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All financial advisers are being called on to take part in a second research survey to better understand their mental health and wellbeing.

Wednesday, June 21st 2023, 12:25PM

AIA is repeating last year's Adviser Wellbeing Research which aims to understand the current state of mental health of financial advisers.

It will explore the habits and attitudes of those advisers who are experiencing positive mental wellbeing, and discover the mindsets and behaviours needed to manage significant market disruptions.

The survey will be a good benchmark to see what has changed following the introduction of new adviser regulations, plus the exit of many old hands.

“The 2021 results provided valuable insight into the key challenges experienced by financial advisers and has subsequently informed our approach to how we engage with them since," AIA NZ chief partnership distribution officer Sharron Botica says.

“The financial services sector continues to see significant change in the operating and regulatory landscape, and with recent extreme weather events and the rising cost of living, financial advisers are increasingly supporting distressed customers.

"We and our industry peers have been working steadily with advisers to help them through these challenges, but there’s no doubt the combination of these conditions have proved especially demanding for financial advisers.”

AIA NZ will be working again with Sydney-based researchers Dr Adam Fraser, founder of The e-lab, and Dr John Molineux from Deakin University, who specialise in reports of this nature.

The New Zealand Adviser Wellbeing Research is open to all financial advisers, not just risk advisers. While it is run by AIA there is no  requirement to have previously placed business with AIA NZ.

The research will use a mixed methods approach – an anonymous survey, which will take approximately 15 minutes, and a voluntary interview relating to the research to further inform the findings from the study. If financial advisers are interested in participating in the interview there is more information at the end of the survey.

The 2021 research found that Kiwi financial advisers increasingly faced work burnout and deteriorating mental wellbeing with 20% of participants saying they were seeking or had sought medical care for stress. Fifteen per cent had been advised by their doctor they were at high risk of heart disease or stroke, while 41% had a moderate to high mental health risk – almost double the risk of the general New Zealand population.

When asked about the most stressful aspects of their role, more than 60% of advisers cited newly introduced government regulation as highly to very highly stressful.

The good news was that seven in 10 (67%) of advisers surveyed said they were doing a good job in managing work-life balance, and 44% said they felt their ‘personal time was their own’.


Tags: AIA

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