Brokerage MD on the need for a work-life balance in the industry
Mortgages may be all-consuming for those working within the industry, but the founder of a leading brokerage suggests they are not as important as some might think – especially compared to the health of the sector’s workforce.
Daniel Yeo (pictured left), managing director of Specialist Finance Centre, maintains it’s important to have a sense of balance and look after your own well-being.
“Perspective is king,” Yeo told Mortgage Introducer. “Yes, work and mortgages are important but pale into insignificance when placed alongside good health, both mental and physical. All the money in the world can’t buy you good health.”
The latest annual survey from the Mortgage Industry Mental Health Charter (MIMHC), an initiative that aims to improve the well-being of those working in the business, found that that 62% of sector professionals routinely work more than 45 hours weekly.
Some 13% exceed 65 hours, while more than half (56%) were found to be either just “moderately happy” or “totally disillusioned” with the sector.
Yeo, whose successful Cardiff-headquartered brokerage offers second charge, buy-to-let and specialist mortgages, as well as bridging, commercial and development finance, speaks from experience. He has actively addressed his own health.
“The biggest change I personally made was to start training regularly,” he shared. “I find when I drop off with it I can mentally weaken a bit. Training keeps me sharp and focused. Having the ability to switch off and enjoy downtime, be that with friends or family, is a skill which can take time to learn but is paramount for wellbeing.”
The mental well-being of his staff is important to Yeo – he understands that for all the pressures involved in the mortgage business, it’S key to understand that ‘life happens’.
“As an employer you want your team to be the best versions of themselves,” he explained. “Tailored and individual renumeration packages that provide non-financial benefits, for example, late starts and early finishes go some way to supporting this.”
Yeo believes that good mental health at work can be achieved through regular discussions and check -ins with staff, and what he describes as ‘hopes and dreams’ meetings.
“Support is always there, however that might look,” he commented, “be it talking, referral to a professional service, time out – either a sabbatical or shorter term. You should work to live, not live to work.”
Read more: How big a challenge is mental health in the mortgage industry?
What mental health support is there in the mortgage sector?
MIMHC aims to provide support to all UK firms operating within the mortgage sector. Its steering group has representation from a cross section of businesses, including Landbay, SimplyBiz Mortgages and Coreco. It publishes an annual report that demonstrates how the sector is performing against key performance metrics and highlights whether increasing support is evident to individuals working in the business
It has launched a new series of question and answer webinars featuring mental health experts. The first video in the series highlights best practice, and is introduced by co-founder and group sales director at Crystal Specialist Finance, Jason Berry (pictured centre).
“It’s incredibly important that we have these conversations and raise awareness of issues surrounding mental wellbeing,” Berry said. “The findings of the latest MIMHC survey demonstrate that our sector still has too many unhappy individuals close to burnout.”
The webinars include contributions from mental health expert, Katie Buckingham (pictured right), who is founder of Altruist Enterprises, which seeks to promote mental wellbeing in the workplace through effective mental health and resilience training and coaching.
Buckingham is encouraging mortgage companies to view employee wellbeing within their workplaces on a par with all other major business objectives, and managers to identify and support colleagues struggling with their mental health.
"I often find, when speaking to managers, that they might be reticent about approaching the topic of mental health because they feel they don’t possess the requisite skills to initiate conversations,” she said.
"They might even be concerned that they might make the situation worse - or think it's a personal issue for an individual employee. But it’s essential to discuss mental health openly and frankly - simply being there to support and listen can make all the difference."
