Practice what you preach

Rishi Sunak didn’t even have time to grab a raincoat before the storm of political discourse that followed his general election announcement broke. Politicians, journalists, and even social media influencers are discussing the ‘genny lec’ (general election to us non-Gen Zers), sharing promises, updates, and opinions at every turn.

An impending election of course always brings with it a healthy dose of British scepticism, but recently the Office for National Statistics’ Survey on Trust in Government revealed an even more dismal reality - that only 12% of the UK public trust political parties. Despite this, in July we will have to decide which party we trust to follow through on their election campaign promises and ‘walk the talk’.?

It’s not only politicians who struggle to practice what they preach. Businesses and the corporate world have long been known for making glossy public statements around causes, campaigns, or awareness days, but don’t do much more than write a LinkedIn post or publish an intranet article.?

And it’s easy to see why –?talking?about doing something is far easier than actually?doing?it.?

In an attempt to go beyond surface-level statements, my colleague Vanessa (our Executive Committee Champion for mental health) and I recorded an open and honest conversation to share across our UK business as part of Mental Health Awareness Week. During our chat we discussed our own mental health experiences in the hope it would encourage others in our organisation to feel comfortable doing the same.??

All of us will one day or another face times that impact our ability to work well and enjoy life. It could be through periods of prolonged stress, grief, or a relationship breakdown. Perhaps it could be through experiences of anxiety or depression, facing up to addiction or eating disorders.

Indeed, our personal experiences, and those of our friends and family, aren’t isolated. Over a number of years, Deloitte has reported the broader impact of mental health in the workplace. The most recent results make for fairly sobering reading, with 63% of workers experiencing at least one characteristic of burnout. Young people are also struggling. 46% of parents were reported as ‘very concerned’ or ‘somewhat concerned’ about their child’s mental health - 29% naming it as top worry. And half of those working parents concerned about their child’s mental health have found it materially impacting their performance at work.?

Deloitte’s findings have been backed up by a 2024 YouGov report that found that one in five workers in the UK have had to take time off work due to stress, and 35% felt they couldn’t share mental health concerns with their line manager or company leaders.?Businesses have a responsibility to change this.

And although it’s true that the wealth management industry is further ahead than a decade ago in supporting employees, there is more that can be done. ?

Relationship building in our industry is fundamental, yet how many firms train their teams to talk to clients about their mental health? Most know what to say when a client says that they’ve got the flu or broken a bone. But how many of us can talk sensitively about getting help when we see signs of deteriorating mental health?

Our industry holds a privileged position. The relationships we build often last lifetimes. Sure we can show our professionalism by helping a client keep perspective when the markets are all over the place. But we also show our humanity in the conversations that offer quiet empathy and support in personally tougher times.

Last week, I’m proud to say that I trained to become a Mental Health First Aider alongside a few of our colleagues. I want our teams to be able to support each other to be fit and mentally strong through life’s challenges. I want us to listen well to each other as well as to our clients. I want us?to be known not only for delivering best in class wealth management, but also?for our listening skills and empathy. Our ability to communicate and understand the emotional state of people is a key to maintaining strong relationships, a core tenet of both our industry and society as a whole. ???

Ultimately, tick-box statements from companies on mental health can only go on for so long; action, education, and open conversations are needed if we’re to deliver meaningful change. If the statistics are to be believed, it might be the most worthwhile investment a business can make.?