Blue Chip Issue 98

Issue 98 Mar/Apr/May 2026

www.bluechipdigital.co.za

0.5 CONTINUOUS

PROFESSIONAL DEVELOPMENT

THE OFFICIAL PUBLICATION OF THE FPI

0.5 CONTINUOUS


01 CONTINUOUS


01 CONTINUOUS


1.5 CONTINUOUS


02 CONTINUOUS


1.5 CONTINUOUS


02 CONTINUOUS


VISION 2030

FPI strategy

GOLD MINERS

& NEW TECH GIANTS

COMPLIANCE LANDSCAPE

FOR 2026

OFFSHORE GAINS

MOMENTUM IN SA

THE HUMAN EDGE

AI and behavioural coaching

A CLEARER FUTURE FOR THE ADVISORY

PRACTICE BUY-AND-SELL SPACE

Glenda Labuschagne, MD, Brokerspace and

Martha Koekemoer, MD, Commspace

FPI AWARDS Meet the 2025 winners

Turn your blood,

sweat, and tears into

the deal you deserve.

Brokerspace is the smart marketplace helping financial advisers

sell, merge, or transition their practices with confidence.

Using verified data and a structured, transparent process,

Brokerspace connects advisers with best-fit buyers and

partners — giving you more options and more control.

WE HELP ADVISERS WHO ARE:

Planning for retirement or a future exit

Seeking succession options

Looking to reduce their workload or step back

Exploring partnerships or growth opportunities

www.brokerspace.co.za

“The best deals begin with the right

conversations. Let’s chat.”

- Glenda Labuschagne, MD

071 469 9213

glenda@brokerspace.co.za

Build a better tomorrow

AI

is moving beyond digital novelty and is becoming foundational, like electricity:

invisible, yet everywhere. The future is not AI versus humans. It is humans working

alongside AI. The most powerful applications will combine human judgement

with machine precision, balancing empathy with efficiency and creativity with

scale. Decisions on access, ethics and inclusion will shape risk, regulation and long-term value

creation. These choices will determine whether AI powers sustainable growth or becomes a

missed opportunity (page 22).

For many financial advisors, especially seasoned professionals, the rise of sophisticated

AI-powered advice tools has fuelled a deep-seated fear of becoming obsolete. While this

anxiety is understandable, the consensus across local industry experts is clear: AI is not a threat

to the financial advisor; it is an existential threat to the purely technical advisor.

The future of financial advice is the fiduciary human directing the intelligent machine to

deliver a level of service in terms of precision, ethics and emotional support that was impossible

before. The ultimate success metric for the next generation of advisors will not be their technical

expertise, but their capacity for humanity (page 76).

Rob Macdonald, Independent Consultant, argues that with the explosion of AI, there is a

risk that the agency in many aspects of our lives will be in jeopardy. Macdonald quotes John

Nosta who says that AI allows us to live in an age of “cognitive abundance”; never has it been so

easy to access so much information instantly. However, “Abundance can have a dulling effect.

When knowledge is cheap, we can lose the desire to search for it, and in the final analysis, make

it our own,” he warns.

Agency is the antidote to the dulling effect. “It’s what turns abundance into opportunity. It’s

the skill that keeps us learning actively rather than passively and thinking uniquely generative

rather than derivative.” But the real risk of AI is that we forget to use our agency (page 14).

In this edition, we speak to Lelané Bezuidenhout, FPI CEO and award winner of the Noel

Maye Award, which represents the pinnacle of global recognition for those making a lasting

impact on the profession. In our interview, Bezuidenhout outlines the FPI’s new strategy, Vision

2030. Vision 2030 focuses on people – those who aspire to build better futures. The desire for

a better tomorrow is universal (page 18).

On the topic of building a better tomorrow, the FPI Education and Training Trust has been

established to grow the financial planning profession by expanding access to high-quality

education, training and development for future financial planners. There is no worthier cause

than building a better tomorrow for others (page 9).

A heartfelt congratulations to all the laureates that grace this edition of Blue Chip. We

speak to the 2025/2026 FPI Financial Planner of the Year, Nicola Langridge (page 62), and the

2025/2026 FPI Approved Professional Practice of the Year, Ascor Independent Wealth Managers

(page 64). Congratulations to all the FPI 2025 winners (page 59).

Build a better future for yourself and for others and enjoy the rewards that follow.

Alexis Knipe, Editor

Blue Chip Journal – The official publication of FPI

blue-chip-journal

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.

A total of 7 500 copies of the publication are distributed directly to every CERTIFIED FINANCIAL PLANNER® (CFP®)

in the country, while the monthly Blue Chip Digital e-newsletter reaches the full FPI membership base. FPI members

are able to earn three verifiable Continuous Professional Development (CPD) points per edition of the print journal

(four per year) under the category of Professional Reading.

Special advertising packages in Blue Chip are available to FPI Corporate Partners,

FPI Recognised Education Providers and FPI Approved Professional Practices.

ISSUE 98 |

Mar/Apr/May 2026

Publisher: Chris Whales

Editor: Alexis Knipe

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No portion of this book may be reproduced without written

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necessarily those of Blue Chip, nor the publisher, none of whom

accept liability of any nature arising out of, or in connection with,

the contents of this book. The publishers would like to express

thanks to those who support this publication by their submission

of articles and with their advertising. All rights reserved.

Because real results come

from discipline, not distraction.

Successful investing isn’t about reacting to short-term market swings. It’s

about having the discipline to stay the course – remaining focused on

your goals while others are distracted by the noise.

At Independent Investment Solutions, our philosophy is built around

discipline, consistency and independent thinking. We believe that

lasting success comes from time in the market – guided by experience,

research and a steady hand.

www.i2solutions.co.za

Independent Investment Solutions – stay the course. Build with confidence.

Independent Investment Solutions (Pty) Ltd is an authorised financial services provider, FSP 48201.

CONTENTS

ISSUE

98 MAR/APR/MAY 2026

2 EDITOR’S NOTE

By Alexis Knipe

8

9

10

14

15

16

17

18

22

BUILDING BETTER FUTURES

Message from the CEO of the FPI

OUR PROFESSION MUST HELP THE PROFESSION GROW

Message from the CEO of the FPI

ON THE MONEY

Milestones, news and snippets

CLIENT AGENCY

Column by Rob Macdonald, Independent Consultant

ALTERNATIVE SOURCES OF RETURN

Column by Florbela Yates, Managing Director at Equilibrium

WHEN CLIENTS ASK IF THEY HAVE DONE ENOUGH

Column by Kobus Kleyn, CFP®, Tax and Fiduciary Practitioner,

Kainos Wealth

I ASKED THREE AIs THE SAME RETIREMENT QUESTIONS

Column by Zeldeen Müller, CFP®, CEO, InSite Connect and

Creator of AgendaWorx

VISION 2030

Blue Chip and Lelané Bezuidenhout, CEO, FPI, discuss the

FPI’s new strategy, Vision 2030

THE REAL-WORLD REVOLUTION

By Stuart Copley, Head of Investment Process, Fundhouse

26

31

32

34

36

38

40

42

26

HOW TO BECOME A FINANCIAL ADVISOR IN

SOUTH AFRICA

By Laura du Preez, Financial Writer and Editor

ADAPTING FINANCIAL PLANNING EDUCATION FOR

A CHANGING FINANCIAL WORLD

The University of Johannesburg is shaping the future of

financial planning in SA

25 YEARS OF INSPIRING EXCELLENCE AND

TRANSFORMING LIVES

This year marks the 25th anniversary of the UFS School of

Financial Planning Law

FUTURE-PROOF YOUR MOVE

Milpark Education outlines why your next qualification

should be immersive

PROTECTING INDEPENDENT FINANCIAL ADVICE

Blue Chip in conversation with Lizelle van der Merwe, CEO

of the Financial Intermediaries Association of South Africa

WHEN GOLD MINERS BECAME THE NEW TECH GIANTS

Lessons about managing money in concentrated

markets, by Jan-Daan van Wyk, Associate Director,

Stonehage Fleming Investment Management

ENTERING ADVISER PRACTICE BUY-AND-SELL

CONVERSATIONS WITH CONFIDENCE

Blue Chip speaks to Brokerspace and Commspace on

how to change your succession and sale conversations

for the better

PLEASANT WITH INTERVALS OF CLOUDS

AND SUNSHINE

By Warren Ingram, CFP®, Co-Founder, Galileo Capital

4 www.bluechipdigital.co.za

BI is the new IQ

Commspace gives you the Business Intelligence

to help you make the right decisions

Revenue Trends

4.82M 103

Revenue

Nr of Clients

+14.8%

Growth

4M

3M

2M

1M

Initial

Recurring

“This level of insight makes the

business far easier to manage.”

Andrew - Fisher Dugmore Financial Services

The ultimate solution for managing, tracking, splitting and analysing

Financial Adviser revenue.

www.commspace.co.za

0861 477 774

CONTENTS

ISSUE

98 MAR/APR/MAY 2026

44

46

47

48

50

52

53

54

56

59

62

WHAT TO LOOK FOR IN AN OFFSHORE PLATFORM

Momentum Wealth International provides a gateway

to global markets, by Hymne Landman, CEO at

Momentum Wealth International

OFFSHORE INVESTMENT GAINS MOMENTUM IN SA

Blue Chip speaks to Hymne Landman, CEO at

Momentum Wealth International

THE TT AND TRUSTS

Legacies in the Isle of Man

SHOPPING FOR A DFM

Robin McLaurie, Business Development Manager,

explains how Equilibrium delivers

MODERN PORTFOLIO THINKING

Cogence illustrates how diversification is evolving for

today’s markets

SATRIX CELEBRATES 25 YEARS OF

INDUSTRY LEADERSHIP

The Satrix story began in January 2000 with a first

institutional mandate of R800-million

WHY MARKET PREDICTIONS KEEP GETTING

IT WRONG

Michael Badenhorst, Chief Investment Officer,

Independent Investment Solutions, tells us why

investors should care

IS YOUR DFM TRULY INDEPENDENT?

Nadir Thokan, Senior DFM Specialist, Alexforbes,

on how to tell if your DFM is independent

TOKENISATION OF TRADITIONAL SECURITIES

A strategic evolution in market infrastructure

THE 2025 FPI ANNUAL AWARDS

Meet all the winners

MEET THE FPI FINANCIAL PLANNER

OF 2025/2026

Blue Chip caught up with Nicola Langridge, CFP®,

Wealth Manager at Private Client Holdings

64

66

69

70

72

74

76

79

EXCELLENCE IS INTENTIONAL

The 2025/2026 FPI Approved Professional Practice of

the Year

SEEING THE WOOD FOR THE TREES

Blue Chip speaks to Woodland Wealth CEO, Andró Griessel,

about how ethical behaviour forms the foundation of client

engagement

ADVANCING PROFESSIONALISM IN THE INDUSTRY

Blue Chip meets the CEO of Consolidated Wealth Group,

Craig Kiggen

SHAPING SPACES THAT HELP GREAT FINANCIAL

PLANNERS DO THEIR BEST WORK

Consolidated Wealth Group outlines a forward-looking

approach to the craft of financial planning

LISTENING: THE FINANCIAL PLANNER’S

TAPE MEASURE

The key to ensuring the financial plan fits the client’s

life, not just their wallet, by Rob Macdonald,

Independent Consultant

ADVISING VULNERABLE CLIENTS

Wessel Oosthuizen, CFP®, FISA®, Head of Financial Planning,

Fiscal Private Clients, on the protection of vulnerable clients

THE HUMAN EDGE

Navigating the regulatory imperative of explainable AI and

behavioural coaching by Murray Anderson, Head of Retail,

Prescient Investment Management

THE COMPLIANCE LANDSCAPE FOR 2026

Anton Swanepoel, founder, Trusted Advisors, assesses the

South African regulatory landscape

72


FPI UPDATES | CEO message

Lelané Bezuidenhout, CFP®,

CEO, Financial Planning Institute

of Southern Africa

Building better futures

The CEO of the Financial Planning Institute of Southern Africa shares

the FPI’s latest news.

Welcome to another jam-packed edition of Blue Chip

– a publication that continues to reflect the depth,

professionalism and thought leadership of South

Africa’s financial planning community.

First and foremost: thank you.

Thank you for your continued support of the FPI throughout

2025. It was a demanding year for the profession, marked by

regulatory change, heightened consumer expectations and an

increasingly complex operating environment. Yet, together, we

achieved meaningful progress.

2025 was a year of strong momentum for the profession, with

several notable milestones for the FPI:

• Membership retention of approximately 96%, a powerful vote

of confidence in professional financial planning and in the FPI.

• The successful launch and delivery of the Capstone exams –

a significant step in strengthening the certification pathway.

• The establishment of the FPI Education and Training Trust.

• Our first FPI Women in Financial Planning event.

• Continued growth in FPI Approved Professional Practices.

• A highly successful FPI Convention themed “Bring it Home”,

culminating in a memorable gala dinner and the celebration of

excellence across the profession.

• The FPI was awarded the Top Women Business in Diversity, Equity,

and Inclusion 2025: Highly Commended in the Standard Bank Top

Women Awards.

• Ongoing advocacy of regulations, scheme rules and other

regulatory developments.

• And a proud global moment: receiving the FPSB Noel

Maye Award in Chicago for outstanding contribution to

the profession.

These achievements represent only part of the picture. A

comprehensive reflection on the year will be shared in the

2025 Integrated Report, to be released in July 2026.

Looking ahead: Vision 2030

In 2025, the FPI Board approved our Vision 2030 strategy, setting a

clear direction for the next chapter of the profession.

Our Vision is clear: Empowering people to build better futures

through trusted professional financial planning.

Our Mission is to foster prosperity by enabling growth for people

who are building better futures through:

• Growing and retaining a diverse community of professional

members.

• Building strategic partnerships.

• Driving innovation in standards, education and member services.

• Upholding and evolving global and local professional standards.

• Advocating for the public good.

Vision 2030 is about strengthening standards, embracing innovation

and expanding the positive impact of professional financial planning

in South Africa. It is a strategy grounded in purpose and delivered

through partnership. We look forward to walking this journey

with you.

Finally, my sincere thanks to the team at Blue Chip journal for

their continued support of the financial planning profession and

the work of the FPI. Through high-quality journalism, thoughtful

commentary and a clear commitment to professionalism, Blue Chip

plays an important role in informing, connecting and elevating

financial advisors across South Africa. We value the platform

you provide to share insight, challenge thinking and contribute

meaningfully to the ongoing professionalisation of financial planning.

As we begin 2026, please know this: what we have achieved –

and what lies ahead – is only possible because of you.

Here’s to building better futures, together.

Warm regards,

Lelané Bezuidenhout, CFP®, CEO, Financial Planning Institute of

Southern Africa


Our profession must help the

profession grow

FPI UPDATES | CEO message

A strong profession does not happen by accident. It is built deliberately, consistently and collectively by those who

benefit from it and believe in its future.

Change the the Lives Lives of of the the Unemployed to to become

Financial Planners!

Why Why SA SA need need Financial Financial Planners? Planners?

Dreams Dreams need need direction. direction. In a In country a country facing facing rising rising

debt, debt, complex tax tax laws, laws, and and uncertain markets, markets,

financial financial planners planners are are the the compass compass guiding guiding South

Africans to financial freedom. Whether it's building

South Africans to financial freedom. Whether it's

wealth, protecting assets, or planning for

building retirement wealth, expert protecting advice assets, makes or all planning the difference. for

retirement expert advice makes all the difference.

How your Contribution will Shape the Future?

How your Contribution will Shape the Future?

The

The

Trust

Trust

exists

exists

to fund

to fund

education,

education,

training

training and

research in the field of financial planning.

and research in the field of financial planning.

Donations to the Trust are used to:

Donations to the Trust are used for:

• Providing • Provide bursaries and and scholarships for approved for

tertiary approved qualifications tertiary in qualifications financial planning.

financial

• Supporting

planning.

research that advances the practice of

• Support research that advances the practice of

financial

financial

planning

planning

in South

in South

Africa.

Africa.

• Assisting • Assist beneficiaries with with socio-economic

needs needs directly directly related related to their to their ability ability to complete to

their complete studies and their enter studies the profession. and enter the

profession.

The FPI Education and Training Trust was established with

one clear purpose: to grow the financial planning profession

by expanding access to high-quality education, training

and development for future financial planners and those

already on the pathway.

www.fpi.co.za | fpitrust@fpi.co.za | +27 11 470 6000

At a time when South Africa faces increasing financial complexity,

rising consumer vulnerability and an urgent need for trusted

professional advice, the sustainability of our profession depends on

a strong, diverse and well-supported pipeline of professionals. This

is not only an industry issue – it is a public-interest imperative.

A profession that invests in its own future

As financial planners, we often speak about long-term thinking,

intergenerational impact and investing today for outcomes tomorrow.

The same principles apply to our profession. The Trust exists to:

• Support education and training initiatives.

• Broaden access to the profession.

• Strengthen the long-term credibility and capacity of financial

planning in South Africa.

Importantly, contributions to the Trust qualify for an income-tax

deduction in terms of section 18A of the South African Income

Tax Act. As financial planning professionals who understand tax

planning, we know exactly how powerful section 18A can be –

allowing donors to support a meaningful cause while also receiving

a legitimate tax benefit. This is impact investing in its truest form:

advancing the profession while planning efficiently.

Leading by example

Recently, one CFP® professional member made a personal

contribution of R100 000 to the Trust. This contribution is

significant because of what it represents: belief in the profession,

confidence in its future and a willingness to lead by example. If

one professional can do this, it raises an important question for

all of us: why can’t I contribute as well? Any amount – big or small –

is welcomed.

A direct challenge now extends to our FPI corporate partners

and professional practices

Will you match this contribution?

Matching this commitment sends a powerful message

• The profession takes ownership of its future.

• Established practices are prepared to invest in the next generation.

• Corporate partners are serious about sustainable growth,

transformation and professional excellence.

• Collectively, relatively small monthly contributions from many

stakeholders can unlock meaningful, long-term impact. Together,

we can ensure that the profession we have worked so hard to build

continues to thrive, evolve and serve the public good.

Building better futures – for the profession and society

The financial planning profession has always

been about more than products or compliance.

It is about trust, competence and outcomes

that improve people’s lives. Supporting the FPI

Education and Training Trust is an opportunity

to live those values – not only in our advice

to clients, but in our commitment to the

profession itself.

Because ultimately, if the profession is to grow,

the profession must help the profession grow.


9

On the money

Making waves this quarter

Healthcare and retirement financing

THE FUTURE OF HEALTHCARE FINANCING

South Africa’s healthcare financing landscape is shifting rapidly under

the pressure of rising costs and economic uncertainty. With medical

scheme premiums set to increase, many households are being forced

to rethink how they manage healthcare expenses. Even the most

comprehensive medical aid plans often leave members exposed to copayments

and shortfalls. In this environment, brokers are increasingly

at the centre of helping individuals and businesses find solutions that

balance affordability with adequate protection. Gap cover is one of

the most effective tools for bridging these financial gaps, ensuring

access to quality care without overwhelming budgets.

South Africans are having to prioritise financial resilience more than

ever, and healthcare costs are a significant part of that picture. As

households juggle rising living expenses, they want cover that is

affordable and adaptable. This is where flexibility in gap cover becomes

invaluable, offering clients the option of individual premiums or familywide

benefits that evolve with changing needs.

Technology is also reshaping the sector. Digital health platforms,

telemedicine and data-driven insights are changing how healthcare

is delivered and financed. Brokers who embrace these tools can

streamline client education, provide personalised advice and create

smoother customer experiences. Agility is

not just about product selection, but about

how brokers use innovation to stay ahead of

industry shifts.

Healthcare financing is no longer a standard

exercise. Clients expect solutions tailored to

their circumstances. Gap cover, with its ability

to adapt to different life stages and dynamics,

is a powerful way for brokers to deliver on this

demand for personalisation. By continually

reviewing cover and anticipating changes

in client needs, brokers position themselves

as long-term partners in financial wellbeing.

Brokers who remain agile by embracing

technology, offering personalised solutions

and ensuring gap cover is integrated into

financial planning will be best placed to lead

in this evolving landscape. In doing so, they

can offer peace of mind in a world where

uncertainty is the only constant.

James White, Director,

Sales and Marketing,

Turnberry Management

Risk Solutions

RETHINKING RETIREMENT

More than R43-billion has been withdrawn under South Africa’s Two-

Pot retirement system – and over R11-billion collected in tax revenue.

These figures were revealed as part of SARS’ preliminary review

into the implementation of the Two-Pot retirement system, which came

into effect in September 2024. Although the system aims to provide

employees with greater access to short-term savings, the sheer volume of

early withdrawals surprised even tax authorities.

While the consumer market may have received a short-term boost,

this shift raises serious considerations for the protection of long-term

savings. As the world of work evolves, forward-thinking employers

are seeking new ways to offer meaningful long-term support. One

standout option? Umbrella funds – a retirement savings solution that

reduces employer administrative and compliance burdens.

An umbrella fund allows multiple unrelated employers to participate in

a single retirement savings structure, offering the scale and efficiencies

of a larger fund.

The Two-Pot retirement system has shone a light on employer

compliance or lack thereof. In the lead-up to its rollout, several retirement

funds and SARS discovered instances where employers had failed to pay

retirement contributions deducted from employees’ salaries. Employers

who offer retirement fund benefits must be fully committed to their

compliance responsibilities. Contributions need to be paid on time, records

need to be accurate and employees should be informed and engaged.

Members of umbrella funds (employees) should be encouraged to

understand where their savings are invested, what the available

investment options are and whether participation in the relevant fund

will allow them to achieve peace of mind at retirement.

An experienced employee benefits consultant is an invaluable resource

in this process. They help benchmark fees, decode layered pricing models

and ensure the selected provider’s offering aligns with the employee’s

needs. They can also help design and manage an employee engagement

strategy around retirement benefits. Their industry insights help

avoid costly missteps and ensure that the chosen umbrella fund offers

measurable value.

By Niki Giles, head of strategy at Prescient Fund Services


Adminimum

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On the money

Making waves this quarter

Risk or reward? Rand recovery

ARE PRIVATE CAPITAL MARKETS “RISKY” INVESTMENTS?

Despite the private capital industry’s proven track record, many

investors still view private equity (PE) and venture capital (VC) as

risky investments. SAVCA says this conversation around risk in private

markets is long overdue for reframing.

Thato Tsita, partner at Tamela Capital Partners, says, “In listed

markets, risk is often equated with volatility, whereas in private

markets it is actively managed, priced and transformed into value.

Illiquidity, leverage and concentration are not weaknesses but

deliberate design features that allow private market funds to convert

uncertainty into long-term performance.”

Perceptions of private capital risk are shaped by its history. Early

PE activity was often associated with high leverage and corporate

raiding, fuelling misconceptions about speculation. “The Global

Financial Crisis was a turning point,” Tsita says. “Enhanced governance,

improved reporting and stronger alignment between fund managers

and investors have since made private markets far more transparent

and resilient.”

Speaking specifically to VC, Antonia Bothner, capital markets lead

at Endeavor South Africa, says there is growing recognition that risk

in the asset class is not purely about volatility, but about intentional

exposure to long-term value creation. “The distinction between the

risk of loss and the risk of variance is often overlooked.”

“Disciplined portfolio construction and diversification across stages,

sectors and geographies make venture exposure a complementary

component of broader portfolios,” she adds.

In South Africa, structural and regulatory developments are slowly

rebalancing investor perception. Tsita notes the amendments to

Regulation 28 of the Pension Funds Act that permit pension funds

to allocate up to 15% to private market funds and up to 45% to

infrastructure “recognises private capital’s critical role in growth and

diversification”. She adds, “The JSE’s shrinking pool of listings and

high concentration risk have created a structural need for alternative

assets. Private market funds provide exposure to unlisted companies

and sectors that traditional markets can’t access.”

For Bothner, risk in VC should be viewed as a source of opportunity.

“Backing exceptional founders in scalable markets often produces

asymmetric upside that more than compensates for early-stage

uncertainty,” she explains. “Innovation inherently involves uncertainty,

but when capital is allocated to founders solving large structural

problems, the potential returns are transformative.”

THE RAND’S REMARKABLE RECOVERY

Several months ago, the rand seemed in freefall. In April, during

the tariff-driven sell-off, it nearly breached R20 to the US dollar. By

October it was trading near R17, its strongest point in over two

years. For a currency that often serves as the world’s favourite shock

absorber, the turnaround is remarkable. Portfolio manager, Rashaad

Tayob, explains what it means for investors.

The rand’s rebound began as part of a global retreat from the dollar.

The greenback fell 7% in the second quarter as investors started to

price in rate cuts by the US Federal Reserve. But the story became

local. Since midyear, the dollar has steadied while the rand continued

to climb – supported by foreign inflows into emerging markets and

a powerful rally in gold and platinum prices.

