Stress due to paperwork, an inability to delegate tasks and a lack of time for exercise are adversely affecting financial advisors' health, particularly those earning less than $500,000 a year, according to two recent surveys conducted by the Financial Planning Association and Vestment Advisors.
The results indicate that the more time advisors can find for themselves, their families and their personal health, the more their business will increase, which is the most important goal of an overwhelming majority of advisors, says Katherine Vessenes, CFP, and president of Vestment Advisors, a financial consulting firm in Minneapolis, Minn. Vessenes is the author of the report, which is based on surveys of 203 FPA advisors in August and October of last year.
Ian MacKenzie, chief marketing officer for FPA, says the survey shows "it is critical to put your physical and mental wellness first and the success of your business will follow."
Despite the volatile market, 48% of advisors say they have added clients to their practice, but this has come at a price. In August, 71% of advisors reported spending less than 14 hours a week with clients. In October, 57% said they spent more than 15 hours a week with clients. Those client hours are creating a stressful demand on time for 71% of advisors.
Among advisors earning less than $500,000 a year, 70% are exercising less than one hour a week and 71% have stress at home because of a lack of downtime. In addition, 79% of advisors earning less than $500,000 cited too much paperwork as a major cause of stress compared to 19% of those earning more than $500,000.
This is a "perfect example of successful advisors reducing stress by avoiding unnecessary tasks," Vessenes says.