How to Help Conquer Advisor Burnout

Two bear markets, a global pandemic, concerns about recession and a war abroad have given advisors a lot to think about in recent years—and a lot of hand holding to do with clients. All of those factors, and the pressures of an uncertain market, can certainly take a toll on financial advisors. 

“For those of us that truly care about our clients, it really has been a roller coaster over the last three or so years,” said Scott Bishop, executive director at Avidian Wealth Solutions, in Houston.  

He noted that advisors have also been in fear of missing out since October 2022, due to market upticks. 

Burnout can result in an advisor being unable to service clients effectively. Difficulty focusing, having a short fuse and weight gain are three signs of burnout, Jennifer Tarsney, director of New York Life Investments’ Advisor Advancement Institute (AAI), told Financial Advisor.  

Jerry Murphy, CFP, in Bowie, Maryland, said he regularly stays engaged with clients to monitor anxiety, and tries to remember that other financial crises have come and gone. To avert burnout, he goes on fast cycling rides of 50 miles or more, he said: “When I'm riding my bike, no burnout is allowed.” 

Some firms are proactive about averting burnout and, should it occur, they engage with the advisor to help them get better.  

Among the activities from various firms are organizing gatherings that are based on relaxation and fun; promoting self-care among the staff that emphasizes a healthy diet, getting regular exercise and adequate sleep; time to reset outside work; regular check-ins with advisors by supervisors; making sure they have adequate time off for holidays and family gatherings.   

Exchange-traded funds have made investing client portfolios a bit easier for some advisors, Murphy said: “I believe in the products and the benefits provided to clients. I get excited researching the various options.” 

Bishop agrees: “For my team, the popularity of ETFs allows for less stress since we can be more direct with what we want to invest in.” 

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