Over the past quarter, the rand has outperformed most emergingmarket

peers and even commodity currencies such as the Australian

dollar. For once, South Africa’s high real yields and trade surplus

have combined with improving risk sentiment to support, rather

than punish, the currency. The rand’s recovery played out against a

backdrop of doubt about global paper currencies. Gold has surged past

successive records – first $3 000, then $4 000 an ounce – as investors

hedge against the erosion of value in fiat currencies. The BRICS bloc,

led by China, has been diversifying reserves into gold, prompting

renewed talk of a future alternative to the dollar-based system.

Rising government debt across developed economies has

supported that narrative. With little sign of fiscal restraint and central

banks now cutting rates, investors are questioning how long fiat

currencies can hold their value. Long-term bond yields in the US have

risen even as policy rates fell, a subtle signal of unease about inflation

and debt sustainability.

What it means for investors

The April sell-off was revealing. For decades, the dollar strengthened

whenever global markets turned risk averse. This time, however,

both risk assets and the dollar fell together – a sign that investors are

looking elsewhere for safety. In the short term, caution is warranted

after such a sharp rally in the metal and persistent bearishness on the

dollar. Over the long run, diversification across currencies and into

real stores of value like gold, is essential for protecting wealth in a

world where money itself is being revalued.


2026

CAPE TOWN: 4 & 5 MARCH 2026

JOHANNESBURG: 10 & 11 MARCH 2026

The Investment Forum is designed for advisors

and wealth managers who believe that clear

thinking is their greatest competitive advantage.

In an industry crowded with predictions,

products, and noise, this Forum creates space for

reflection, perspective, and honest conversation.

It is not about chasing the next market call - it

is about understanding the forces that shape

markets, portfolios, and client behaviour over

time.

Why the thinking advisor attends

Thinking advisors know that their value lies not

in knowing more, but in understanding better. At

The Investment Forum, advisors gain:

• Perspective, not predictions: Explore timeless

investment principles - cycles, incentives,

behavioural biases, and risk - through the lens

of today’s disruptions, from AI and private

markets to passive investing and digital assets

• Clarity in complexity: Connect the dots

across asset classes, structures, and strategies

to better explain uncertainty and change to

clients

• Honest industry dialogue: Engage with

unfiltered discussions on conflicts of interest,

consolidation, consultant influence, and the

real trade-offs shaping asset and wealth

management

• Client-ready thinking: Leave with narratives

and frameworks that you can use to guide

client conversations with confidence -

especially when markets, technology, or

sentiment shift

• Peer-level engagement: Join a curated

audience of senior advisors, CIOs, and

decision-makers who value substance over

spectacle

session is designed to challenge assumptions,

surface uncomfortable truths, and elevate

thinking. Speakers are chosen for their insight,

not their marketing polish. Panels are structured

to encourage candour, not consensus. This

is a forum for advisors who understand that

judgement, perspective, and trust - not forecasts

- define long-term success.

Our guiding principle

“The Investment Future in Retrospect: Seeing the

unfamiliar in a familiar way.”

Because while tools and technologies evolve

rapidly, the foundational forces of markets remain

constant. The thinking advisor recognises both -

and knows how to translate that understanding

into better advice.

What makes this Forum different

The Investment Forum is not a stage for selling

ideas - it is a platform for testing them. Every

WWW.THEINVESTMENTFORUM.CO.ZA

COLUMN

Client agency

The most important factor in successful financial planning?

Rob Macdonald,


Rob Macdonald has held

several senior positions in

the investment industry.

He is an independent

consultant and coach who

also develops and facilitates

training programmes in

behavioural coaching and

practice management.

Before joining the financial

services industry, Macdonald

was MBA director at the UCT

Graduate School of Business.

He is the author of the book

The 7 Pillars of Financial Health

and is co-author of Rethinking

Leadership. Macdonald

has a Master’s degree in

Management Studies from

Oxford University and is a

CFP® Professional.

Client agency is potentially the most

important factor for successful

financial planning. This might seem

a controversial statement when, I’m

sure, your clients tell you that most important

to them are things like financial security, peace

of mind or just knowing they are going to be

“okay”. But if clients don’t truly engage with

you and interrogate your recommendations

and advice, how do they truly know that

they will be “okay”? Often that’s where trust

comes in. Ironically, trust can negate the need

for client agency and yet undermine sound

financial planning.

My late father trusted his financial advisor.

He didn’t question anything; his advisor

was the “expert”. Yet, despite working as a

professional engineer for his entire career, my

father did not retire with close to “enough”. His

trust was misplaced. But more importantly he

had no agency in his own financial planning.

Contrast this with my 91-year-old fatherin-law,

who arrives at his regular meetings

with his financial planner with his budget

prepared and updated. It’s the first document

they discuss. My father-in-law has full agency

in his relationship with his financial planner.

And his financial health reflects the benefit of

this agency.

A study by Morningstar confirms that the

more agency a client has, the financially healthier

they will be. [1] This study assessed clients’

perception of their own ability to manage a

sudden change in their financial circumstances,

be that positive or negative. This accords with

one definition of agency: “In essence, human

agency is about the ability to be a causal force

in one’s own life and environment, rather than

being merely a reactive product of external

forces or circumstances.” [2]

According to Morningstar, another aspect

that contributed to a client’s financial health

was the extent to which a client can look into

the future with a long time horizon. They found

that the longer a client can look into the future,

the financially healthier they are. This aligns

with another definition of agency as: “The

capacity of individuals to act independently

and to make their own free, purposeful

choices that influence their own lives and the

world around them.” [3]

With the explosion of AI across the board,

there is a risk that the agency in many

aspects of our lives will come under threat.

As John Nosta says, thanks to AI we live in an

age of “cognitive abundance”; never has it

been so easy to access so much information

quickly. But as he says, “Abundance can have

a dulling effect. When knowledge is cheap,

we can lose the desire to search for it, and in

the final analysis, make it our own.” [4]

Nosta points out that agency is the

antidote to the “dulling effect”. “It’s what

turns abundance into opportunity rather

than overwhelming us. It’s the skill that keeps

us learning actively rather than passively,

and thinking uniquely generative rather than

derivative.” Nosta highlights that agency isn’t

something AI can give us or take away from

us, but he believes the real risk of AI is that it

can make us forget to use our agency.

My father-in-law has shown the power

of agency in his financial planning while my

father experienced the downside of a lack

of agency. As an engineer, my father was

numerate but may have lacked the necessary

financial literacy to show more agency and

engage actively with his financial planner.

But financial literacy may not have been the

real problem. As Nosta argues, agency may

be the most important literacy of all “and

that’s not because AI is so powerful, but

because we are”.

References

[1] Newcombe, Sarah; When More is Less –

Rethinking Financial Health; Morningstar

Behavioural Science Research

[2] www.answers-in-reason.com

[3] en.wikipedia.org – Agency (Philosophy)

[4] Nosta, John; Human Agency in the Age of AI;

Psychology Today, 13 September 2025


Alternative sources of return

COLUMN

Alternative investments financial advisors should add to clients’ portfolios.

Florbela Yates, Managing

Director, Equilibrium

Florbela Yates is the

Managing Director of

Equilibrium Investment

Management. Equilibrium

is an independent

discretionary fund

manager that partners

with financial advisors

to help them enable

their advice outcomes.

Equilibrium brings balance

to an advice practice by

delivering services and

investment solutions to

help clients achieve their

defined investment goals.

It’s normal in a low-return environment for clients

to question the role of asset managers and to start

investigating alternative sources of return. For the

past decade, we have seen that when South African

equity markets deliver disappointing returns, a surge

of investors turn to offshore and unlisted markets to

look for higher returns.

For investors seeking to repatriate their funds to

meet South African liabilities, timing becomes crucial.

The rand is exceptionally volatile, and it’s impossible

to know which way the currency will move over

shorter time frames. Depending on the length of the

investment, these fluctuations in currency can often

erode the outperformance in other markets.

When it comes to alternative investments, the

most popular have been hedge funds. This popularity

has been driven in part by the promise of superior

and uncorrelated returns. Although many have

outperformed traditional equity and balanced funds

over the medium term, it’s important to remember

that not all hedge funds aim to outperform the

equity market. Some are better suited to give you

downside protection and others aim to merely

outperform cash. Financial advisors play a critical role

in identifying investors’ needs, their risk appetite and

time horizons, and then finding portfolios that match

these more closely.

I am always astonished at how many people

quote gross performance numbers and use this as a

justification for choosing a particular fund without

considering the time frame over which the performance

was delivered or the net effect after fees. What is even

more astonishing is how few know the fees that they

pay. Hedge fund managers have different skills from

traditional long-only managers. They often charge

higher fees and investors should ensure that their net

returns (after deducting all investment-related fees)

are in line with their expectations.

Although hedge funds tend to be the betterknown

alternative asset class, there are many other

alternatives. The unlisted market provides access

to unlisted property, private equity, private debt,

infrastructure investments, commodities and several

structured products whose underlying assets can be

composed of any combination of different assets.

These are often less liquid, and the returns aren’t

published as widely or frequently. Investors need

to have a good understanding of how long their

capital can be tied up for and the impact on returns,

should they need to exit earlier than anticipated.

In South Africa, the last two years have also seen

the launch of many new exchange traded funds (ETFs)

on the JSE. These often require small investment

amounts and can provide investors with access

to various underlying asset classes. These can be

accessed and traded on the JSE and provide daily

liquidity and visible pricing. But investors who are

used to accessing their investments via an investment

platform now need to get used to having their

investments held across different entities. For financial

advisors, this requires a change in mindset, but we are

starting to see a bigger take-up in these.

The offshore market offers access to a significantly

wider variety of alternative investments. Investors

need to understand what they are investing in, the

fees they pay for these products and the implications

of currency and underlying asset class movements

on their overall wealth and liquidity needs. And

although alternatives may seem attractive, they too

can disappoint at times.

Partner with Equilibrium to explore alternative

investments and multi-asset strategies that balance

risk and returns for your clients. Combine global

expertise, disciplined risk management and a clientcentric

approach. Email info@eqinvest.co.za or visit

eqinvest.co.za.

Equilibrium Investment Management (Pty) Ltd (Equilibrium) (Reg. No. 2007/018275/07) is an authorised financial services provider (FSP32726) and

part of Momentum Group Limited, rated B-BBEE level 1.


15

COLUMN

When clients ask if they have done enough

Understanding vulnerability in financial advice.

Kobus Kleyn, CFP®, Tax

and Fiduciary Practitioner,

Kainos Wealth

Kobus Kleyn, CFP®, is a leading

financial planner and tax and

fiduciary practitioner in South Africa.

He has published over

200 articles, authored six books and

co-authored three more. He is a

multiple award-winning professional

and holds memberships with eight

local and international professional

associations. His awards include four

from the FPI (one of them a Lifetime

Achievement Award)

and two from the Million Dollar

Round Table; a Lifetime Award

and the President’s Award. He

also received the Liberty Group

Lifetime and INN8 Diamond

Award for Best Overall Impact

and Contributions to the Advice

Profession in South Africa.

E

very financial planner eventually

encounters a moment that

carries far more weight than the

technical work in front of them.

It is the moment when a client asks the

question that reveals more than any

statement or spreadsheet ever could: “Have

I done enough?”

Most clients do not ask this question

casually. It normally arrives after they

have carried the concern for months,

sometimes years. They worry that they

started too late. They fear they should

have saved more. Financial planners must

recognise this moment for what it is. It

is not an invitation to recite figures. It is

an invitation to understand the person

behind them. When a client reveals their

vulnerability, they are placing significant

trust in us. They are asking whether their

life story, with all its imperfections, will still

lead to a future they can face with dignity

and confidence.

They are not looking for complicated

language or abstract models. They are

looking for reassurance that is grounded

in truth. The responsibility on our side is

substantial. We hold someone’s concerns

with both hands and guide them

through the facts gently but confidently.

Our task in that moment is to bring

structure to uncertainty, to replace fear

with understanding and to help them

see that progress does not have to be

perfect to be meaningful. This is where the

heart of proper financial advice lives. The

spreadsheets may inform the journey, but

empathy carries the conversation.

It is easy to forget how much emotion

sits behind a retirement plan or an

investment strategy. I have sat with people

who have raised children on a single income.

I have spoken with clients who had to start

over after divorce or retrenchment. I have

guided families through the loss of a loved

one. I have supported young professionals

who carry the financial expectations of

multiple generations. Every one of these

situations is accompanied by vulnerability

that needs to be acknowledged.

There is an important lesson for the

profession. The more complex the world

becomes, the more clients need advisors

who can bridge technical understanding

with emotional intelligence. We cannot

assume that because a plan is technically

sound, that the client will feel confident

or secure. People measure their financial

wellbeing not only by projected values

but by the sense of safety those values

create. When they ask whether they have

done enough, they are not questioning

the arithmetic. They are questioning

whether their life’s work will sustain them

and the people they love.

When I answered my client’s question

recently, I did so with both accuracy and

compassion. I showed her that she was

in a stronger position than she feared.

I explained how her discipline over the

years had created a foundation that would

carry her through retirement. I helped

her understand the numbers without

overwhelming her. What stayed with me

after the meeting was not the calculation.

It was the visible relief that returned to

her face. That moment reminded me yet

again why financial planning is a profession

of stewardship rather than simply analysis.

Client vulnerability is not a challenge

to overcome. It is a privilege to receive. It

allows us to contribute meaningfully to

someone’s story. It invites us to build trust

that endures through life’s most difficult

and most celebratory seasons. It reminds

us that while technology may enhance

the precision of our work, it will never

replace human connection. This is where

our work matters most. This is where the

profession truly earns its place.


COLUMN

I asked three AIs the same retirement questions

Here’s what happened.

Zeldeen Müller, CFP®, CEO, inSite

Connect, Creator of AgendaWorx.com

Zeldeen Müller, CFP®, is a trailblazing

entrepreneur with 26 years in the retirement

fund industry. As CEO of inSite Connect and

creator of AgendaWorx, she launched a secure,

AI-powered board portal in 2011, revolutionising

secure board management. A cybersecurity

expert, she ensures robust data protection.

Her team’s 23 awards showcase her leadership.

Müller advocates using AI cautiously, urging

financial advisors to encourage clients to have

AI suggestions checked by them for accuracy.

My team spends their days helping

retirement fund members sort

out their queries on helpdesks.

Lately, I have noticed a new

“expert” sneaking into the chat: artificial

intelligence (AI). More folks are asking AI

for financial advice before they even

phone their fund or Google. So, I thought,

let’s put these AI whizzes to the test! I

grabbed three common retirement fund

questions and fired them at ChatGPT 5.1

(OpenAI), Grok 3 (Elon Musk’s brainchild)

and Claude Sonnet 4.5 (Anthropic). Here’s

what I found. The questions were:

1. “I am a 30-year-old South African and

have a retirement fund. Should I cash

out my withdrawal benefit or preserve

it? Explain in ±150 words.”

2. “I’m 59, with R2.5-million in my fund,

a R50 000 monthly salary and no other

savings. Should I retire at 60 instead

of 65? Explain in ±150 words.”

3. “I’m 45 and in a South African retirement

fund. Should I use my annual Two-

Pot withdrawal to pay my home loan?

Explain in ±150 words.”

Check out the matrix below for how each AI did (full answers at

https://www.agendaworx.com/agendaworx/i-asked-3-ai-models-the-same-question/)

Criteria ChatGPT 5.1 Grok 3 Claude Sonnet 4.5

Detailed information

(tax rates, preservation

options, Two-Pot system)

Suggested members

consult a financial advisor

Mentioned pitfalls (eg

inflation, medical aid premiums)

Suggested alternatives

(eg budgeting)

Info that might cause harm

No, vague on tax and

did not mention any

preservation options

Yes, clear tax info on

withdrawal, mentioned

preservation options and

explained Two-Pot

No Yes, every time No

Yes, detailed,

but prime rate

slightly off

Broad terms only Yes, detailed Detailed, but

less clear

No

Yes, too vague to

guide and some

suggestions could be

misconstrued

by members

Some (eg review home

loan terms)

No, balanced and

cautious

Great ideas

(eg bonuses,

better budgeting)

Yes, overstated

early retirement

income by 320%

What I learnt

Grok 3 was the star pupil. It dished

out spot-on tax rates, scarily accurate

income projections and clear Two-Pot

details. It always nudged members to

chat with a financial advisor, and its

inflation warnings and preservation tips

were practical.

Claude Sonnet 4.5 impressed me

with its tax and Two-Pot breakdowns

and even outdid Grok on preservation

options. I loved its clever alternative

suggestions, like using bonuses or

budgeting smarter instead of Two-Pot

withdrawals. But, worryingly, it wildly

overstated early retirement income by

320% (R35 000 as opposed to R8 333

monthly), which could trick someone

into retiring too soon. Skipping advisor

recommendations was a miss too.

ChatGPT 5.1 flopped. Its advice was

fuzzy, with no tax rates, preservation

options or Two-Pot specifics. It

mentioned inflation vaguely but left

members in the dark. No advisor nudge

either. Weaker than I anticipated it

would be.

Why this matters

AI can be a nifty starting point, but

it’s not perfect. Claude’s big income

error could lead to bad calls, like retiring

with too little cash. ChatGPT’s wishywashy

answers might confuse members.

Grok 3’s solid, but even it’s no match

for a human advisor. Financial advisors

are essential to verify AI outputs,

correct errors and tailor plans to

individual circumstances. Advisors

should caution clients about AI’s

limitations, stressing that it’s a tool, not

a substitute for professional guidance.

Members must consult experts to

navigate South Africa’s complex

retirement landscape safely.


17

FPI | Strategy

VISION 2030

Blue Chip speaks to the Financial Planning Institute of Southern Africa’s CEO, Lelané Bezuidenhout, about

winning the FPSB 2025 Noel Maye Award for outstanding contributions to the profession as well as the FPI’s

new Vision 2030 strategy.

Lelané, congratulations! In late 2025 in Chicago, you received

the Financial Planning Standards Board (FPSB) 2025 Noel Maye

Award for Outstanding Contributions to the Financial Planning

Profession – the highest global honour in your field. How did you

feel when your name was announced?

I could not move at first – my legs simply carried me forward

as I walked to the stage. I was lost for words and could only

manage a very South African “haai julle”, which the audience

understandably did not grasp. Dante [De Gori] knows me well

enough to recognise that I was genuinely overwhelmed.

The FPI CEO,

Lelané Bezuidenhout.

I have only been lost for words twice in my life: when my

wonderful husband asked me to marry him 31 years ago and

when I received the Noel Maye Award. I feel deeply honoured

and grateful for the opportunity to give back to a profession that

I care about so profoundly.

The FPSB CEO, Dante De Gori, noted that the 2025 award

recipients – yourself and Stephen O’Connor of New Zealand –

have significantly contributed to the advancement of financial

planning and CFP® certification globally. Could you please share

your thoughts regarding this recognition?

To truly appreciate the significance of this award, one must

understand who Noel Maye is. He was the founding CEO of the

FPSB more than 25 years ago and a true pioneer of our profession.

I have had the privilege of working with him since 2019 when I

became CEO of the FPI.

Noel transformed financial planning into a globally recognised

profession, expanding the FPSB into 27 territories and growing

the CFP® professional community to more than 203 000 members

worldwide by the time he retired in 2022. I have immense respect

for him and hold his contribution in the highest regard.

The Noel Maye Award represents the pinnacle of global

recognition for those who make a lasting impact on the profession.

I am deeply committed to continuing this work for as long as I

am able. Financial planning is not for the faint-hearted, and I

have enormous respect for every student, candidate and CFP®

professional who chooses – every day – to remain professional

by choice.

Please tell us about your work with the FSPB.

My involvement with the FPSB stems from my role as CEO of the

FPI, which is currently the sixth-largest affiliate globally by

number of CFP® professionals. I previously chaired the FPSB

Chief Executive Committee (CEC), comprising the seven largest

affiliates globally together with three invited smaller affiliates. I also

chaired the All-Chief Executives Committee (ACE), which includes

the CEOs and executive leaders of all FPSB affiliates worldwide.

While my term as chair has concluded – with Canada now

holding the chairmanship – I remain an active member of both the

CEC and ACE, continuing to contribute to strategic discussions and

global collaboration at executive level. During my tenure as chair,

I served ex officio on the FPSB Member Advisory Group, assessed

the performance of the CEC and ACE committees, implemented

improvement actions where required and regularly reported to

the FPSB board.


FPI | Strategy

I currently serve on the FPSB Nominating Committee, which is

responsible for leadership succession and board appointments,

and I am a member of the Regulatory Engagement Group.

This forum focuses on global regulatory matters impacting the

profession, including AI, digital assets and AML/CFT developments.

Importantly, the FPI South Africa (FPISA) will be hosting

the FPSB Chief Executive Committee meeting in Cape Town in

April, bringing together global leaders of the financial planning

profession. Fintech providers interested in supporting this global

engagement are welcome to reach out to me directly regarding

sponsorship opportunities.

I would like to extend a sincere thank you to Asset-Map, who

have already stepped forward in support of this event. As a global

leader in financial-planning technology, their commitment to

advancing the profession is both valued and appreciated.

I actively share best practices from South Africa with the global

community, including the FPI’s advocacy framework, our enterprise

risk management approach and our work with young financial

planners. The FPSB team is small but deeply committed, and it

remains a privilege to contribute to advancing the profession on

a global scale.

Partnerships are a core delivery

mechanism under Vision 2030.

In December 2025, the FPI unveiled its new strategy, Vision 2030.

Please outline Vision 2030.

Vision 2030 is a strategy developed by members for members.

It was enhanced through extensive engagement with FPI

professional volunteers, the FPI board, executive committee and

an independent strategist. At its core, Vision 2030 focuses on

people – those who aspire to build better futures. Whether student,

candidate, professional member or consumer, the desire for a

better tomorrow is universal. This vision is delivered through the

FPISA framework, which focuses on:

VISION 2030

Vision. Empowering people to build better futures

through trusted professional financial planning and advice.

Mission. To foster prosperity by enabling growth for

people who are building better futures through:

• Growing and retaining a diverse community of

professional members.

• Building strategic partnerships.

• Driving innovation in standards, education and

member services.

• Upholding and evolving international and local

professional standards.

• Advocating for the public good.

Financial planning. Strengthening member experience, retention

and professional belonging.

Partnerships. Expanding access and impact through collaboration.

Innovation. Sanctioning future readiness through digital and

thought leadership.

Standards. Upholding competence, ethics and certification.

Advocacy. Safeguarding the public and amplifying the

profession’s voice.

Vision 2030 positions the FPI as both a trusted professional

standards authority and a catalyst for inclusive growth, public

trust and long-term relevance.

How does the FPISA framework differ from the previous LARS

framework that it replaced?

For over a decade, the Leadership, Awareness, Recognition and

Standards (LARS) framework gave the FPI a strong strategic

foundation. It helped establish credibility, strengthen the CFP®

designation and position the FPI as the authority on professional

standards. However, the profession and its environment evolved.

LARS focused heavily on awareness, but less on growth, retention,

transformation and innovation. It did not fully address emerging

regulatory demands, digital disruption or the need to broaden

professional pathways beyond CFP® alone. FPISA builds on

LARS but marks a deliberate shift from establishing credibility

to expanding relevance; from setting standards to living them. It

places equal emphasis on professional experience, partnerships,

innovation and advocacy, ensuring the FPI remains future-ready

while staying rooted in ethics and public interest.


19

FPI | Strategy

What core challenges or opportunities in South Africa’s financial

planning landscape prompted the development of Vision 2030?

Vision 2030 was shaped by a meeting of challenges and

opportunities: regulatory reform through COFI, low consumer

trust, uneven transformation, an ageing advisor base and

rapid technological change. At the same time, there is growing

demand for ethical, professional financial advice, particularly

as households navigate economic uncertainty. Vision 2030

responds by strengthening standards, accelerating the professional

pipeline and positioning financial planning as a public good.

How does Vision 2030 redefine the role of the financial planner in

a rapidly shifting economic and regulatory environment?

Vision 2030 reframes the role of the financial planner from being

transactional to being fundamentally relational. In a world of

economic uncertainty and regulatory change, professional

financial planning is no longer about products or processes – it is

about judgement, trust and long-term client relationships.

The financial planner is positioned as a trusted partner [hence the

updated Vision statement] who helps clients navigate complexity,

behavioural bias and life transitions through holistic, ongoing

engagement rather than once-off transactions. Vision 2030

reinforces that ethics is the foundation of professionalism.

While COFI rightly focuses on customer outcomes and Treating

Customers Fairly, regulation should not be viewed as more

important than professional standards. COFI sets the regulatory

baseline; the FPI Code of Ethics and Practice Standards set the

professional benchmark.A professional member of the FPI who

truly understands and lives these standards, particularly the

principle of putting the client first, will not struggle under COFI

but will continue to succeed within it.

