Success comes with hard work

Prem Govender, CFP® was recently appointed as the Chairperson of the Financial Planning Institute of Southern Africa (FPI). Prem is also the current Chairperson of the South African Savings Institute (SASI), a member of the Financial Services Board (FSB) FAIS Advisory Committee and Trustee of the FSB Financial Services Consumer Education Foundation. We spoke to Prem about her latest appointment.

FA NEWS: Over and above the many roles you perform you also run a successful financial practice. How do you fit everything in?

Prem: I run a busy accounting and tax practice that was started by my late Dad 50 years ago. There are several reasons why I can comfortably manage my many roles. I have a fantastic team of eight ladies who provide great support and ensure that the wheels continue to turn during my absence. It also helps that the practice is well established and that I have been part of it for the past 27 years.

FA NEWS: You have been associated with the FPI for many years. What has this meant in terms of your personal life and your financial planning career?

Prem: It was really gratifying to watch and be part of the FPI as it evolved into a professional body for financial planners. My involvement has brought me into contact with some of the most amazing and incredibly committed people, both in South Africa and abroad. I have met thought leaders whose contributions to financial planning leaves me humbled and more determined to make a difference, both to our members and the consuming public, through my involvement.

FA NEWS: A number of financial advisors are complaining about a perceived lack of support from broker bodies. Do you believe this sentiment is valid and is there a solution to the issue?

Prem: It is difficult to embrace change, especially if you view it as a threat to your ability to earn a living, as many brokers and advisors do. It is also natural for members of trade associations to feel disappointed if they feel that their interests are being neglected. However, I do not believe that there is justification in brokers feeling this way. The broker bodies represent their interests admirably at the appropriate forums and have been instrumental in ensuring that member concerns are addressed and catered for.

FA NEWS: The FPI has an exciting "FPI Strategy 2015” which will help position it as a premier professional body… Can you tell us more about this?

Prem: The FPI Strategic Plan 2015 focuses on four key areas namely; Marketing and Communications Strategy, Membership Growth Strategy, Advocacy and Thought Leadership Strategy and Pre-eminence on Certification and Professional Body Standards to target both employers and students with a view to promoting the profession of financial planning.

FA NEWS: What can FPI members expect?

Prem: Members can expect to see increased spending in terms of the positioning of the FPI brand in general and the CFP® mark in particular. The launch of the new membership categories will stimulate membership growth and allow financial planning practices to be recognised as members in the category FPI Approved Professional Practice™. The Consumer Advocacy focus will see members involved in pro bono work to bring financial planning to more South Africans, especially in disadvantaged communities that may not ordinarily have access to this kind of expertise.

 

FA NEWS: What should financial planners expect in 2013?

Prem: I am a great believer in being positive while riding out the economic storm. If planners stick to the principle of putting clients first and follow the six step advice process diligently there is still a lot of work for them. The economy should improve, though this depends largely on what happens in the rest of the world.

FA NEWS: On a more personal note, how do you define success? And do you have a favourite quote?

Prem: Success can only come with hard work – there are absolutely no shortcuts! My favourite quote is: "The only place that success comes before work is in the dictionary”.