The study – The Adviser Voice – has three objectives: understanding the current state of mental health and wellbeing of financial advisers, learning the habits associated with those advisers experiencing positive mental health, and determining the mindsets and behaviour that advisers are using in order to deal with a period of significant upheaval.
“Australian financial advisers play a critical role in society, through helping their clients and their families,” said Damien Mu, AIA Australia and New Zealand CEO and managing director.
“They are an extremely important partner for us as a life and health insurer; we see firsthand the value of advisers in ensuring the financial wellbeing and protection of Australians. Advisers have been through a huge amount of disruption in recent years – starting with the Future of Financial Advice reforms, through to the Life Insurance Framework, new education and compliance requirements, and now the effects of the pandemic.”
The study will comprise a survey of 1,000+ advisers, a series of in-depth, one-on-one interviews, and a seven-day diary study. AIA has partnered with Deakin University to complete the study, and all data is intended to be gathered before the end of 2020.
“We want advisers to have the support and the resilience they need to not only survive, but to revive their businesses and to ultimately thrive, so they can continue to help Australians get access to quality advice and meet their financial wellbeing needs,” Mr Mu said.
Damien, you did nothing during the LIF negotiations to stand up and protect the adviser.
You were certainly not the only one who decided to just let things go through without the fight of your life.
The mental health devastation that currently exists is a result of many factors at play and a relentless and unfair pursuit of the financial services industry and its participants.
You simply cannot just keep kicking the life out of people without at some point have them break down, surrender and give up.
Advisers have historically been a resilient, positive and adaptable group, but the intense and relentless attack over the last decade has destroyed many people’s self confidence, self esteem and self worth.
It has been manifestly unfair and the killing season still continues.
Good people have been destroyed.
I have participated in the survey of this study…some “interesting” non-mental-stress questions slipped in too…
It’s a bit late to do a survey on how 10 years of constant change and victimisation by all govt bodies concerned is affecting advisers mental health. Almost 25% of advisers have left in under 2 years with a lot more to go in the next 12 month’s. That says it all. Is the stress of this job worth the mental anguish, ongoing medication and loss of health? Let’s not talk about the ongoing changes to register valuations? It’s a disgrace but don’t worry Stephen Glenfield at FASEA thinks that that the 300 or so new entrants will pick up the slack of the 7000 gone. What an idiot.
Here’s a thought. Lobby government to fix the LIF that you were one of the architects of (admit you and the FSC of which you sit on the board got it wrong) and perhaps take a pay cut and cut some cost so that you are not having to constantly increase existing customers premiums. This will be a great way to improve advisers mental health.