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In the ever-evolving landscape of the financial services industry, where economic shifts and interest rate fluctuations are becoming the norm, the role of mortgage brokers has never been more vital, says strategic psychotherapist Bronwyn Penhaligon.
With a staggering 70 per cent of mortgages now being originated by brokers, these professionals find themselves in the crosshairs of market pressures and client expectations. As macro-economic challenges intensify, there is an urgent need to address the toll this environment takes on brokers’ mental wellbeing.
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Against this backdrop of pressure and uncertainty, the significance of addressing anxiety becomes paramount.
At recent industry events, whether they are awards ceremonies or networking functions, an underlying theme has consistently emerged; how individuals within the financial services sphere are effectively managing the mounting pressure. While many companies have introduced commendable initiatives such as gym memberships and wellness-centred office practices, the consensus appears to be that a more profound and substantial approach is necessary to effectively support staff.
Positive shifts are underway. Industry associations and aggregator groups are emerging as platforms prioritising the collective wellbeing of financial professionals. With their series of PD days and events, these forums provide a space for collaboration and a sense of camaraderie, offering a glimmer of hope for a much-needed change.
However, to genuinely have the skills to ride out the ambiguity of the industry, mortgage brokers require more than golf days and cupcakes. What the industry truly needs is meaningful support – a toolkit for cultivating mental resilience.
So, where should we start?
What appears acutely apparent is the importance of addressing the issue of anxiety, which has become embedded within the industry’s very fabric.
For brokers, anxiety takes shape through the pressure to meet targets while navigating the labyrinthine landscape of NCCP compliance and lender policies. Lenders face their own set of challenges, striving to remain competitive amid a constantly evolving market. Aggregators, too, battle on multiple fronts, struggling to maintain their broker base while grappling with thin profit margins. These challenges are further compounded by the relentless demands of the digital age, where clients, colleagues, and economic uncertainties converge. It’s no wonder that stress is at a record high.
Statistics indicate that one in six Australians grapple with anxiety – and that’s only the number of people who visit their GP to discuss it. It’s safe to say that the issue is more extensive than that. Anxiety, with its multifaceted nature, isn’t just about burnout and panic attacks; it also manifests in overanalysis, catastrophising small setbacks, and perpetuating sleepless nights by ruminating over the day’s events. Moreover, anxiety extends beyond typical workplace stress. It influences behaviours, leading to procrastination and conflict avoidance – both detrimental to professional performance.
To mitigate the profound impact of anxiety, both at an individual and collective level, a unique perspective is required. Strategic psychotherapy – an approach centred on goals and practical skill utilisation – aligns seamlessly with the financial sector’s ethos of applying strategic thinking to confront challenges head-on.
By uncovering the thought patterns that contribute to heightened anxiety and challenging the belief structures that support them, individuals can overcome self-limiting thinking. With this framework, there’s no need to delve into the past or search for a ‘root cause’. Instead, two simple questions – Where are you now? and Where do you want to be? – serve as catalysts for change.
In a world where time is of the essence and relying solely on medications or traditional therapy may fall short, the concept of a comprehensive and efficient solution is tantalising.
As the financial services industry grapples with relentless changes, addressing anxiety emerges as an imperative rather than a luxury.
This is a clarion call to the industry, urging a shift from superficial gestures to a holistic approach that genuinely supports the wellbeing of its professionals. By fostering an environment that embraces strategic psychotherapy, the industry can equip its workforce with the resilience needed to navigate the intricate webs of modern finance while safeguarding their mental health.
Bronwyn Penhaligon is the founder of Penhaligons Applied Psychology.
A strategic psychotherapist, she leverages years of working in the fast-paced world of fintech marketing to help people ‘get out of their own way’, faster than ever.
She works with businesses keen to supercharge their teams and in one-to-one sessions to support people in getting real change, real fast.
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