Australian Financial Advisers Wellbeing Report 2021

AFA News 24 June 2021. On 22 June 2021 the AFA held a webinar with Dr Adam Fraser from The e-lab to discuss his recent research on financial adviser wellbeing.  In this webinar, Dr Fraser was interviewed by AFA President Michael Nowak and talked to the findings in his report, which he did alongside Dr John Molineux from Deakin University.

This is a critical report, as for the first time, through independent research, tells the story of the impact of regulatory change and increased compliance standards on the financial advice population.  This is disturbing reading as it indicates many advisers are experiencing very high levels of stress, burnout and treatment for mental health issues.  This report provides a telling message for our politicians and the media.

During the webinar, Dr Fraser also pointed out that one of the key drivers of this stress is the constant and unfair criticism of financial advisers by politicians and the media.  He described how this criticism and unfair treatment really hurts financial advisers.  Mike Nowak described how he felt in 2019 after the release of the Banking Royal Commission final report, which generated very harsh criticism of financial advisers.

Please click here to see the webinar.

Please click here for a copy of the Financial Adviser Wellbeing Report 2021.

Please contact the AFA or AFA care if you are struggling or if you need someone to discuss your personal situation.  Members are encouraged to reach out and find someone to discuss these issues with.  We believe, when you talk to a colleague, these discussions are typically beneficial for both parties.

Issued 24.06.2021. AFA Policy & Education Update