Financial advisers have poor mental health, suffering burnout, depression and other related ailments because of the stress from their work, a new study has found.

The AIA-sponsored Australian Financial Advisers Wellbeing Report of more than 700 advisers revealed 82% found meeting regulatory and compliance demands “highly or very highly” stressful.

While they find their work meaningful, 77% say they have high levels of frustration.

About 73% are experiencing high levels of burnout from stress, 67% have varying levels of depression and 61% are not sleeping well.

Some 33% are seeking medical care to manage their work stress and 25% say they have been advised by their medical practitioners that they are in a high risk category for heart disease or stroke.

Deakin University Senior Lecturer John Molineux, one of the researchers who prepared the study, says recent major changes and regulatory reforms in the industry have taken a toll on advisers.

He says “many advisers are struggling and it is impacting their health and wellbeing”.

The report says industry support may help in the reduction of stress and anxiety but 80% of advisers believe they receive either no help or minimal assistance from peak associations.

Only 14% say they are getting moderate to high support.

However, 35% are receiving moderate to high support from their licensee and an encouraging 43% are receiving moderate to high support from industry peers.

Product manufacturers are a little lower than licensees with 28% of advisers receiving moderate or high support.

Click here to access the report.