Vision 2030 places strong emphasis on elevating professional

standards. What specific competencies or ethical expectations

will become non‐negotiable for FPI members?

Under Vision 2030, “professional” is defined by competence, ethical

integrity and service quality, not only technical knowledge. The

FPI’s standards focus is to keep CERTIFIED FINANCIAL PLANNER®

(CFP®), FINANCIAL SERVICES ADVISOR® (FSA®) and REGISTERED

FINANCIAL PRACTITIONER® (RFP®) as hallmarks of excellence, with

ongoing competence and credible, fair certification processes

that remain globally aligned and locally relevant.

Practically, that means members must live the FPI Code of Ethics

daily, commit to lifelong learning and consistently demonstrate

professionalism anchored in the FPI’s core values (integrity,

innovation, competence, empathy and trust).

How will the FPI support practitioners in adapting to new

standards without creating barriers to entry for emerging talent?

Vision 2030 strengthens standards and expands access by

improving the candidate journey with better resources, study

support and mentorship, while refining onboarding, assessments,

audits and continuous professional development (CPD) tracking

into a seamless experience. It also expands Recognition of Prior

Learning (RPL) pathways to enable capable professionals from

adjacent sectors to transition into the profession, supporting

mobility and transformation without compromising standards.

South Africans face unique financial pressures. How does Vision

2030 aim to improve financial literacy and consumer protection

at scale?

Vision 2030 scales consumer education through structured, partnerready

programmes that deliver accessible, unbiased financial

education and then link consumers to qualified professional advice.

A key next step is the FPIMyMoney123 Consumer Education

Toolkit, designed with facilitator guides, multilingual content

and impact-measurement templates that can be adopted by

Qualifying Small Financial Institutions (QSFIs), financial service

providers (FSPs) and FPI members – positioning the FPI as a

national leader in consumer financial education.

To further strengthen consumer protection, the FPI’s CPD

policy will be updated to make pro-bono activities compulsory for

all FPI professional members. This will include, but not be limited

to, mentoring candidates, providing pro-bono financial advice

and delivering consumer education initiatives aligned to the

FPIMyMoney123 programme.

What role does the FPI see itself playing in rebuilding trust in the

financial services sector?

Vision 2030 positions the FPI as the trusted authority and

independent voice that rebuilds confidence through consistent

standards, visible advocacy and a professional community that is

accountable and values-led. It makes trust tangible for members


FPI | Strategy

and the public by showcasing advocacy in action, keeping

stakeholders informed on key regulatory developments and

demonstrating impact through briefs and dashboards.

How does Vision 2030 accelerate meaningful inclusion within

the profession?

Vision 2030 accelerates inclusion by strengthening access to highquality,

recognised education and by deliberately widening entry

pathways into the profession without compromising standards. A

key focus is ensuring that aspiring financial planners are supported

through credible, well-governed learning routes offered by FPIrecognised

education and training providers. Inclusion is embedded

across the professional pipeline, from student awareness and

candidate support to mentorship, certification and early-career

development, with a particular focus on attracting and retaining

young professionals, women and historically underrepresented

groups. Through strategic partnerships with education providers,

employers and industry stakeholders, Vision 2030 aims to remove

structural barriers, improve articulation between learning and

practice and ensure that transformation is achieved through

competence, ethics and sustainable professional growth.

Vision 2030 reframes the role

of the financial planner.

How does Vision 2030 address the rise of AI‐driven advice models

and digital financial tools?

Vision 2030 treats digital change as an opportunity to improve

access, efficiency and insight, while protecting trust through

ethical governance and strong controls. The innovation pillar in

the FPISA framework commits to an FPtech roadmap (including

AI-driven CPD, learning and member support), analytics dashboards

and cyber-resilience as part of enterprise risk management. Our

relationship with credible fintech providers also becomes very

important in this journey.

How will Vision 2030 reshape the education and CPD pathways

for financial planners?

Education becomes more progressive, digitally enabled and pipeline

focused. Vision 2030 includes fully digitalising and realigning the

CFP® Mentorship Programme, strengthening structured knowledge

transfer and lifelong learning. CPD is positioned as a single, curated

learning environment with ethical case studies and regulatory

updates tailored to professional level, helping members remain

confident and current in a changing world.

How is the FPI partnering with universities, training providers or

industry bodies to deliver on this agenda?

Partnerships are a core delivery mechanism under Vision 2030

– deepening collaboration with corporates, universities, government

and professional networks with clear outcomes including institutional

partnerships and visible tertiary engagements.

On the education side, the strategy commits to coordinating

partnerships across universities and training providers with

strategic collaborations aimed at strengthening articulation routes

and academic quality.

The FPI works closely with other industry bodies through its

Stakeholder Engagement Plan. We firmly believe that strategic

collaboration with associations such as the Association of Black

Securities and Investment Professionals (ABSIP), Association for

Savings and Investment South Africa (ASISA), Institute of Retirement

Funds Africa (IRFA) and the Financial Intermediaries Association

(FIA), as well as professional bodies including the Association of

Certified Fraud Examiners (ACFE), Actuarial Society of South Africa

(ASSA), Compliance Institute SA (CISA) and Insurance Institute of

South Africa (IISA), to name a few, is essential to advancing the

profession.These relationships remain a priority and will continue

to be strengthened through the partnerships pillar of Vision 2030.

As CEO of the FPI, what part of Vision 2030 resonates most strongly

with your own leadership philosophy?

For me, Vision 2030’s strongest resonance is its insistence that we

can grow the profession without compromising ethics and that a

professional body must build capability, belonging and trust at the

same time. It is a strategy anchored in values (integrity, innovation,

competence, empathy and trust) and in a clear public purpose:

building better futures through trusted professional financial

planning and advice.

How can industry stakeholders actively contribute to making

Vision 2030 a reality?

Industry stakeholders can contribute by partnering with the FPI on

skills development, consumer education and professionalisation;

which includes integrating FPI certification into corporate skills

development initiatives and supporting verifiable, accredited

programmes aligned to FS300/FS803 transformation objectives.

Corporate partners can co-create joint projects on diversity and

inclusion, consumer education and workforce professionalisation,

strengthening trust and access together.

What lies ahead for the FPI?

The next phase is execution: implementing FPISA through annual

operating plans and transparent reporting, while strengthening

professional standards, partnerships, innovation and advocacy in

measurable ways.

Priority initiatives include scaling consumer education through

the FPIMyMoney123 toolkit, deepening partnerships, modernising

digital enablement through the FPtech roadmap and strengthening

education and pipeline development so that a trusted, inclusive

and future-ready profession is not just a vision but a lived reality.


21

INVESTMENT | Technology

When AI steps off the screen:

the real-world revolution

This commentary explores how real-world AI is emerging, why it matters and why investors should pay attention.

“The best way to predict the future is to invent it.” – Alan Kay 1

When electricity first lit up a bulb, it dazzled the

public. But that was just the beginning. Over time,

it became the invisible force behind industry,

transport, communication and modern life itself.

Today, artificial intelligence (AI) is at a similar inflection point.

Tools like ChatGPT have flipped the switch and made AI visible to

the world. But the real transformation lies ahead, as AI becomes

embedded in the physical world.

From chips and chatbots to real-world impact

Most headlines about AI start with the chips that power it.

Companies like Nvidia dominate this part of the story. From there,

attention shifts to chatbots such as ChatGPT and creative tools like

Midjourney and AI-powered writing assistants. These innovations

have captured the public imagination, but they represent only the

first layer of what AI can do.

In 2025, a second layer is emerging: AI agents and adaptive

systems that improve how data is processed and used. These

technologies are increasingly embedded in digital infrastructure

and automate tasks such as customer support, insurance quotes,

scheduling and supply chain optimisation often without human input.

Beyond this digital layer, a third and more profound shift is

underway. AI is being woven into physical systems: classrooms,

hospitals, factories and transport networks. These aren’t software

upgrades. They change how we live and work.

Healthcare: AI as surgeon and diagnostician

AI helps doctors diagnose faster and operate remotely.

Remote surgery. Platforms like Proximie use augmented reality

and AI so specialists can guide procedures from anywhere. A surgeon

in London can assist a procedure in Lagos without leaving their office.

Medical imaging. Tools like PathAI and Aidoc help radiologists

detect anomalies quickly and accurately.

Hospital administration. AI is used to triage patients, optimise

operating room schedules and predict complications before they

even arise.



Real-world AI in action.

Mining: AI-driven improvements in precision

AI improves safety and efficiency in resource-heavy industries.

Predictive maintenance. In South Africa, Gold Fields uses AI to

monitor equipment and anticipate failures before they happen.

Driverless haulage. In Australia, Rio Tinto’s autonomous trucks

operate continuously across vast mining sites, reducing fuel use and

human risk.

illustrates this shift. Beyond electric vehicles, its innovation lies in

using AI to build a more intelligent transport ecosystem.

Energy systems are becoming cleaner and more reliable through

AI-driven solar generation and large-scale battery storage. These

technologies are increasing access to affordable electricity,

especially in underserved communities.

Autonomous transport is improving safety and reducing pollution

in dense urban environments. AI-powered vehicles are making

mobility more affordable and accessible, while freeing up time for

people to focus on what matters most.

Labour itself is being redefined. Tesla’s Optimus robot takes on

monotonous or dangerous tasks, freeing people for more meaningful

work. This is not about replacing humans. It is about enhancing

human potential.

Tesla’s vision for sustainable abundance

The broader implication is significant. Sustainable abundance

means designing systems that expand opportunity alongside

output. Technology should broaden access, not concentrate control.

Industrial Battery

Mobility: AI behind the wheel

AI is reshaping transport systems.

Autonomous vehicles. Companies like Waymo and Tesla are

developing cars that interpret surroundings, make decisions and

navigate complex environments.

Last-mile delivery. AI-powered robots are handling shortdistance

deliveries in urban areas. These machines navigate

pavements, avoid obstacles and deliver packages without human

oversight, reducing congestion and emissions.

Trucking

Manufacturing

Bot

AI Compute

Charging

Network

Solar

Home Battering

Home Charging

Electric

Vehicle

Education: AI as an equaliser

AI is bridging gaps in access to quality instruction.

Personalised learning. Platforms like Khanmigo and Squirrel AI

tailor lessons to each student’s learning style and pace.

Consistent support. AI tutors never tire, never miss a lesson

and continuously improve. They can deliver instruction in multiple

languages and adjust to different learning environments.

Global reach. Imagine a student in rural Africa receiving the

same quality of instruction as someone in New York. Not through

a human teacher, but through an AI tutor that is always available,

always responsive and always learning.

AI is becoming foundational,

like electricity.

Sustainable abundance: doing more with less

AI enables us to do more while using fewer resources: less energy,

less waste, less human risk. This is not just about efficiency. Tesla

Sustainable abundance (2025).

Robotaxis

Investment implications

As AI moves into the physical world, the investment landscape is

shifting. The winners will not only be software developers but also

companies enabling, integrating and applying AI in tangible ways.

• Enablers. Companies that provide the infrastructure that powers

AI: including semiconductors (Nvidia), cloud platforms (Amazon

Web Services) and data systems (Snowflake).

• Integrators. Industrial firms that are embedding AI into their

operations. This includes manufacturers (Siemens) and energy

companies (Cargill) using AI to reduce waste, improve safety and

scale productivity. Many of these businesses are not priced like “AI

stocks”, which creates potential for revaluation.

• Adopters. Organisations applying AI to solve specific problems.

Lemonade utilises AI to streamline insurance claims and improve

customer interactions, Mercado Libre leverages AI for fraud

Bot


23


detection and personalised e-commerce experiences and

Pfizer applies AI in drug discovery and clinical trial optimisation.

These companies aren’t building the core technology, but they

are transforming their business models and creating new value

through its application.

Technology should broaden

access, not concentrate control.

Traditional moats like brand strength or scale may erode as smaller,

adaptive firms use AI to operate faster and leaner. This shift is not

limited to the tech sector. Other sectors such as mining, agriculture

and manufacturing are already deploying AI to drive measurable

change. This shift was reinforced by insights from the 2025 McKinsey

Global Survey on the State of AI, which analysed data from over 1

700 firms. According to the survey, 64% of companies reported

enhanced innovation, while nearly half of the respondents cited

improvements in employee satisfaction, customer experience and

competitive differentiation.

• Multimodal AI. Systems that process multiple data types at

once, such as combining images, text and sound to understand

context more deeply.

• Embodied AI. Machines that interact with the physical world,

including humanoid robots like Tesla’s Optimus.

AI is becoming foundational, like electricity: invisible, yet

everywhere. The future is not AI versus humans. It is humans

working alongside AI. The most powerful applications will

combine human judgement with machine precision, balancing

empathy with efficiency and creativity with scale.

Decisions on access, ethics and inclusion will shape risk,

regulation and long-term value creation. These choices will

determine whether AI powers sustainable growth or becomes a

missed opportunity.

Who wins in a world of abundance?

As AI drives sustainable abundance, the question shifts. In a world

where efficiency replaces scarcity, how do we earn, contribute and

thrive? Will benefits be broadly shared or concentrated among

corporations? These are not just philosophical questions. They

are investment questions. Advisors must help clients

navigate a world where value creation looks different:

where time, access and adaptability become the

new currencies of growth. Companies that embrace

real-world AI as a foundation will shape the future.

Investors who recognise this shift and act decisively

will be best positioned to benefit.

[1] Alan Kay, a pioneering computer scientist, coined this

phrase in the early 1970s to emphasise that the future isn’t

something to predict passively – it’s something we can actively

shape through innovation. Rather than waiting for change, Kay

urged technologists to create the tools that define tomorrow.

For investors, the key is to look beyond the obvious. The next

wave of value may lie in companies quietly embedding AI into

physical operations. These are not speculative plays. They are real

businesses with real cash flows, already benefiting from AI.

The road ahead

AI is entering its next phase. It is moving beyond digital novelty

and becoming part of the infrastructure that powers our lives. We

are seeing the rise of new types of AI systems:

• Agentic AI. Systems that act independently, such as warehouse

robots and digital assistants.

Stuart Copley, Head of Investment Process, Fundhouse


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FINANCIAL PLANNING | Education

How to become a financial advisor

in South Africa

The route to becoming a financial advisor in South Africa is typically a mix of formal study, on-the-job

training and obtaining the required regulatory qualifications. If you are certain financial planning is your

future career, read on.

Financial advisors need certain qualifications and practical

training to meet regulatory requirements. Would-be advisors

can start off studying full time or join a large financial

institution and study while working. The gold standard is a

university degree and postgraduate diploma in financial planning.

But a matric is enough to get started in the industry while you study

towards the required minimum qualifications. If you are certain

financial planning is your future career, you can start with a BCom

degree that has financial planning subjects or a business, accounting,

law or psychology degree.

But if funding is an issue or you are not sure the profession

is the right one for you, it is possible to enter the industry with

just a matric and to study on the job. If you are switching from

another career path, such as teaching or accounting, your existing

qualifications may assist you or be recognised towards the required

qualifications. However, once you enter the industry, it is necessary

to work initially as an employee under a more experienced advisor

to obtain practical experience. Before you choose your route to

entering the profession, it is worthwhile knowing what is required

as a bare minimum by law.

Regulatory requirements

Financial advice in South Africa is a profession regulated by the

Financial Advisory and Intermediary Services (FAIS) Act. To provide

financial advice as a representative within a financial institution or

advisory practice, you need to meet the fit and proper requirements

under the FAIS Act and its regulations, including:

• Obtaining certain minimum qualifications – this is typically a relevant

qualification at the South African Qualifications Authority’s NQF

level 5.

• Meeting certain minimum experience requirements and working

under supervision until you have sufficient experience to give

advice, typically between six months to two years for advice.

• Passing the applicable regulatory exam. If you are starting out as

a financial advisor, you will most likely be hired by a Financial

Services Provider (FSP) to give advice in Category I and on long-term



insurance products or sub-category A. In this case, you will need

to pass the RE5 exam.

• Completing what is known as Class of Business training for the

products on which you will be giving advice – for example, life

insurance or investment products.

• Completing product-specific training for the products on which

you will be giving advice – for example, a provider’s specific life

policy or investment.

The FPI recently launched an

Education and Training Trust.

The gold standard

If you have a matric with a university pass, the quickest route to

a successful career in financial planning and the gold standard

in academic qualifications is to study an appropriate bachelor’s

degree – typically in commerce, accounting or law – and then do a

Postgraduate Diploma in Financial Planning.

Some institutions, such as Akademia, Milpark Education, the

University of Johannesburg and Nelson Mandela University offer a

BCom degree in financial planning that includes financial planning

subjects, particularly in the later years of the undergraduate degree.

Your degree will give you an NQF level 7 qualification and the

postgraduate diploma is an NQF level 8 qualification, which will

mean you meet the minimum qualification requirements to start

giving advice.

If you complete the Postgraduate Diploma in Financial Planning

at an institution recognised by the professional body for financial

advisors, the Financial Planning Institute (FPI), you will have the

educational qualifications to enable you to obtain from the FPI one

of the highest financial planning and internationally recognised

designations – the CERTIFIED FINANCIAL PLANNER® (CFP®) designation.

The FPI ensures the international Financial Planning Standards

Board (FPSB) requirements for this designation are met by maintaining

a list of recognised qualifications that meet its educational standards

for the CFP® designation. These qualifications are offered by

institutions including:

• Milpark Education

• Moonstone Business School of Excellence

• Nelson Mandela University

• University of KwaZulu-Natal

• University of Johannesburg

• University of Stellenbosch

• University of the Free State (School of Financial Planning Law)

The qualifications may be subject to change, so be sure to check

with the FPI before you embark on your studies.

To obtain the CFP® designation, you also need three years

of experience providing financial advice without supervision or one

year under the FPI’s mentorship programme.

You also need to complete the FPI’s eight-week Capstone course

and financial plan assessment.

The Postgraduate Diploma in Financial Planning can be

completed while you are working, as many providers offer online or

hybrid courses with lectures after working hours. This means you

can do a three-year degree and work to gain your work experience

while you study your postgraduate diploma.

Universities that offer undergraduate degrees with a financial

planning focus often offer the equivalent of the postgraduate

diploma as an honours degree that can be taken full time.

Even with a degree, postgraduate degree or honours in

financial planning, you will need to pass the regulatory exams,

complete Class of Business and product-specific training and to work

under supervision before you will be ready to give financial advice.

Once you hold the CFP® designation, you will need to maintain

it by agreeing to abide by its code of ethics and meet the FPI’s

annual CPD requirements.

Working while you study

Large financial institutions, such as the big insurers or banks, will

take on those who want to be financial advisors with just a matric

but you will not be able to give advice until you complete certain

training and you will work under supervision while completing

certain minimum qualifications.

The large institutions may even take you on without a matric if

you have been working in the industry and you meet the

competency requirements. Smaller independent financial advisory

practices typically have less capacity to train staff with no work

history or educational qualifications.

Thionay Morgan, human capital executive for retail mass market

at Old Mutual, explains that a matriculant starting at Old Mutual as

an aspiring advisor will have a sales execution role – they can only sell

by following a script and cannot give financial advice.

To progress beyond an execution-only role, a new employee needs

to meet the minimum competency requirements set out in the FAIS

fit and proper requirements.

The minimum level of competency you need depends on the

category of advice being given, but a broad range of qualifications

from a wide variety of institutions are included in a list published by

the FSCA in Board Notice 37 of 2025.


27


If you do not have any qualifications, it makes sense to do

something that you will be required to have in future and that

assists you to pass the required regulatory exams for giving advice.

The fit and proper requirements under FAIS stipulate that

within six years of being hired as a representative of an FSP you

will need to complete a FAIS-compliant qualification – typically at

NQF level 5. The one-year NQF level 5 Higher Certificate in Wealth,

such as that offered by Moonstone Business School of Excellence or

Milpark Education, is commonly used for this.

Edel Goldbach, the academic manager at Moonstone Business

School of Excellence, says you can do a Higher Certificate in Wealth

with just a matric – you do not need a university bachelor’s pass.

In terms of the FAIS fit and proper requirements, within your

first 12 months of being hired by an FSP you will be required to

undergo training in the Class of Business products you will be

advising on. The large financial institutions typically provide this

training in-house.

Within your first two years of being hired you will also need

to pass a required regulatory exam, most probably the RE5 exam.

Most large institutions with in-house training academies

provide training on products on which you will give advice, but

typically qualifications such as the Higher Certificate in Financial

Planning and courses to pass the RE5 exam are offered in

conjunction with accredited education providers, Goldbach says.

The qualification must also recognise the purposes of the FAIS fit

and proper requirements.

Morgan says an aspiring advisor joining Old Mutual and taking

the Higher Certificate in Financial Planning needs to complete

modules within specified timeframes and the entire qualification

within five years of being appointed.

Advisors with the necessary qualifications can take leadership

and talent development programmes to advance to more senior

roles within Old Mutual. Qualified advisors with at least two years’

experience are able to choose to operate an agency franchise

distribution business on the company’s licence, Morgan explains.

A number of large financial institutions offer franchised

businesses to more senior advisors. These are supported with

business plans and feasibility studies, tools and ongoing training

and mainly distribute the institution’s products.

Your choices

Being accepted by a financial institution with a matric or an

existing qualification to be trained and funded to study to become

a financial advisor while you are working, is a viable option for

those who do not have the means to study full time.

If you want to study first or do not get hired immediately, the

year-long Higher Certificate in Financial Planning or Occupational

Certificate: Financial Advisor is a good way to upskill yourself and

improve your chances of being hired.

You can follow this up with an Advanced Certificate in Financial

Planning at NQF level 6 to further your qualifications and earning

ability.


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Once you become a financial advisor, even as a representative

for an FSP, you will need to do a certain amount of learning or

continuous professional development (CPD) each year to meet

the FAIS fit and proper requirements.

FPI designations for certificate holders

If you obtain a recognised NQF level 5 qualification from

Milpark Education, Moonstone Business School of Excellence,

Sanlam Academy, Boston City Campus or Integrity Academy the

FPI will let you register for its Registered Financial Practitioner®

(RFP®) exam and if you meet all the requirements, you can use

this designation.

With the Advanced Certificate in Financial Planning (NQF

level 6) from Milpark Education, Moonstone or Boston City

Campus, the FPI will let you take its Financial Services Advisor®

(FSA®) exam and if you meet all the requirements, you can use

this designation.

You can also take this exam if you have a BCom degree in

Finance or Financial Planning from Akademia, Milpark Education,

Nelson Mandela University or the University of Johannesburg.

Nici Macdonald, head of certification and standards at the

FPI, says the FPI assists new entrants to the profession in finding

their pathway, gaining knowledge, skills and the competency that

will allow them to be awarded a designation by the FPI.

If you have obtained an NQF level 6 qualification, the

independent statutory body that regulates higher education,

the Council on Higher Education, states that you need to obtain

an NQF level 7 qualification before you can do the Postgraduate

Diploma in Financial Planning. Goldbach says these qualifications

are difficult to find and most advisors with NQF level 6 do not

want to do a three-year undergraduate degree before they can

do the postgraduate diploma.

Education providers may recognise prior learning and admit

suitably experienced or qualified individuals to undertake

these qualifications. Goldbach says Moonstone stipulates that

applicants must have, at minimum, the Advanced Certificate in

Financial Planning and five years of industry experience before

they may be exempted from the NQF level 7 qualification and

advance to the postgraduate diploma.

She says this gives Moonstone some sort of assurance that the

advisor will be able to deal with the postgraduate diploma, which

is known to be a challenging qualification to do.

Moonstone also checks with the FPI that if the person were to

successfully complete the postgraduate diploma, the FPI would

accept them for the CFP® designation.

Beyond CFP®

Once you have a Postgraduate Diploma in Financial Planning,

you can add specialised qualifications to enhance your

educational qualifications. Universities, such as the University

of the Free State, offer a Postgraduate Diploma in Estate and

Trust Administration for those who want to become fiduciary

experts and one in investment planning for those who want to

give advice to boards of trustees and venture into areas such as

portfolio construction.

Tax is another area that advisors find useful to specialise in.

Universities also offer postgraduate diplomas in tax and the FPI

serves as a controlling body for those who want to register with

the South African Revenue Service as a tax practitioner. The FPI

also provides CPD points for tax practitioners.

Many advisors also find it useful to develop their soft skills and

find coaching qualifications a useful addition. The University of

the Free State’s School of Financial Planning Law offers a financial

coaching programme online over 12 weeks.

Financial assistance and internships

If you are hired by a large financial institution, it may offer a

study bursary to allow you to study in fields that align with your

career development.

If you are looking for financial assistance to study to become

a financial advisor, the FPI recently launched an Education and

Training Trust to fund bursaries, scholarships, work-integrated

learning and development programmes for those who wish to

become financial advisors.

Keep an eye on the FPI’s website at FPI Education and Training

Trust for communication on funding windows.

