'Get a plan Get a Life' gives advisors national savings role

A major national campaign launched this month (October) by Liberty Life positions the financial advisor community as a vital national resource in the strategy to build a savings culture in South Africa.

The 'Get a plan Get a life' promotion has been structured to underscore the positive role that professional advisors can play in reversing the country's drift into dissaving, says Bobbie Malabie, Managing Director: Sales Distribution and Strategic Partners at Liberty Life.

"Financial advisors are a national asset in the effort to instil a savings culture," he points out. "Policymakers give increasing priority to domestic saving, including pension reform to broaden the compulsory savings net and legislation like the National Credit Act to put a brake on reckless lending.

"It is vital the life industry play a full part. These considerations shaped the design of the 'Get a plan Get a life' campaign as the promotion emphasises the need for regular financial planning with qualified industry professionals.
 
"The knowledge-base available to the public through industry professionals is not tapped often enough. 'Get a plan Get a life' will drive home this point while highlighting the financial advisors positive role as a trusted architect of appropriate savings and risk strategies."

The promotion offers a R1 million cash prize to the client who wins a national draw after calling in an authorised Liberty Life advisor to work out a financial plan that conforms to Financial Planning Institute (FPI) criteria.

The authorised Liberty Life financial advisor who developed the winning plan will win a Mercedes SLK 200M. Liberty Life will pay any applicable tax on the prize.

A Mercedes Benz A170 Classic M will be won by the administration assistant nominated by the winning authorised Liberty Life financial adviser as the person responsible for the administration of the clients financial plan. Again, Liberty Life will pay any applicable tax.

To qualify for entry, the consultancy process used in the development of the plan must adhere to the six-step structure endorsed by Liberty Life and the FPI:

1.  Establish and define a client-planner relationship;
2.  Assemble relevant client data and define client goals;
3.  Analyse and evaluate the client's financial status;
4.  Develop and present financial planning recommendations and alternatives while drawing up a Record of Advice and suggestions;
5.  Discuss the implementation of the recommendations;
6.  Ensure ongoing monitoring of agreed financial planning recommendations.
 

The FPI structure provides a platform for comprehensive planning covering retirement needs, risk cover (life, disability, dread disease), the capital and income required for specific objectives, targeted saving for educational purposes and other needs.

Liberty Life's software tools facilitate a 360 scan of client needs while the use of compound interest tables may well act as a wake-up call for consumers who have neglected structured saving and risk cover for far too long.

Bobbie Malabie adds: "A key message is the importance of regular planning reviews as circumstances change or new priorities emerge. This call to 'do it and review it' will strengthen the relationship between the advisor and the public.

"In the post-FAIS era, levels of professionalism have been substantially reinforced. We believe that structured planning is the ideal platform across which today's advisor can meet a new generation of consumers South Africans who have enjoyed the 'wealth effect' created by years of strong GDP growth yet have neglected their savings needs.

"'Get a plan Get a life' will get South Africans to think about the future and save for it. For advisors it is a wonderful opportunity to entrench their true positioning as knowledgeable professionals who fulfil a pro-consumer role that is becoming increasingly important."