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Advisers feeling overwhelmed by change and scrutiny, group says

Financial advisers are struggling mentally with the amount of change they are being forced to go through and need more than just business and licensing support, one dealer group says.

Thursday, September 19th 2019, 11:11AM 4 Comments

Newpark chief executive Melanie Purdey said she regularly dealt with advisers who were becoming stressed or depressed.

“We need to give our people a lot more support than just licensing or business development … they are going through a change that is unprecedented for them.”

Many were studying for the first time, sometimes in a language that was not their first, she said. They were also under the regulatory, media and public spotlight and feeling unfairly maligned and overwhelmed.

The group is launching Headspace, an initiative to support advisers’ mental health and wellbeing.

“People are really struggling to keep up and cope with it.”

The group had approached insurers about offering their support, she said, but would go ahead regardless.

Advisers who were members of Newpark would be given access to counselling through EAP, money management tools, access to other mental health resources and the opportunity to network with other advisers to reduce any sense of isolation.
Many were working from home offices and becoming increasingly insular, she said.

Newpark also wanted to fund advisers to complete a mental health first aid course to help them tackle issues that arose with their colleagues and clients. “They’re often on the frontline when people are going through loss.”

Purdey said the group wanted its advisers to know that they were supported.

“We have understood that we have to wrap our arms around our people – not just in their role as adviser but their whole person – in order to build success.

"We want to give them the support they need in a real way. We will be partnering with a professional services provider to offer confidential funded counselling services to support those who are struggling with stress-related issues in their work, family and health lives.”

Tags: financial advisers Insurance Advisers licensing Mental health Newpark

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Comments from our readers

On 19 September 2019 at 3:01 pm Backstage said:
That is very practical! I agree, I have also observed many adviser friends anxiety over the past 2 years. It is good to see this being recognised and I do hope all industry bodies follow this example.
On 23 September 2019 at 8:39 am valkyrie6 said:
what a fantastic Idea New Park, thinking of your advisers is such a refreshing approach compared to some of the Aussie owned groups
On 23 September 2019 at 9:45 pm JPHale said:
Here here! A massively useful initiative and one that is needed.

There's significant stress and frustration with advisers, for many it is also facing the end of their careers as they choose not to continue with the new regime too.

Every adviser I talk to is concerned about the change coming, because change is disruptive and it is significant change.

I would hate to see the headlines in Aussie happen here, 11 times the national average for suicides by financial advisers.

That's something we should all be concerned about, as well as watching and checking in on our quiet colleagues to ensure they are ok.
On 24 September 2019 at 7:59 am Adviser1 said:
Well said and thanks Newpark. My stress and frustration has evolved to 'what will be will be' but I refuse to get down about it.

I know I do a good job for my clients and do not feel in the slightest bit guilty of receiving commission for the work I do, much of which is unpaid and behind the scenes and not understood by the regulators at all.

I will play the game the regulators want me to play for as long as I choose to. If I decide it's all a bit much red tape and it's uneconomic to continue I'll go and do something else - but that will be my choice.

Batten down the hatches people, whether the storm of this unjustified global regulation attack on our industry and good luck.

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