Black South African graduates of either universities or TVET

colleges with any degree or qualifications such as the Higher

Certificate in Wealth Management or Financial Planning may

also participate in an independent financial advisor internship

programme run by the Association for Savings and Investment

South Africa (ASISA) Academy. The programme sponsored by

four ASISA members is aimed at those entering the workplace

for the first time. Between 30 and 35 qualifying graduates are

selected for positions at between 25 to 30 participating

independent financial advisory practices in major centres. More

than 80% of the interns are employed permanently after the

12-month internship.

The FPI assists new entrants

to the profession in

finding their pathway.

The final word

The financial planning profession offers opportunities to people

with a range of academic abilities and financial means. It’s best

suited to those who are both able to work with numbers and

to work with people. While you must be able to do certain

financial calculations, getting people to understand the numbers

and agree to follow your recommendations is key. People skills

are likely to be increasingly important as technology increasingly

takes care of the numbers.


DEPARTMENT OF FINANCE AND INVESTMENT MANAGEMENT

Adapting Financial Planning Education for

a Changing Financial World

by Mary-Ann Ebigo, CFP®

Financial planning in 2026 is being reshaped by rapid technological

innovation, evolving regulation, and increasingly sophisticated client

expectations. The profession now demands far more than product

knowledge. Today’s financial planners must interpret complex data,

understand behavioural finance, apply ethical frameworks, assess

multifaceted risk scenarios, and design strategies that promote longterm

financial sustainability.

However, not all emerging professionals are fully equipped with

these advanced capabilities. As financial markets grow more complex

and digital tools become more prevalent, a gap is emerging between

traditional training and the competencies required in practice. This

gap has significant consequences, not only for individual careers but

also for the credibility and future relevance of the profession itself.

To respond effectively to these challenges, programmes such as the

BCom Honours in Financial Planning and the Master of Commerce in

Investments with Specialisation in Financial Planning are playing a

central role in preparing graduates for the realities of modern

financial advisory practice. These qualifications are strategic

investments for professionals who want to remain competitive,

credible, and future-ready.

The Growing Need for Advanced Financial Planning Skills

One of the defining features of today’s financial landscape is the

speed of change. Inflationary pressures, fluctuating interest rates,

global economic uncertainty, stricter regulatory oversight, and the

rise of Artificial Intelligence (AI) have created a dynamic

environment. Clients are better informed and more selective. They

expect personalised advice that aligns with their values, life goals,

and risk tolerance. Clients seek planners who can integrate

investment management, estate planning, tax efficiency, insurance

solutions, and retirement strategies into a cohesive and customised

financial roadmap.

Technology further intensifies this shift. As a result, technical tasks

are becoming automated. What remains uniquely human is the ability

to interpret complex circumstances, manage behavioural biases,

exercise sound ethical judgement, and build trusted long-term

relationships. These higher-order skills lie at the heart of advanced

postgraduate education in financial planning.

Honours in Financial Planning

The BCom Honours in Financial Planning provides a crucial bridge between

undergraduate study and professional practice. Typically completed over

one year full-time or two years part-time, the programme deepens

analytical thinking and strengthens the practical application of financial

planning principles.

Students are exposed to integrated financial planning, ensuring they

can consider a client’s financial position holistically rather than in

isolated segments. They develop expertise in income tax planning

and estate planning, which require a detailed understanding of South

African legislation and inheritance structures. Insurance principles

and risk management are explored to protect client wealth

effectively, while advanced investment and retirement planning

strategies equip students to navigate volatile economic conditions.

Beyond technical competence, the Honours qualification cultivates

professional communication through a variety of presentation

projects, ethical reasoning, and evidence-based decision-making. This

well-rounded skill set enhances employability.

MCom Investments in Financial Planning (Coursework)

For professionals seeking deeper specialisation, the Master of

Commerce in Investments with Specialisation in Financial Planning

offers an advanced academic and professional platform. This

programme is designed to develop expert-level knowledge in

investments, wealth management, and integrated financial planning,

preparing students for specialised and strategic roles within the

financial services sector.

A distinguishing feature of the MCom is its emphasis on critical

thinking. Students gain both a South African and global market

perspective, enabling them to understand broader economic forces

that shape local financial decisions. The integration of data science in

finance strengthens their ability to interpret analytics, evaluate risk

projections, and design forward-looking strategies tailored to diverse

client profiles. The qualification lays the foundation for leadership.

By combining technical mastery with ethical awareness and analytical

depth, the MCom prepares professionals to contribute to industry

development, thought leadership, and advanced practice.

Education as a Catalyst for Future-Ready Careers

In today’s environment, education must foster adaptability, strategic

insight, and lifelong professional growth. Postgraduate qualifications

such as the BCom Honours and the MCom with a specialisation in

financial planning provide exactly this foundation.

These programmes empower graduates to deliver value. They

cultivate the critical thinking, ethical grounding, and interpersonal

competence necessary to offer strategic advice and trusted

guidance. Ultimately, they serve not merely as academic credentials

but as career accelerators for professionals determined to lead,

innovate, and shape the future of financial planning in South Africa

and beyond.

Mr Anrich Van Jaarsveld, CFP®

Deputy Head of Department

Mary-Ann Ebigo, CFP®

Senior Lecturer, Programme

Manager: Financial Planning

Scan to find out more

about our courses


Future-proof your move:

why your next qualification should

be immersive

With AI, globalisation and rapid economic shifts reshaping industries overnight, the skills that guaranteed

stability yesterday are quickly becoming obsolete and are being replaced by advanced technologies.

Employers today require more than just a certificate; they

demand people who are agile and can think critically,

collaborate instinctively, adapt under pressure and lead

with confidence.

How do you step into this volatile future with confidence?

From students completing matric to professionals considering

change or essential upskilling, this reality brings a moment

of reflection. The solution: education alone is not adequate;

choosing a learning partner who builds future-proof

competency into the core of your qualification becomes

paramount. It demands moving beyond traditional, old-school

digital learning, and embracing new models and concepts that

mirror the connected, challenging world you’ll enter, both now

and into the future.

“This hands-on experience is where

true confidence and adaptability

– the hallmarks of a modern

professional – are built. The future

belongs to those who take the

next step with confidence.”

Andrew Horsfall.

Welcome to Immersive Online Learning

Milpark Education is setting standards and carving a landmark

commitment to you and future generations by introducing

Immersive Online (IO) Learning. This significant evolution replaces

the traditional Distance Learning Online (DLO) model and is

specifically designed to eliminate the isolation and passive

learning that often comes with online study. Milpark Education’s

avant-garde Immersive Online (IO) Learning platform is the

guided, flexible and collaborative path to the skills modern

employers demand.

What does Immersive Online mean for your learning journey?

• Human-centred collaboration. What sets us apart is our ability

to build shared meaning together. No longer will you study

alone; instead, you’ll engage directly with cohorts and lecturers.

• Testing ground for success. You will tackle real-world challenges,

allowing you to test and apply yourself, receive feedback and

“fail safely” within a supportive environment.

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Recognised

Recognised

PRACTICE MANAGEMENT | Compliance

Protecting independent

financial advice

The Financial Intermediaries Association of South Africa’s primary purpose is to guard, develop, promote and

represent professional advisory and intermediary businesses in the financial services industry. Blue Chip speaks

to Lizelle van der Merwe, CEO of the FIA.

Please provide an overview of the Financial Intermediaries

Association of South Africa (FIA).

The FIA has been the voice of independent financial

intermediaries for nearly six decades. We represent over 1 500

financial services providers and 12 500 individual practitioners

across non-life insurance, financial planning, investments, healthcare

and employee benefits.

We’re more than a trade association; we are a community of

intermediary businesses united by a shared commitment to clientfirst

advice. Our members are the financial advisors, CFP®s and

independent brokers who serve millions of South African families

and businesses, often in markets where big institutions don’t reach.

What sets us apart is our volunteer-driven governance model.

Our Board consists of practicing intermediaries who understand

the realities of running an advice business because they live it

every day. This ensures our advocacy is grounded in practical

experience, not theory.

What are the FIA’s core objectives?

Our mission centres on three pillars:

Advocacy and influence. We engage actively with the

Financial Sector Conduct Authority (FSCA), National Treasury

and international stakeholders to shape regulation that supports

sustainable advice businesses while protecting clients. We don’t

just react to regulation; we strive to contribute constructively to

policy and regulatory development.

Member support. We provide practical tools, education and

guidance to help our members navigate regulatory compliance,

adopt technology and run profitable, sustainable practices.

Industry reputation. We work to elevate the standing of

financial advice in South Africa, showcasing its critical role in

building financial resilience across all income levels.

Ultimately, we exist to ensure that independent, professional

financial advice remains accessible, viable and valued in South

Africa by all stakeholders, including product providers.

How does the FIA promote independent financial advice?

Beyond individual client relationships, we advocate for the

independent intermediary sub-sector because of its systemic value

to the financial services ecosystem. Independent intermediaries

create genuine competition among product providers, they

compare offerings across providers, negotiate on behalf of clients,

and hold insurers and investment houses accountable for pricing,

service quality, performance and product features. This competitive

pressure benefits all consumers, not just those with advisors.

When intermediaries can freely recommend the best

solution regardless of provider, it forces product manufacturers

to innovate, improve terms and maintain competitive pricing.

Remove or weaken independent distribution, and you reduce this

competitive dynamic significantly. We’ve seen in markets where

tied distribution dominates, clients have fewer choices, less price

transparency and limited recourse when products underperform.

The independent intermediary model is a critical market

mechanism that keeps the entire industry client-focused and

innovation-driven. That’s why we don’t just protect our members’

businesses, we protect the structural role they play in ensuring a

healthy, competitive financial services market.

What sets us apart is our volunteerdriven

governance model.

How does the FIA balance advocacy with practical support for

its members in a rapidly evolving financial landscape?

Advocacy without implementation support is just noise. We’ve

learned that members need both the regulatory wins and the

tools to operationalise them. Take the General Code of Conduct

as an example. While we engaged in policy development, we

simultaneously created practical guides, templates and training

sessions to help members implement the requirements without

drowning in administrative burden. Our approach is threefold:

Strategic advocacy. We focus on high-impact regulatory issues

where we can achieve meaningful outcomes. Every submission is

evidence-based and solution-oriented.

Practical translation. When regulations change, we do not just

explain what is required, we teach members how to comply

efficiently. We create toolkits, host webinars and provide direct

support.

Member voice. Our advocacy priorities are shaped by what

members tell us matters most. We’re not an ivory tower organisation,

we’re member-led and advisor-focused.

This balance requires discipline. We can’t fight every battle, so



We choose strategically, focusing on issues that will genuinely

impact members’ ability to serve clients sustainably.

What are the biggest regulatory challenges intermediaries face

today, and how is the FIA helping them adapt?

Three challenges dominate the landscape:

Compliance complexity. The cumulative burden of multiple

regulatory reforms, Conduct of Financial Institutions (COFI) Bill, FAIS

amendments, employment equity requirements and data protection

laws, creates significant administrative drag, particularly for smaller

practices. We’re advocating for proportionality in regulation and

providing consolidated guidance to simplify compliance.

Take COFI implementation or the FSCA’s new OMNI-Risk Return

requirements; each introduces significant operational burden,

particularly the interaction between multiple frameworks. We’re

working with members to map these requirements practically

and advocating to the FSCA for implementation timelines that allow

firms to absorb these changes without service disruption.

Cost pressures. Rising levies, professional indemnity insurance

costs and technology requirements are squeezing margins, especially

for advisors serving middle- and lower-income markets. We are

pushing for regulatory relief where compliance costs don’t deliver

proportional consumer protection benefits.

Maintaining viability in a digital age. Members must adopt

technology to remain competitive, but many lack the capital or

expertise to do so confidently. We’re facilitating knowledge-sharing

sessions and connecting members within the community to support

one another.

Our role is to help members see these challenges not as existential

threats but as transitions we navigate together. That means honest

conversations with regulators about unintended consequences,

practical training to build capability and strategic thinking about

what the advice model needs to look like in five years.

How does the FIA support its members in embracing innovation

while maintaining trust and compliance?

Innovation and trust aren’t opposing forces, they’re complementary.

Clients expect modern, efficient service delivery, but they also need

to know their advisor is acting in their best interests. We support

innovation by:

Demystifying technology. Many advisors are intimidated

by robo-advice, AI-driven planning tools or digital onboarding

platforms. We provide education on what these tools can do, where

they add value and how to integrate them without losing the

personal relationship that defines advice.

Advocating for regulatory clarity. We engage with the FSCA to

ensure innovation isn’t stifled by outdated rules, while also ensuring

consumer protections evolve with technology. For example, we’ve

contributed to discussions on digital advice models and automated

investment platforms.

Showcasing best practices. We highlight members who are

successfully integrating technology, demonstrating that you can be

tech-enabled while remaining deeply client-focused.

Trust is built on competence and ethics, not on outdated processes.

Our message is simple: embrace the tools that make you more

efficient and accessible but never compromise on the professional

judgement and fiduciary duty that define quality advice.

What is your vision for the FIA over the next decade?

My vision for the FIA is that we become the reference point for

constructive stakeholder engagement in financial services. Not just

a lobby group, but a credible partner in building a financial system

that genuinely serves South Africans. Over the next decade, I see us

achieving three things:

Sector growth through financial inclusion. Independent

advisors have a unique opportunity to expand financial resilience

in underserved markets. We want to support models that make

professional advice accessible at scale, whether through technology,

training or innovative business models.

Recognition as policy partners. We want regulators, National

Treasury and industry to see the FIA as an organisation that brings

solutions, not just complaints. We have deep institutional knowledge

and advisor insight that can inform better policymaking. That

credibility is earned through rigorous research, constructive

engagement and a track record of putting public interest first.

A thriving professional community. Our members should feel

they’re part of something bigger, a profession with legacy, stature

and purpose. In 2026, we are particularly conscious of honouring

six decades of advocacy work by past leadership while building

the next chapter. Our members are inheriting an association with

deep institutional credibility; we’ve earned that through principled

engagement with regulators and genuine commitment to member

interests, not just complaints. Now we must evolve it to serve a

profession in transformation: more diverse, more tech-enabled, more

focused on financial inclusion.

Lizelle van der Merwe, CEO, FIA


37

INVESTMENT | Stock markets

When gold miners became

the new tech giants

Lessons about managing money in concentrated markets.

Just as the “Magnificent Seven” tech stocks dominated

America’s stock market performance last year, South Africa’s

“Terrific Ten”, mainly precious metal companies, did so too

for the large part of 2025 back home. Gold, precious group

metals and MTN were the biggest positive contributors to South

African equity performance over the year. [1]

Times like these are challenging for active managers because,

at one point, 84% of South African equity performance came from

a handful of shares, while the rest of the market delivered far less

impressive single-digit returns.

When stock tips are plentiful and come from every corner,

especially about those whose prices have risen substantially

in recent years, like our resource shares in 2025, investors may

experience fear of missing out (FOMO) and be tempted to dive in.

However, conventional wisdom says it’s time to be cautious. So,

what is the answer to the question of whether investors should bring

their offshore money back to South Africa to get in on the resource

stock rally? Much of this stems from the ALSI Top 40’s 52% yearto-date

return (in USD). [2] As an active manager who has managed

client portfolios through many market cycles, concentrated markets

like those experienced in 2025 are typically challenging.

A tale of concentration

The numbers are striking. Gold Fields’ total return for 2025 was

185.6%. [3] AngloGold Ashanti has surged 235.9%. Together, our

other precious metals miners, Naspers/Prosus and MTN contributed

63% to the JSE All Share Index’s 41.8% 2025 returns. Strip out

these, and the market would have gained only 15.5%, a pedestrian

performance in a year when emerging markets substantially

outperformed developed markets, with the MSCI EM rallying 34%

compared to the MSCI All World Index’s 22% and S&P 500’s 18%.

During 2025, the US market experienced a mirror image of this

phenomenon, with its “Magnificent Seven” tech stocks dominating

because of their multi-billion-dollar investments in AI, all while

South Africa’s “Terrific Ten” profited handsomely from mainly mining

precious metals whose prices were rallying strongly.

The active manager’s predicament

The question on every active manager’s mind at a time when stock

markets are as heavily concentrated as 2025 is how to manage

money responsibly when investors are overwhelmingly interested

in a handful of stocks. The average retail investor looks at Gold Fields’

performance and says, “Let’s buy more of that”, which is antithetical

to everything we know about successful investing. You’re supposed

to buy low and sell high, not chase yesterday’s winners.

A well-established investment philosophy that prioritises

diversification helps mitigate the risk of falling into these traps, but

it doesn’t eliminate the challenge completely. We believe allocating

50% of a portfolio to South African gold miners, regardless of their

past or potential performance, would be overly speculative and not

aligned with a risk-conscious, diversified investment philosophy.

Forecasting the future with perfect

accuracy is almost impossible.

The South African paradox

One also needs to remember that stock markets are not economies.

The same is true in South Africa. Our GDP growth remains below

1% [4] and the outlook remains tepid, yet the precious metal-driven

stock market rally suggests we’re in a golden age. This isn’t cognitive

dissonance; it’s simply that revenue for many of the top-performing

stocks isn’t tied to the fortunes of the domestic economy because

their wares are sold abroad.



One positive impact on the domestic economy is the improvement

in our terms of trade, driven by higher gold export prices and a

weaker dollar, which benefits the fiscus through a more resilient

current account. Taxes on mining company profits will also bolster

government finances, which aids debt metrics.

The Transnet factor

While there has been much improvement of late, underinvestment

in transport infrastructure over the past decade has left the actual

volume of commodities leaving our borders lower than it could

have been. This was true in 2021-2022, too, when platinum prices

skyrocketed and we couldn’t move all of it either because trains were

broken or ports were clogged. We couldn’t capitalise South Africa’s

natural advantages.

In this regard, the recent licensing of private operators by Transnet

offers hope, but even with these improvements, it is unlikely that we

will reach the tonnage levels we achieved in 2019 any time soon. Let

alone historical highs. However, albeit slow, it is progress.

Ignore South African

equities at your peril...

Managing concentration risk

Investors tempted by FOMO should take heed: forecasting the

future with perfect accuracy is almost impossible. Even professional

investors only have broad ideas about possible outcomes. No-one

has perfect insight into what will happen next. This is why it is

essential to be exposed to select risk and return drivers. This

approach reduces the risk of a material permanent loss of capital.

The critical point for us is this: we do want to participate in these

rallies but are averse to jumping in after a 200% run in a stock

and risk buying at the top. We constantly ask ourselves if you’re

underweight in these positions, do you add more now or is what

you have enough to deliver on our intended outcome?

Looking beyond the rally

While everyone was focused on the sterling performance of gold

and platinum in South Africa and the AI heavyweights globally in

2025, we believe investors should be thinking about the “picks and

shovels”, quite literally, in our case. Which industrial businesses could

continue to benefit from the commodity boom? What about the tax

revenue flowing into the fiscus? These second-order effects might

offer more attractive opportunities than chasing mining stocks at

still-elevated valuation levels.

The five-year figures provide a clearer view of how various asset

classes and regions have performed. During this period (to the end

of December 2025), the SA All Bond Index returned 80.4%, the SA

All Share Index (ALSI) 148.4% and the S&P 500 117%, according to

Nedbank Research. On a compound annual growth basis, the ALSI,

which delivered 15.7% a year on average in the five years to end-

2025, outperformed the S&P 500 by one percentage point (14.7%).

When considering these longer-term performance numbers, you

realise that a relatively concentrated emerging market like ours can

at times materially outperform leading developed-market equities,

but timing and patience matter.

The bottom line

Ignore South African equities at your peril, but don’t mistake a

narrow rally for broad economic health. As investment managers,

our job isn’t to capture every spectacular gain but to ensure our

clients’ wealth survives and thrives across multiple market cycles.

Sometimes that means watching from the sidelines as others get

lucky on concentrated bets.

[1] Nedbank. As of end December 2025. All figures in rand.

[2] Bloomberg. https://www.bloomberg.com/news/articles/2025-10-09/

goldman-sachs-sees-more-gains-for-south-african-bonds-equities.

[3] Nedbank. As of end-December 2025. All figures in rand.

[4] https://www.statssa.gov.za/?p=18124

Jan-Daan van Wyk, Associate Director, Stonehage Fleming

Investment Management South Africa

This document has been prepared for information purposes only and does not constitute a personal recommendation or advice or a solicitation to buy any product or service. It does not consider the financial

circumstances, needs or objectives of the recipient. In addition to the information provided, you may wish to consult an independent professional advisor. Past performance is not a guide to future performance.

While every effort is made to ensure that the information provided is accurate and up to date, some of the information may be rendered inaccurate in the future due to any changes. The distribution or

possession of this document in certain jurisdictions may be restricted by law or other regulatory requirements. Stonehage Fleming Investment Management South Africa (Pty) Ltd is authorised and regulated

by the Financial Sector Conduct Authority (South Africa) as a Financial Services Provider (FSP No. 42847). Opinions expressed in this document may be changed without notice at any time after publication.

We therefore disclaim any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of, or which may be attributable

directly or indirectly to the use of or reliance upon the information. Approved for issue in South Africa by Stonehage Fleming Investment Management (South Africa) (Pty) Ltd (FSP No. 42847). Please note

that representatives may be acting under supervision. © Stonehage Fleming 2025.


39

FINANCIAL PLANNING | Technology

Enter adviser practice buy-and-sell

conversations with confidence

Blue Chip speaks to Brokerspace and Commspace to find out why understanding the full picture before

choosing a path forward might change your succession and sale conversations for the better.

Glenda Labuschagne, MD, Brokerspace

Martha Koekemoer, MD, Commspace

The financial advice profession is changing quickly. Why is

this creating urgency for advisers who have spent decades

building their practices?

Glenda Labuschagne, MD, Brokerspace: The environment

around advisers is changing faster than many realise. Regulation,

technology, consolidation and client expectations are all

evolving at pace, which means standing still is no longer a

neutral position. What we often see through our work at

Brokerspace is that when advisers delay thinking about their

next phase, their options gradually narrow – not overnight,

but subtly.

Taking the time to understand where you stand creates

breathing room. It allows advisers to consider opportunities with

confidence and move forward in a way that aligns with both

personal goals and the long-term continuity of their practices.

Martha, why do advisers find it so difficult to get a clear view

of their own businesses?

Martha Koekemoer, MD, Commspace: Advisers are deeply

immersed in their businesses. They’re serving clients, managing

teams and making daily decisions, which leaves little space

to step back objectively. Information exists, but it’s often

fragmented across systems that weren’t designed to tell a single

story. Commspace helps bring that information together in a

clear, accessible way, allowing advisers to see their businesses as

they really are rather than relying on assumptions.

When advisers can clearly see both

their position and their options,

decisions feel far less daunting.

How does that sense of clarity change the way advisers think

about the future?

Koekemoer: It changes the tone of the conversation completely.

Instead of uncertainty, there’s perspective. Advisers move from

asking whether they’re ready to asking what might be possible.

Clarity doesn’t force action, but it builds confidence. It allows

advisers to identify patterns, strengths and priorities that may not

have been obvious before, and that understanding becomes a

powerful foundation for any future decision.

FINANCIAL PLANNING | Technology

Once advisers have that clearer view, where do they typically

get stuck?

Labuschagne: Advisers often struggle to interpret what their

business information is telling them and to identify partners

that are genuinely suited to their situation. Having access to

clear information – often surfaced through platforms such as

Commspace – is an important first step, but it does not always

show what to do next.

Advisers need help understanding what they are seeing in

the context of their next phase and recognising what types of

partnership options might realistically fit. Many assume there are

only one or two routes forward or limited ways these arrangements

can be structured, simply because that’s all they’ve ever been

exposed to. What Brokerspace does is bring those pieces together,

helping advisers make sense of their information while broadening

the range of potential partners available to them. When advisers

can clearly see both their position and their options, decisions feel

far less daunting.

It allows advisers to consider

opportunities with confidence.

Why is having multiple options so important when advisers

are thinking about succession or selling?

Labuschagne: Because it restores control. When advisers only

see one route forward, the process can feel intimidating, final

and one-sided. Often the differences between options are subtle

– flexibility, pace of transition or cultural alignment – but those

details matter. Having visibility over those nuances allows advisers

to choose what feels right for them and their clients, which can

prove invaluable when navigating a transition that ultimately

affects long-term value retention.

How does technology change the ways that advisers approach

these various decisions?

Johan Vosloo, CEO, Headspace Technologies: Technology is

moving beyond record-keeping into decision support. Systems

are increasingly able to highlight trends, risks and opportunities

earlier, giving advisers more time to think and plan. As AI becomes

more embedded, it will help advisers make sense of complexity

more quickly and consistently, supporting better decisions

without replacing human judgement.

Johan Vosloo, CEO, Headspace Technologies

Finally, if an adviser is sensing it might be time to think

differently about the future, what should they do first?

