The time has come

You have read the newsletter. Now speak your mind. If you havent read the newsletter yet, it will be posted on the site in the morning...

Now its time to have your say. Simply send me your thoughts, suggestions and ideas on what Ben Lavin has to say. Let's see what we can do...

email me at editor@fanews.co.zaIn case you didnt get the newsletter, here is an extract...

The time has come

Ben Lavin, who has been in this industry since 1979, provides some compelling insights into the road ahead, following a newsletter we published last week about the cost of remaining in the industry.

He says that he has been concerned about the industry for a long time. “In 1995 the ominous rumblings were already doing the rounds. “In 1996, I arranged a few seminars in the Pretoria area with a less than enthusiastic audience.

“My conclusion,” says Lavin, “our biggest stumbling block, is ourselves and our over-inflated egos that have blinded us to reality. Emperor-divide has exacted its unmerciless toll with clinical efficiency.”

How many organizations are there that claim to represent the financial services industry?

What is the membership per organization, ask Lavin? “All these organizations have a place in the sun, but I for one can't afford to belong to them all. So when an organization gathers around the table, how many members are they representing - 2000 to 3000?

There have been no hard and fast numbers published regarding the independent broker community, but a fair guess would, I think, be between 18 000 and 22 000, based on industry-speak.

How many bank brokers are there - 3 000 to 5 000?

“I don't know and the industry doesn't seem to care either! How many investment advisors are there? I'm a complete blank on this one but a large number, no doubt! How many tied agents are there. Again, I don't know.

We haven't even considered the short-term fraternity, even less so the medical schemes fraternity.

For far too long we have spent an inordinate amount of time, energy and money protecting our various precious "identities" without ever considering the bigger picture. We are being forced, sooner rather than later, to reconsider.

Should you wish to see the full text, please send me an email and i will forward it to you.

Editor’s thoughts:

* This cuts right to the heart of the issue. Is it time to start lobbying professionally?

* What purpose is served if the end result of a debate process is the submission of a letter to the regulator, in the hope that they may or may not respond?

* Have the associations reached their sell-by date?

* Is it time for the development of a super association, almost an EU setup, where representatives get together for the benefit of all intermediaries, regardless of their area of expertise?