What's Happening?

Facebook Twitter Youtube Linkedin

NEED HELP? QUESTIONS@FIA.ORG.ZA

become A FIA member TODAY
member login

Reflecting on 2023 – The ultimate success blueprint for financial advisers

ARTICLE BY

  • Henri Le Grange
  • Old Mutual Insure

SHARE THIS POST

In the ever-evolving landscape of financial advice, staying ahead of the curve is not just a goal but a necessity. As we approach the close of 2023, financial advisers find themselves at a crossroads, ready to navigate the challenges and seize the new year’s opportunities.

Old Mutual Personal Finance Certified Financial Planner®, Henri Le Grange, says financial advisers play a pivotal role in shaping their customers’ financial stability and security.

He underscores this season as a critical moment for advisers to engage in thorough annual reviews, reflective strategising, and forward-thinking planning, ensuring their customers stride into the new year poised for success.

Le Grange says, “By adhering to industry-leading practices, and leveraging market intelligence and insights, you can empower your customers with the knowledge and strategies needed to achieve financial wellness and long-term prosperity, all while leading the way in the world of financial advisory services.”

Le Grange has identified nine points for advisers to help catapult their customers toward success on their financial wellness journeys.

  1. Year-End Review 

“Start your financial wellness checkup with a careful year-end review,” advises le Grange. “This is the ideal time to assess your customers’ emergency savings, insurance coverage, and the alignment of financial products with their goals. Ensure a buffer against unforeseen circumstances, maintain adequate coverage, and ensure financial investments are in harmony with set objectives.”

  1. Tax Efficiency 

Le Grange underscores the importance of tax efficiency, stating, “As financial advisers, your customers rely on you for guidance. Encourage them to maximise contributions to Tax-Free Savings Accounts and tax-deductible retirement funds. Stay up to date on the ever-changing tax landscape, including renewable energy incentives and adjustments to tax tables.”

  1. Investment Portfolio Balancing 

“In the face of global economic fluctuations,” Le Grange asserts, “adopt a long-term perspective. Resist knee-jerk reactions to short-term market turbulence. The key is aligning asset allocations with long-term financial objectives.”

  1. Estate Planning 

Le Grange emphasises a holistic estate plan: “Estate planning should holistically cover all assets and liabilities, from personal holdings and all related entities. It’s crucial to regularly review and update who benefits from your policies and investments and stay informed about legislative changes impacting estates.

  1. Debt Management 

“Debt management is a crucial pillar of financial health,” Le Grange highlights. “Prioritise high-interest debt, explore refinancing options, and enforce rigorous budgeting. These are the foundations of effective debt management in today’s economic climate.”

  1. Retirement Planning 

Le Grange prescribes effective communication: “Regular dialogue between advisers and customers is non-negotiable. Flexibility is key to 2023’s unique challenges. Make necessary adjustments to keep retirement planning on course, especially with the Two-Pot Retirement System reforms meant to be enacted soon.”

  1. New Financial Products & Innovations 

“Innovate or stagnate,” Le Grange advises. “It is important to remain alert to new financial products. Ensure they align with your customers’ financial strategies before integrating them. It is essential to start with a holistic financial plan and select the right tools or products to execute it effectively.”

  1. Pension Fund Reform 

Le Grange delivers a stark warning about the need to become clued up on the impending Two-Pot Retirement System: “The approach of the Pension Fund Reform proposed to come into effect in March 2024 is a game-changer. Advisers must consider its impact in their year-end preparations, as it will reshape the financial planning landscape.”

  1. Looking Ahead 

He says proactive planning is a lifeline to navigate potential challenges financial advisers will face in 2024.  

“Stay informed about emerging financial trends. It’s important to recognise and understand these trends but not to chase after each one without careful consideration.  Embracing technologies that enhance efficiency and customer communication is another area to prioritise for the year ahead,” he concludes.

Subscriber Terms and Conditions

  1. APPLICATION OF TERMS
    • These terms and conditions (“Subscriber Terms”) apply to the subscription by any qualifying member of the South African Underwriting Managers Association NPC (“SAUMA”) to the services and benefits offered by FIA Services (Pty) Ltd (“FIA Services”) under the SAUMA affiliation arrangement (“Subscription”).

  2. NATURE OF SUBSCRIPTION
    • A Subscription under this arrangement:
      • does not constitute membership of FIA NPC;
      • does not confer any voting rights or governance participation in FIA NPC; and
      • is governed solely by the contractual relationship between the Subscriber and FIA Services.