Koekemoer: Create the space to step back and look at your

business as it is today. When information is simplified and

brought together, uncertainty gives way to clarity. You don’t

need perfect answers – just a clear enough picture to start asking

better questions.

Labuschagne: Once that clarity exists, don’t rush the decision.

Take time to understand what options may be available and what

feels right for you. Knowing there is more than one possible path

keeps control with the adviser and leads to more intentional

outcomes.

Vosloo: Stay curious about how systems and technology can

support that thinking. The right tools surface insights earlier,

allowing advisers to plan proactively rather than react when

change becomes urgent.

When information is simplified,

uncertainty gives way to clarity.

Some advisers worry technology may distance them from

clients. Is that a fair concern?

Vosloo: When used properly, technology does the opposite. It

removes noise and administrative burden, freeing advisers to

focus on relationships, leadership and strategic thinking. The

goal isn’t to automate advice, but to support advisers with clearer

insight so they can spend more time doing what only humans

can do.


41

Pleasant with intervals of

clouds and sunshine

For financial planners, it is very tempting to make forecasts when clients ask for our views on markets,

currencies and geopolitics. How do we handle uncertainty in markets and meet our clients’ need for stability?

Stock markets offer a constant source of learning for

financial planners. Markets are constantly changing as

businesses innovate and leaders respond to geopolitical

shifts, while factors like demographics, climate change and

others create instability and uncertainty. It takes a great deal of

fortitude to make long-term investment recommendations in such

conditions, while maintaining the humility to accept that some of

your recommendations might prove to be wrong.

An average strategy is better than a good forecast

Successfully investing over the long term is very difficult, if not

impossible, if you rely on forecasts. Labelling something as a

“forecast” makes it seem more scientific than a simple “prediction”.

Consider how inaccurate weather forecasts are, yet many of us check

the weather prediction on our phones every morning. Knowing that

a weather forecast, especially in Cape Town, can be as unreliable as

a coin flip, we still rely on the weather app. If you live in Cape Town,

a rational approach is to be prepared for wind, rain, sun and clouds

every day. While you won’t know exactly what each day will bring,

you can have the right gear to handle most weather conditions. I

call this an “average strategy”: you won’t be perfectly prepared on

any given day, but you’ll be fine on most days.

I share the same view on investment forecasts; they are not very

reliable. I prefer to base investment recommendations for clients

on factors such as age, risk capacity, volatility appetite and needed

growth to meet their goals. I only consider market conditions like

currency or equity valuations when deciding if clients’ lump sums

should be phased in.

This approach allows my advice to be reasonably accurate

most of the time without the pressure of being precisely correct

in predictions. While straightforward, maintaining this strategy

is difficult when clients want action amid rapid market changes.

Therefore, I spend time setting expectations before investing. I

emphasise my inability to predict currency or market fluctuations

and clarify that I won’t change a long-term plan based on short-term

market movements that could alter their strategy quickly.


INVESTMENT | Offshore

bonds, property companies and some commodities. It is important

to remember that clients should still maintain a balance across all

asset classes; however, we can limit their exposure to shares.

My preferred way of managing assets when valuations are high

is to establish a fixed asset allocation and ensure portfolios are

rebalanced annually. For example, if a client has a target equity

allocation of 75%, we review their overall asset allocation in the

same month each year. If their allocation to shares exceeds 75%,

I will reduce it; if the equity allocation is only 65%, I will increase

their equity holdings. This approach enforces a disciplined method

of asset allocation that isn’t based on predictions or my judgement

of valuations. It often results in buying equities when stock markets

are falling. It’s not easy to convince clients to buy equities when most

people are selling, but it often means they buy well-priced shares,

which benefits long-term growth.

Clients should maintain a

balance across all asset classes.

What to do when market valuations are high

There are times when the stock market experiences prolonged

periods of strong growth. During these times, people’s reactions

vary. Some clients become concerned about a potential crash and

ask whether they should sell their shares and move the proceeds

into cash, gold or cryptocurrencies. I explain that markets can

continue to grow for years, even when valuations seem stretched.

Holding large cash reserves during such periods can cause capital

to fall behind inflation. To secure inflation-beating returns over a

decade or more, a more strategic approach than simply switching

between cash and equities is required.

Some options include buying an index that allocates an equal

amount of money to each share within the index. This strategy

results in being underinvested in shares that are growing strongly

and overinvested in less popular shares. In most cases, it will also

mean that the portfolio has a lower valuation than the index.

Alternatively, we can keep part of their money in the index and

allocate some to value funds. This maintains the overall equity

allocation but offers diversification away from fashionable or

expensive sectors. Historically, it has been a wise decision to buy

shares at low valuations and hold them for the long term, whereas

purchasing shares at high valuations has been less rewarding.

Finally, we can reduce their allocation to shares in favour of

Can you ignore the weather app and other forecasts?

While I remain sceptical of all predictions, I still find myself checking

the weather app on my phone; it is a deeply ingrained habit. It turns

out I am also a sucker for incorrect weather predictions! To protect

myself against this flaw, I keep a jacket in the boot of my car; if the

forecast for a sunny day proves wrong, I will have some protection

against wind, rain or cold. Owning a diversified portfolio of local and

international investments spread across different asset classes is my

financial equivalent of a jacket in the boot. I find that most clients

are comfortable with this approach, provided we spend enough

time managing their expectations about market behaviour in both

rising and falling markets.

Warren Ingram, CFP®, Co-Founder, Galileo Capital


43


What to look out for in an

offshore platform

For South African clients, Momentum Wealth International provides a gateway to global

markets through a secure and flexible platform designed to meet diverse financial goals.

In a world where borders matter less and global opportunities

matter more, offshore investment has evolved from a luxury

to a smart, strategic decision. Momentum Wealth International

empowers clients to invest across geographies, sectors and

currencies, whether through actively managed funds, exchangetraded

funds (ETFs), model portfolios or international personal

share portfolios. The platform is built to support globally diversified

strategies that align with each client’s unique risk profile and

investment objectives.

To simplify the selection of underlying investment components,

Momentum Wealth International offers access to guided solutions

from carefully selected world-class investment managers through

Curate Investments and model portfolios managed by Equilibrium,

as well as share portfolios managed by Momentum Securities. These

teams conduct rigorous due diligence and ongoing monitoring to

ensure quality and performance across market cycles.

Two distinct investment options are available to meet the

offshore investing needs of a wide variety of South African clients.

The flexibility of these solutions makes it easier for advisers to align

product features with their clients’ personal needs, circumstances, tax

profiles and future aspirations, whether they require tax efficiency,

succession planning or long-term global exposure.

The Global Wealth Endowment is ideal for high-net-worth

individuals focused on intergenerational wealth transfer and estate

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Both these options include joint ownership with survivorship

provision, which may have estate duty and probate benefits.

The Global Wealth Endowment also includes comprehensive



succession planning features, such as the ability to appoint

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potentially avoid executor fees and other related costs and tax.

Momentum Wealth International is based in Guernsey, a

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cross-border transactions and capital movement.

The secure online platform offers convenient access to

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and advanced tools for advisers, including internal rate of return

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Momentum Wealth International is more than a platform. It’s

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The pricing philosophy is built on fairness, value and clarity,

offering clean-priced investment funds and exchange-traded

funds, as well as competitively priced model portfolios. The

platform caters to a wide range of clients, from individuals and

families to trusts and corporates, providing broad access to

global investing.

Momentum Wealth International isn’t just about investing

offshore; it’s about helping clients build and protect their

financial dreams on their journey to success.

Each person’s journey is unique and personal. With us, you

can shape that journey in the most singular way.

Speak to your Momentum Wealth consultant to find out

more or visit momentum.co.gg.

Hymne Landman, CEO at Momentum Wealth

Scan the QR code below to go to our offshore investment

solutions for South Africans webpage.

This article is for general information only and does not constitute financial, legal, tax, accounting or investment advice under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS). It is

not a solicitation to invest. The Global Wealth Endowment is a life insurance product, underwritten by Momentum Metropolitan Life Limited Guernsey Branch, a foreign branch of Momentum Metropolitan

Life Limited, a licensed life insurer under the Insurance Act. The Global Wealth Investment is offered by Momentum Wealth International Limited. Past performance is not necessarily indicative of future

returns. While care is taken to ensure accuracy, no guarantees are made regarding completeness or reliability. No liability is accepted for any loss from reliance on this content. Terms apply. Consult your

financial adviser, Momentum Metropolitan Life Limited, Guernsey Branch or Momentum Wealth International Limited. Momentum Metropolitan Life Limited, Guernsey Branch is licensed by the Guernsey

Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law 2002 to carry on long-term insurance business. Momentum Wealth International Limited is registered in Guernsey

(Reg. No. 30830) and licensed by the Guernsey Financial Services Commission to conduct Investment Business and is an authorised financial services provider (FSP 13495) under FAIS in South Africa and

part of Momentum Metropolitan Life Limited (FSP 6406, Reg. No. 1904/002186/06), an authorised financial services provider and registered credit provider. Momentum Wealth International Limited and

Momentum Metropolitan Life Limited Guernsey Branch are part of Momentum Group Limited (Reg. No. 2000/031756/06). Curate Investments (Pty) Ltd is an authorised financial services provider (FSP

53549, Reg. No. 2023/747232/07). Momentum Securities (Pty) Limited is an authorised financial and credit provider (FSP 29547, Reg. No. 1974/000041/07, NCRCP 2518) and a member of the JSE Ltd.

Equilibrium Investment Management (Pty) Ltd is an authorised financial services provider (FSP 32726, Reg. No. 2007/018275/07).


45


Offshore investment gains

momentum in SA

Blue Chip speaks to Hymne Landman, CEO at Momentum Wealth, about offshore investing for South Africans.

From your perspective, what makes offshore investing

particularly relevant for South Africans right now?

The global market is a $105-trillion world economy, and South Africa

makes up less than 0.5%, so it is essential for South African investors

to consider investment opportunities outside of our borders:

One, diversify across global markets and currencies. Secondly,

to gain protection against rand depreciation and inflation, hedge

against local economic and political risks to fund any future

international currency expenses you may have. Offshore investing

gives you access to potential high-growth sectors and companies

that are not listed locally.

For clients who are considering emigration or international

expenses, how should they align offshore investments with

future financial needs?

According to Stats South Africa, there are around 900 000 South

Africans living abroad with approximately 128 000 emigrating

in the last five years, and that excludes all the children that have

subsequently been born abroad.

When clients have future expenses in another currency,

whether for emigration, children studying abroad, buying property

internationally or planning to retire abroad, offshore investing is

focused on currency matching to reduce risk.

If your future expenditure is in dollars, pounds or euros, you want

assets in the same currency to mitigate your exchange rate risk. The

time horizon of your expenses should also match. For example, if

you have shorter-term expenses, you need to choose shorter-term

assets that are more stable and liquid, such as cash or fixed-income

assets. Offshore equities are more suited to longer-term expense

matching. Any South African-related expenses need to be matched

with rand exposure.

With so many offshore funds available, what criteria should

advisers use to evaluate fund strategies and risks?

This is a complex topic that requires a more detailed answer, but I

will highlight some of the key aspects to consider.

Strategic asset allocation (how assets are allocated across asset

classes such as equities, bonds and cash) is the most important

decision when you start your fund selection process. Extensive

academic and industry research consistently shows that asset

allocation, not necessarily the individual funds you select, drives

most of a portfolio’s long-term performance. This allocation should

be aligned with the client’s investment goals, time horizon, and

risk appetite.

Diversification across different funds, sectors, geographies,

categories, currencies, local business and offshore to spread risk.

Understand the risk of your portfolio, your currency exposure, your

sector tilts (growth, value, quality, momentum), your geographical

exposure and more.

Track record of fund performance and investment manager

selection on a risk-adjusted basis. Risk-adjusted returns are important.

Past performance is never an indication of future performance, so the

track record is a guideline. The asset manager’s reputation as well as

the quality and consistency of the investment and research teams

are significant factors.

Pricing is always important. Fees eat away returns; ensure that

funds, unit trusts or ETFs have fair pricing. Total Expense Ratios (TER),

the charging structure of the fund, safeguards against hidden fees in

costs. Determine if there are rebates in the class or if it is a clean price

and whether there are profit shares or structures in the funds and the

tax implications of any fund structure is very important.

Ensure that funds offer liquidity, if required.

What trends in offshore investing should South African financial

planners be preparing for in the short term?

Continue to push for global diversification. South Africans have a

home-country bias; few offshore investors invest in our country,

but we are partial towards local funds and solutions which are more

familiar to us.

Alternatives and private markets, such as private equity, private

credit and infrastructure, are gaining popularity, especially for highnet-worth

investors, so advisers must understand how to access these

markets and instruments.

There is a rise in thematic investing, such as responsible investing

or ESG. There is growing demand for local investment in energy and

water solutions that are important to clients, especially younger

clients who are socially conscious.

Cryptocurrency and tokenised investment solutions are on the

rise and expected to gain more and more investor interest in the

near future.

How do you see the role of financial advisers evolving as global

markets become more interconnected and complex?

Clients increasingly have access to more information

and choice. With that comes uncertainty, and fear

of making sub-optimal decisions. In my view,

advisers excel when they simplify the noise

for clients in a credible way and coach clients

through volatile markets, uncertainty and, in

fact, through all market cycles. I strongly

believe in the long-term sustainability

of face-to-face financial advice. Advisers

must use their human advantage and

human connection with clients to give

them support by leveraging information.

Hymne Landman, CEO at Momentum Wealth


The TT and trusts: legacies in the

Isle of Man

The Isle of Man is famous for many things, but nothing defines it quite like the TT: a motorbike race so

fast, so technical and so unforgiving that even veteran riders describe it as a test of absolute precision.

With more than 200 corners being navigated at

speeds exceeding 320km/h, the TT has earned

its reputation as the most dangerous motorcycle

race in the world. Yet, just beyond the roar of

the engines, the island presents an entirely different side; one

defined by security, structure and stability rather than risk. It is

this quieter, more predictable side that is catching the attention

of globally minded South Africans looking to grow and preserve

their wealth for generations to come.

A stable structure in a volatile world

An Isle of Man discretionary trust is built on a robust foundation. It

begins with a settlor who has the intent to create a trust, a clearly

identifiable trust asset and a corporate trustee that assumes legal

ownership on behalf of beneficiaries. “This structure is designed

to endure,” says Coreen van der Merwe, director at Sovereign

Trust (SA). “It offers continuity and protection even when personal

circumstances change.”

Beneficiaries do not own the assets; they only have the hope

of benefitting. This distinction, combined with the island’s wellestablished

trust laws, makes the structure attractive for high-networth

individuals seeking long-term planning solutions. Layered

on top of that is the Isle of Man’s tax environment: 0% income tax,

no capital gains tax, no inheritance tax and no withholding tax

on distributions.

Establishing a trust offshore is

not a quick, one-step exercise.

Why more South Africans are looking to “man up”

Economic uncertainty and currency instability remain defining

features of the South African financial landscape. Van der Merwe

explains that South Africans can buffer against this with offshore

assets: “Using an Isle of Man trust brings global investments

under one structured estate-planning umbrella.”

Key advantages include the preservation of wealth for future

generations without the fragmentation that often occurs after

death, as well as seamless succession planning that avoids the

delays and costs associated with a multi-jurisdictional probate.

Trust structures also provide robust asset protection from

potential creditors, business risks or relationship breakdowns,

while ring-fencing assets such as farms, holiday homes and

business interests that cannot be easily subdivided. In addition,

they support minor or vulnerable beneficiaries through tailored

provisions and create a clear separation between personal and

business assets, offering clarity and long-term protection.

An additional, and often overlooked, benefit is the local expertise

available on the island. “Many Isle of Man trust administrators,

lawyers and accountants are themselves South African,” notes

Van der Merwe. “This dual perspective is truly invaluable. They

understand both the regulatory requirements and the cultural

nuances that shape South African wealth planning.”

Setting up a trust: what South Africans must know

Establishing a trust offshore is not a quick, one-step exercise. It

requires careful planning and professional guidance, particularly

because South Africans must navigate South African Reserve

Bank and Revenue Service requirements in addition to the Isle

of Man’s legal framework. The process includes:

1. Consulting a cross-border specialist who knows and

understands dual tax residency, controlled foreign company

rules and exchange control.

2. Choosing the most appropriate trust structure, usually a

discretionary trust.

3. Reviewing and signing the trust deed, which outlines trustee

powers, beneficiaries and the trust’s purpose.

4. Transferring an initial asset, which formally activates the trust.

Without this transfer, the trust does not exist in law.

Once established, the trust can hold global investments, property,

portfolios and other international assets in strong currencies like

the pound, US dollar and euro.

For South Africans with global wealth ambitions, the Isle

of Man offers a jurisdiction with decades of stability and a

legal system built for long-term security, but Van der Merwe

emphasises that success in offshore structuring depends on

expertise, not experimentation.

“Just as the TT demands absolute precision and risk mitigation,

so does cross-border wealth planning. An offshore trust should

give you peace of mind, not uncertainty and working with

professionals who understand South African realities as well as

offshore rules is the only way to achieve that.”


47

INVESTMENT | DFM

Shopping for a DFM

What advisers should look for and how Equilibrium delivers.

Independent, experienced and adviser-aligned

Since 2008, Equilibrium has operated as an independent DFM

supported by:

• Coverage of 1000+ local and 20 000 global funds.

• R30-billion local and R2-billion global assets under management

as at July 2025.

• Teams based in South Africa and the UK.

• A philosophy deeply aligned with the value-of-advice model.

Putting client outcomes first

Equilibrium’s outcome-based investment philosophy aims to solve

investor needs across the following three dimensions:

• Time horizon. By understanding the client’s investment term,

the adviser can make informed decisions around product

recommendations and tax considerations.

• Risk appetite. Alignment of a client’s risk appetite to the

appropriate solution is central to managing the client’s

expectations and investment behaviour.

• Expected real return. This is a function of the investor’s time

horizon and risk appetite, as well as the current available market

opportunity set (which is dynamic in nature). Please visit our

website to see the full list of funds.

As any respectable shopper will tell you, there are specific

requirements they look for: good service, decent pricing,

quality products and access to globally compatible

products. The same applies to “shopping” for the right

Discretionary Fund Manager (DFM). It is no longer just about

performance. In today’s complex investment environment, advisers

need a partner who enhances their advice process, strengthens client

communication and supports long-term outcomes.

A partnership built around people

Behind every strong DFM is a strong team. Equilibrium offers advisers

access to specialists across investment management, research,

operations and global strategy. This includes dedicated business

development support, an experienced research team and portfolio

managers with a combined 250+ years of industry experience.

This organisational depth ensures that advisers receive fast

responses, ongoing insights and a human-centred service model that

prioritises genuine collaboration.

48


The result? A clear framework for establishing realistic, probabilitybased

outcomes supported by statistical metrics like Value at Risk

(VaR) and a disciplined portfolio construction process.

VaR is a measure of the worst possible loss a portfolio can

experience over any given one-year period. It provides the client with

a simpler understanding of the risks that come with investing and

ensures that clear lines of communication are kept open between

the adviser and client.

OUR LOCAL PORTFOLIOS

PORTFOLIO INVESTMENT HORIZON RISK BUDGET (VaR target)

NET REAL RETURN

BENCHMARK

Income Short-term horizon 0 % SteFI Composite

Conservative 3 years -2 % CPI+ 2%

Stable 4 years -4 % CPI+ 3%

Moderate 5 years -6 % CPI+ 4%

Balanced 6 years -8 % CPI+ 5%

Growth 7 years -10 % CPI+ 6%

Unconstrained

(non-Reg 28)

Source: Equilibrium, 15 January 2026

Can solve for different

outcomes

7 years -10 % CPI+ 6%

INVESTMENT | DFM

VaR therefore removes much of the investment terminology that

could potentially confuse clients and aligns the discussion directly

with the understanding of market loss over a 12-month rolling period.

Global solutions, built for real clients

Our global model solutions are managed by Momentum Global

Investment Management Limited, our London-based team, which

ensures truly global models are managed by a global team.

The global portfolios are designed using a building-block

approach with strategic asset allocation and robust risk management.

Our global model portfolios also offer competitive pricing across our

three ranges. Our global USD portfolios include:

• Equilibrium Global Cautious Portfolio

• Equilibrium Global Managed Portfolio

• Equilibrium Global Growth Portfolio

OUR GLOBAL USD PORTFOLIOS

RETURN

2% 2%

4%

30%

Equilibrium

Global

62% Cautious

4% 1%

2%

60%

Equilibrium

Global

Managed

33%

5% 5%

Equilibrium

Global

Growth

90%

Reporting and practice support that adds value

Equilibrium enhances the adviser-client relationship with:

• Monthly fact sheets

• Ongoing market and economic updates

• CPD-accredited webinars

• Detailed investment reports

• Investment committees for bespoke mandates

We also offer co-branded reporting services for advisers that qualify

for our bespoke proposition. Equilibrium is all about balance – two

sides of the equation. It’s about understanding the client’s objectives

and constructing portfolios to match the outcome.

Equilibrium remains committed to strong partnerships founded

on clarity, collaboration and a belief in the value of high-quality

financial advice. We tailor solutions that are closely aligned with your

clients’ financial needs.

If you require further information, please contact your investment

consultant, Robin McLaurie (robin.mclaurie@eqinvest.co.za) or

Methula Sikakana (methula.sikakana@eqinvest.co.za).

Conservative

Moderate

Aggressive

3+ years 5+ years 7+ years

TIME HORIZON

Equities Fixed Income Commodities Property/Infrastructure Cash

Source: Equilibrium, 15 January 2026

Clear, cost-effective fees

In an ever-evolving and informed world, clients are always looking

for the best value for money. At Equilibrium, we understand this need

and use our partnership with Momentum to negotiate institutional

pricing with our underlying managers within our solutions to ensure

competitive and transparent pricing. For more information on the

pricing of our models, visit our website. The favourable pricing does

not stop there. An investor via the Momentum Wealth platform

benefits from an additional 10 basis points (bps) discount for any

investment under R1.5-million.

Although we are platform agnostic and the models may therefore

be found on multiple platforms, including Glacier, Allan Gray, Old

Mutual Wealth, INN8 and Ninety One, the 10bps discount only applies

to Momentum Wealth.

Robin McLaurie,

Business Development Manager, Equilibrium

Equilibrium Investment Management (Pty) Ltd (Equilibrium) (Reg. No. 2007/018275/07) is an authorised financial services provider (FSP32726) and part of Momentum Group Limited, rated B-BBEE level 1. Momentum

Global Investment Management Limited is an authorised financial services provider (FSP13494) and is exempt from the requirements of section 7(1) of the Financial Advisory and Intermediary Services Act 37

of 2002 (FAIS) in South Africa, in terms of the FSCA FAIS Notice 9 of 2025 (published 9 January 2025). EQ-1464-AZ-499-CL

Modern portfolio thinking:

How diversification is evolving

for today’s markets

In today’s evolving investment landscape, diversification remains central to building resilient portfolios. While traditional portfolios, anchored in

equities and bonds, still matter, recent shifts have encouraged investors to broaden their approach. Private markets, encompassing assets such as

private equity, private credit, infrastructure and real assets, offer an additional way to diversify. By complementing traditional holdings with exposure

to private markets, investors can access new sources of return and enhance their portfolios’ ability to navigate changing economic conditions.

What if the diversification investors have relied

on for four decades no longer works the same

way?

For decades, portfolio construction followed Modern Portfolio

Theory (MPT), introduced by Harry Markowitz in 1952. MPT showed

that combining imperfectly correlated assets could optimise risk and

return. This shaped the classic equity-bond mix that investors relied

on throughout the late twentieth century.

Traditionally, equities and bonds offer natural diversification as they

often move in opposite directions: when equities fall, bonds typically

provide stability. The year 2022 challenged that relationship, with

both asset classes selling off sharply, shaking confidence in

‘buy-and-hold’ approaches.

Market developments in 2025 added to this pressure, calling into

question several long-held assumptions at the heart of traditional

portfolio construction.

A market regime defined by major shifts in global economies

and geopolitics now prevails, marked by more frequent inflation

shocks, changing relationships between major asset classes, and

concentrated returns in key markets. Investors seek additional tools

to manage risk and access new sources of performance. Enhanced

diversification through assets historically considered ‘alternative’

provides one strategy to complement traditional portfolios.

“Higher-for-longer rates, persistently elevated inflation and a

fundamentally shifting global economic landscape at a time of

technological advances which open new avenues to growth, inspire the

emergence of more modern thinking in portfolio construction,”

says Jonel Matthee-Ferreira, CEO of discretionary fund manager

Cogence.

“The diversification principles at the heart of MPT hold firm. However,

this same logic of spreading risk while gaining exposure to a broad set

of opportunities makes a compelling case for investors to look beyond

traditional asset classes and strategies, in our view.”

