World Mental Health Day | Financial advisers encouraged to support clients’ mental wellbeing – Chris Morgan, Canada Life

As part of our World Mental Health Day coverage, Chris Morgan, Head of Product & Propositions Strategy, Protection at Canada Life, urges financial advisers to take a more active role in supporting their clients’ mental wellbeing.

Mental health can significantly influence a person’s decision-making, lifestyle, and overall wellbeing. Yet, it’s not always obvious when someone is struggling, and advisers may feel unsure about raising the subject. Encouraging clients to explore available support services can make a meaningful difference.

Workplace benefits often include wellbeing services that provide confidential support for mental health concerns. Financial advisers are in a unique position to guide clients toward these resources, helping them access help before challenges escalate.

Chris Morgan comments:

“It may not always be clear if an individual feels challenged by their mental health and financial advisers may feel it’s not their place to ask a client if they need help with it. However, I would urge every financial adviser when meeting their clients to gently encourage them to explore the wellbeing services that may be available through their workplace employee benefits and mention that they often include support for mental health issues and concerns.

“Mental health is an important aspect of our wellbeing and can be a key driver in our decision-making and approach to life. Canada Life’s recent Life100+ research, for example, looks at how UK workplaces can adapt to become longevity-ready in response to increasing life expectancies and longer working lives. The research found that one in nine (11%) members of the UK public who retired before State Pension age did so for their mental health. The government recognises too that young people with mental health conditions are nearly five times more likely to be economically inactive compared to others in their age group.

“As a leading group protection provider, Canada Life can evidence that encouraging people to seek support from a mental health professional does improve people’s lives. Canada Life’s virtual wellbeing service WeCare – now accessible to all 2.8 million of its group protection customers as part of the preventative healthcare support that comes with their employee benefits – delivered over 12,000 mental health consultations in 2024. This support had a significant positive impact: 85% of patients experienced mental health improvements, 77% of patients reported increased happiness, 59% of patients saw a reduction in anxiety, and 57% of patients said it improved their ability to cope with life.

“WeCare provides support discreetly in the comfort of people’s homes and is available immediately on an app or phone line without needing to inform an employer or make a claim on a group protection policy.”

By highlighting these services, financial advisers can support clients’ mental health while helping them secure long-term financial and personal wellbeing.