Blue Chip Issue 90
Blue Chip Journal – The official publication of FPI Blue Chip is a quarterly journal for the financial planning industry and is the official publication of the Financial Planning Institute of Southern Africa NPC (FPI), effective from the January 2020 edition. Blue Chip publishes contributions from FPI and other leading industry figures, covering all aspects of the financial planning industry.
Blue Chip Journal – The official publication of FPI
Blue Chip is a quarterly journal for the financial planning industry and is the official publication of the Financial Planning Institute of Southern Africa NPC (FPI), effective from the January 2020 edition. Blue Chip publishes contributions from FPI and other leading industry figures, covering all aspects of the financial planning industry.
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BLUE<br />
CHIP<br />
FPI | Financial Planner of the Year<br />
Winning the award is a<br />
great incentive and the<br />
competition process has<br />
been an incredible gift.<br />
the best of our profession. Low contributions usually have higher<br />
fees as many providers shy away from this sector.<br />
I believe every South African citizen and organisation should<br />
be focused on this transformation issue – for South Africa to<br />
prosper and thrive everyone needs to have access to banking,<br />
investments and life assurance that is appropriate and affordable.<br />
Many financial planners do pro bono work, and I would like to see<br />
this reach extended. Trust is low in this sector of the economy, it’s<br />
not a profitable sector if priced correctly for the consumer, but it is<br />
key to our political and economic stability and the future of South<br />
Africa. I am not sure how much scope I will have to actively drive<br />
this in 2024. It has always been my retirement plan to champion<br />
this cause.<br />
How should the profession improve clients’ experience of financial<br />
planning and ultimately their financial planning outcomes?<br />
We often respond to what clients ask for. We need to remember<br />
that many clients have a limited understanding of the scope of<br />
work we cover. Some still view us as product salespeople or<br />
investment allocators selecting portfolios. Many do not ask for<br />
more service than what they currently receive.<br />
Long-standing clients have annual reviews, but it is a good<br />
idea from time to time to review each client as if they were a<br />
new client. Start from scratch and review where they are now<br />
and if there are any improvements or changes to be made. We<br />
need to keep reminding our clients of the full range of services<br />
we provide, not just the ones they see at present. I have realised<br />
when doing this myself that many clients think our work only<br />
happens when we sit with them for a review. They don’t see what<br />
goes on in the background.<br />
Please share a message of motivation for those who have<br />
considered competing for the FP of the Year Award.<br />
I encourage every financial planning professional to enter this<br />
competition at least once. It has been the most remarkable<br />
opportunity to review how I work, and that has been invaluable.<br />
Enter this competition for yourself and view it as part of your<br />
personal growth as a professional. The process itself is extremely<br />
thorough and helps us to see our shortcomings and gaps. The<br />
panel interview with industry experts provided valuable insights<br />
into what we should be focusing on. Winning the award is a great<br />
incentive and the competition process has been an incredible gift.<br />
Nothing ventured, nothing gained. Step out of your comfort zone<br />
and enter the arena. It’s the only way to grow as a person and as<br />
a professional. <br />
32 www.bluechipdigital.co.za
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