New Zealand Financial Advisers Wellbeing Report 2023
“Financial advisers play a crucial role in helping individuals and businesses make informed decisions about their financial futures. However, the demanding nature of their work, including long hours, and complex regulatory environments, can take a toll on their mental health. This, along with changes to the industry’s educational requirements, means the sector has become even more demanding.
In 2021, with the support of AIA New Zealand, we completed some pioneering research exploring the performance, wellbeing, and mental health of financial advisers across New Zealand. At the time, we found that advisers in New Zealand had mixed results in relation to their wellbeing and mental health risk, with some thriving, some struggling, and others in between these extremes.
In 2023, we were once again approached by AIA New Zealand to complete a similar research project. What triggered this project was AIA New Zealand’s concern for the welfare of financial advisers due to the destructive natural disasters that impacted various parts of New Zealand, as well as the significant changes to regulations and education standards that they had to comply with. AIA New Zealand wanted to understand how these events had affected their wellbeing, mental health and business/role.
The data shows that the financial advisers in New Zealand that filled out the survey in 2023 are in a better state than they were in 2021 in terms of Mental health risk, Stress levels and desire to stay in the industry. This may be a result of better lifestyle habits or the fact that most of them are now fully qualified and as a result have a more optimistic outlook on the industry.
Even though the results are more positive than they were back in 2021, we continue to strongly believe that prioritising the mental health and wellbeing of financial advisers is not only important for their personal and professional development, but also for the overall financial wellbeing of the clients they serve. Therefore, individuals, as well as the industry, should continue to invest and focus on these areas.”
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