The survey was launched last month by Artemis Investments (NSW) director Philippa Hunt and Forte Asset Management founder and director Steve Prendeville who are aiming to get a screengrab of the situation that advisers face in 2022 given that there has been no attainable way of understanding their current 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 told ifa that the survey has received overwhelming feedback, cracking over 700 respondents.
“Clearly, it appears that the issues of mental health emotional wellbeing are now highly impacted as a result of intense regulation and the implementation and effect on the industry,” Ms Hunt said.
Appearing on a recent episode of the ifa Show podcast, Ms Hunt and Mr Prendeville said that they intend to bring the findings to the attention of the government.
“I think if we can quantify the problem, maybe we can build some support systems, referral arrangements,” Mr Prendeville said.
“Also, I think if the minimum we achieve is that people understand it and know that they’re not alone… then hopefully if we’ve got some data we can speak out and up, back up to government and try and, sort of, quantify these unintended consequences of mass legislation in a short period of time.”
Ms Hunt added that they also hope to set “some kind of coaching or support service” to continue the support once they have gathered the results of the survey.
“And then provide some kind of strategic and emotional and mental health support for these guys who really are struggling, but don’t know where to go, what to do.”
To complete the survey, click here and listen to the full ifa Show episode with Ms Hunt and Mr Prendeville here.
The survey closes on Tuesday, 12 April.
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
while another building company collapses. i wonder what would happen if the building industry and property developer spruikers – like one A Team Property Group – were to have a Royal Commission. What would the findings show?
How many families have had issues with project builders and been left in dark of their options to make a claim.
it happened at peak levels in 2008 – 2010 and happening again now.
yet the building industry is allowed to walk away and leave their clients in a devastating mess, which in my view would far outweigh the average claim made against an adviser.
its sickening that our industry was destroyed by a group of CEOs that had a agenda on vertical integration and shareholder profit. They all got their golden hand shakes and allowed to walk free.
The advisers left standing are now bombarded with their mess as politicians dont understand the industry that they legislate against. For me this industry is getting harder and harder to be involved in each and every day.
The vast majority of advisers who have been so very damaged were once effective and capable and who were confident and reliable to assist their clients.
It has been nothing short of a strategic cleansing program designed to ruthlessly apply unrelenting change and unworkable parameters until there is simply nothing left in the tank.
I have never seen a single industry or profession so negatively targeted by Govt over such an extended time frame.
It has been discriminatory, targeted and negligent.
It has been an absolute disgrace.
In the 2021 report the following information was also determined:
74% of advisers were experiencing high levels of burnout
33% are seeking medical care to manage symptoms caused by stress.
67% of advisers experience some level of depression
The damage that has been systematically and relentlessly imposed over such an extended time frame has resulted in a massive cohort of broken people.
The results from the 2021 report by Dr Adam Fraser and Dr John Molineaux clearly identified that financial advisers when compared to a range of other groups who have stressful and demanding occupations, scored far worse on the majority of measures.
Importantly, they scored WORST in the following areas.
Worst mental health
Worst well being
Highest stress levels
Highest feeling of overload
Highest impact of stress of them impacting their medical health.
Lowest score in psychological construct including resilience, hope, optimism and confidence.
The results of this survey will be horrifying.
In conjunction with the significantly concerning results of the comprehensive 2021 Australian Financial Advisers Wellbeing Report by Dr Adam Fraser and Dr John Molineaux this data should serve as indisputable evidence of the incredibly damaging impact the relentless legislative environment has had on the well being and the mental health of people who have been entrusted by so many clients to look after THEIR financial well being.
Maybe some changes to the overbearing legislative and regulatory imposts (compliance) could be added to the list of outcomes??