The Mental Health Crisis in the Advisory Profession

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

When tennis star Naomi Osaka courageously revealed her struggles with anxiety and depression, she destigmatized the previously taboo subject which plagues many professional athletes. Her withdrawal from the 2021 French Open so she could prioritize her mental health issues was a turning point in bringing the prevalence of mental health concerns to the general public.

I’ve seen nothing comparable in the financial services industry, for good reason. An advisor who admitted to having mental health issues could find that disclosure to be a career-ender that could scare away clients.

Yet, it appears there are serious, well-documented mental health issues suffered by financial advisors that have been exacerbated by the pandemic.

Now is the time to discuss and address them.

The Australian study

A fascinating study was conducted in Australia by the E-Lab and Deakin University. It was tasked with determining the well-being, mental health, quality of life, work life balance and levels of stress among financial advisors in Australia, among other issues.

The findings were troubling.