Monmouthshire Building Society has created a wellbeing network for brokers to cope with the stressful nature of the job.
This comes after a survey from the Mortgage Industry Mental Health Charter (MIMHC) found 21% of mortgage professionals rated their mental health as either ‘poor’ or ‘of concern’ last year. This was up from 14% in 2023.
Respondents said they were working longer hours, and 62% said they put in more than 45 hours per week, an increase from 58% the year before. The proportion of brokers working more than 60 hours per week also rose from 12% to 13%.
Monmouthshire Building Society said the monthly Balanced Broker event would bring professionals together to support their emotional, physical and mental health.
It will be run by the mutual and its partners, with guest speakers every month to give tips on managing wellbeing and provide support.
Leading the event, Claire Graham, hybrid business development manager (BDM) at Monmouthshire Building Society, said: “As a lender, Monmouthshire Building Society wants to ensure that we’re giving back and showing our brokers that we care about them.
Making protection work for you and your clients
Sponsored by LV= General Insurance
“We understand that it’s a really stressful job. It’s a job that’s long hours, very demanding and can be high stress. Over the next year we’ll be running a series of Balanced Broker events monthly, providing an opportunity for brokers to meet others in a similar position. There will be professionals from the wellbeing space visiting as guest speakers at every session. We hope it will provide the perfect opportunity to take some time to concentrate on our mental, physical and emotional health.”
Indigo Smith, an independent financial adviser based in South Wales, attended the first event.
She said: “I came along because I really wanted to engage with other individuals in similar job roles to myself and just see how we’re all finding the industry at the moment, and to engage in the wellness side of the process.
“I really feel I gained an insight into shared best practice and learned that everyone is in a similar boat, which I found really helpful and will take away with me.”
