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Outsource office admin advisers told

Financial advisers have been told their job satisfaction could be greater if they had more support staff or more outsourcing of routine work in the office.

Tuesday, March 15th 2022, 6:00AM 2 Comments

by Eric Frykberg

This would give them more time to do the job they enjoy: dispensing advice.

These comments came in a webinar organised by Financial Advice NZ.

They came in the wake of research commissioned by the insurance company AIA, showing one in five advisers are seeking or have sought medical care for stress and 41% have a moderate or high risk to their mental health.

That was double the rate for New Zealand as a whole.

Others were considering leaving the profession.

AIA chief partnership officer Sam Tremethick said one of several issues singled out was the clutter of having too many things to do in the office.

“A third of brokers’ time was in admin, answering phone calls, emails and texts. On average, only 10% is spent giving advice.

“This is the reason why most people chose to be a financial adviser, yet it is only taking up 10% of the time.”

Tremethick said outsourcing office admin could free up staff to do more actual advising, which was what many of them loved doing.

“Sitting is the new smoking”

Other recommendations included finding a good mentor, seeking support when it is needed and engaging in other activities such as exercise or hobbies. Another need was for a good diet, as well as meditation, reflection or what he called “mindfulness.”

“The people who did that, had more energy for work, and their health and wellbeing over a long period was improved.

“It is pretty obvious stuff, but it is a good kick up the bum and a good reminder.”

AIA NZ Vitality Coach Laura Holyoake has several practical tips for advisers, to help them be the best version of themselves.

She suggested people should jot down on a piece of paper the things they know bring them a sense of wellbeing. If these things were not present in their daily lives, they should take steps to change that fast.

She supported her argument with dramatic statistics: 48% of adult New Zealanders do not do enough physical activity, and worldwide, this problem causes five million deaths annually.

“Sitting is the new smoking,” she said.

And Holyoake also warned against too much coffee. Despite having good qualities such as antioxidants, four or more exposures per day could leave traces of caffeine in the brain for the full 24 hours, badly affecting the quality of sleep.

She also referred to alcohol, saying too much could actually increase stress, despite the traditional use of alcohol to wind down.

And other things could benefit, such as having a 30 second cold shower every day.

Tags: AIA

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Comments from our readers

On 14 March 2022 at 8:39 am resnter said:
We know that but with PI cover increasing from 1200 to 9k a year, having taken time off not producing money for FAP licensing as well as study for investment strand, it's not possible so the vicious circle goes on plus some of us haven't got our trail high enough yet to help with those costs so we either solider on with staff we have got or exit. I'm considering both but will see how next 12 mths pan out.
On 15 March 2022 at 8:52 am Matron said:
Whilst I applaud efforts from companies such as AIA to highlight the stresses that Advisers face, noting that "outsourcing office admin could free up staff to do more actual advising, which was what many of them loved doing" misses the mark.

The unfortunate outcome of increased administration is too little time spent prospecting for new customers on behalf of supplier companies. It takes effort, committment and is deservedly well rewarded.

Suggesting that Advisers could benefit from "having a 30 second cold shower every day" is regretable.

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AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
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SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 6.05 6.15
TSB Special 4.79 ▼4.34 5.25 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
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Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 16 May 2022 9:03am

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