Work-life balance a challenge in finserv
Accounting and financial services professionals are struggling to manage the work-life balance even as confidence remains high among their firms, Macquarie found.
The firm's 2015/16 Accounting and Financial Services (AFS) Benchmarking Report found that while 83 per cent of the 355 people surveyed were confident about their future business prospects, many found it a challenge to balance work and their personal lives.
Division director for Macquarie Wealth Management, David Clatworthy, said financial services principals and partners found it challenging to prioritise their own goals while simultaneously growing the business, and this was the case across all firms, no matter the size.
"For example, 45 per cent of leaders at firms earning more than $2 million per year in revenue reported not having enough time with their family as a major concern, compared to 35 per cent of smaller businesses," Clatworthy said.
However, he noted that the highest performing firms more actively used their resources to help manage the balance.
"Ultimately, the principals and partners of the highest performing firms are less likely to see work-life balance and fatigue as solely personal challenges, and are more willing to leverage their firm's resources in order to find more time for the things that matter — time with family, for themselves and on their business," Clatworthy said.
Almost half of all owners of large firms (48 per cent) said they did not have enough time to do what they wished for their business, while 44 per cent of small firm owners said the same.
"Greater business efficiencies and internal cohesion is needed to help win back more personal time," Clatworthy said.
AUTHOR
Malavika Santhebennur
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
