too many academic pin-head clowns calling the shots. The old saying “those who produce must seek permission from those who produce nothing” – pathetic isn’t it?!
especially regulators and politicians, have no appreciation of an adviser’s feelings of capitulation, loss, dismay and disbelief, but above all, that no one understands nor appreciates the role advisers play and service they provide,” They do but look at the adviser community as collateral damage . Some how justifying their thinking that we have brought this upon ourselves
Despite the rate of deaths, sadly, NO ONE is listening, no one cares…yet the Gvt, AMP and the like continue to use Advisers to push their own agenda for their own political and financial gain.
We do not deserve to be demonised, bullied or harassed by these large corporations. This nation has been built on small businesses yet no one or one group have the courage to stand up to these despicable corporations.
Yes, I’ve certainly needed assistance from my doctor & anti depressants for the first time ever…..
The impact has been devastating.
Many are going about their daily lives in a very high state of anxiety, but trying every single day to put on a false face of stability and calm for those around them.
They are quiet, but many are suffering in silence.
The current relentless regulatory environment, and feelings of helplessness and victimisation for financial advisers is destroying self esteem, self confidence and sense of purpose and future.
This is a perfect storm of so many contributing factors colliding simultaneously and significantly overloading advisers both mentally, emotionally and eventually, physically.
The very sad component of all this is that many advisers now feel devalued as an industry and devalued as people.
They know the value they can provide to their clients and in the vast majority of cases, their clients would greatly appreciate the value and assistance that is provided almost at any time.
However, Financial Advisers have been relentlessly kicked to death by politics, the regulator and the mainstream media for the last decade and advisers have endured and pushed forward because they know what they do is important and valuable.
The human side of this appears to be inconsequential to those who push forward for even further change and disruption often without assessing the real benefits and value to the end user and the provision of the advice process.
Amidst the current pandemic and all that has has come with this terrible situation, there has been another pandemic occurring for financial advisers for the last decade.
Because so many have been as resilient as they can be for too long, the breaking point and the real impact of relentless feelings of persecution has still not been felt.
To call it discrimination is not too strong as it has been an unjust, prejudicial and programmed offensive.
It is high time the politicians who decide on regulatory impact apply empathy and emotional intelligence to the disastrous situation that currently exists.
Breaking point is now.
Couldn’t agree more. I feel like shit.
Well said!
“many advisers now feel devalued as an industry and devalued as people.” This pretty much sums it up.
Could not have said it better. Thank you ‘Customer’.
Yup. Let’s not deal with the cause but learn how to cope instead. Ring your professional body that helped you get to this point of despair, and they’ll give you a help line. Tell the major financial institution conducting its own bizarre interpretation of what ASIC is asking them to do that you feel a bit stretched….another help line. Never in my 30+ years of professional life have I had so much empathy for the people within our society that keep falling through the cracks unheard. I have slowly begun to at least a tiny understanding of what it must be like to be indigenous, LGBTQ, etc.
About time someone speaks up for the mental battle advisers are going through. The regulators need to take this into consideration before there aren’t any advisers left