Early results of AIA NZ’s financial adviser wellbeing survey show government regulations have hit those working in the sector hard with more than half the respondents finding it stressful complying with the new regulatory framework.
Analysing the survey’s responses and writing the report are Sydney-based researchers Dr Adam Fraser and Dr John Molineux. The pair undertook a similar project for AIA Australia with key findings revealing poor levels of mental and physical health among financial advisers.
The New Zealand survey was was launched in September and is due for official release in February 2022. However, RiskinfoNZ has been given a sneak preview of its key findings.
It appears that meeting the sector’s education standards is a source of significant stress for more than a third of advisers who say their stress levels were high to very high when contemplating the FMA’s training requirements.
Work overload was also cited by almost 50% of respondents as another major cause of stress.
AIA also fears 25% of Kiwi advisers are considering leaving the industry. The firm concedes this is a cause for concern due to experience and depth of knowledge these advisers have. If this conclusion comes to fruition, AIA says its customers will be the poorer for it.
Another alarm bell for the industry is that around half the advisers surveyed use alcohol to cope with stress, aren’t sleeping enough, and a good portion are seeking medical care due to work pressure and stress, says the report’s draft findings.
“While collectively this paints a concerning picture of the health and wellbeing of our adviser market, we are still faring a lot better than our Australian counterparts in almost all areas,” says Sam Tremethick, Chief Partnership Insurance Officer at AIA NZ.
“There were also a number of positive points uncovered as well – one being there are pockets of advisers out there who are actually doing better than ever in the current environment, and the report will share some insights into what they do differently to thrive.”