Seeing the same age range in financial advisers’ books
Addressing issues and opportunities across technology, practice management, leadership, the global profession and financial planning, the PROpulsion Summit saw local and international keynote speakers delivering impactful messages and insights.
Technology and the customer journey
In the first session, a panel discussed how to ensure we take clients on the digital journey as we progress, because technology is a key component of innovation, staying relevant, being efficient, and taking your financial planning practice or business to the next frontier.
Yasmina Siadatan, Sales and Marketing Director, Dynamic Planner said, “we are on the cusp of a huge shift and COVID acted as the “instigator”. The organisations that do not invest in technology today, will be the losers of tomorrow.”
Facilitator Rizanne Oosthuisen, Founder and CEO, ProfileMe added that, “technology is needed to run your practice successfully and to take your clients on a digital journey,”
One of the fears of investing in tech, according to Mike Stopforth, Director, Beyond Binary, is that it will replace the human factor and that’s not true, the one can support the other, and marry the gaps. “Investing in digital technology, however, is not an end but a means to an end. There are opportunities for businesses to scale dramatically using technological tools, but there are foundational, underlying processes and operations – the basics – that need to be nurtured before we add the ‘digital layers’.”
Siadatan added that you should “work out what your customer journey is, what the touch points are, map that out and find a tech provider that can help you.”
Johan Vosloo, Founder and CEO, Commspace shared the same sentiments, “pick the right technology partners and invest in your own people.”
Practice management - doing it differently
All the panellists are doing something unique in their approach to managing and building their practices. The focus of the second panel was to uncover their reasoning, their lessons, why they decided to take the route they did, and what they believe the future holds.
“Building a business is one thing, managing it is another thing,” said facilitator, Francois du Toit, Founder and Director, PROpulsion Learning and Technology.
Juanita Vorster, Founder and Strategist, At That Point said, “When I started in business, I looked at everything… but I could not find everything that made sense to me. So, I resorted to doing things that made sense to me. So, start by listening to less of the outside and listen to yourself, your gut and what feels right. Do things that make sense to/for you.”
Stefan Bothma and Werner Hattingh, Founders, Money and Medicine added that they know what their strengths and dynamics are, which makes them the perfect fit.
Henri le Grange, Financial Planner, Le Grange and Associates said, “Our team differentiates itself by getting the job done as quickly and efficiently as possible. We try to remove all barriers, so that if one needs to pass on a job to another associate, it is easy and seamless.”
You cannot afford to not be different… “You have to dare to be different. You have to differentiate your value proposition and what you offer. Data and data architecture are a critical investment,” said Ian van Schoor, CEO, Adviceworx.
Beyond financial planning
The next panel discussion focused on the human side of financial planning and how to have meaningful discussions with clients.
“As you mature in the industry and your experience with your clients develops, you realise there’s certain skills you need more of,” said Mariette Tappan, Certified Financial Transitionist® and Financial Planner, Adviceworx.
“Know your perfect client, play into your strengths, and bring in those skills into your practice. We work with people, so balance technology and people. The people that you serve determine what extra skills you need to bring to your practice to make it meaningful. If you want to have a client for life, know them better,” said Tappan.
Mary J Fourie, Founder and Lead Financial Coach, My Journey 2 Freedom added that, “I have always taken a human approach and focused on building relationships, using my strengths and values. What felt natural to me was spending time with clients and helping them to know where they were at and taking those steps to get them to their desired futures. I had to engage and do things differently, though, for clients to accept.”
Louis van der Merwe, Certified Financial Transitionist® and Director, WealthUp added that, “there is no shortcut. You have to work hard.”
Leading through mentorship and support
Leadership takes on many forms and requires many different skills. The fourth panel discussion focused on the role of leadership and mentorship in the financial planning profession.
Lelané Bezuidenhout, CEO, The Financial Planning Institute of Southern Africa said, “Raising the bar, means raising the standards for the greater good of all.
“Being in leadership is a conscious decision a person makes. Servant leadership is my style. It is about leading people, with clear targets and deliverables,” she added.
Igno van Niekerk, Author and Leadership Development Specialist, Liberty Life said, “For me, it is about people who have a vision and dream, who are working towards it. They know where they are going and are proactive.”
They then went on to talk about mentorship, the relationship between the mentor and mentee.
“Find someone to learn from, so that you can serve better,” concluded van Niekerk.
Financial planning - client of the future
The last discussion focused on the changing needs of clients. What they want, how they want it and where they want it.
Georgina Smith, Head of Distribution and Client Servicing, Stanlib and INN8 Platform said, “People are moving forward, generation after generation. So, what are we doing for those people that are younger? I’m seeing the same age range of 45 to 70 in financial advisers’ books. Are we engaging the younger generation early enough?”
Dan Graham, Head of Community, Nextgen Planners said, “Maybe its because with the younger generation they are not going through major transitions. I also don’t believe we make information easily accessible to the younger generation. The delivery perhaps is different with different age ranges.”
Smith emphasised that advisers are worried about where their next generation of clients will come from. “Most young people are leaving. Statistics also reveal that most young people will not use the same financial planner that their parents used.”
“The younger generation is not impressed by jargon anymore, so delivery is important. They want to take ownership and they want to be involved,” added Rizanne Oosthuisen, Founder and CEO, ProfileMe.
So, how do we connect with these future clients? Graham said, “We need to show the value of the relationship with the financial planner. They don’t want information overload. They want clear and transparent communication. We also need to understand why the younger generation would seek the advice of a financial planner and identify all the transitions this age group goes through. If you don’t know who your target audience is, you will just be wasting time and money.”
Writer’s Thoughts
Flipping the traditional summit on its head with a brand-new format, keynote speakers and forward-thinking panellists, the event boasted an energetic, insightful, educational, dynamic and inspirational day. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts [email protected].
