New chair for Masthead Financial Advisors Association
Minette Weideman
The Masthead Financial Advisors Association recently appointed independent financial advisor (IFA) from Bloemfontein Minette Weideman as its new chair.
Weideman has assumed this leadership role as she believes that to effect change in your environment, you must be an active participant. “It's not enough to simply take; you should also give back and contribute,” she says.
Weideman joined the Association in 2017 and has been the elected representative for the central region since May 2020. Her journey leading up to her current position has been shaped by her conviction that given the right platform, independent financial advisors (IFAs) can help shape the financial sector landscape and thereby ensure their continued success.
From her experience working for a boutique investment firm and later establishing her own Category II investment and consulting practice in Bloemfontein, Weideman understands that IFAs sometimes feel disconnected and unable to participate or provide feedback to the financial sector regulators. “The Association provides a platform for IFAs where their voices can be heard. It allows Masthead to take their concerns to the regulators and advocate for their needs.”
However, this process is a two-way street, she adds. “Members need to voice their issues. The only way Masthead can advocate on behalf of IFAs is by understanding their thoughts, experiences and concerns. Without that knowledge, they are unable to provide feedback to the regulators. This active involvement in the regulatory feedback process is how IFAs can truly influence regulation in the long run.”
As chair, Weideman's primary objective is to improve communication channels between Association members, their regional representatives and the Association Board. “By gaining better insight into members' expectations and challenges, the Board can provide more effective feedback to Masthead’s management. In turn, this information will help Masthead identify trends, structural problems and opportunities IFAs face in the industry.”
Weideman plans to implement regional or topic-specific discussion forums to interact, share experiences, seek clarity and collectively formulate feedback for the Association Board. “Through constant communication and engagement with members, the Association aims to create a supportive environment that addresses their needs and helps them thrive.”
She adds: “I encourage all members to communicate with the Association. We value your thoughts and opinions. I invite all members to reach out to me directly, as well as their regional or Association representatives."
Bringing the regulators to Bloemfontein
As chair, Weideman attended the Masthead MasterClass, ‘Paving the Way to a Better Future’, which was held in Bloemfontein in June 2023. Representatives of the Financial Intelligence Centre (FIC) and the Financial Sector Conduct Authority (FSCA) were also invited to attend this IFA event.
“As IFAs, our perception of the regulators' objectives can sometimes be distorted,” she says. “I was particularly interested in learning what steps financial advice businesses can take to meet their regulatory requirements and objectives.”
The MasterClass was a rare opportunity for IFAs in the region to hear directly from the regulators who are predominantly based in Pretoria, adds Leanè Greyling, Masthead Regional Manager for the Free State and Central Region.
Greyling, who has led the Masthead team in the region since 2020, adds: “Attendees gained valuable insights from industry regulators and experts, as well as Masthead compliance specialists, who discussed relevant topics, such as the current and anticipated regulatory updates and their implications, the future of South African financial markets, cybersecurity and client due diligence, South Africa’s status following its greylisting, and more. The event helped equip our members with the necessary knowledge to navigate future regulatory changes,” she explains.
Similar to Minette’s goal of improving communication channels, Leanè emphasises her team's commitment to engage with their customers to understand their businesses and needs. She explains: “As the regulatory landscape constantly evolves, IFAs face significant challenges. However, our team is fully dedicated to knowing customers' businesses and establishing ourselves as their trusted partners. This allows us to deliver tailor-made compliance solutions that meet their specific needs. Building strong relationships with our valued members and ensuring we can continue to provide effective assistance and guidance every step of the way, are top priorities.”
