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
the way that advisers have been treated has been nothing short of disgusting. I’m fed up with this industry & the never ending vendetta on advisers
“Understand this: Things are now in motion that cannot be undone.” — Gandalf the White
The life industry is destroyed completely, with only a few years for it to be official – I’d say 2026 to see the last pure risk advisory company finish up. Just completely untenable and with the next few years will be zero financial reason to stay in it. Financial planning and investment advice will follow the same road, more than likely by 2028 Robo Advice will have killed that too except for HNW clients who will afford the fees. I will be watching with interest the compliance outcome of all this idiocy as pollies, company execs and special interest groups get what they secretly wished for over 3 decades now. They’ll all move on – the pollies, execs, to greener pastures once they’ve destroyed completely our once great industry. That’s the salt into the wounds – the real culprits responsible will never get punished, only the consumers and advisers will suffer.
Thanks so much for your comments and your feelings. We appreciate how you feel and most of the industry is in this space. We have a reasonable connection with politicians on all sides and they are now aware of the current situation as is ASIC, The aim here to present FACTS of advisers personal experience with compliance and clients across your desk every day and the effects of the legislation on your business and income as it stands now. Grab your colleagues and send them the survey link to have your say with more advisers speaking up!!! Thanks
Labor will never support the financial planning sector – they support the Industry Funds sector.
You know the ones who have spent millions of dollars of their members money in a negative advertising campaign against us.
I don’t care if Labor support us or not, at this point I just want retributuon against this shocking Coalition government.
Be careful what you wish for.
They’ve destroyed this industry. Only in Australia can politicians run off and reform an industry without listening to the stakeholders. Now that they push through pointless reforms, they then appoint another lawyer to review the reforms.
Just a sick joke
Industry has a problem. Adviser numbers reducing. Large licensees under pressure on costs, with numerous now leaving the industry and to make matters worse PI insurers leaving the market not offering small licensees renewal terms.
Which PI insurers?
I just renewed my PI and got a better deal than last year. AFSL in it’s second year with 5 AR’s
Well done to Ms Hunt and Mr Prendeville for showing the foresight to actually obtain feedback from All advisers that have been hurt by over regulation and the constant meddling of Government in an Industry none of them seem to really understand. You are both a death of fresh air and you have the interests of all advisers at heart , congratulations.
sorry a typo meant to say a BREATH of fresh air 🙂
The widespread decline in adviser’s mental health is not an unexpected outcome or “unintended consequence”. It is a direct and predictable result of the relentless persecution campaign by government and regulators against all licensed advisers, including the honest majority. This persecution campaign has been conducted with the supposed objective of protecting consumers from bad advice. But rather than targeting the actual wrongdoers, it has been directed at all licensed advisers, in order to promote the ideological agendas and commercial conflicts of regulators and politicians. Consumers are ultimately worse off, and the lives of many honest professional advisers have been destroyed.
Medcraft, Kell, Press, O’Dwyer, Frydenberg & Hume should all be utterly ashamed of themselves. In the case of Fydenberg & Hume there is an upcoming opportunity to hold them at least partially account, via the ballot box. All advisers should be alerting friends, family, and clients to the enormous damage these two have done to consumers’ access to affordable professional advice, and the lives of honest advisers.