Since March 2020, our industry has embraced endless change and brokers have worked tirelessly to meet the needs of their clients.
From the huge demand driven by the ‘race for space’ during the pandemic, the Stamp Duty holiday, and more recently, the fallout from the mini-Budget, brokers have helped their clients tackle the challenges that come with the cost-of-living crisis and more. On top of that, many in the industry have shown immense strength, resilience, and adaptability during the many transitionary periods we’ve all had to navigate.
Everyone in the industry should be proud of how we’ve stepped up to the challenge, but we must also acknowledge the impact this has had on our wellbeing. This week is Mental Health Awareness Week: an important opportunity to take stock and ensure we’re devoting enough time to our mental wellbeing, this week and beyond.
Taking care of ourselves
Finding the time and tools to improve our wellbeing is difficult to accomplish in our busy lives. While it’s encouraging that brokers are reporting strong business levels, it’s equally important that they’re prioritising their work-life balance and continuing to make time for themselves. Every adviser wants to deliver the best outcome for their clients, but this should not be at the expense of their own wellbeing.
According to a 2022 survey by the Mortgage Industry Mental Health Charter (MIMHC), more than half of brokers (55%) are working more than 45 hours a week on average, with 13% working more than 60 hours a week, showing that workload isn’t always manageable between the usual 9 to 5.
Missing out on private engagements, or working late, shouldn’t become the norm for any adviser in our community. It’s imperative that firms take the necessary steps to remedy this and foster a working environment where mental health is a priority.
Taking time off is linked to a slew of benefits, but it doesn’t always have to be for a prolonged period of time. Something as small as a long weekend, or taking the afternoon off to play sport, can go a long way in refreshing brokers’ motivation. Ultimately, only by encouraging advisers to switch off can they sustain productivity levels and fully recharge.
A flexible working structure can also prove to be a huge help with mental wellbeing, allowing many to navigate any stresses that may arise from a rigid working structure.
Lean on technology
Advisers shouldn’t hesitate to reach out to networks and managers with any concerns regarding their wellbeing. Everything brokers do is in the best interests of their customers, but brokers can’t support their clients if they’re not able to operate well.
On top of that, a whole host of digital tools can go a long way in trimming down brokers’ workloads, which they should be taking advantage of if they aren’t already. We surveyed our Legal & General SmartrFit users at the end of 2021 and were delighted to find that 64% agreed using our technology helped their wellbeing by reducing some of the day-to-day pressures and frustrations they were experiencing. In a similar vein, half of our users agreed it gave them a better work-life balance – a really positive takeaway.
Aside from SmartrFit, technology is evolving to include open data-sharing platforms, seamless customer relationship management (CRM) systems, and more. As such, brokers should be selecting the right tools to work more efficiently, particularly when their time might be stretched. Instead of being burdened with admin, these efficiencies can help them focus on what they do best – giving high-quality advice.
Overcoming the stigma
For too long the conversation of mental health has been seen as taboo within the financial services sector, and it’s heartening to see the mortgage industry take steps towards eliminating this.
That’s why we want to continue moving the needle in the right direction and recently approached FSE Media about running a wellbeing lunch and learn session at FSExperience London. We used the event as a platform to introduce the industry to some great wellbeing tools they can use to help manage the mental load of our industry.
To help us do this, we enlisted the help of Anna Marie Gough, a highly skilled and experienced breathwork coach, who was once a mortgage adviser herself. Breathwork is a powerful technique that has a range of benefits. By learning to control our breath, we can improve our focus, reduce stress and anxiety, all while increasing our energy levels and enhancing our physical performance.
We hope that the event helped drive greater awareness within our industry and demonstrated how we can all use simple and effective tools such as using our breath, during the working day. Of course, this is just one of the many ways to help prevent burnout, and to keep the industry moving forwards, we must keep the mental health conversation going – whether that’s through supporting advisers, hosting events, or developing awareness.
Jodie White is head of product & transformation at Legal & General Technology
