FANews
FANews
RELATED CATEGORIES
SUB CATEGORIES Featured Story |  Straight Talk |  The Stage | 

We need to invest time and money in developing industry talent

07 November 2013 Jonathan Faurie
Jonathan Faurie, FAnews Journalist

Jonathan Faurie, FAnews Journalist

While it is clear that the financial services industry is one that faces many challenges, Stanlib CEO Thabo Dloti feels that raw talent coming into the industry is not one of them. He adds that one of the biggest challenges the industry currently faces, is the lack of commitment from companies to invest in this talent.

"Nurturing raw talent in order to transform it into industry ready talent takes time, patience and capital. Unfortunately, many companies were severely affected by the global financial crisis and possibly do not have time and extra budget to do this. But the talent is there, we just need to nurture it,” says Dloti.

Fresh off the back of winning the CEO of the Decade award by the Association of Black Securities and Investment Professionals (ABSIP), Dloti shares his unique vision for the industry.

Changing mind-sets to capitalise on opportunities

"In order to nurture the talent which is in the industry, significant change in mind-set needs to happen. " says Dloti.

"In the past, the financial services industry was about offering the best product or service to the client and managing the relationship from that perspective. However, the industry is becoming increasingly centred around people management. We are already seeing unique products being designed from scratch which are designed purely from what clients want from a product,” says Dloti.

He gives his argument more credit by pointing out that role players in the financial services industry manage the public's dreams and expectations and once this is highlighted, it is empowering to see the public become more educated on products within the financial services industry. In this way, the industry can achieve dramatic improvement for the better.

"It comes down to educating people about what they are buying. When we achieve that, people can appreciate what they are buying. Look at it from a client perspective. If I seek a better product, and I seek a higher standard from my broker/adviser, it will raise the standard of the industry,” says Dloti.

He explains his philosophy by relating to negotiations that he had with Trade Unions a few years back. "For me, working in a technical environment and helping people understand the dynamics of a product is the most exciting challenge. A few years back, as a young retirement fund consultant in the industry, I had to engage Trade Union clients on premium increase on their group risk cover. They were not pleased; they accused my company of all sorts of things and threatened to take away their business. But once we made them realise the benefits of the products, our relationship strengthened," says Dloti.

Empowering staff to reach their full potential

Dloti admits that he is not one for awards. But once he saw the effects that it had on those around him, he realised the importance of the accolade.

"Young people come up to me all the time and tell me that I am an inspiration to them. They feel they can achieve similar accolades to me and they will push themselves to achieve this. This can only benefit the industry. We need young people who are prepared to come into the industry and challenge its traditional thought patterns and the way business has traditionally been done,” says Dloti.

His method to achieve this is simple. You need to see the potential value in every person who works for you, and you need to give these people the tools to achieve this.

"You need to create the best environment for people to excel. But most of all, you need to challenge people so that they can realise their full potential. In order to do this, you have to be like an uncompromising parent at times. But when you can look at a person and know that you played a role in the businessman/woman they are today, there is no better feeling in the world.

Empowering the community

Since 1994, South Africa has been on a massive drive to empower previously poor communities in the hope of building a future generation of strong leaders.

Liberty is a proactive example of this by taking Dloti's empowerment philosophy and giving it to school learners. "We want to empower people with knowledge from a young age. To see learners grasp the concept of, for example, compound interest and the potential benefits it can offer as a savings vehicle, is really empowering.” says Dloti. He adds that South Africa does not generally have a culture of savings, which needs to change if we want to see more people retire comfortably.

Editor's Thoughts:
It is encouraging to hear that there are CEO's within the industry who feel that there is sufficient skills within the industry in order to ensure its future success. However, the challenges in investing time and money into developing this talent are a definite area of concern. Please comment below, interact with us on Twitter at @fanews_online or email me your thoughts jonathan@fanews.co.za.

Comments

Added by Kammy, 11 Nov 2013
I consult to the financial sector in the area of TCF and issues of the industry no longer being attractive to grads, the loss of skills due to people retiring, not wanting to deal with the increasing regulatory pressure, etc are real. At the same time companies margins are so tight that they do not have the luxury of investing in developing talent. I personally like the Lara's idea of those who have been in the industry imparting their knowledge. If we want to develop a credible industry then something has to be done.
Report Abuse
Added by Stephan, 11 Nov 2013
The financial Services industry has seen some significant changes over the past few years. The initial resentment of the Regulatory obligations on Advisors have made way for acceptance and a more positive attitude when these role-players see the benefits of operating within the Regulatory framework. Clients are also slowly but surely becoming more knowledgeable and are learning to ask questions and also to question advice. Skills and qualifications are very important to enter and to operate in this environment. We have also spent a considerable amount on establishing a cost-effective online training system to assist any person wishing to pre-qualify before entering this field, or for existing role-players to qualify themselves to comply to the requirements set by the FSB. The benefits to candidates as well as the industry is huge!
Report Abuse
Added by Stephan, 11 Nov 2013
The financial Services industry has seen some significant changes over the past few years. The initial resentment of the Regulatory obligations on Advisors have made way for acceptance and a more positive attitude when these role-players see the benefits of operating within the Regulatory framework. Clients are also slowly but surely becoming more knowledgeable and are learning to ask questions and also to question advice. Skills and qualifications are very important to enter and to operate in this environment. We have also spent a considerable amount on establishing a cost-effective online training system to assist any person wishing to pre-qualify before entering this field, or for existing role-players to qualify themselves to comply to the requirements set by the FSB. The benefits to candidates as well as the industry is huge!
Report Abuse
Added by Stephan, 08 Nov 2013
The financial Services industry has seen some significant changes over the past few years. The initial resentment of the Regulatory obligations on Advisors have made way for acceptance and a more positive attitude when these role-players see the benefits of operating within the Regulatory framework. Clients are also slowly but surely becoming more knowledgeable and are learning to ask questions and also to question advice. Skills and qualifications are very important to enter and to operate in this environment. We have also spent a considerable amount on establishing a cost-effective online training system to assist any person wishing to pre-qualify before entering this field, or for existing role-players to qualify themselves to comply to the requirements set by the FSB. The benefits to candidates as well as the industry is huge!
Report Abuse
Added by lara, 07 Nov 2013
This article rings true to the future of the Financial Services Industry, the fact that time and mentorship needs to be invested in the people who are passionate not only about the Industry but most importantly ensuring the financial well being and education of their clients.This is paramount to the future of a healthy society. A really good way to achieve the development of industry talent would be to make available a networking group of Mentors in the Industry, who would willingly impart their knowledge and guidance to those people who are passionate about making a difference in the Financial Services Industry, particularly in the lives of their clients and ultimately society as a whole.
Report Abuse

Comment on this post

Name*
Email Address*
Comment
Security Check *
   
Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now