Advisers report burnout, breaking point: ResearchBY KARREN VERGARA | TUESDAY, 25 MAY 2021 12:18PM High levels of stress and anxiety are tempting 42% of financial advisers to exit the industry, as reports of burnout underscore the toll their work is taking on their physical and mental health, new research suggests. |
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Liz McCarthy
CHIEF EXECUTIVE OFFICER, MLC EXPAND
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Liz McCarthy has spent her whole life on the move, which has taught her invaluable lessons about life, work and always moving forward. Eliza Bavin writes.
The Government and people involved should feel ashamed for instigating this circumstance for a group of working people
The real cause for concern is the vast body of advisers who have not sought medical help, but nevertheless slog on under the unprecedented onslaught of savage bureaucratic imposts that have undermined the viability of the majority of financial advisers' businesses.
The quantity and frequency of ASIC-invented compliance requirements - for example, having to duplicate and often triplicate adviser fee reporting on a repeated basis, plus the sheer quantity of mindless, usually confusing communications imposed on Clients - has clearly and deliberately been designed by ASIC to undermine the efficiency and viability of the profession.
The affected advisers who remain in practice do so out of loyalty and fidelity to their Clients, and despite their savagely reduced earnings and crippling ASIC-imposed increased costs.
Has ever a profession been so victimized?
We have to ask Why?
Sadly everyone is either too busy doing compliance paperwork or too depressed to comment.