Supporting adviser's mental health
Vikki Harrison
Marketing Manager
Supporting adviser mental health is crucial for the protection industry, as advisers often face high-pressure environments and demanding workloads.
Navigating the pressures of recent years
In recent years, our lives have been under immense pressure. From facing inflationary pressures and soaring energy costs to witnessing the devastation of the Ukrainian crisis and uncertainty in world politics, our resilience has been thoroughly tested. Unfortunately, this has led to a significant increase in symptoms of depression, anxiety, and other potentially debilitating conditions in the UK.
It’s important to remember that we are all human. Regardless of our jobs or responsibilities, we can all experience the effects of mental ill health and increased stress. Financial advisers often bear the additional burden of their clients’ stress on top of their own personal challenges.
Advisers frequently find themselves listening to clients’ financial woes, while this may come with the territory, it’s crucial not to overlook the strain this places on advisers themselves.
You may have heard the question, “Who cares for the carer?” This is a vital consideration, especially in the adviser space, given the rising levels of mental health issues advisers are witnessing in their clients.
It’s essential to ensure that those who provide support also receive the support they need.
Almost 1 in 4 applications received have a mental health disclosure1 according to Scottish Widows application data. Despite this, we were able to offer cover to 90% of clients at standard rates1.
Strategies to help advisers look after their own mental health:
Focus on what you can control: It might feel like there’s a lot out of your control right now, but it’s crucial to concentrate on what you can manage. Set achievable targets and celebrate your accomplishments. It’s important to acknowledge your successes rather than focusing on what you haven’t done.
Share your problems: Keeping problems to yourself can be counterproductive. It’s important to share your thoughts with others, as discussing your issues can help you view them more logically.
Take time for yourself: Make time to relax and give your mind a break from worrying or overthinking. The key is to take some time for yourself without distractions. Self-care is essential, and only by caring for yourself can you effectively support others.
Being aware of your own mental health can help you spot signs of mental ill health in others.
We all have a lot on our shoulders right now, and it’s undeniable that the pressures are significant. Prioritise you - you’ll be better equipped to recognise the signs of mental health issues in your clients and provide them with the necessary support.
So how can the protection industry support adviser mental health?
Firstly, creating an environment where advisers feel comfortable discussing their mental health is essential. Ensuring advisers have access to mental health resources, regular check ins and the ability to provide anonymous feedback are all tools which could be implemented.
Flexibility in work schedules can help advisers manage their work-life balance better. Results from the Mortgage industry Mental Health charter’s 2024 Mental Health & Wellbeing survey indicated that advisers had seen a ‘dramatic decrease in their work/life balance over the last year’2. This could indicate that advisers are still adjusting to various ways of working.
Many companies have become quite innovative in recent years, implementing mental health first aiders and regular workplace wellbeing activities as part of their mental health strategies. However, it’s evident that there is still much work to be done.
There are ongoing concerns that too many people continue to suffer in silence, receiving little to no support.
By implementing mental health strategies, the protection industry can create a supportive environment that prioritises the mental health of advisers. This not only enhances their well-being but also improves their productivity and job satisfaction, leading to a more resilient and effective workforce.
Sources:
1SW Application data, Q4 2024
2Mental Health & Wellbeing Survey 2024