Young Advisors Forum - a step in the right direction

This poses a problem to sectors such as the financial services sector which plays an important role in the local economy, yet is struggling to attract new skills into the market. In an effort to resolve this, Hardi Swart decided to establish the Young Advisors Forum which hopes to encourage discussions in the industry which will attract and retain a young set of skills to an industry which contributes 17% of South Africa’s Gross Domestic Product.

 

Swart says that although that the South African financial services industry is well established, there are two main challenges which threaten the future of the industry. "There are about 100 000 registered representatives in the financial services industry in South Africa where the average age of a financial advisor is 46. I was quite privileged to join an established team of financial advisors when I started my career and something I realised is that there are no real support systems in place for young professionals in the industry,” says Swart.

Because of this, many young professionals leave the industry prematurely. Swart points out that a number of highly qualified individuals join the industry as representatives of the big JSE listed insurance companies. These professionals sell policies to their friends and families and when their source of income dries up, they leave the industry.

"The financial planning profession is very lonely. A few friends and I had a conversation one day and we realised that that there is no real platform where young advisors could get together to discuss industry related topics, voice their opinions, listen to industry renowned speakers, earn continuous professional development (CPD) points and network with other professionals. In early 2013, along with the help of the Financial Planning Institute of Southern Africa (FPI), the Young Advisors Forum was born,” says Swart.

 

Key to the model that Swart has established is that the Young Advisors forum hosts regular events where young professionals can get together to discuss industry issues. The first forum was held on 21 June 2013 where approximately sixty young professionals were in attendance.

"Since then, the Western Cape Regional Committee of the Young Advisors Forum was established. The next event will be held on the 30th October 2013. Our target is for more than 250 delegates to attend.”

The first event was held at the Metropolitan Parc Du Cap Auditorium where the key note speakers were Shaun Latter CFP®, Finalist Financial Planner of the year 2013, who shared the lessons he learned in building a successful fee based business and Anthony Campher, CFP®, Head of Business Development and Membership Services at FPI, discussed the importance of professionalism in the industry and Christo Malan CFP®, CEO of Autus Fund Managers, provided practical implementation of wealth planning for individuals.

Bringing new sills into the industry is a major challenge which needs to be overcome. And while the rest of the industry is scrambling to find a way to overcome this, the Young Advisors Forum is the first meaningful steps towards resolving this issue.

 

At the moment, the initiative is based in the Western Cape where is it receiving growing support. However, Swart says that with the support from the FPI and other corporate sponsorships, he hopes to make the Young Advisors forum a nationwide initiative.

"We are looking for professionals under the age of 35 who want to become part of a network of dynamic young individuals with a passion for entrepreneurship and the financial services industry, to join the forum. The forum is not limited only to financial advisors. Professionals in other sectors of the financial services industry are also welcome,” concludes Swart.

 

Hardi Swart can be contacted at hardi@youngadvisor.co.za, Alternatively, visit the website www.youngadvisor.co.za or join the LinkedIn Group.