The financial planning industry has gone through a large volume of change which has resulted in distress within financial planners. Change has included increased legislation, higher education standards and change in how fees are paid. While it is there to improve client outcomes, it may have also increased fees from increased workload of the planner. However, adapting and resilience is required to cope with the change as well as the strength to seek help when needed. How would you know that you need support? What signs are there? Signs may include feeling overwhelmed, lack of sleep, anxiety, overinvolved with thoughts of the past, what is not working, wishing things were different and being edgy and irritated with self and others. Suicide rates after the Hayne Royal Commission has increased due to overwhelming changes that would have affected the planners livelihood.
Mental resilience is a term that is not easily taught through education but learned during challenges, but when you understand the concept you can apply them when you are going through any form of hardship including a change in organisational structure and government reforms. Mental resilience is working through the challenge and coming through okay. Your worldview may have changed but it won't be negative. Mental resilience includes structuring your day and ticking off what you need to do for the day so you won't feel overwhelmed, using planning tools such as a Gannt chart so your project is managed well, seeking support whenever you need it, and starting a peer support group to talk about how others are coping and what is challenging so you won't feel alone. It also includes eating, sleeping and exercising well, other self-care activities such as yoga, mediation, watching or listening to comedy, going for nature walks and having hope that you will get through. Often spirituality helps so you won't feel alone and trust that life will work out for the best while you are spiritually supported. Resilience may also include being a voice for the industry, but working collaboratively with others as often beliefs can differ as to what is right and wrong such as accepting commission and fee for service only practices. Arguing these differences rather accepting them may cause more stress, so pick your battles to cope. Resilience also means leaving the industry if nothing else you could do to make it work or that the change will impact on your personal life. Leaving the industry doesn't mean giving up but is another way to cope. Remember that when you have more stress, you need coping strategies to increase your personal wellbeing program. Don't ride the stress without one or else you will end up in burnout. Signs of burnout include hating our job, seeing others as the problem, fatigue and negativity. If you are seeking a single session support from thoughts of suicide, depression and anxiety reach out to Lifeline on 13 11 14 or Beyond Blue 1300 22 4636. The Financial Planning Association offers an Employee Assistance Program for its members. Take advantage of the support available to cope with the change and the challenge and remember you can get through.
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AuthorArticles about mental health, money and behavior Archives
February 2024
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