Advisers are still stressed out: survey

Providing extra services to clients since the recession seems to be taking its toll on roughly half of advisers.
JUN 08, 2010
Despite the economic recovery, roughly half of financial advisers say they’re still under pressure because they’re providing new services to sort out all the damaged caused by the downturn. Since the recession began in December 2007, some 61% of advisers said they’ve provided more financial education to clients, while 56% said they are now zeroing in on diversification of investments and 41% said they have a greater focus on financial risk management, according to a survey from Principal Financial Group. Providing all of these added services appears to be taking its toll: Of the 650 advisers surveyed in April, 52% said their work-related stress level is the same or higher than it was a year ago. Meanwhile, 48% said their work-related stress was lower. “I think this was a situation that many advisers hadn’t faced before,” said Timothy Minard, senior vice president for retirement distribution at Principal. “Half of advisers have seen it calm down and the others are still fighting their way out.” Mr. Minard said advisers are doing more for clients than in the past. Fully 81% said they are touching base with clients on a regular basis and offering more face-to-face meetings. “I think the adviser’s role in the past year has really changed,” Mr. Minard said. “It’s migrated to that of a therapist. They’re doling out a lot of good educational advice, as opposed to just delivering product.” The survey showed 72% the respondents said they’ve helped their clients cut debt, and 65% said they’ve pushed their clients to increase their retirement savings. The study also found that 62% of advisers said they’re recommending more financial protection products such as life insurance and disability insurance.

Latest News

Why the off-channel comms problem is far from solved
Why the off-channel comms problem is far from solved

Despite a lighter regulatory outlook and staffing disruptions at the SEC, one compliance expert says RIA firms shouldn't expect a "free pass."

FINRA penalizes another broker dealer for social media miscues
FINRA penalizes another broker dealer for social media miscues

FINRA has been focused on firms and their use of social media for several years.

Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney
Advisor moves: LPL recruits Merrill alum, Raymond James adds defectors from Edward Jones and Janney

RayJay's latest additions bolster its independent advisor channel's presence across Pennsylvania, Florida, and Washington.

Cantor Fitzgerald to acquire hedge fund unit from UBS
Cantor Fitzgerald to acquire hedge fund unit from UBS

The deal ending more than 30 years of ownership by the Swiss bank includes six investment strategies representing more than $11 billion in AUM.

Navigating life’s big transitions for women clients
Navigating life’s big transitions for women clients

Divorce, widowhood, and retirement are events when financial advisors may provide stability and guidance.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.