Clients first, always
The client emerged as the clear winner at the 2021 Financial Panning Institute (FPI) Awards ceremony, as the country’s top financial planners affirmed the important role of professional financial advice in building secure and sustainable financial futures. “Independent financial advisers must create awareness around the importance of financial planning and the value of independent financial advice,” said Ryan McCaughey, CFP®, moments before scooping the FPI’s 2021 Financial Planner of the Year Award. McCaughey, who is the Executive Head: Western Cape at Hewett Wealth, was participating in the annual competition for the second year running.
The very pinnacle of the advice profession
South Africa’s financial planners recognise the FPI Financial Planner of the Year Award as the highest accolade bestowed on financial planners in South Africa, and the very pinnacle of the profession. In pre-recorded presentations to the awards ceremony, the three finalists applauded the Financial Planner of the Year Award for raising the levels of professionalism and enhancing the value proposition that each of their advice practices offered to clients. “Entering the competition gave me the opportunity to see where I rank against the best in the financial industry and enhance my service offering to our clients,” said McCaughey.
“There is a lot of value in entering this competition,” commented Henri le Grange, CFP®, a financial planner at Old Mutual and 2021 FPI Awards finalist. He noted that the tough adjudication process started planners on an amazing journey of continual improvement. The competition is also seen as an opportunity for individuals to determine whether their financial planning skills measure up against the highest practice standards internationally. “I was forced to look at everything our practice does, and see where there is room for improvement,” said Le Grange. “Entering this competition puts you on a path to delve deep into what is best for you, what is best for your practice and what the best outcomes for your clients are”.
Driving change in financial advice and advice outcomes
Hendrik Spies, CFP®, a financial adviser at Old Mutual PFA and 2021 FPI Awards finalist, said that the competition was an amazing opportunity to exchange ideas and find inspiration to better one’s practice and become a better person. He commented that excelling in the competition, and becoming an ambassador for the FPI, allowed financial planners to drive change among both clients and fellow planners. “The competition has given me the opportunity to step back and reflect on how far I have come as a financial planner; the growth through our practice is visible, which makes me proud to be the financial planner that I am today,” he said.
The 2021 finalists had a consistent message for their peers, encouraging them to step up to the starting plate for next year’s competition. “My message to future entrants of the FPI Financial Planner of the Year is to refrain from measuring yourself against others with a view to be crowned the winner; but rather to enter to engage with others and learn from them,” said Spies. The competition’s rigorous selection process requires candidates to submit a detailed case study; undergo a laborious practice visit, conducted virtually during Covid; and show off their skills and expertise on topics as varied as legislation, industry trends and technical information in the crucible of a panel interview.
Two key financial planning focuses
According to McCaughey, you will be measured against some of the best in industry. And that means that your industry knowledge and client value proposition must stand up to intense scrutiny. He identified two key financial planning focuses that might help future entrants to secure an edge during the adjudication process. The first is the importance of conducting stringent and regular review processes with clients, which is seen as vital in the successful execution of a financial plan, and ultimately in clients’ financial outcomes. The second, is the need for active and ongoing participation in investment committees to enhance the planner’s ability to provide up to date and comprehensive advice to clients.
The financial planning profession has come a long way over the past decade or two. “A lot has changed over the 12 years I have been involved in the industry,” said McCaughey, taking to the podium immediately after being announced 2021 Financial Planner of the Year. He credited the FPI for much of this positive change, commending the institute for their efforts in raising the standards of education and technical capabilities of the industry. As for the future… “I hope I can do you all proud in representing the FPI and the industry,” he concluded. “And I hope that I can add value over the year, in the same way as last year’s winner did, to increase the levels of professionalism in the industry, and further the sustainability of the industry that we have all come to love”.
A very tough year
2021 has not been an easy year; but the high calibre of the winners at the 2021 FPI annual awards ceremony was a heart-warming and timely reminder of the astounding talent in the South African financial services industry. Lelané Bezuidenhout, the CEO of the FPI, was humbled by the event. “I am in complete awe of the years of dedication and hard work it has taken for each winner to get where they are,” she said, bringing the 2021 FPI Awards to a close. “This year’s winners have reminded me that there is no such thing as luck; only hard work, dedication and professionalism”.
Writer’s thoughts:
The 2021 FPI gala dinner and awards ceremony was the first real world industry event that I have attended in almost two years. The small gathering was a great way to reconnect with colleagues, friends and peers as we slowly emerge from pandemic and lockdown restrictions; but I couldn’t help but feel that there was something missing from the proceedings. Have you attended a real world industry event recently, and was your experience similar? Could you identify what seemed out of place? Please comment below, interact with us on Twitter at @fanews_online or email us your thoughts editor@fanews.co.za
