Also of concern was that 25% of advisers surveyed indicated they were considering leaving the industry altogether.

In late September, AIA undertook a wellbeing survey of almost 600 Kiwi financial advisers to gauge the mental health of advisers and explore the habits and attitudes of advisers experiencing positive mental wellbeing and understand the behaviours needed to manage significant market disruptions.

The research is being done by Sydney-based researcher Dr Adam Fraser, founder of The e-lab, and Dr John Molineux. AIA NZ is sponsoring the research and will make the findings available when the full report is completed around February next year.

AIA NZ chief partnership insurance officer Sam Tremethick presented some of the preliminary findings during a virtual adviser roadshow saying there were some concerning results, as well as some positive findings.

"The feedback was honest and raw, and to be honest, confronting at times but it provided us with a great insight as to how you are feeling and how we can make the industry stronger," he said.

"The most alarming statistic that came out of our study was that 25% of all advisers surveyed said they were considering leaving the industry.

"This is a massive concern as we know that clients are better off if they receive financial advice and understand that our customers will be the poorer for it if this is lost."

Tremethick said while collectively this paints a concerning picture of the health and wellbeing of the adviser market, Kiwis are still faring a lot better than their Australian counterparts in almost all areas.

There were some positive points uncovered as well – one being there are pockets of advisers who are doing better than ever in the current environment, and the report will share some insights into what they do differently to thrive.

Early Adviser Wellbeing Research findings:

- 61% said government regulations made it stressful getting up to speed and complying with the new regulatory framework.
- 37% said meeting future education standards was also a source of stress while over a third said it was highly to very highly stressful ensuring they comply with these requirements.
- 41% said work overload was a major cause of stress, resulting in approximately a quarter of all advisers saying they are considering leaving the industry.
- 43% of advisers are using alcohol to cope with stress, have poor sleep, and a good portion are seeking medical care due to work pressure and stress.