Clients are also feeling the pressure more than a year ago
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Mental health is a hot topic that is impacting workplaces in all industries and financial services is suffering too.
A new survey highlights the rising stress levels of financial advisors and their clients as several conditions converge to make both feel more vulnerable than a year ago.
The poll was conducted by the Financial Planning Association in the United States and reveals that 71% of FAs and 57% of clients said they are feeling more stressed than a year ago.
The impact of this elevated stress includes respondents’ moods, relationships, and health.
Unsurprisingly, financial security plays a big part in how investors are feeling.
Financial security and planning
Among low-stress investors, 77% feel financially secure while this is true for just 39% of those who feel high stress.
Three-quarters of investors with a written financial plan say they feel somewhat or very financially secure, while only 51% of those without a written financial plan say the same.
"Stress is a factor that will never be completely eradicated from our lives, but we certainly can and should take the necessary steps to cope with it personally and professionally," says 2019 FPA President Evelyn Zohlen, CFP®. "As a financial advisor who operates a financial planning practice, I personally cope with stress and the impact it has on me and my business, but I also see the impact stress has on my clients―especially stress caused by financial concerns."
Stressed FAs are losing out
The financial advisors who reported high levels of stress are also missing their personal and professional goals.
That’s largely because of feeling that maintaining proper work/life balance is either somewhat or very stressful (65%), while 56% also say building a business and 53% say meeting client expectations are the other two top areas causing the most stress.
The results of high stress include poor time management (35%), mindset (33%) and ineffective use of technology (27%).
"Every day in our work with advisors we see how stress permeates their personal and professional lives. We have found that increased stress is getting in the way of advisors doing what they do best – taking care of their clients," says Michael Futterman, Head of Janus Henderson Knowledge Labs Professional Development."
44% of financial advisors surveyed report higher stress levels than 5 years prior. How can you manage the drivers of negative stress for you and your clients? Find out in a new study in partnership with @Investopedia and @fpassociation https://t.co/hRUtXRVCUg pic.twitter.com/dtIPr8D7jm
— Janus Henderson U.S. (@JHIAdvisorsUS) May 8, 2019
