Masthead MasterClass to teach FSPs how to invest in their business

Andria Hibbert

Financial service providers (FSPs) have the power to significantly elevate the worth of their businesses by adhering to the right processes and procedures. So said Andria Hibbert, Masthead’s Western Cape Regional Manager and Head of Corporate Accounts.

“We’ve found that a significant portion of FSPs in the Cape region, as well as nationally, has experienced a decline in business activities. This can be attributed to the prevailing economic conditions,” said Hibbert.

She also noted this business slowdown among FSPs in various domains: from generalist to those who focus on investments and risk or short-term products.

However, there are exceptions. FSPs that have embraced the Masthead practice management philosophy are still thriving, she said. Seeing an FSP business as an asset is proven to be a pivotal factor in the success of these thriving FSPs.

“Many FSPs may not yet recognise the potential value of their businesses, which they can later sell at retirement or leave to their beneficiaries,” said Hibbert.

This is the driving force behind the free Cape Town Masthead MasterClass, titled Your Business is an Asset that You Need to Protect, which will take place at the University of Stellenbosch Business School (Bellville Park Campus) on 13 September 2023. The event will share insights on how FSPs can transform their businesses into valuable assets, emphasising the importance of succession planning.

FSPs who attend this event will gain deeper knowledge on how they can build value in their business, address risk areas and enhance their income to ensure their business remains future fit. It will include a comprehensive focus on practice management, business valuation, succession planning, global market insights and regulatory compliance.

Programme
Experts from diverse spheres in the financial services industry will address FSPs at the event.
The first half of the event will centre on business development. Hibbert will kick off proceedings with her welcome address, followed by Masthead MD Joleen John, who will provide valuable insights on staying current in today’s economic landscape.

Next, Senior Practice Management Consultant at Masthead Cedric Baker Effendi will talk on Making Money from Your Business: Valuations and Succession. Effendi will share strategies to increase business profitability through effective valuations and succession planning. Attendees will gain practical knowledge to assess the value of their business, implement essential practice management principles and chart a path for future success.”

Johann Els, Group Economist at Old Mutual, will illuminate international markets and the global economy. FSPs will glean valuable insights into identifying promising investment opportunities despite market volatility, and how to leverage this knowledge to propel their businesses forward.

The latter part of the event will focus on compliance and regulatory matters. More than six months have passed since South Africa found itself on the Financial Action Task Force (FATF) greylist. To shed light on the nation’s current status in the anti-money laundering (AML) and counter-financing of terrorism (CFT) community following the FATF’s mutual evaluation feedback, Ashleigh Mooij, Manager of the Guidance and Prevention Division at the Financial Intelligence Centre (FIC), will provide a comprehensive update.

Michele Fourie, a Senior Specialist in the FICA Supervision Department at the Financial Sector Conduct Authority (FSCA), will also take to the stage. Earlier this year, Fourie warned attendees at the Pretoria MasterClass of intensified FIC audits by the FSCA, a warning that has since become a reality. At the Cape Town MasterClass, her presentation is titled Ten Practical Steps to Expect from an FSCA FIC Inspection, and What to Expect if Things Go Wrong. Her talk will equip attendees with a better understanding of audit expectations and the repercussions of non-compliance.

To wrap up the day, Anri Dippenaar, Head of Compliance at Masthead, will delve into FAIS/FICA Audits: Risks You Need to be Aware of and explore the intricacies of cryptocurrency licence applications. Her discussion will provide insight into the evolving regulatory landscape and offer guidance on what FSPs should anticipate when considering incorporating cryptocurrency into their services.

This free invaluable learning experience aims to equip attendees with the tools and knowledge to not only survive, but thrive in the ever-evolving financial landscape.