As a graduate student, Dr. Alden Cass conducted a clinical survey on the mental health of Wall Street’s advisors. Conducted in 1999, the study, titled “Casualties of Wall Street,” examined nearly 50 reps, and found that 23 percent of them exhibited significant signs of clinical depression, while another 36 percent showed mild to moderate symptoms. Interestingly, million-dollar producers were the most dysfunctional when it came to mental health, as they were most prone to burnout.
Financial advisors may even be more prone to stress and burnout today than 20 years ago. These feelings are all too common for today’s advisor, who not only has to manage their own emotions but serve as financial therapists to anxious clients.
In this episode of Transparency with Diana B., your host Diana Britton, managing editor of WealthManagement.com, is joined by Dr. Cass, a licensed clinical psychologist and performance coach who specializes in treating advisors and helping them improve their job performance.
Dr. Cass uncovers the surprising reality of what it’s like to be an advisor, what contributes most to their mental health issues, and actions you can take to help yourself.
In this episode, you will learn:
- How advisors’ stress levels compare to non-advisors
- Results from Dr. Cass’ study, “Casualties of Wall Street”
- Which mental health issues today’s advisors are experiencing
- Which negative and positive coping mechanisms advisors use
- How to avoid falling into the trap of depersonalization
- And more.
Tune in now to learn how to cope with mental health issues in positive ways, where to turn to for support, and how to overcome the stigma associated with seeking therapy.
Resources: WealthManagement.com | Diana Britton | Contact Diana | Competitive Streak Consulting | Bullish Thinking: The Advisor’s Guide to Surviving and Thriving on Wall Street by Alden Cass | Casualties of Wall Street: An Assessment of the Walking Wounded by Alden Cass et al. | Contact Dr. Alden Cass