  1. ELIGIBILITY
    • To qualify for the Subscription, the applicant must, at the time of application, be a current paid-up member of SAUMA.
    • FIA Services will verify the applicant’s SAUMA membership status with SAUMA prior to activation, and may re-verify such status periodically.
    • If a Subscriber ceases to be a paid-up member of SAUMA, the Subscription will correspondingly be terminated.
    • Applicants are required to authorise FIA Services to confirm their SAUMA membership status with SAUMA as part of the application process.

  1. SERVICES
    • The Subscription entitles the Subscriber to the following benefits:
      • Complimentary access to the FIA CPD Platform;
      • Complimentary access to the FIA Insight Magazine (digital edition);
      • Advertising opportunities on FIA platforms at a discounted rate of 15% (fifteen percent) off the prevailing published rates; and
      • Invitations to attend FIA Technical Webinars annually.
    • FIA Services reserves the right to update, vary or substitute the Services from time to time, provided that the overall value and nature of the benefits remain materially the same.

  1. FEES AND PAYMENT
    • The monthly subscription fee is R260.00 (two hundred and sixty rand) for up to seven registered individuals (Key Individuals and Representatives), and R36.00 (thirty-six rand) per additional registered individual thereafter, excluding VAT.
    • The Subscriber shall provide FIA Services with the required details of each individual to be registered under the Subscription for the purposes of activation and billing.
    • All fees are exclusive of VAT, which shall be charged at the prevailing statutory rate.
    • Subscription fees are reviewed annually in March and may be adjusted with effect from 1 April.
    • Any changes to the Subscription, including but not limited to the number of Representatives and Key Individuals registered under the Subscription, may only be effected once annually during the annual review period in March of each year, with such changes taking effect from 1 April.
    • Subscription fees shall be billed monthly in arrears, unless the Subscriber elects an annual billing cycle at the time of application.
    • The Subscriber shall ensure that all billing information (including contact details, authorised signatories and bank account details) is kept accurate and up to date.
    • Non-payment of subscription fees may result in suspension of access to the Services until such fees are brought up to date.
    • The Subscriber acknowledges and agrees that all subscription fees payable under these Subscriber Terms may be collected by way of debit order, which shall be processed by the holding company, FIA NPC (The Financial Intermediary Association of South Africa), on behalf of FIA Services. Payment to FIA NPC shall be deemed to constitute valid and sufficient discharge of the Subscriber’s payment obligations to FIA Services under these Subscriber Terms.

  1. ONBOARDING
    • Onboarding will be conducted as a Subscription with FIA Services under the SAUMA affiliation arrangement.
    • Onboarding will not confer FIA NPC membership status or any associated rights.
    • Onboarding is conditional on confirmation of the Subscriber’s current SAUMA membership at the time of application

  1. DATA PROTECTION
    • FIA Services will process all personal information in accordance with the Protection of Personal Information Act 4 of 2013 (POPIA) as set out in our POPIA policies.
    • By subscribing, the Subscriber authorises FIA Services to confirm their SAUMA membership status with SAUMA and to process personal information for the purposes of fulfilling the Subscription.

  1. TERMINATION
    • The Subscriber may terminate the Subscription by giving FIA Services one calendar month’s written notice.
    • FIA Services may terminate the Subscription on one calendar month’s written notice, or immediately if the Subscriber breaches these Subscriber Terms and fails to remedy such breach within 14 (fourteen) days of receiving written notice.
    • Termination of the SAUMA–FIA Services affiliation agreement shall not automatically terminate these Subscriber Terms.
    • Termination by the Subscriber shall not relieve the Subscriber of liability for any subscription fees accrued up to the effective date of termination.
    • FIA Services may suspend or terminate the Subscription with immediate effect in the event of non-payment of fees by the Subscriber.

  1. GENERAL
    • These Subscriber Terms are governed by the laws of the Republic of South Africa.
    • Any disputes arising under these Subscriber Terms shall be dealt with in accordance with the dispute resolution provisions contained in the FIA NPC membership terms and conditions, as modified to reflect that the contractual relationship is with FIA Services.
    • Any notices required under these Subscriber Terms may be validly delivered by email to the addresses provided in the Subscriber’s application form, and such notices shall be deemed received on the day of transmission if sent during business hours.
    • The Subscriber may not assign, cede or transfer any of its rights or obligations under these Subscriber Terms without the prior written consent of FIA Services.
    • No variation of these Subscriber Terms shall be of any force or effect unless reduced to writing and signed by both FIA Services and the Subscriber.