Lack of exercise, busywork and frustration are having a significant impact. A general inability to make headway in terms of business development coupled with the strain of having to mollify forlorn and angry clients against a backdrop of market volatility and asset-value erosion is taking a toll advisors' health, according to a new report by the Financial Planning Association (FPA).

The FPA's 2008 Heath of Advisors Report -- based on a 50-question survey of 300 of its members -- points to a close correlation between a planner's health and his success in business. Three quarters of respondents said they would enlarge their practices and increase their incomes -- even at the expense of their home lives and health.

Nerve wracking

Although it may be understandable that than 91% of the survey's respondents considered building their businesses a "high priority" and 71% thought increasing their revenue "extremely important," the overall trend "portrays the strong desire for planners to overwork themselves," according to the FPA.

"Some planners may feel like they have to push themselves to unhealthy levels in order to succeed, but there is a fine line between being passionate about one's work and becoming completely consumed by it," says the FPA's chief marketing officer Ian MacKenzie. "It's critical to put your physical and mental wellness first -- the success of your business will follow."

Poor time management and a lack of discipline figure as major roadblocks to achieving professional goals for 63% of the financial planners who participated in the study. But there is a correlation between too much stress, deteriorating health, and poor practice management. For example, more than 70% of those that exercise less than one hour a week make less than $500,000 a year and reported that a lack of downtime causes stress at home.

In sum, the FPA says its study shows that advisorsshould use their time to create the best results for their practice and quality of life. By delegating things like paperwork and compliance and focusing more on face-to-face interaction with clients and prospects, advisors can increase efficiency and enjoy doing what they do best.

Katherine Vessenes, president of Vestment Advisors, a Chanhassen, Minn.-based practice-management consultancy to independent advisors of all stripes, is used to working with advisors who are stressed-out to the point of severe ill health as a result of poor business management. "We are excited to work with FPA [because] they share our desire to develop programs that not only improve advisors health, but also improve their businesses." -FWR

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