STEP webinar on Mental Health and the Financial Advice Relationship

Robert CaringtonOn 18 November STEP will hold its third webinar in the Thought Leadership webinar series, following webinars on the remote witnessing of wills and wealth taxes earlier in the autumn.

Mental Health and the Financial Advice Relationship will be chaired by Mark Dunkley TEP, Shakespeare Martineau LLP (UK); and the panel will consist of Carol Lynde, Bridgehouse Asset Managers (Canada) and Adam Wiseman, Bridgehouse Asset Managers Advisory Panel (Canada).

Mental health has traditionally been treated either an afterthought, or in some circles of life not taken seriously at all. However due to recent and ongoing changes in trends, exacerbated by the COVID-19 pandemic and lockdown, it has become a matter of increasing public and global concern.

Mental health disorders cover areas such as depression, anxiety disorders, eating disorders, and alcohol/substance abuse; and it is estimated that around 10 per cent of the global population has some form of mental health disorder (source). In the UK, it is estimated that one in six people will experience a common mental health problem every week (source). In Canada, half of the population will have, or will have had, a mental illness by age 40.

Based on this increased awareness, advisors are now having to ask how they can detect an illness early on in a client relationship, and how they should effectively manage it to avoid any harm to the client’s health, finances, reputational risk, or damage to the advisor’s ongoing relationship with the client.

Using insights gained from research, advisor interviews and mental health expertise, this upcoming event will give an overview of the current mental health landscape and its impact on investors, providing advisors with a suite of educational tools and real life scenarios that they can apply with their clients who may be experiencing mental health issues.

Robert Carington is Policy Executive at STEP

Addressing mental health in the workplace

10 oct 18 speakersSTEP marked World Mental Health Day on 10 October with The Capacity Conversation: Best Practice, an event hosted by the Employer Partnership team and the Mental Capacity Special Interest Group in London.

Simon Hardy TEP of Kingsley Napley explained that clients need to plan for loss of capacity, but many have not done so. While the UK has 12 million over-65s, and an estimated 850,000 dementia suffers, little more than 3 million LPAs and EPAs have been registered. When assessing someone’s capacity, the best way is to let them talk, he said, making sure that you find out their wishes, while showing that you care and are compassionate.

Laura Brayston and Claire Tomkins of Freeths, one of STEP’s Platinum Employer Partners, discussed their firm’s holistic approach to mental health at work. Freeths has instigated a top-down approach, with senior managers, who are supplied with e-learning resources, supporting initiatives to care for staff in an open and inclusive environment. The staff feel invested in, and cared about by their employer, they value mental health resources and support groups, and also appreciate treats such as snacks and drinks on Fridays.

Dan Walshe of the charity, Rethink Mental Illness, observed that mental health includes emotional, psychological and social wellbeing. It affects how we think, feel and act, and like physical health, can change over time. With an estimated one in four people affected, mental health costs employers up to GBP42 billion a year. Presenteeism (working while unwell and not fully functioning) costs from GBP18-26 billion a year, with absenteeism and staff turnover each costing GBP8 billion.

Six key recommendations for employers from Rethink Mental Illness:

  1. Produce, implement and communicate a mental health at work plan;
  2. Develop mental health awareness among employees;
  3. Encourage open conversations about mental health and the support available to those struggling;
  4. Provide good working conditions for employees;
  5. Promote effective people management; and
  6. Routinely monitor employee mental health and wellbeing.

Resources from Rethink Mental Illness:

To find out how other organisations are tackling mental health in the workplace read our STEP Journal article, Thriving at Work (pdf).

 

Laura Keith, Programme Manager – Employer Partnerships, STEP