MLC Life has announced that its Vivo health and wellness service will be open to financial advisers to address increased reports of stress from industry professionals.

The service – which opened to customers last month – offers physical and mental health consultation and wellbeing support.

MLC says the Vivo service will provide advisers and their staff access to direct consultation with a panel of doctors, mental health professionals, physiologists and nutritionists.

MLC GM of Retail Distributions Partner Michael Downey says the move aims to address an uptick in reported stress levels in the financial advisory industry.

“The changes we have seen in the past few years have sadly brought a huge mental health burden on advisers. Personally, I have spoken to many who want to leave the industry because things are simply too hard,” Mr Downey said.

The Australian Financial Advisers Wellbeing Report 2021 conducted by Deakin University revealed widespread mental pressures within the industry, with 82% of practitioners reporting regulations and compliance as “stressful” or “very stressful”.

The report also highlighted that 73% of financial planners said they experienced high levels of burnout from their work, and 67% reported at least some level of depression, with 17% saying they were depressed “most or all the time”.

“We’re here to protect our customers, but we also have a responsibility to support the people who provide them with the vital advice that delivers that protection,” Mr Downey said.

“Our experience shows Vivo can make a significant difference in people’s lives, and we want advisers to access that too.”