Blue Chip Issue 89

BACK TO THE FUTURE! We

BACK TO THE FUTURE! We are living through extraordinary times, indeed! And we can thank the Bokke for adding to the extraordinary! Well done, South Africa! We are experiencing big overall trends: climate change, technological disruption and social instability – all of which are reshaping the business environment and our world today. People are feeling burdened by all of this. On page 82, Judith Haupt attests that the risks these trends create only strengthen the relevance of solid financial planning, of creating stability where we can. She says, “What is important to realise though is that these trends pose new and huge risks, but also great opportunities to rethink our work and our world fundamentally. The way we will handle the problems we have today is going to impact the way we are able to work and live in the future.” Going back to the future is what it is all about. “Back to the Future” is the theme for the 2023 FPI Professional’s Convention. Key presentations will be on the future of financial planning, the psychology of financial planning, social media law and the South African political scene. At the gala dinner, the FPI will be hosting the prestigious awards ceremony where excellence in the profession is recognised. The event endeavours to acknowledge CFPs® from across Southern Africa who demonstrate innovation, professionalism and commitment to their clients and the profession. We wish the Financial Planner of the Year 2023 finalists, Noel de Kock, Lara Warburton and Thomas Brukman, all the best. Meet these three exceptional CFPs® on page 18. Rob Macdonald reflects on the words of Paul Saffo, a Silicon Valley-based forecaster who explores long-term technology trends and their impact on society: “The goal of forecasting is not to predict the future but to tell you what you need to know to take meaningful action in the present”. According to Chat GPT, “The future of financial advice is likely to be shaped by several key trends and developments, driven by advances in technology, changing consumer preferences and regulatory changes.” GPT outlines 10 aspects that are likely to be a reality. Macdonald lists these and considers the implications of each, both now and in the future. With the COFI Act impending, technology innovation is imperative. COFI will replace the FAIS Act and it will shake up every component of FSP businesses. With these changes, every FSP business will need an equaliser. Anton Swanepoel argues that this equaliser is technology (page 62). Arthur C Clarke once articulated that “any sufficiently advanced technology is indistinguishable from magic”, Tim Slatter tells us. Social media possesses an escape from reality and a conduit for connection, yet financial advisors struggle to effectively harness its potential. In his article, Slatter guides you through the conundrum (page 68). Going back to the future, GPT’s forecast may not be accurate but it provides some indication of what meaningful action we can take in the present. Enjoy this issue and for those who are going to the FPI Professional’s Convention, see you there! All the best 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 89 | NOV/DEC/JAN 2024 BLUE CHIP Publisher: Chris Whales Editor: Alexis Knipe Online editor: Christoff Scholtz Digital manager: Charl Daniels Designers: Salmah Brown, Monique Petersen Production: Yonella Ngaba Ad sales: Sam Oliver Gavin van der Merwe Bayanda Sikiti Vanessa Wallace Managing director: Clive During Administration & accounts: Charlene Steynberg Kathy Wootton Sharon Angus-Leppan Distribution and circulation manager: Edward MacDonald Printing: FA Print PUBLISHED BY Global Africa Network Media (Pty) Ltd Company Registration No: 2004/004982/07 Directors: Clive During, Chris Whales Physical address: 28 Main Road, Rondebosch 7700 Postal address: PO Box 292, Newlands 7701 www.bluechipdigital.co.za Tel: +27 21 657 6200 Email: info@gan.co.za Website: www.gan.co.za No portion of this book may be reproduced without written consent of the copyright owner. The opinions expressed are not 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.