Financial advisers provide a crucial service to ensure that Australians are assisted in making positive financial decisions that safeguard their futures. In recent years however, there has been significant change within the industry, placing additional pressure on the profession and negatively impacting levels of wellbeing and mental health.
Alarmed by a high rate of financial advisers leaving the industry, AIA Australia sponsored a research project led by Dr Adam Fraser from The E-lab, in collaboration with Dr John Molineux from Deakin University. The objective of the research was to study several factors impacting the health and wellbeing of financial advisers.
While the findings of the research are concerning for the sustainability of the profession in Australia, Dr Fraser and Dr Molineux provide recommendations that financial advisers can follow to improve their overall wellbeing, in addition to changes that can be made by the financial advice community and regulatory bodies.