Canadian firms respond to suicide spree

Canadian firms respond to suicide spree

Canadian firms respond to suicide spree

In response to this, international firms including Goldman Sachs Group Inc., Credit Suisse Group, J.P. Morgan Chase & Co., Bank of America and Merrill Lynch are introducing new measures to alleviate stress, particularly for up-and-coming employees. These steps include cutting back or eliminating weekend work – including designating one weekend a month as ‘protected’ – and implementing task forces to help employees establish a work-life balance, while finding ways to use time and resources more efficiently.

In Canada, the Bank of Montreal is following suite.  Beyond protecting weekends, the bank is upgrading technology and encouraging employees to leave the office to handle their personal lives rather than prolonging ‘face time’ in the office. Senior staff is also being asked to cease assigning work beyond 2 p.m. on Fridays unless urgent, such as the closing of a deal.

“New advisors have it much tougher because they don’t have a track record and the experience with clients,” says one Toronto advisor, who wished to remain anonymous.
“They may be encouraged to go a certain route and have to deal with more managed money and less stock picking.”

But, it’s not the just the demands of a boss, long hours or pressure to build their books that keep investors or advisors on their toes. Client demands could put them over the edge as well.

“It can be very stressful. You are judged on how you perform and you are responsible,” he adds. “The big key is to really understand what your client’s needs and goals are and get them to look longer term … if you can do that, you can alleviate the stress.”

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  • Freeda 2014-01-29 8:16:43 PM
    Sad to hear this. I'm currently looking to give up being an Independent Financial Advisor and just taking a job with a financial institution. The 24/7 for the past 7 years is enough. Granted I created the problem, where clients call or simply drop over to have me go over documents which has nothing to do with me. I became their go-to person for just about everything. I run a home based office and despite the office having a separate entrance and washroom, I would still have clients in my living room and kitchen. I'd like to have my house as just my home again. I'd like to have some time where it is just mine and not running to check emails and phone messages as soon as I'm out of a meeting.
    Being an IFB has allowed me to be a better single parent, but it's time for me to leave that hectic schedule behind.
    For what it's worth, meditation/yoga has kept me stress-free. I've found Raj Yoga works best for me.
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  • Me 2014-05-08 11:15:36 PM
    Highly doubt that Bmo employees have been made aware of this message in this article.
    Too many people working WAY more than their regular hours.
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