What made 2022 different: A black swan

or structural market change?

In 2022, supply bottlenecks caused by the global COVID-19

pandemic met a new era of geopolitical uncertainty as Russia

invaded Ukraine.

The resulting surge in inflation ended nearly 40 years of steadily

falling interest rates. 1

Central banks responded with the fastest rate-hiking cycle since the

1980s. Consequently, equities and bonds declined in tandem with the

typical balanced portfolio in the US shedding more than 15% in value. 2

Recognising that 2022 was an unusual year remains important.

Economies were still adjusting to unprecedented monetary stimulus

following the global financial crisis and the pandemic. Analysis of

more than 200 years of historical data suggests that the probability

of equities and bonds both declining together in any given year

remains well below one in ten. 3

By 2025, returns for traditional balanced portfolios recovered into

positive territory. Over multidecade horizons, simple equity-bond

mixes continued to deliver robust annualised returns, even when

including the losses of 2022. 4

If 2022 represented a true black swan – a rare and unpredictable

event with major impact – can it stand as the exception that

debunks the rule?

Despite being a market oddity, the year should not be viewed

merely as a once-off anomaly. It highlighted how structural changes

can interact to undermine long-standing diversification principles.

Of greater relevance for today, 2022 also marked the beginning of

a fundamentally different global market environment, motivating

more modern thinking in portfolio construction.

Why equity‐bond correlations are turning

positive after 40 years

One of the most important changes centres on the shift in

equity-bond correlations.

For most of the four decades from the mid-1980s to the late

2010s, correlation between monthly returns on global equities

and government bonds remained negative. When stocks fell,

bonds usually rose, and vice versa. This negative correlation

proved central to the case for the traditional equity-bond portfolio

as a diversification solution. Since around 2021, however, this

relationship appears to have flipped. According to the Bank for

International Settlements, equity-bond correlations turned positive

in the US and Europe. 5

RCK_116605DI_12/02/2026_V6

BlackRock believes this dynamic may persist: “Unlike previous

episodes of temporary correlation spikes, we believe today’s alignment

between equities and bonds reflects deeper structural forces: persistent

inflation dynamics, policy action and fiscal imbalances.” The world’s

largest asset manager adds: “The foundational relationships that once

anchored traditional portfolio construction have shifted, making many

portfolios riskier overall.” 6

A downturn may still lead to rate cuts, which have historically

helped bonds act as a cushion. But with inflation pressures and

policy uncertainty reshaping central-bank behaviour, investors can

no longer rely on this relationship with the same confidence as in

previous decades.

BlackRock notes that in the previous regime, US dollar exposure

often helped diversify equity risk. In 2025, the relationship shifted,

with the dollar sometimes falling alongside equities. As long as

this trend persists, they argue that investors should not rely on

USD exposure alone as a hedge and may need to look to other

diversifiers such as international equities or alternatives. 7

“US Treasuries are not performing the same diversification role they did

in the past,” states Matthee-Ferreira. “The uncertainty, volatility and

valuations witnessed in 2025 would, historically, have driven a strong

flight into safe assets such as government bonds and the USD. This time,

flows have been more muted, with investors also seeking safety in assets

like gold. In this environment, investors need to broaden their toolkit.”

What drove market concentration in 2025?

BlackRock, in their investment directions, considers that a second

structural trend of the new regime involves the narrowness of the

market, where only a handful of companies are driving the majority

of the stock market’s performance.

Market concentration, driven by superior growth from a small set

of tech and AI leaders, elevating valuations of broad US indices, is a

trend not expected to reverse in the near term, observes BlackRock.

However, at the same time, the investible universe on public

markets is contracting. The median time a unicorn – a privately held

company valued at over USD 1 billion – stays private has increased

to 10.7 years, up from 6.9 years in 2014. 8 Private firms now account

for almost 90% of companies above USD 100 million worldwide.

“For investors seeking exposure to businesses at the centre of global

transformation, from AI to infrastructure and energy transition, public

markets alone are no longer sufficient,” says Matthee-Ferreira. “We

believe investors can benefit by looking beyond listed markets to

capture a fuller set of opportunities as a complement to their traditional

portfolio.”

How can private markets enhance portfolio

diversification?

Private markets represent one such extension. This broad asset

class spans private equity, private credit, infrastructure, and real

assets. It has grown rapidly, with global assets under management

projected to exceed USD 19.6 trillion by 2029. 9 Across EMEA, the

average allocation to private markets is expected to rise from 0–5%

today to 5–20% by 2030. 10

This shift reflects a structural move toward broader sources of

return beyond traditional public markets, not a replacement of

listed equities and bonds.

According to BlackRock: “Increasing correlations between equities and

bonds, and greater concentration in major benchmarks, mean that

investors need to look beyond public markets more than ever. On the

other hand, low correlations between private and public assets can help

investors in today’s era of increased volatility and uncertainty.” 11

Return drivers in private markets are, by design, less exposed

to daily market sentiment. They link more closely to companylevel

cash flows, valuations at entry and exit, and the ability of

managers to add operational value. This can create lower measured

correlations and an additional source of diversification within a

broader portfolio.

For Cogence, these characteristics make private markets an

important component of modern portfolio thinking.

“Private markets are not a replacement for traditional bond-and-equity

portfolios,” Matthee-Ferreira emphasises. “They are an enhancement.

When used thoughtfully alongside listed assets, they can provide

investors with more robust diversification and access to return streams

that are structurally under-represented in public markets.”

Visit cogence.co.za for more information.

1

Rogoff, K. S. et al. (2023). Long-Run Trends in Long-Maturity Real Rates, 1311-

2022. American Economic Review, 114(8), 2271–2307.

2

https://www.morningstar.com/economy/6040-portfolio-150-year-marketsstress-test

3

article_bigpicturereturnofthe6040_A4.pdf

4

https://www.nl.vanguard/professional/insights/market-commentary/theglobal-60-40-portfolio-steady-as-she-goes

5

https://www.bis.org/publ/qtrpdf/r_qt2312v.htm

6

https://www.blackrock.com/us/financial-professionals/insights/investmentdirections-fall-2025

7

Autumn 2025 Investment Directions EMEA, p. 4

8

Preqin data, BlackRock, September 2025

9

https://preqin.com/about/press-release/global-alternatives-markets-oncourse-to-exceed-usd30tn-by-2030-preqin-forecasts?original_referrer=

10

https://alternativecreditinvestor.com/2025/04/29/blackrock-emea-wealth-

investors-to-ramp-up-private-markets-allocations/

11

Autumn 2025 Investment Directions EMEA, p. 6

Cogence (Pty) Ltd - Registration 2009/011658/07. An authorised financial services provider (FSP No 52242). BlackRock® is a registered trademark of BlackRock, Inc. and its affiliates (“BlackRock”)

and is used under license. BlackRock makes no representations or warranties regarding the advisability of investing in any product or the use of any service offered by Cogence (Pty) Ltd.

BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of any product or service offered by Cogence (Pty) Ltd. Links to all disclaimers can be found

on www.cogence.co.za.

INVESTMENT | ETFs

Satrix celebrates

25 years of industry leadership

The Satrix story began in January 2000 with a first institutional mandate of R800-million, at a time when

passive investing was still largely uncharted territory.

Establishing this capability required the collective effort

of a group of visionary supporters who recognised the

potential of indexation strategies long before the industry

took shape. Their willingness to take a calculated risk laid the

groundwork for a market that did not yet exist. Just 11 months later,

the joint venture between the JSE, Gensec Bank and Corpcapital

resulted in the listing of South Africa’s first exchange-traded fund

(ETF) on 27 November 2000: the Satrix Top 40 ETF. The R2.6-billion

initial public offering (IPO) fundamentally changed how South

Africans could participate in the market, laying the foundation for

the democratisation of investing.

Pioneering index fund innovation

Over the years, Satrix continued to innovate. Following the flagship

Top 40, Satrix introduced sector-specific ETFs, providing investors

with targeted access to the financial, industrial and resource sectors

(FINI, INDI and RESI). Innovation continued with the launch of ETFs

offering alternative ways to measure constituent weightings, such

as the factor-based Satrix DIVI, which weights holdings by company

performance rather than size. By 2012, the ownership structure

changed when Sanlam acquired full ownership of Satrix – a pivotal

transaction that allowed the product suite to expand aggressively.

This expansion soon reached global markets. In 2013, Satrix

expanded its retail offering into global markets with the Satrix MSCI

World Equity Index Feeder Fund. Funds based on country-specific

indices, such as the MSCI China and MSCI India, followed a few

years later. By providing local markets with access to international

assets denominated in rands, investors gained the opportunity to

increase diversification and mitigate country-specific risk. Between

then and 2024, Satrix consistently introduced new products,

including globally focused, multi-asset and factor-based funds.

Democratising investing

Since its inception, Satrix’s mission has been to make investing

accessible to all South Africans. A major milestone was the 2006

introduction of the Satrix Investment Plan, which allowed retail

investors to access JSE-listed assets for as little as R300, a significant

reduction in minimum requirements at the time.

Nine years later, the launch of SatrixNOW in 2015, powered

by EasyEquities, ushered in a new era of digital investing. With

minimums reduced to zero and a fully digitised interface, the

platform removed barriers to entry entirely.

Satrix’s commitment to democratisation also extended beyond

South Africa’s borders. This began in 2019 with the dual listing of

ETFs on the Namibian Stock Exchange (NSX), the first cross-border

listing on the continent, and continued with the listing of the MSCI

World ETF on the Nairobi Securities Exchange (NSE).

Recognition and resilience

Satrix’s efforts to transform the financial industry have been

recognised through numerous accolades. The company has

collected back-to-back Morningstar Awards, becoming the first

index-tracking issuer to win “Best Fund House: Larger Fund Range”

in 2021 and 2022.

The Satrix Top 40 ETF and Satrix MSCI World ETF have

consistently won “People’s Choice Awards” at the South African

Listed Tracker Awards (SALTAs). International recognition arrived in

2020 via a distinguished Harvard Business School MBA case study,

which analysed Satrix’s strategic fee reduction on the Top 40 ETF

and its positive impact on market access and competition.

Shaping the future

Satrix’s success is rooted in its ability to embrace both technological

disruption and industry tradition. From introducing indexation in

the same year Europe listed its first ETF, to playing a key role in

the digital transformation of South African investing, Satrix has

remained at the forefront of global trends.

From pioneering the country’s first ETF in November 2000 to

reaching R290-billion* in assets under management by October

2025, Satrix has aimed to achieve an efficient and inclusive

investment landscape. Twenty-five years ago, the mission was

to democratise investing. While the landscape has evolved, that

mission remains unchanged.

*Source: Satrix, 30 September 2025

Satrix consists of the following authorised Financial Services Providers: Satrix Managers (RF) (Pty) Ltd and Satrix Investments (Pty) Ltd. Collective investment schemes are generally medium- to long-term

investments. With Unit Trusts and ETFs, the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With

Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETF, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange.

ETFs are index tracking funds, registered as a Collective Investment and can be traded by any stockbroker on the stock exchange or via Investment Plans and online trading platforms. ETFs may incur additional

costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance and the value of investments/units may go up or down. A schedule of fees and charges, and maximum

commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should

the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF Minimum Disclosure Document. The Manager does not provide any guarantee

either with respect to the capital or the return of a portfolio. A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges, and which could result

in a higher fee structure for the feeder fund. International investments or investments in foreign securities could be accompanied by additional risks such as potential constraints on liquidity and repatriation

of funds, macroeconomic risk, political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information. The index, the applicable tracking error and

the portfolio performance relative to the index can be viewed on the ETF Minimum Disclosure Document and/or on the website: https://satrix.co.za/products.

* Full details and basis of the awards are available from the Manager.


Why market predictions

keep getting it wrong

And why investors should care.

Every year, financial markets are flooded with forecasts. Banks,

economists, investment houses and strategists confidently

publish their views on where markets, interest rates and asset

classes are headed. Price targets are set, risks are highlighted

and investors are encouraged to position portfolios accordingly. It

makes for engaging reading. Unfortunately, it rarely leads to better

investment outcomes. Despite the experience, data and analytical

sophistication behind these forecasts, history shows that shortterm

market predictions are consistently unreliable. Often, they

create noise rather than clarity and encourage decision-making that

undermines long-term success.

The evidence against forecasting

A growing body of academic research highlights just how ineffective

market prediction really is. One well-known study by David Bailey,

Jonathan Borwein, Amir Salehipour and Marcos López de Prado

analysed thousands of professional forecasts for the S&P 500. The

conclusion was stark: on average, predictions were correct only 48%

of the time – worse than random chance.

The problem is not a lack of intelligence or effort. Financial markets

are complex, adaptive systems influenced by countless variables,

many of which are unknowable in advance. Forecasting models often

appear impressive in hindsight but suffer from back-test overfitting,

selection bias and what researchers refer to as “statistical mirages” –

patterns that disappear in real-world application. In short, what looks

like forecasting skill is often just luck.

What looks like forecasting

skill is often just luck.

When consensus meets reality

Market history is littered with examples of confident forecasts that

failed to materialise. Entire regions, sectors and asset classes have

delivered returns few predicted at the start of the year, while widely

anticipated outcomes never arrived. This is not unusual. Markets

regularly move in ways that defy consensus expectations, particularly

during periods of uncertainty or transition. The danger for investors

lies not in forecasts being wrong, but in portfolios being positioned

because of those forecasts.

Relying on predictions encourages short-term thinking,

emotional responses to headlines and frequent portfolio changes.

Over time, this behaviour compounds risk rather than reducing it.

Removing guesswork from investing

At Independent Investment Solutions, we believe the most effective

way to manage investment risk is not by trying to predict the future,

but by constructing portfolios that do not depend on predictions

being right.

This is the role of a discretionary fund manager (DFM).

A DFM removes guesswork from investing by focusing on what

can be controlled: valuation rather than forecasts, diversification

across asset classes, regions and managers, portfolio construction

aligned to objectives and time horizons and continuous risk

monitoring supported by disciplined decision-making. Instead of

asking where markets will be next year, the focus shifts to whether

portfolios are invested in high-quality assets at sensible valuations,

with appropriate diversification and risk management.

Discipline over prediction

Successful long-term investing is not about correctly calling market

turning points. It is about patience, discipline and staying invested

through inevitable periods of volatility and uncertainty. Drawdowns

are uncomfortable but unavoidable. History shows that wellconstructed

portfolios recover from short-term declines and go on to

deliver returns above inflation over time – provided investors remain

invested and avoid reactive decision-making.

Investing without a crystal ball

Predictions will always be popular.

They are reassuring, persuasive and

easy to market. But popularity does

not equal reliability. By appointing a

DFM, investors choose a structured,

evidence-based approach that

prioritises long-term outcomes over

short-term forecasts. In a world

obsessed with predicting the future,

the most powerful investment

decision may be choosing not to rely

on predictions at all.

Michael Badenhorst,

Chief Investment

Officer, Independent

Investment Solutions


53

INVESTMENT | DFM

Is your DFM truly independent?

Here’s how to tell

Few words carry as much complexity as independence. It is often accepted at face value. So, what does

independence really mean in practice – and how should advisors assess it?

A

discretionary

fund manager (DFM) partners with

financial advisors and independent financial advisory (IFA)

practices to deliver an integrated investment solution.

The DFM undertakes investment research, portfolio

construction, implementation and ongoing oversight, ensuring

portfolios align with investors’ objectives and risk tolerances.

By assuming responsibility for day-to-day investment decisions,

the DFM frees advisors to focus on holistic financial planning, client

relationships and practice growth. Because this role sits at the

intersection of advice, markets and implementation, it demands deep

investment expertise, structured processes and robust governance.

Evolution or drift? The DFM dilemma

South Africa’s investment industry has undergone significant

structural change in recent years. Consolidation, the rise of vertically

integrated financial services models and the growth of bundled

advice-and-investment propositions have reshaped the landscape.

While these developments can create efficiencies, they also

introduce the potential for misalignment between commercial

objectives and client outcomes. For example, the pressure to include

affiliated asset managers or proprietary model portfolios can subtly

influence portfolio construction if governance structures are weak.

In this environment, the central question becomes whether a DFM’s

investment process remains genuinely insulated from structural

incentives and distribution pressures.

Strong governance and rigorous oversight provide the

foundation for disciplined decision-making. When supported by

robust operational capability and proven investment expertise,

they enable consistent, evidence-based outcomes. Where these

elements are firmly in place, a DFM’s broader corporate ownership

matters far less than the integrity of its process.

Evaluating independence

When a DFM claims independence, it signals that investment

recommendations are guided by merit rather than commercial

incentives. Yet without clear standards, independence risks

becoming more of a marketing label than a measurable practice.

Advisors are well-positioned to assess this. This starts with asking

critical questions:

Opportunity set. Does the DFM have unrestricted access to

a broad range of local and global investment opportunities, free

from structural limitations or commercial preferences?

Decision insulation. Are investment decisions protected from

sales targets, third-party relationships or the pressure to prioritise

specific asset managers or products?

Advice integration. Is the investment process designed to

accommodate diverse advisor and client needs, offering flexibility

54


for varying levels of advisor involvement rather than a single

standardised model?

Fee transparency. Are fees clearly disclosed, competitively

benchmarked and free from embedded costs?

Process consistency. Can the DFM demonstrate that its

philosophy and process are applied consistently?

Research capability

One of the most telling indicators of independence is the depth

of a DFM’s research capability. South Africa’s Collective Investment

Scheme market is complex, with 1 936 portfolios available to

investors as of September 2025, according to ASISA. This scale of

choice underscores the due-diligence burden placed on DFMs.

Navigating such an expansive universe requires rigorous analysis

across a wide spectrum of asset managers and strategies. Without

substantive research infrastructure, DFMs may default to familiar

brands, in-house funds or restricted buy lists. Robust research

capability enables:

• Thorough manager due diligence

• Risk and style analysis

• Liquidity assessment

• Portfolio fit evaluation beyond headline performance

In an environment defined by product proliferation and information

overload, research is the engine that underpins objective,

repeatable and defensible investment decisions.

Building trust

In a market crowded with solutions and competing interests,

the DFMs advisors rely on most are those whose judgement

consistently aligns with clients’ best interests. True independence

is not defined by ownership structure or marketing language. It is

demonstrated through:

• Transparent governance

• Evidence-based decision-making

• Research depth

• Process consistency

Partnerships built on this foundation foster

confidence, strengthen advisor value propositions

and support outcomes that matter most to clients. In

an industry where independence is frequently claimed

but rarely interrogated, the real differentiator lies in

the ability to demonstrate it – clearly, consistently

and without compromise.

Nadir Thokan, Senior DFM Specialist, Alexforbes

3776-2026-02 • Adobe Stock

Free yourself to make

your greatest impact.

A sustainable and profitable financial practice is all about taking care of your clients’ goals

and making the most of your time.

With Investment Solutions by Alexforbes as your DFM partner, you not only have a powerful

investment proposition for your clients, but we’ll also take care of research, analysis, reporting,

and compliance, giving you more time to guide them, coach them on good financial behaviour,

and source new business.

All that and unparalleled access to a wide range of local and global investment opportunities,

competitive pricing and tailored solutions will help you make your greatest impact yet, on your

clients and in your practice.

Let’s partner for impact.

investmentsolutions.alexforbes.com

Alexander Forbes Investments Limited is an authorised financial services provider (FSP 711 and registration number 1997/000595/06), a registered insurer (10/10/155) and an

approved retirement fund administrator (24/217).


Tokenisation of

traditional securities

A strategic evolution in market infrastructure.

The convergence of blockchain technology with

traditional financial markets is no longer speculative

– it is a structural shift redefining how investors access,

trade and interact with listed securities. In South Africa,

this transformation is already underway, with cryptocurrency

exchanges offering tokenised versions of foreign-listed shares.

This signals a broader global movement towards more inclusive

and efficient capital markets.

As tokenisation matures, virtual asset service providers and

blockchain infrastructure are poised to challenge the dominance

of traditional platforms used to access locally listed investment

products. Tokenisation refers to the creation of a blockchainbased

digital asset that mirrors the economic exposure of a

traditional security. Unlike cryptocurrencies such as Bitcoin,

which derive value from fixed supply, decentralised consensus,

network security and their role as a store of value, tokenised

securities are backed by real-world assets. This distinction is

critical for traditional investors who often struggle to reconcile

the abstract and technological value of crypto with the tangible

fundamentals of equity markets.

Beyond digitisation, tokenisation represents a reimagining of

market infrastructure. It streamlines settlement, reduces barriers

to entry and expands access to global investment opportunities.

Blockchain technology has become the catalyst for what will be

known as the digital economy, a defining feature of the Fourth

Industrial Revolution.

How tokenisation works

Tokenisation typically involves a structured vehicle, such as a

special-purpose entity, acquiring the underlying shares from a

regulated exchange or broker. These shares are held in custody

with a traditional financial institution. The sole function of the

vehicle is to hold the asset and issue a corresponding digital

representation of the asset in the form of a token on a blockchain.

Efficiency and cost reduction

The benefits of tokenised securities are compelling. Settlement

times are reduced from T+2 or T+1 to near-instantaneous T+0.

Trading becomes a 24/7 activity, unconstrained by market

hours. Fractional ownership allows broader participation and

the reliance on intermediaries – brokers, custodians, clearing

houses – is significantly diminished. This leads to a reduction in

settlement and transactional costs, making capital markets more

efficient and accessible.

Smart contracts on blockchains introduce programmable

money – self-executing logic that automates financial processes.

This opens the door to innovations, such as AI-managed portfolios

that rebalance dynamically and real-time dividend distribution.

The fusion of tokenisation and smart contracts is laying the

foundation for a more intelligent financial system.

South African investment dynamics

Natural persons can gain exposure to foreign shares through

their single discretionary or foreign investment allowances.

However, non-natural persons, such as trusts, face more stringent

requirements, often needing to implement complex structures to

access offshore investments. Tokenised securities offer a potential

solution. By acquiring digital representations of foreign assets

through local crypto asset service providers, these entities can

gain exposure without engaging in traditional cross-border

investment processes. This opens new avenues for portfolio

diversification and strategic asset allocation.

Global momentum

The rise of tokenised securities is closely tied to the adoption

of stablecoins, which are increasingly used as settlement assets

in digital financial ecosystems. In 2024, stablecoin transaction

volumes exceeded those of Visa and Mastercard combined,

reaching $27.6-trillion – a clear signal of blockchain’s scalability.

Regulatory developments such as the US GENIUS Act and

the EU’s MiCA framework are accelerating institutional interest

in blockchain-based financial instruments. A key milestone in

this evolution is Nasdaq’s proposal to enable dual trading of

traditional and tokenised shares, allowing the same security to

be traded in both conventional and blockchain-native formats.

This model preserves investor protections while introducing

blockchain-based settlement and programmability, signalling a

shift toward mainstream adoption of tokenised securities.

Looking ahead

As regulatory frameworks evolve and infrastructure

matures, tokenised securities will likely become

a cornerstone of modern portfolio construction.

South Africa has an opportunity to lead in this space,

provided regulators and market participants

embrace innovation responsibly. The

digital economy is here, and tokenisation

is its foundation.

Dr Wiehann Olivier, Partner and FinTech and

Digital Asset Lead, Forvis Mazars South Africa


SAVE THE

DATE

07 - 08 October 2026

Century City Conference Centre, Cape Town

C

FPI Awards Single BlueChip.pdf 1 2025/12/05 10:30:31

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CM

MY

CY

CMY

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2025 FPSB Noel Maye Award Recipient

Lelané Bezuidenhout, CFP ®

Financial Planner of the Year Winner

Nicola Langridge, CFP ®

Professional Practice of

the Year Winner

Ascor Independent

Wealth Managers

Top PCE Candidate Award Winner

Anza Masia, CFP ®

2025 ANNUAL

AWARDS

Student Financial Plan Competition Award Finalists

Game Shakers from University of Johannesburg

Harry Brews’ Award Winner

Kirsty Scully, CFP ®

Diversity and Inclusion Award Winner

Stephanus de Witt, CFP ®

CFP ® Financial Plan Assessment Award Winner

Verusha Naidoo

Financial Planner of the

Year Finalist

Theoniel McDonald, CFP ®

Student Financial Plan Competition Award Winners

Sisonke Financial Solutions from Nelson Mandela University

Financial Planner of the Year Finalist

Brendan Dunn, CFP ®

It Starts With Me Award Winner

Katlego Mei, CFP ®

Student Financial Plan Competition Award Finalists

3D Wealth Management from Nelson Mandela University

FINANCIAL PLANNING | Financial Planner of the Year

Meet the FPI Financial Planner of

the Year

Established in 2000, the FPI Financial Planner of the Year Award is highly coveted and recognises outstanding

achievement in the field and practice of financial planning. In 2025, the award went to Nicola Langridge,

CFP®, wealth manager at Private Client Holdings. Blue Chip caught up with her.

