The Royal Commission has not only impacted organisations in our wealth management industry, it has also impacted our people – with many reporting rising stress levels.
Almost three quarters of our people report that they are busier, and more stressed, than ever before.
One reason is that the future of the industry is more uncertain than ever before given all the recent and pending changes and restructurings.
Another reason for the rising stress levels is that our industry is becoming increasingly more competitive, with new entrants, coupled with new technology. All this is leading to increasing uncertainty about the future and that is making many of our people feel vulnerable and insecure.
One impact of all this is that while many people cite that they would like to move and work for a more innovative wealth management organisation or even a fintech, they currently prefer to stay with the security of their current employer. We all need a job to pay the mortgage – and are less likely to move.
This is making it hard for some of the newer organisations to find the best people. In fact, it is one of the top three challenges for all wealth management organisations today.
Another impact of the increasing uncertainty is that the majority of wealth management organisations need to increase their focus on their people’s social and psychological needs – as well as that of members and investors. Most management, don’t know how to respond to these increasing challenges and associated pressures.