Blazing her own trail

Prem Govender, CEO of Mosswick Investments

“This is a special profession,” says Prem Govender, CEO of Mosswick Investments. “In a way, financial planners are like doctors. We look after you: we put food on the table when the breadwinner is gone, we make sure there’s money for your children to go to university, and we help ensure that you are comfortable in retirement.”

Mosswick is a family business that was founded by Prem’s father, CP Naidoo, in 1962. It was originally an accounting and brokerage practice, named after the location of the office — on the corner of Moss Street (now George Sewpersadh Street) and Wick Street in Verulam, Durban. Prem joined the practice as an accountant and didn’t get involved on the brokerage side at all, that is until her father had a stroke in 1988 and Prem had to fill in while he recovered.

“Clients suddenly started asking me questions about policies and I realised I knew nothing,” she says. “I also quickly learnt that there’s a big difference between giving someone holistic financial advice and simply selling them something.”

The epiphany kindled Prem’s interest in financial planning and changed the course of the family business for good. “Even though my dad survived his stroke and worked until he was 75, he came back in an advisory role. He was happy for me to take charge.”

Mosswick turns 58 this year and while it’s still primarily an accounting firm, Prem as grown the financial planning side of the business. She has 11 employees and all are women. Even when her father was at the helm, he often employed women over men because he believed that they worked harder. “Not surprising, considering he had six daughters!” says Prem with a smile. “Almost all of our clients were men and it was difficult in the early days: ‘Shame, CP,’ the client would say. ‘All those daughters and no son to take over.’ I had to work hard to prove myself and gain their trust.”

The same prejudice persists today, but Prem sees a bright future for women in financial planning. “Women make excellent advisors. The important thing is that we listen — we listen with empathy and we’re not pushy. By nature, women are more patient and understanding; we’re happy to explain something over and over again.”

However, as patient and understanding as she is with her clients, she won’t tolerate it if a husband refuses to include his wife in the decision-making process. “Women need to be involved from the very beginning,” she says. “If my client passes away and I show up at the front door and his wife has never met me, what will she think? What message does that send?”

Prem acknowledges the work the FPI has done to open doors for women to enter the profession. “When I got involved in 2004, I was the only woman and the only person of colour. The situation is very different now: the organisation is led by a female CEO, Lelane Bezuidenhout, and there are strong transformation directives in place.”

But there’s still more work to be done, and Prem encourages all advisors — men and women — to give back to their profession. “Everything can’t be about money,” she says. “Volunteer your services and help lay the path for future planners.”

“Become a trailblazer,” she adds. “Take on the challenge. A career as a financial advisor is not a get-rich-quick scheme, but it can be so rewarding. I’ve had an amazing journey.”