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Altrisk and the FIA launch forum for IFAs to engage leaders and academics on burning industry issues

17 March 2014 Michael Blain, Altrisk
Michael Blain, managing director of Altrisk.

Michael Blain, managing director of Altrisk.

Altrisk in partnership with the Financial Intermediaries Association of Southern Africa (FIA) has launched the Altrisk / FIA Power Roundtable, a series of hosted debates with industry experts, academics, regulators and independent financial advisors (IFAs) covering industry issues and challenges affecting the future sustainability of IFAs.

Michael Blain, managing director of Altrisk, says the Power Roundtable was conceived
as a platform to find solutions and common ground on challenges, legislative frameworks, remuneration models, success planning – in fact anything that’s important to the future survival of independent financial planning advice.
 
This forum is designed to bring together independent advisors, insurance leaders and regulatory masterminds to share best practices and insights with each other.
 
"As an independent financial advisor, it’s essential to adapt quickly to the changing marketplace and stay ahead of the curve by thoroughly interrogating and translating the impact of industry changes on your business model,” Michael says.
 
"The reality is that first-hand, face-to-face opportunities like the ones presented by the power roundtable are a rare and invaluable opportunity to interrogate such issues and meaningfully collaborate on finding workable solutions to challenges.”
 
Justus van Pletzen, CEO of the FIA adds: "South Africa’s risk and financial advisors should avail of every opportunity to participate in the industry discussions that inform how the financial services environment will evolve. The first item on the Altrisk / FIA Power Roundtable agenda is particularly relevant to IFAs given the rumours that have been circulating in the industry with regards to the Retail Distribution Review (RDR) process and its impact on intermediary remuneration.”
 
He says IFAs need to know that RDR is not yet a regulation. It is a discussion document that is in the process of being finalised by the Financial Services Board (FSB).
 
"We should not be speculating on the outcome of the process on intermediary remuneration, but rather working proactively to ensure positive and sustainable outcomes for our profession,” Justus says. "The primary objective of RDR is to ensure that the definitions of intermediary services and related remunerations structures in the insurance sector firstly, promote appropriate, affordable and fair advice and services to potential and existing policyholders; and secondly and crucially, support a sustainable business model for financial advice.”
 
The first Power Roundtable takes place on Thursday 27 March 2014 and covers the hotly debated issue of the Retail Distribution Review (RDR) - Fair remuneration for advice and intermediary services.

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