State of Adviser Wellbeing

August 3, 2021by Jonathan Elcombe0
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The findings of the research lead to having huge concerns for the sustainability of the profession in

Australia. If the wellbeing and mental health of this group doesn’t change dramatically, we doubt that there will be a significant number of Advisers to serve the financial needs of Australians.

As a result, 42% of Advisers are considering leaving the profession due to the stress they experience and a further 17% are unsure if they will stay in the profession.

The study set out to answer the following questions:

  • What is the current state of financial Advisers in Australia in terms of their wellbeing, mental health, quality of life, work-life balance and levels of stress?
  • How do they compare to other occupations and the average person?
  • For the Advisers that have good wellbeing, mental health, quality of life and work-life balance, what are the behaviours and strategies they implement to flourish in these areas?
  • What are the mindsets, habits and strategic focuses of Advisers who are evolving and innovating their businesses?

What I like about this study is that it did not just look at the challenges Advisers are facing, but how those who are managing and thriving in the same environment was growing their business, enjoying their work, had strong well being, mental health and work-life balance. This cohort was referred to as the ‘Thrivers’.

I won’t summarise the 77-page report, you can skim that in your own time, however, I thought I would link a few concepts together here for us today.

Attitude about change

From Page 45 of the report – ‘Although interviewees (Thrivers) had mixed views about change, most were unhappy with the change, but they are accepting that it was their new reality and focused on constructive behaviours’.

The following statements are samples of the Adviser’s comments about their attitude towards the change.

  • I try to have a positive outlook about it. Changes had to happen.
  • Be a part of the change, rather than being the stickler, and not budging. You’ve got to accept new ideas, you’ve got to understand ‘what is the purpose?’
  • There’s been lots of change in the industry over the last 10 years, and so you’ve just got to embrace it.
  • We have to suck it up and just keep working because the alternative is you have to leave the profession, that’s the alternative.
  • Change is inevitable and it’s really a case of having to manage and cope with it.

The summary (page 55) of those who ‘thrived’, had the following characteristics that separated
them from the broader group.

  • Psychological Flexibility
  • Psychological Capital
  • Adaptive performance
  • Prioritise wellbeing
  • Leverage their time
  • Engaged in industry support

It’s a big read, but certainly worthwhile.

I can’t help thinking that the first song I heard on the radio this morning was no coincidence…

Have a listen https://www.youtube.com/watch?v=1Dn856CAbh0

Courage, by PINK.

Have I, the courage to change today?
I don’t have to do this perfectly…

I think she wrote it for our industry…

Go on – Take 5 and have a listen.

How can LGen help your business?

As you already know, over 85% of Aussies STILL do not have an up to date Will or Estate Plan. This role is typically an afterthought and outsourced, or referred to the legal sector.

And most Advisers tell us they experience delays and frustration waiting for those legal documents to come back their clients and you can keep getting on with the business at hand.

In fact, I was speaking to an Adviser late last week. He told me he has always referred his clients to a solicitor and when he follows up with his clients in 6 month’s time – NOTHING HAS HAPPENED. It is really annoying that there is little to NO follow up at the solicitor end.

You also MAY NOT KNOW that 80% of the Will and Estate Planning process can be done without a solicitor. It just needs someone to facilitate the process – YOU!

Of course, the legal documents need to be supplied, but the priority brief and determination of actions do not.

So by offering an in house Estate Planning arm to your business, you can now control the process, have an increased client satisfaction rate, AND be financially rewarded at the same time.

So:

  1. No compliance requirements
  2. A few hours of additional training to get started
  3. The LGen support team to take care of the client journey
  4. And you can keep getting on with the business at hand.

We would love to chat with you about how we can help to easily implement a profitable Estate Planning arm to your business.

Thinking of you and please take care of yourself and your business.

From Deena
on behalf of LGen
Your In House Estate Planning team

LGen
Helping Advisers add a profitable Estate Planning arm (in house) to their business.
Efficient | Affordable | Timely | Profitable

Catch us on our next webinar by clicking here to register.

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