The FPI Financial Planner of the Year (FPotY) competition

is designed to honour the country’s leading CFP®

professional and is, by nature, rigorous and demanding.

All nominees were required to satisfy a comprehensive

set of criteria and subsequently to demonstrate their expertise

and talent through innovative ideas, superior skills and

uncompromising ethical standards in client engagements.

Congratulations on your achievement, Nicola! What does

winning the FPI FPotY Award mean to you?

Winning the award is an amazing achievement. It makes me feel

that all the hard work I have put in over the last few years has been

worth it and it is recognition that I am on the right path. I am

passionate about empowering young professionals to join the

profession and people, especially women, to take their finances

more seriously. This award provides a platform to become more

involved with consumer education and to encourage more young

professionals to join the CFP® profession.

What has been the highlight of your career (besides winning

the award)?

A highlight of my career would be when I moved from an

operational role into wealth management. I finally felt like I had

found my passion. It is always a nerve-wracking move relocating

from the back office into a space of having to bring on and deal

with clients. It is a great feeling when you get there, and it works.

What changes would you like to see in the profession?

I would like to see more people completing the Postgraduate

Diploma in Financial Planning and obtaining their

CFP® designations. There’s a big difference in the quality and

consistency of advice between CFPs® and those people who

haven’t followed the proper process or some of the finfluencers

out there. I am not saying that all of them are bad but sometimes

there is inaccurate information disseminated that makes clients

unnecessarily nervous. I would like to see more CERTIFIED

FINANCIAL PLANNERS® because the more certified planners we

have, the more people in South Africa will receive quality advice

and can be taught how to manage their finances effectively.

As this year’s FPI professional brand ambassador, how will you

use the platform to motivate change?

Through my other passion, which is public speaking. My aim is to

join platforms that reach the public such as the FPI’s MyMoney123

and the various initiatives that the FPI has. I want to get involved

with as many different forums and platforms as possible to get

the word out there.

What is your objective as the FPI ambassador?

I feel strongly about women taking ownership of their financial

affairs; women who have not necessarily always done that and

to empower more people to join the profession. Sometimes the

profession seems a bit daunting to people and I would like to

provide them with more insight into the profession. I am always

happy to mentor people, so those advisors who are wanting to

take the next step into CFP® or students wanting to move into

the profession, please feel free to contact me via LinkedIn and

we can arrange a video call. I believe it is vitally important for

those of us with more experience to give guidance to those who

are still trying to decide as to whether this profession is the right

one for them. So, education and mentorship will be my focus

during my tenure.

How should the profession improve clients’ experience of

financial planning and their financial planning outcomes?

Over the past couple of years, there has been a movement

towards behavioural psychology. Financial planners should make

sure that they are bringing the money personality and behaviour

behind the finance to their clients. If they are not and are only

focused on the technical side of money, they are not working

on the holistic financial wellness of the client. If the financial

planner doesn’t understand the client and puts them into a

solution that doesn’t match their money personality, the client

will not understand the rationale behind the goals and will lose

motivation in following a plan.

I spend a lot of time in my initial meetings trying to get to

know the client, to really understand how they feel about

investment and why they have certain goals. We, at Private Client

Holdings, focus very much on a goals-based approach with clients.


FINANCIAL PLANNING | Financial Planner of the Year

It is very good to see a lot of the other companies starting to adopt

this approach as well. If you set financial goals with your client and

understand the psychology behind each of those goals, the plan

that you put together is more effective, especially in terms of

your client’s discipline in adhering to the plan.

How has winning the award affected your work with your

colleagues and within the company?

I work in a close-knit team of 11 members. We have a previous

FPI FPotY in the team; Mark MacSymon, CFP®, won in 2017. He

has been a great mentor to me. As this is not Private Client

Holdings’ first rodeo with a FPotY in the company, the support

from the team has been great. My colleagues flew with me to

Johannesburg for the announcement of the award and have

shown support in many ways, so I do not think that there will

be any major change. The backing that I have had has been

wonderful and it is a relief to know that if there are more

engagements this year that I have the support at the office to

make sure my clients are still 100% taken care of. It is something

we take seriously.

Please share a message of motivation for those considering

entering the FPI FPotY Award.

Do it! It is worth it. It is an extremely difficult process to go through.

I wasn’t quite prepared for the immense pressure when I started. As

the other two finalists this year, Brendan Dunn, CFP®, and Theoniel

McDonald, CFP®, will attest to, the process of entering makes you

evaluate yourself as well as your practice and outlook with clients.

It is a great experience to see where you are at and to learn more

about yourself. Every financial planner should enter the award at

some point in their career.

We, at Private Client Holdings,

focus very much on

a goals-based approach

with our clients.

ABOUT NICOLA LANGRIDGE, CFP®

Nicola Langridge joined Private Client Holdings in 2016,

making her way into wealth management from a solid

grounding in unit trust operations with a local asset

manager. She has a Bachelor of Business Science with

Honours in Finance from UCT and a Postgraduate Diploma

in Financial Planning from the University of the Free State.

Langridge believes in giving comprehensive financial

advice. She has a special interest in empowering women to

take charge of their financial affairs and is committed to a

goals-based Family Office approach to structuring finances

that ensures financial security in the long term.

Langridge has travelled extensively and is now settled in

Cape Town with her husband and two children. The family

spends their free time on the beach and in the ocean.

Nicola Langridge, CFP®, Wealth Manager,

Private Client Holdings


63

FPI | Awards

Excellence is intentional

The 2025/2026 FPI Approved

Professional Practice of the Year

In a year defined by rising expectations in the profession, Ascor Independent Wealth Managers emerged as a

benchmark for what true excellence is. Awarded the 2025/2026 FPI Approved Professional Practice of the Year,

the firm stands out for technical mastery and its philosophy rooted in ethics, independence and purpose-driven

client service. Blue Chip caught up with the team.

What is the fundamental reason for your success?

Our success is rooted in long-term consistency. From day one, we

have worked to build a practice where ethical conduct, structured

processes and genuine client care reinforce each other. Our

operating frameworks, our 12-1 client engagement model and our

consolidated monthly wealth reporting have all been developed

over years with one aim in mind: to give clients clarity, confidence

and continuity.

Most importantly, our success reflects the dedication of our

team. Across planning, operations, tax, estates and administration,

our people show up for clients with professionalism and integrity

every day.

How has Ascor espoused the principles outlined in the FPI Code

of Conduct?

As the first FPI Approved Professional Practice in South Africa, the

FPI Code of Conduct is embedded in every part of our business.

Integrity, objectivity, confidentiality, diligence and accountability

guide how we plan, document, communicate and make decisions.

These principles are reflected in our written advice processes,

our conflict disclosure protocols and the way we safeguard client

interests through compliant and transparent systems.

Our internal compliance officer, together with external specialists,

ensures these standards are applied consistently. Beyond our own

practice, we also live out the Code through mentorship, professional

development and active involvement in the FPI.

What sets Ascor apart?

Three things differentiate our practice:

A multidisciplinary model. We combine financial planning,

investment strategy, estate services, tax, accounting and fiduciary

work under one roof. This allows us to deliver coordinated, holistic

advice to clients throughout their financial journey.

A structured and evidence-based service model. Our time

segmented investment framework, independent monthly reporting

and phased fee-based planning approach give clients transparency

and long-term discipline.

A culture built on care and professionalism. Our systems,

communication and commitments are designed to be clear, reliable

and client centred. Whether through rapid responses, transparent

reporting or secure technology, we focus on delivering service

clients can depend on.

Together, these foundations create a distinctive client experience.

What is Ascor’s core area of expertise?

Our core expertise is holistic retirement and wealth planning. This

includes pre- and post-retirement strategies, cash-flow modelling,

sustainable income planning, estate structures, fiduciary support

and integrated tax guidance.

Because our disciplines are housed internally, we can navigate

complex needs across generations, ensuring clients receive

coordinated guidance that stands the test of time. Our thought

leadership in retirement planning, including co-authoring The

Ultimate Guide to Retirement in South Africa reflects this depth.

What is Ascor’s advice philosophy and mission?

Our mission is to be recognised as the leading independent

wealth management group in South Africa by being innovative

and dedicated to our clients, applying Godly principles, offering

exceptional client service and maximising the personal worth

of every individual within our business. This mission shapes our

advice philosophy in four key ways:

Values-anchored holistic planning. We start with the person,

not the products. We consider their values, responsibilities,

aspirations and risks. With our multidisciplinary structure, we

integrate planning, tax, estate, risk and business factors into one

unified strategy.

Transparent, independent and structured processes. Our

fee-based model separates planning, implementation and

wealth management so clients understand each phase clearly.

Independence is protected through conflict-free protocols and

disciplined governance.

Consistent long-term stewardship. Our 12-1 engagement model


FPI | Awards

our culture and our work, and say, “Judge us honestly. If we fall

short, we will learn. If we excel, we will share.”

We also saw the awards as an opportunity to honour our team.

Much of what defines Ascor has been built quietly over many years

by people who give their best without seeking recognition.

As one of the first FPI Approved Professional Practices, entering the

Institute’s highest award is a natural extension of our commitment

to strengthening the profession.

Ascor Independent Wealth Managers accepting the award.

ensures clients receive structured annual reviews plus monthly

consolidated wealth reports. Planning becomes a continuous

relationship, not a once-off exercise.

Maximising the personal worth of every individual in

our business. This principle is central to who we are. It means

supporting our people through mentorship, qualifications and

leadership development. It means creating an environment

grounded in dignity and shared values. When our people grow,

our clients benefit directly through better service, sharper insights

and deeper care.

Our mission is not a statement on paper. It is the framework

that guides how we serve and how we build enduring client

relationships.

Why did you enter the FPI Awards?

We entered the FPI Awards because leadership requires

accountability. If we intend to be recognised as a leading practice,

we must be willing to stand before our peers, share our processes,

What did you learn through the process?

The process reinforced that excellence is intentional. It is built

through discipline, alignment and shared values. Several insights

stood out:

Clarity is power. Documenting who we are, how we operate and

how we innovate strengthened our appreciation for the precision

behind our work.

Culture shapes outcomes. The submission process highlighted

that culture is visible through behaviour, teamwork and client care.

Our consistency and highly-principled approach form a culture that

supports long-term excellence.

We are custodians of trust. This award is not a finish line. It is

a responsibility. Clients entrust us with their financial wellbeing,

their concerns and their futures, and we must continue earning

that trust through integrity, transparency and reliable service.

For our team, the process affirmed that the years of committed

work, grounded principles and collaborative spirit are making a

meaningful difference in the lives of the people we serve. That

remains the greatest reward.

AWARD FINALISTS

Consolidated Wealth Group

Consolidated Wealth Group is an independent

wealth management and financial planning practice

based in South Africa. The practice provides a

comprehensive range of advisory services tailored

to the unique needs of each client.

The Ascor Independent Wealth Managers team.

Veritas Wealth

Veritas Wealth is an independent, fee-based

financial planning company focused on managing

wealth. The team at Veritas Wealth believes in a

“lifestyle” approach to financial planning.


65

PRACTICE MANAGEMENT | Financial planning

Seeing the wood for the trees

Professional conduct at Woodland Wealth is defined by rigorous standards, disciplined processes and

an uncompromising commitment to client interests. Ethical behaviour forms the foundation of client

engagement. Blue Chip speaks to CEO, Andró Griessel.

Please tell us about Woodland Wealth.

Woodland Wealth was founded in 2003 with a clear and deliberate

objective: to help clients make better financial decisions over

time. From the beginning, the emphasis has been on decision

quality rather than on products, predictions or short-term

outcomes. We believe that financial success is rarely the result

of a single clever idea or market call, but rather the cumulative

effect of consistently good decisions made over long periods.

We operate as an independent, advice-led practice and have

intentionally structured the business to support long-term

thinking, discipline and accountability. This means investing in

people, systems and governance frameworks that allow us to

act in our clients’ best interests, even when doing so is

commercially disadvantageous to us in the short term. We have

always held the belief that, if we did our work properly and

remained disciplined, sound financial outcomes would follow

as a natural consequence.

Over more than two decades, we have been deliberate about

building a business that clients can trust and that our team can

be proud of. That requires a long-term mindset, patience and a

willingness to resist industry trends that prioritise sales targets

over client outcomes. Our focus has always been on building

something durable rather than something fashionable.

What services do you offer?

We offer holistic financial planning across a broad range of

disciplines, including investment planning, retirement planning,

estate and succession planning, tax structuring, offshore

investing and long-term risk planning. These areas are deeply

interconnected and addressing them in isolation often leads to

suboptimal outcomes.

Our work begins with understanding the client’s full financial

position, personal and business objectives, risk exposures and

the decisions they are likely to face over time. From there, we apply

a structured, evidence-based planning process designed to identify

the most important issues and organise actions accordingly.

Implementation is a later step in that process, not the starting

point. Products are introduced only where they add clear,

measurable value and support the broader plan. This approach

helps ensure that advice remains aligned with the client’s long-term

interests rather than short-term market movements, emotional

reactions or product incentives.

We operate as an independent,

advice-led practice.

Woodland Wealth has recently been recognised as an FPI

Approved Professional Practice. Please tell us more.

The FPI Approved Professional Practice designation is a

voluntary accreditation awarded following an independent

assessment of a practice’s governance structures, professional

standards and advice processes. Currently, only about 20

practices nationally hold this designation. It is not a regulatory

requirement, but rather a professional benchmark that reflects

maturity, discipline and consistency in how advice is delivered.

For us, this recognition does not represent a change in

direction. Instead, it serves as external confirmation that the



way we have structured and delivered financial planning over

many years is aligned with the highest professional standards

in the industry. It affirms the importance of process, ethics and

governance in delivering good client outcomes.

How does Woodland Wealth espouse the principles outlined in

the FPI Code of Conduct?

The principles of integrity, objectivity, competence, fairness

and professionalism are embedded in the DNA of our business

rather than treated as compliance requirements. One of the most

practical expressions of this is our remuneration structure. All

advisors are salaried, which removes product-driven incentives

and significantly reduces conflicts of interest.

Transparency is another key pillar. We make a conscious

effort to ensure that clients understand how advice is given, how

fees are charged and how decisions are reached. This allows clients

to engage meaningfully with the advice process and reduces

anxiety around potential hidden agendas.

We also place a strong emphasis on education and professional

development. Financial planning is a complex discipline, and

competence is not static. Ongoing learning and professional

accountability are essential if advisors are to remain effective

over time. Treating clients fairly, in our view, is not something

that can be achieved through rules alone; it requires a deeply

embedded culture.

What gives Woodland Wealth its edge?

What gives Woodland Wealth its edge is probably that we

don’t spend much time thinking in terms of having an “edge” at

all. We have enormous respect for the quality and professionalism

of many of our peers in the industry, and we’re very aware

that great advice is delivered by many excellent practices.

Our focus has always been inward: continuously refining our

processes, improving client experience and holding ourselves

to higher standards year after year. We believe consistency,

discipline and a genuine commitment to doing what’s right

for clients matter more than trying to outperform others. For

us, progress is the benchmark, not comparison.

High standards, accountability

and humility guide our decisions.

What is Woodland Wealth’s philosophy?

At Woodland Wealth, our philosophy is built on respect, trust

and a commitment to constant improvement. We believe that

lasting value is created through consistent, thoughtful work

over time – not quick fixes or shortcuts. That applies not only to

how we serve clients, but also to how we work together as a team.

We aim to foster a culture where high standards, accountability

ANDRÓ GRIESSEL, CFP®

Andró Griessel, CFP®, is the founder

and CEO of Woodland Wealth, an

independent financial planning

practice established in 2003. With more

than two decades of experience, he has

built the business around the belief

that sound decision-making and

evidence-based advice matter more

than products or predictions.

At the heart of his philosophy

is a simple principle: to take good

care of clients and the people within

the business, so that Woodland

Wealth moves forward as a collective

rather than as individuals. This has

shaped a family-centred culture built

on trust, care and shared responsibility,

ensuring clients feel supported by the

entire team.

He holds a BCom degree from

Stellenbosch University, a Postgraduate

Diploma in Financial Planning and is a

CERTIFIED FINANCIAL PLANNER®.

Andró Griessel, CFP®, founder and CEO, Woodland Wealth


67


and humility guides our decisions, and where continuous learning

and refinement are part of how we operate every day.

Our role is to help clients make rational, evidence-based

decisions and to support them in maintaining discipline through

different stages of their financial and personal journey. This often

means helping clients do less, not more, and avoiding decisions

that feel compelling in the moment but are harmful over time.

We do not measure success by industry awards, media

recognition or short-term performance rankings. We measure

success by the extent to which we improve our clients’ financial

wellbeing and help them achieve outcomes that are meaningful

in the context of their lives.

Please tell us about Woodland Wealth’s range of asset

management solutions.

Our range of investment funds is designed to reflect the same

core principles that guide our advice: evidence-based

decision-making, disciplined long-term thinking and a focus on

outcomes that truly matter to clients. Through Woodland

Asset Management, we offer diversified portfolios such as the

Woodland Ci Balanced Fund, Unconstrained Balanced Fund and

Global Opportunities Feeder Fund – each thoughtfully constructed

to deliver sustainable growth over time without succumbing to

short-term market noise.

Our focus has always

been inward: continuously

refining our processes.

In addition to these balanced multi-asset solutions, we

partner with RealFin to make available the RealFin Pearwood

Multi-Strategy Qualified Investor Hedge Fund of Hedge Funds.

This fund provides access to a diversified suite of hedge fund

strategies under a single vehicle, offering experienced investors

a multi-disciplined approach with the aim of enhancing riskadjusted

returns across different market environments.

Across all our funds, the emphasis remains on robust process,

disciplined asset allocation and transparency – not on chasing

overnight performance. What unites them is the purpose behind

their design: to help investors pursue their long-term financial

goals with confidence and clarity.


FINANCIAL PLANNING | Wealth management

Advancing professionalism

in the industry

Consolidated Wealth Group provides exceptional financial planning advice, a standard that has been built

through years of dedicated excellence. The group was the first wealth management firm to earn FPI Approved

Professional Practice status. Blue Chip speaks to CEO, Craig Kiggen.

Please tell us about Consolidated Wealth Group.

Consolidated Wealth Group was created to address an enduring

challenge in financial planning: the vulnerability of one-person

advisory practices. When advisors work alone, without adequate

infrastructure or continuity, clients can be left exposed. At the

same time, Consolidated Wealth Group’s founders wanted to avoid

another risk – building a business so large that personal relationships

become transactional.

This realisation shaped the group’s founding philosophy.

Consolidated Wealth built a model offering meaningful scale

without losing intimacy. By creating specialist verticals – including

private client advice, employee benefits, treasury, legal and

trustee services, estate management, asset management, risk and

retirement planning – it built a multi‐disciplinary model offering

technical depth and high-touch, relationship-driven service.

The intention was to create a firm not just for today’s planners,

but for the next 50 years of clients and future leaders.

Consolidated Wealth Group has recently been recognised as an

FPI Approved Professional Practice. Please tell us more.

For the team, pursuing this accreditation was not about recognition

for its own sake. It was about demonstrating that the group’s

internal standards could withstand the most rigorous external

assessment available. Inviting the FPI to interrogate our systems,

advice processes, compliance structures and governance framework

was a deliberate act of accountability. If we expected planners and

clients to trust the business and its systems, it needed to benchmark

itself against the highest professional standards – publicly and

transparently.

Achieving the designation reinforced our belief that excellence

must be both measurable and repeatable. The accreditation serves as

concrete proof that our model, built around structure, collaboration

and ethical consistency, is not only effective but industry‐leading.

Professionalism is not an aspiration but a discipline.

How does Consolidated Wealth Group espouse the principles

outlined in the FPI Code of Conduct?

The FPI Code’s principles – competence, integrity, confidentiality,

diligence, objectivity and accountability – are the organisational

blueprint rather than a compliance requirement. These values

influence hiring, internal decision‐making and the quality of

every client interaction. Leadership acts as the custodian of these

standards, ensuring they are upheld consistently across the firm.

This is reflected even in our visual identity: a logo combining tree

rings and a thumbprint to symbolise longevity and individuality.

The metaphor captures its belief that each client relationship is both

unique and built to endure. The practical impact is tangible – staff

are aligned around a shared ethical framework, clients experience

consistency and planners work within a culture where doing what

is right is reinforced, not left to interpretation.

What gives Consolidated Wealth Group its edge?

Our edge is a combination of rigorous systems, independent

governance and unwavering commitment to values. Its back‐office

infrastructure, from advanced CRM tools to robust reporting and

workflow systems, creates a disciplined environment that supports

accuracy, responsiveness and continuous improvement.

Crucially, our investment platform is fully independent and

subject to peer review through an investment subcommittee and

advice forum. This prevents the risk of personality‐driven decisions

and ensures every client solution is vetted through a collective

intelligence model. The result is a blend of personal service and

professional discipline – a rare equilibrium in a market where firms

tend to swing towards either boutique intimacy or corporate scale.

What is Consolidated Wealth Group’s philosophy?

The group’s philosophy is deeply rooted in a faith‐inspired ethic of

stewardship, trust and responsibility. These values guide

how the business relates to clients, colleagues and

shareholders, shaping decisions in favour of long‐term

impact rather than short‐term gains.

A key expression of this philosophy is the building

of a next‐generation leadership pipeline. The

founders understand that true stewardship requires

continuity – not just operationally but culturally.

Deliberately investing in future leaders ensures that

clients will continue receiving the same calibre

of care for decades to come. This moral

clarity, paired with professional rigour,

positions Consolidated Wealth Group as

an institution built with the far future in

mind, not merely the present.

Craig Kiggen, Director and CEO, Consolidated Wealth Group



Shaping spaces that help

great financial planners

do their best work

Consolidated Wealth Group is shaping a space where thoughtful advice, disciplined investment thinking and

well‐designed systems come together with purpose. It’s a quiet evolution, grounded in professionalism, that

signals a forward‐looking approach to the craft of financial planning.

excellence isn’t just encouraged, it’s embedded in the way the

firm operates.

The advice forum members bring a range of experience, skills

and perspective. The most senior members have over 30 years

of planning experience bringing depth and wisdom, while the

youngest members are next-gen graduates in their first decade

of work bringing fresh ideas and perspective.

By strengthening the structures that support planners –

governance, technology, operations and collaborative

forums – the firm is cultivating an environment where

expertise deepens, client outcomes improve and values

are lived not laminated.

Advice forum

Colin Long, CFP®, Head of Advice

Head of advice, Colin Long, CFP®, says,

“At Consolidated Wealth, the client

sits at the heart of everything we do.

The advice forum exists to ensure

that every element of the business:

advice, systems, processes, tools and

thinking, continually evolves to meet

the highest professional standards.”

For clients, this means a robust,

thoroughly considered financial

planning experience that is always

improving, always adapting and always designed with their best

interests in mind. For planners, it creates an environment where

Investment sub-committee

The investment sub-committee builds and manages investment

solutions using strategic asset allocation informed by economic

data and asset manager insights. Investment solutions are

implemented through Consolidated Wealth Group’s Category

II discretionary licence which supports agile portfolio

implementation and management and ensures a well-governed

client experience with strict adherence to FSCA standards.

For clients, this disciplined process has delivered strong,

consistent performance across portfolios. Centralising portfolio

construction removes the burden from financial planners

of picking funds which frees them to focus on what they

do best – building deep client relationships, understanding

goals, assessing risk and applying true financial planning

expertise – while confidently relying on well-constructed

investment solutions.

Our disciplined processes have

delivered strong, consistent

performance across portfolios.

An enabling IT system

Consolidated is building a secure, scalable, fully accessible

CRM system, called eConsol, that financial planners can access

seamlessly on mobile or web, giving them instant access to

accurate client information wherever they are. By integrating

investment, risk, medical aid and employee benefit data,

planners gain a holistic client view that supports high-quality

advice. Automated workflows, reduced manual processes,



precise fee reconciliation and the ability to assign tasks directly

from a mobile device streamline administration, cut errors and

free planners to focus on client relationships and advice.

Strategically designed admin systems

Melissa Ramiah, CFP®, Head of Administration

The admin team is designing processes

that turn administration into a strategic

support function. By using eConsol,

consistent Standard Operating

Procedures (SOPs), strong compliance

standards and robust data‐security

practices, the firm creates a seamless

and reliable client journey. Head of

administration, Melissa Ramiah, CFP®,

says, “We see admin as the key enabler

of advice excellence. By ensuring

strong administrative foundations, accurate records and compliant

processes, the admin team supports advisor effectiveness, client

confidence, regulatory integrity and operational efficiency across

the group.”

