Married advisors reported greater life satisfaction and lower perceived stress, work-related stress and stress-related symptoms vs. their single counterparts. Married advisors were 14.7% more satisfied with life, while single advisors experienced 14.6% higher perceived stress.
Similar to our first study, this year’s respondents reported lower stress levels as they advanced in age. The survey found that occupational satisfaction was 4.9% higher and work-life balance was 9% higher among advisors over 50. For every measure of stress, we saw a decline for advisors 50 and older. Years of experience also brought lower levels of stress. Advisors in the first 10 years of their careers reported stress that was 20% higher than those in practice for 20 years or more. Not surprisingly, satisfaction also increased with larger levels of assets under management, which was generally achieved with more years of experience. Advisors with AUM of more than $250 million experienced 12.2% greater occupational satisfaction than their counterparts with lower asset levels.
One of the most important roles of a financial advisor is to calm clients’ nerves. But emotional involvement with clients can take a toll on advisors. Those who described their firm’s services as something other than investment management reported stress levels that were 31% higher than other advisors. An important point is that stress and wellness measures of advisors in these firms did not vary significantly whether the advisor served an institutional or retail client base.
This year we asked advisors about their use of outsourced solutions. One out of three advisors worked for a firm that outsources the investment management function and compliance. Just under 17% outsourced marketing. These arrangements did not lead to lower levels of stress. However, another proprietary survey by FlexShares — The Race to Scalability —found that outsourcing some or all investment management functions provided advisors with more time to spend with clients and resulted in business growth. To learn more about advisors' attitudes on investment management outsourcing and its benefits and drawbacks, please visit www.flexshares.com/outsourcing.