According to a new poll released this week by Ipsos Reid for the Great-West Life Centre for Mental Health in the Workplace, nearly one in five Canadian workers are suffering, in some form or another, from depression.
Financial advisors, just like many employees who work in high-stress environments, should be aware of the warning signs, says Vince Savoia, executive director of the Tema Conter Memorial Trust, and an expert in workplace-related mental health.
A former financial advisor with 1,000 clients, Savoia himself has suffered from depression. He says symptoms of depression, if not treated quickly, can significantly harm your overall wellbeing – as well as your practice.
“I lost a very-long term client [as a result of depression] and that was pretty much the nail in the coffin,” Savoia says. “I found myself spiraling down into a dark hole where I just didn’t care anymore. I didn’t want to go back to work – I knew I wanted out.”
Ultimately, Savoia, took some time to reflect and decided to sell his practice in November 2008.
To help advisors who feel they might be suffering from the onset of depression, Savoia recommends the following:
> Be self-aware and understand what you are feeling
Initially, Savoia says, you might not even realize that you are dealing with depression. Watch out for increasing desires to withdraw and be isolated.
“When you get up in the morning,” he says, describing the symptoms, “you don’t want to go in to work. And when you are in the office, you don’t want to speak to that client who is on the phone. You are trying to avoid the day-to-day responsibilities of being an advisor. That is an obvious sign you need to be making some changes.”
> Take stock of changes
Successful advisors who suffer from depression may become complacent and lose business as a result of their inability to deal with clients and other pressures.
“The practice begins to unwind before their eyes and they don’t understand why,” Savoia says. “You have to be able to sit back and look at your actions.”
> Talk with others who you trust
When Savoia began suffering from depression, he says, he was reluctant to talk to his staff members because they depended on him for their livelihood.
However, he notes, colleagues may notice changes before you notice changes in your own behaviour.
> Find out what services are available
Most large firms provide access to basic mental health support through their employee benefits plans. If you are not covered, perhaps you have coverage through your spouse’s plan. Savoia suggests also investigating your firm’s employee assistance program (EAP), which is often free of charge.
If you are an independent advisor without access to a group benefits plan, other options are available. The Centre for Addiction and Mental Health (CAMH), based in Toronto, recommends visiting a local drop-in centre or seeking out counselling services. If symptoms are more severe, see your family doctor, who can refer you to a mental health professional.
Don’t be afraid seek the assistance, Savoia emphasizes. While there is still a stigma associated with depression, “if you were to break your arm, you would have no qualms about going to the hospital.”