Compliance

Consolidated Wealth’s compliance system is built on well-defined

processes, continuous staff training and strong regulatory

awareness. The firm invests significant effort into understanding

regulatory requirements and designing systems that make

compliant behaviour the natural, efficient way of working. It

prioritises compliance as a core business function, supported by

robust processes that include careful consideration of FICA, FAIS,

Joint Standards 1 and 2, COFI as well as identifying other potential

risks and opportunities. By creating clear procedures, leveraging

secure digital tools like electronic signing and straight through

processing and maintaining high cybersecurity standards, the

firm removes much of the administrative burden from financial

planners. This allows planners to focus on client work while the

back office ensures compliance is seamless and reliable.

This approach removes uncertainty, supports predictable income,

strengthens financial stability and enables planners to focus fully

on clients and long-term growth.

Career paths

Julie-Anne Visagie, Group Operations Manager

New and seasoned financial planners

can build meaningful careers at

Consolidated through continual

growth and development. Group

operations manager, Julie-Anne

Visagie, explains that new planners

often begin by learning end-to-end

advisory processes and may progress

through internal advisor roles while

gaining confidence and technical

capability. Mentorship from

experienced planners strengthens their readiness for a successful

professional career as a financial planner. Seasoned planners

benefit from peer forums, ongoing upskilling and structured

performance appraisals that reinforce values, competence and

professional development.

The client sits at the heart

of everything we do.

Non-Profit Company (NPC)

Consolidated is establishing the Faithful Stewards NPC as a

vehicle for values‐aligned community upliftment. It enables

staff, clients and others to channel donations to reputable NGOs,

offering tax‐deductible giving while ensuring contributions

are not used as marketing, but as an authentic expression

of stewardship rooted in biblical values. The NPC serves as a

bridge for donors, helping uplift communities, invest in future

generations and support impactful, purpose‐driven projects.

Financial management

Justin Diedericks CA(SA) Group Financial Director

Consolidated’s finance team is

evolving from a back-office function

into an analytical partner. They assess

each planner’s book to identify

opportunities, risks, fee gaps and

growth potential, while providing

real-time performance insights and

ensuring correct fee flows. They

collaborate with planners annually to

review historical performance, set a

stable salary, and reassess it at year end.


71

CLIENT ENGAGEMENT | Behavioural finance

Listening:

the financial planner’s “tape measure”

The key to ensuring the financial plan fits the client’s life, not just their wallet.

A

study by Brinson, Hood and Beebower (BHB) in 1986

found a portfolio’s asset allocation had the greatest

impact on the variability of returns. Specifically, they

found that “investment policy dominates investment

strategy”. In other words, setting a strategic asset allocation for

a portfolio was far more important than tactical asset allocation,

trying to time the market or selecting out-performing securities.

The finding was so controversial that BHB redid the study in

1991, only to come up with a similar finding.

In response to the BHB findings, behavioural economist

Meir Statman provided a thought-provoking analogy for the

role of a financial advisor, observing: “Good strategic asset

allocation is like tailoring a well-fitting suit. Good tactical

asset allocation and security selection is like weaving the suit’s

fabric at a low cost. Both are important but they are distinct.”

Statman argues that “financial advisors are tailors more than

they are weavers; they are investor managers more than they

are investment managers”.

If you have ever had a suit or an item of clothing made, you

know the tailor’s focus is on the fit not just the fabric. They ask

how it feels; they look at how it sits on you. A high-quality fabric

provides zero comfort if it is cut for a size 40 body but draped

over a size 46 client.

As George Bernard Shaw said, “The only man I know who

behaves sensibly is my tailor; he takes my measurements anew

each time he sees me. The rest go on with their old measurements

and expect me to fit them.”

The analogy of a financial planner as a tailor seems apt. After

all, surely sound financial planning can only happen if you take

the client’s “measurements anew” each time you meet with

them. Clients’ lives are never static. Things change from day to

day, never mind meeting to meeting.

It’s in the listening and

holding space for the client,

where the magic happens.

The planner’s job is to hold up the mirror and help the client

determine how the “suit” feels. Arguably, this skillset is far

more complex than that of the investment manager. Cutting

and sewing fabric is technical; helping a human being navigate

cognitive, emotional and social biases requires advanced

human skills.

Statman points out a difficult reality: “Investors see more value

in weaving than in tailoring.” Clients are often more willing to pay

for the promise of beating the market than for the diagnosis of

goals, help in making choices and the management of behaviour.


CLIENT ENGAGEMENT | Behavioural finance

The challenge financial planners face is twofold: convincing

the client of the value of the tailor, but first, believing it

themselves. If planners continue to sell themselves as weavers

– promising superior fabric and market-beating returns – they

are fighting a losing battle against the data.

To unlock their true value, planners must embrace their

role as investor managers. While asset allocation may provide

the fabric, it is the investor manager who ensures the suit fits,

allowing the client to wear it comfortably through all seasons

of life.

In a recent essay, Meghaan Lurtz wrote about a lunch she

had with George Kinder, a US financial planner who is widely

regarded as the founder of life planning and an advocate

for clients to consider what they want from their life before

deciding what to do with their money. In helping clients work

out what’s important to them, Kinder came up with three key

questions for clients to consider:

1. If you were financially secure, how would you live your life?

2. If you were given five to 10 years to live, what would you

change in your life?

3. If you were given 24 hours to live, what would you regret

about your life?

I have worked with financial planners who have embraced

using these questions with clients, and other financial planners

who have resisted using them, feeling they are almost too

jarring. But anyone who reflects on the questions is likely to

get closer to determining what’s important to them.

Lurtz asked Kinder, “What have you realised about life

planning that you didn’t know in the beginning? When you

reflect on all that has become important and how training

has developed and focused, what’s the thing that you didn’t

see coming?”

His answer: Listening. Kinder said the famous questions

matter far less than the listening, because it’s in the listening

and holding space for the client, where the magic happens.

As Lurtz says, “When we listen, we avoid jumping to

interpretation, being the one who connects the dots.” She

points out that it’s not the financial planner’s job to write the

client’s narrative. “It’s your job to listen until they do. They can,

and they will – and when they do, it’s powerful.”

In a sense, it’s the listening that enables you to take the

client’s “measurements anew” each time you see them. It's

through listening that you ensure that you don’t go on with

your client’s “old measurements and expect them to fit”.

In her book, You’re Not Listening, Kate Murphy references

qualitative research expert Naomi Henderson who has run

thousands of focus groups and who says the hardest thing

about listening is resisting the urge to insert your point of

view instead of just taking in what people have to say. This urge

is particularly challenging for financial planners because clients

have come to see you because they want advice. And time is

money. So, there is often a desire to “cut to the chase”.

The problem is, how do you know that the client has said

all they need to say before you give advice? To what extent

have you allowed the client to do their own thinking and shared

that thinking with you, and more importantly with themselves.

Have they come to insights for themselves before you share

your insights?

I remember facilitating a listening exercise on a coaching

programme for financial planners. Participants were in pairs

practising their coaching and listening skills. In one instance,

a financial planner was sharing a dilemma about their business

in the hope of developing some insight for themselves about

the way forward. Before he had even finished describing

their dilemma, his partner interrupted him and said, “Don’t

worry, you don’t need to say any more, I know exactly what

you need to do.” In this interruption, the planner believed that

because they had faced a similar situation in their own business,

they “knew” what needed to be done. This is an example of using

your own measurements to tailor the client’s clothes. In giving

advice too soon, before you have measured the client anew, you

are effectively lending your clothes to the client. The fit is unlikely

to be right.

If the tape measure is the most important tool of the tailor,

listening must be the most important tool of the

financial planner.

References

Brinson, Gary, Hood, Randolph and

Beebower, Gilbert; "The Determinants of

Portfolio Performance"; Financial Analysts

Journal, July-August 1986, pp. 39-44.

Brinson, Gary, Singer, Brian and Beebower,

Gilbert; “The Determinants of Portfolio

Performance II: An Update”; Financial

Analysts Journal, 47, 3 (1991), pp. 40-48.

Lurtz, Meghaan; “Good Question. Wrong

Time. The risks of going too deep, too soon

in financial planning.” (Less) Lonely Money,

Substack, 3 September 2025.

Statman, Meir; “The 93.6% Question of

Financial Advisors”; The Journal of Investing,

2000 pp. 16-20.

Rob Macdonald,



FINANCIAL PLANNING I Vulnerable clients

Advising vulnerable clients

Globally, regulators are increasingly turning their attention to the protection of vulnerable customers.

In South Africa, the absence of a unified regulatory framework

places the responsibility firmly on the shoulders of professionals,

requiring them to exercise sound judgement and demonstrate

ethical leadership within the advisory sector.

Recognising vulnerable situations

Many advisors will be familiar with situations such as clients forgetting

to pay their bills, a partner dominating meetings while the investor

remains silent, a widow expressing a desire to cash out all her

investments or a teenager inheriting a substantial sum but lacking the

means to open a bank account. These are not uncommon occurrences;

rather, they serve as important indicators of vulnerability.

Yet advisors often lack a framework to recognise and respond

appropriately. This article, the first in a series on advising vulnerable

clients, explores what “vulnerability” really means and how it intersects

with legal capacity in South African law. The series is dedicated to

exploring the legal foundations, behavioural aspects and practical

measures that advisors can employ to safeguard the interests of

vulnerable clients while upholding their autonomy and dignity.

Sometimes the numbers make sense, but the client’s behaviour

does not; that is when vulnerability walks into the room.

Who is vulnerable?

Vulnerable clients come from a wide range of backgrounds and

circumstances, including:

• Minors and young adults

• Elderly individuals

• Clients experiencing financial stress

• Clients with disabilities or medical conditions

• Partners in relationships where power imbalances or dependencies

limit financial autonomy

• Legal subjectivity and capacity

There is an important distinction between legal subjectivity, the

possession of rights, and legal capacity, the ability to exercise those

rights. That is why guardians, curators and trustees act “on behalf of”

vulnerable clients – because the person retains rights but cannot

exercise them alone, as they have lost their legal capacity.

When discussing vulnerable clients, legal capacity is crucial. In

South African law, legal capacity is a person’s ability to make decisions

that have binding legal effect – to acquire rights and incur obligations

through their own acts.

It is mportant to note that legal subjectivity is acquired at birth

and lost at death. Every human being has legal subjectivity from birth,

but not everyone has full capacity to act. Minors (under 18), people

with mental impairment or anyone acting under coercion or undue

influence may have limited or no capacity. Capacity can be temporary

(after trauma or illness) or permanent.

Vulnerability

Between full legal capacity and proven incapacity lies a wide grey

zone, the space where vulnerability lives.

Vulnerability is not a legal status; it is a practical condition. It arises

when personal circumstances like grief, domination by a partner, low

financial literacy, stress or cognitive decline impair a client’s ability to

make sound, independent decisions.

The UK Financial Conduct Authority (FCA) defines a vulnerable

customer as someone “especially susceptible to harm, particularly

when a firm is not acting with appropriate levels of care” (FG21/1,

para 1.1). The same principle applies in South Africa, even though our

legislation has yet to codify it.

Legal capacity is a binary concept.

Professional duty

Our professional obligation is very much codified and must be

considered when advising vulnerable clients, but at the end, it is

also about doing what is right. The FAIS General Code of Conduct

and Treating Customers Fairly (TCF) principles impose duties that go

beyond the law:

• Section 2 of the Code – advisors must act with “due skill, care and

diligence”.

• Section 8(1) of the Code deals with suitability – advice must be

appropriate to the client’s circumstances and understanding.

• TCF Outcome 3 – clients are provided with clear information and

kept appropriately informed.

Conclusion

Legal capacity is a binary concept: a person either has it or does

not. Vulnerability, on the other hand, exists along a spectrum

and requires professional judgement, empathy and adaptable

communication. Recognising vulnerability early when decisions are

legally valid but ethically sensitive distinguishes mere compliance

from true professionalism. Ultimately, advising vulnerable clients

means recognising signs of vulnerability before

legal intervention becomes necessary and

responding appropriately. While advisors

often focus on whether a client “has legal

capacity”, their true responsibility begins

where capacity ends and competence is in

question. It is both an ethical and fiduciary

duty to adjust advice as needed.

Wessel Oosthuizen, CFP®, FISA®, Head of

Financial Planning, Fiscal Private Clients


Financial Planners

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PRACTICE MANAGEMENT | Technology

The human edge: why AI will not

replace the fiduciary advisor

Navigating the regulatory imperative of explainable AI and behavioural coaching.

The conversation dominating South Africa’s financial

sector has shifted from “Is AI coming?” to “How

quickly can we adopt it?”. For many financial

advisors, especially seasoned professionals, the

rise of sophisticated AI-powered advice tools, including

Generative AI and advanced robo-advice platforms, has

fuelled a deep-seated fear: am I becoming obsolete? Advisors

are rightfully concerned about losing clients to low-cost,

instant and data-driven recommendations. While this

anxiety is understandable, the consensus across local

industry experts and global bodies like the CFA Institute

and Financial Planning Standards Board (FPSB) is clear: AI is

not a threat to the financial advisor; it is an existential threat

to the purely technical advisor. The future of the profession

hinges not on resisting technology, but on mastering the

high-tech, high-touch model.

The debate over AI

replacing the financial

advisor is misplaced.

The core concern

The fear among South African advisors is rooted in AI’s

undeniable superiority, specifically in three key areas that

are now global realities:

Technical supremacy and speed. AI models are

exponentially faster at the core mechanical tasks of financial

planning. As high-lighted in MoneyMarketing, advanced

scalable AI can calculate over seven-million financial scenarios

in less than a minute, a feat impossible for any human. This

computational power creates a “contextual financial identity”

for every client, enabling instant and hyper-personalised

plan construction. Advisors who focus solely on portfolio

construction or product selling will find their technical value

eroded by the machine’s efficiency.

Real-time and continuous guidance. Major institutions

like FNB are already deploying AI to offer real-time guidance

that adapts to life changes, such as salary increases and

provides immediate shortfall alerts for retirement goals.

This dynamic 24/7 advice model challenges the traditional

annual review cycle, making the human advisor’s periodic

check-in feel slow by comparison.

Operational efficiency gains. The business case for AI is

compelling globally. MoneyMarketing notes that practices

using AI effectively report a 25% to 35% improvement in

operational efficiency, reinforcing the FPSB’s finding that

78% of financial planners believe AI will help them better

serve clients.

The regulatory and ethical imperative: explainable AI

The most robust defence for the human advisor lies in the

ethical and regulatory gaps created by autonomous AI.

The human advisor must now become the explainer-inchief

and the ultimate risk manager.

The “black box” problem. The CFA Institute warns that

the complexity and opacity of AI models, the so-called

“black box”, significantly impedes greater AI adoption.

These opaque systems undermine public trust, regulatory

compliance and risk management. The human advisor

must translate complex AI output into understandable,

auditable advice.

Model hallucinations and accuracy. Trust cannot be

ceded to a machine that can suffer from model hallucinations

or incorrect outputs – a top concern cited by 42% of global

planners. The advisor, acting as a fiduciary, must provide

the necessary judgement and final oversight to ensure

recommendations are reliable, ethical and compliant with

local law.

Data privacy concerns. The 2025 global FPSB survey,

“Impact of AI on Financial Planning”, identified data privacy

and cyber-security as the top concerns among 47% of

financial planners. The advisor therefore assumes the critical

responsibility of selecting secure tools and maintaining the

rigorous data governance required by local legislation.

The human edge: where AI fails and empathy thrives

The advisor’s true value lies in the non-replicable human

element, which remains the primary source of lasting client

conviction and trust.

Emotional coaching and behavioural correction. While

Generative AI can mimic non-judgemental comfort and

fulfil some client needs for self-expression, it cannot provide

genuine empathy and conviction assessment. A human


PRACTICE MANAGEMENT | Technology

advisor’s most valuable function is preventing clients from

making disastrous emotional decisions during market turmoil.

The skill of interpreting data, which 49% of global planners are

seeking training for, remains uniquely valuable.

The advisor as family coach and navigator. The deepest

value an advisor provides extends beyond the individual to

the entire family unit. This is the art of generational wealth

management, where human advisors become indispensable

as they address the emotional aspects of money, from

navigating family disputes over wills and trusts to coaching

children through their first investment decisions.

An algorithm cannot mediate a discussion between

heirs, nor can it provide the seasoned, empathetic guidance

gained from witnessing decades of client life events

including divorce, entrepreneurship and retirement health

crises. This accumulated human experience allows the

advisor to anticipate complex scenarios and plan for future

outcomes that no data model could ever truly predict,

securing the legacy and wellbeing of the whole family.

Navigating the local literacy gap and democratisation. A

purely digital approach in South Africa is problematic due to

the persistent financial literacy gap. According to Momentum,

while South Africans may be digitally fluent, only about 20% are

financially literate. This reinforces the advisor’s crucial role in

explaining, educating and correcting the blind spots left by

generic AI advice. The FPSB highlights that 60% of planners

believe AI will increase access to financial planning for

underserved populations, positioning the human advisor as

the key to leveraging AI to expand the market ethically.

Future-proofing your business: an action plan

The path forward requires proactive evolution, not defensive

retreat. Blue Chip indicates that 64% of financial planning

firms are already using AI or planning to, demonstrating

that the future is now.

Reframe and scale your value proposition

Shift from data collator to data interpreter and coach.

Dedicate time saved by AI to focus almost entirely on soft

skills and ethical judgement. Your value lies in validating,

questioning and correcting AI’s output while demonstrating

superior ethical judgement and local nuance.

Prioritise the family unit. Officially incorporate

emotional coaching, generational transfer and behavioural

guidance into your core service description.

Integrate technology with strict governance

Start with automation. Use AI immediately for the areas

local planners are already adopting such as automating

routine tasks, generating reports, streamlining compliance

checks and drafting client communication.

Develop an XAI policy. Define where client data is

stored and establish clear protocols for human review of

AI recommendations to satisfy the Explainable AI (XAI)

imperative and protect against model hallucinations.

Prioritise data security. Due diligence on data privacy

and cybersecurity must become a primary focus before

adopting any new AI tool.

The verdict

The data is conclusive: the debate over AI replacing the

financial advisor is misplaced. The real challenge is about

professional evolution. The firms and advisors that will

thrive are not those that resist technology, but those that

strategically integrate it. They understand that AI is not a

competitor; it is a powerful lever used to amplify their human

value. By embracing AI for its efficiency, gaining the 25% to

35% operational advantage that frees up time, advisors can

finally dedicate their energy to the unique human skills the

market demands.

These skills include serving as the ethical fiduciary, acting as

the explainer-in-chief for Explainable AI and providing the moral

governance required to mitigate risks like model hallucinations.

They encompass being a behavioural coach, providing the

empathy, emotional conviction assessment and corrective

guidance necessary to navigate market crises and

overcome South Africa’s persistent financial literacy gap.

And they involve being a family navigator, serving as

the long-term, trusted coach to the entire family unit,

leveraging accumulated human experience to secure

legacies that no algorithm can ever fully model.

The future of financial advice is not human versus machine;

it is the fiduciary human directing the intelligent machine

to deliver a level of service in terms of precision, ethics and

emotional support that was impossible before. The ultimate

success metric for the next generation of advisors will not be

their technical expertise, but their capacity for humanity.

Murray Anderson, Head of Retail,

Prescient Investment Management


77

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The compliance landscape for

financial planners for 2026

Assessing the regulatory landscape can be compared to reading the ocean before a surf.

The water is never static; it shifts with tides, wind and

swell. In the same way, the environment in which

financial planners operate is shaped by constant

regulatory movement: new conduct standards,

emerging risks and changing expectations from the regulators.

Skilled surfers do not simply paddle out to sea and hope

for the best. They pause on the shoreline, studying the sets

forming beyond the break, identifying rips, currents and

hidden reefs. Likewise, a prudent financial planner scans the

horizon for regulatory change, hidden risks, upcoming COFI

requirements, enhanced Anti-Money Laundering (AML) duties

as well as evolving expectations around culture, governance and

consumer outcomes.

Just as each wave shapes its own size and carries its own

energy, every piece of legislation and supervisory guidance

brings its own momentum and impact. Some waves are gentle

rollers, representing manageable regulatory updates that

simply require small adjustments. Other waves arrive with force,

demanding agility, preparation and technical skill. The key is to

anticipate rather than react, choosing the right position long

before the swell rises.

Ultimately, surfers who thrive are those who respect the

ocean, read its patterns and adapt with wisdom. Financial

planners are no different. Those who understand the regulatory

“conditions”, who remain alert to shifting tides and who cultivate

strong risk-management “balance”, will ride the waves with

confidence, while those who ignore the warning signs risk being

caught inside.

For the surfer, not all parts of the wave carry the same level of

risk. The water at the base of the wave is comparatively settled.

This part represents the legislation and regulatory expectations

that have already been absorbed into everyday practice. These

are the familiar, established requirements that experienced

financial planners have learned to navigate with confidence.

They have already been integrated into the rhythm of the

business. Interestingly, I never hear financial planners talk to

the Financial Sector Regulation Act (FSR). It seems that the FSR

Act has been absorbed into the foundation of FSP businesses.

The same can almost be said for the Protection of Personal

Information Act (POPIA) and the Financial Advisory and

Intermediary Services Act (FAIS). After all, we have celebrated

the 21st anniversary of FAIS in 2025. Most FSPs have got the

basics embedded in their businesses.

Plan your positioning

for 2026 carefully.

But as the swell moves forward, it begins to rise, gaining

shape and energy. This is where new reforms gather momentum,

shifts in conduct standards, emerging regulatory priorities

or impending legislation such as the Conduct of Financial

Institutions Act (COFI). The swell is not yet dangerous, but it

signals that the conditions are changing. You see it coming; the

COFI Bill, signalling a transformation in the regulatory landscape.

Others might dismiss it as just another swell, but you will do well

to recognise its scale and potential. This is the shift that could

define your future position in the market. COFI will become the

regulatory compass for the next 30 to 50 years; the framework

that will shape the entire financial sector, impact client outcomes

and define what good conduct looks like for generations of

advisors and institutions.

COFI has been seriously talked about since the FSR Act was

signed into law in August 2017, and then when the establishment

of the Financial Sector Conduct Authority (FSCA) and Prudential

Authority (PA) commenced on 1 April 2018, COFI gained further

momentum. It appears that COFI will be promulgated in 2026,

and therefore, it moves up towards the “crest” of the regulatory

wave, and so does the FSCA’s proposed Omni-Risk Return. A lot

will happen on the COFI front in 2026. COFI has moved its way


79


from the face of the wave – the vertical or angled front surface of

the wave as it rises to the lip of the wave – to the upper edge of

the wave that pitches forward as the wave begins to break. This

becomes the dangerous part when it throws over. We are almost

on the crest of the wave.

The real risk lies at the crest, where the wave begins to break.

This is the point at which regulatory change becomes immediate,

enforceable and consequential. The crest symbolises new rules

coming into force, fresh supervisory expectations, tighter

enforcement and the cultural requirements that regulators are

increasingly prioritising. It is here that financial planners are

most exposed: misjudging the timing, ignoring the build-up or

reacting too late can result in being caught off balance.

The Financial Intelligence Centre Act (FICA) commanded

centre stage in the regulatory landscape since the Financial

Action Task Force (FATF) placed South Africa on its grey list of

jurisdictions subject to increased monitoring in February 2023.

The FATF removed South Africa from its grey list on 24 October

2025. However, FICA still occupies the crest of the regulatory

wave; the point of maximum exposure for financial planners.

confidence to face the next set of regulatory changes as COFI will

be phased in over the next few years. Those who misjudged the

wave are still paddling, chasing what is already gone. In the surge

of FICA, cybercrime and COFI, the wave you choose and how you

choose it will define whether you make it to shore ahead of the

break or are left stranded in its wake.

The key is to anticipate

rather than react.

While some of the regulatory base is settled, FICA continues

to break with intensity, demanding unwavering accuracy from

financial planners to avoid significant legal and reputational

consequences. Cybersecurity has crept up the swell of the

regulatory wave towards the crest over the last couple of years,

and financial planners will do well to pay serious attention to

cybersecurity and cyber insurance in 2026.

Prudent planners, like skilled surfers, watch the swell closely,

anticipate when the crest will form and position themselves early.

By understanding not only the settled base but also the rising

curve of change, they avoid unnecessary risk and ride the wave

of regulatory reform with stability and control. The skilled surfer,

like the prudent planner, stays calm under pressure. Adrenaline

may be surging as you see the face of the wave swelling, but you

force yourself into controlled breathing. Panic wastes energy. The

ocean favours the surfer who can keep his movements clean and

decisive. Like Stephen R Covey wrote, “Be proactive.” Plan your

positioning for 2026 carefully, seek counsel, then trust your read,

trust your plan and follow through with it.

When the ride is over, the shoreline will tell the story. Those

who read the water early, placed themselves well and committed

at the right moment arrive with momentum, purpose and the

Anton Swanepoel, Founder, Trusted Advisors


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Blue Chip Issue 98

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