Financial Planning clients are, mostly, demanding. They are, in the main, successful, professional people; often business owners or entrepreneurs.

They want the best of everything, including the best advice.

They are why planners exist but they are also, according to a new PFS survey, a major source of stress for planners.

The PFS survey highlights that 6 in 10 members are concerned about rising workloads, with much of the increase in workload due to 'demanding' clients.

This is perhaps not a surprise although some of the other sources of stress and increasing workload for planners may well be.

Other sources of stress for planners are regulation and red tape, again no surprise there, but interestingly many cite the pandemic and its constraints on development and growth as a source of stress. Recruiting new staff has been difficult during the pandemic and even routine business meetings became a Herculean task in some cases, even with the benefits of video calling.

The PFS says its survey suggests that the pandemic has “amplified” stress for Financial Planners and I think there may be something in this, although I wonder how many Financial Planning firms have taken this on board and introduced measures to alleviate stress for staff.

The PFS itself has launched a wellbeing app that gives advice and tips on reducing stress and this may be helpful for many. Stressed staff are generally not the most productive.

Stress cannot be separated from a busy working day but I always think that when it comes to working there is “good busy” and “bad busy.”

Good busy is when you are busy being productive, getting things done and ticking things off your daily to-do list.

Bad busy is when you waste 10 minutes deleting spam emails, trying to sort out a technical glitch with your computer or even having to chase the same supplier over and over again to respond to a simple request. I suspect the pandemic has multiplied the ‘bad busy’ holdups for many.

Dealing with clients, I suspect for most planners, is ‘good busy.’ I talk to planners regularly and they all say that the most rewarding aspect of their job is the satisfaction they get in providing life-enhancing advice and solutions for clients. This can come with a lot of stress too when clients perhaps do not do what is required but the rewards usually outweigh the stresses.

The other types of stress need sorting.

The PFS and other professional bodies have introduced some powerful wellbeing tools during the pandemic. It’s time to use them.

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Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience in finance, business and mainstream news. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days. Follow @FPT_Kevin