Serving advisors through Masthead

FA NEWS: You have been in the financial services industry for many years. How has your career unfolded?

Ian: After studying for a BA LLB, I joined Old Mutual in 1987 as a legal advisor and assisted tied advisors and brokers with their clients’ financial, investment and estate planning. I completed the ILPA exams (now CFP) during this period before moving to Old Mutual’s Cape Town head office in 1990. I worked in various capacities, including heading up the operational and strategy area within the broker distribution channel and also had the opportunity to complete an MBA.

FA NEWS: How did you become involved with Masthead?

Ian: In 2002 legislation similar to FAIS had been introduced in other parts of the world, notably the UK and Australia. We were particularly concerned about the impact of this legislation on IFAs. As the certainty of FAIS in South Africa became clearer, we put in place a project team and launched Masthead in June 2004. I headed up the operations and strategy side of the business and was appointed as managing director in 2008.

FA NEWS: What is your vision for Masthead?

Ian: I want Masthead to be the premier support network for IFAs and for consumers to get reliable independent financial advice from Masthead members. My vision is for IFAs to grow the value of their businesses within a constantly changing environment, while simultaneously growing the Masthead network responsibly. And lastly, I want Masthead to be recognised by both regulators and industry stakeholders as the credible commentator on issues impacting advisors.

FA NEWS: Masthead has helped to secure the independence of financial advisors for eight years. What does Masthead offer the advisor?

Ian: We offer in-depth insight into the needs and challenges that advisors experience in their businesses and are uniquely positioned to assist IFAs. We have a multi-disciplined offering and our specialised services range from product marketing support and compliance to assistance with the vital aspects of business such as achieving operational efficiencies or dealing with the changing legislative environment. We also provide constructive engagement with industry players to benefit all IFAs. What differentiates us is the breadth and depth of our support IFAs, which is unrivalled in the industry.

FA NEWS: Could you tell us more about Masthead’s relationships within the industry?

Ian: Masthead has relationships with some 2 700 member advisors, 26 product and service suppliers, the key regulators and the media. We try to manage each of these relationships individually and aim to understand and respond to the needs of each stakeholder in an appropriate manner.

FA NEWS: What does the future hold for IFAs?

Ian: There is a growing need for advice amongst South African consumers. I believe the best way to deliver this advice is face-to-face by an IFA! The future for advisors is therefore positive. There are challenges, but these can be overcome with the right mind-set. 

Masthead’s role is in providing the required support and increasing awareness around the need for financial advice amongst consumers. We need to promote the benefits of financial advice and the good work that is done by IFAs. And we need to guard against views or opinions that create the impression that the majority of advisors are out to get consumers or that advisors’ remuneration is at the heart of all evil.

FA NEWS: Could you offer some personal advice to advisors, both independent and tied?

Ian: My advice is to build a value proposition for your clients, work out what you want to offer and then focus on that. If you do this you will grow a business that has value. You should also keep an eye on the future and on your customers’ changing needs to stay relevant and grow your business.