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February 28, 2019 at 11:11 AM
Financial advisors are generally very satisfied with their jobs, even though they are 23% more stressed than the national average, according to FlexShares Exchange Traded Funds’ second annual financial advisor wellness survey.
Seventy-nine percent of advisors reported job satisfaction, with those who managed more than $250 million in assets reporting 12% higher satisfaction than their peers with fewer assets under management.
The survey found that challenges associated with growing their practices and compliance and regulatory issues continued to be the top stress inducers, with nearly half of those surveyed citing these factors as their primary sources of work-related stress.
However, new sources of stress cropped up in 2018. Advisors ranked political uncertainty, a new choice in this year’s survey, as the top source of stress. Twenty-seven percent cited client growth, and 18.5% said they were stressed by compliance.
Although the state of the markets ranked relatively low on advisors’ list of stress inducers for 2017, it increased by almost 19% in 2018.
“Despite growing pressures posed by factors outside of advisors’ control, like political risk and market volatility, advisors remain highly satisfied with their career choice,” said Darek Wojnar, head of funds and managed accounts at FlexShares said in a statement.
“To maintain this level of satisfaction potentially heading into an increasingly volatile market, it’s critical for advisors to seek out investment solutions that can meet their investment and business goals over the long term and to devote the time needed to create an exceptional client experience.”
The survey was conducted in October and November with participation by 632 advisors.
