The mental wellbeing of brokers was hit hard last year with it being one of the most widely discussed topics on adviser forum Cherry.
According to the forum, one thread which read “How is everyone doing?” generated a huge number of responses and positive engagement.
On this thread, brokers were able to share their thoughts and opinions on a range of topics, including the loss of a loved one, concerns surrounding an impending retirement, as well as personal business worries.
This was a topic that resonated with brokers outside of Cherry’s forum post, with Orchard Financial Advisers managing director, Ben Perks, stating: “The mental health of mortgage brokers has been hit hard over the last few years.”
He added that, while the job has always been challenging, this has really ramped up in recent years.
“As rates have risen, stress tests, affordability and various other criteria have become much more stringent,” he explained.
If you’re a broker with a heart, it is hard not to be affectedBen Perks, Orchard Financial Advisers“In addition to the complexities now faced by brokers trying to secure mortgages for clients, the conversations with borrowers have taken a turn for the worse.”
As a result of these changes, everyday is filled with conversations about rising costs for people and the anxiety and pressure that they face.
“If you’re a broker with a heart, it is hard not to be affected,” he said
“Many brokers will keep their head down and plod on, firms need to make sure they ‘check in’ with advisers and offer support where necessary.”
Members of the community identified other issues which affected broker’s mental health, with Lawson Financial director, Michelle Lawson, adding that being a mortgage broker can be a “lonely role” as many are sole advisers who work from home.
“Those working alone I feel suffer in silence while those with staff have the added burden of ensuring financial responsibility for their employees,” she said.
Last week (January 30), Morven Grierson, compliance director at MKC Wealth, told FT Adviser how regulation, such as the consumer duty, was taking a toll on advisers' mental health and wellbeing.
She discussed how smaller firms are bearing the brunt of regulatory pressures which in turn is affecting employees' mental wellbeing.
It came after earlier last month, Lee Robertson, chief executive and founder of Octo Members Group, said mental health issues were "more widespread in the industry" than it may appear, after he opened up about his own struggles.
tom.dunstan@ft.com
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