Helping customers to save in a pandemic economy

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Millions of South Africans are trying to find ways to juggle a shrinking pocket with increasing expenses. The last five years have been rough in terms of inflation and rising living costs. The Old Mutual Savings and Investment Monitor (OMSIM) 2021 reveals that 87% of respondents said Covid made them change the way they think about and manage their finances.

We caught up with Lizl Budhram, Head of Advice at Old Mutual Personal Finance to find out her thoughts on any advice she can give to financial planners as to how they should be approaching 2022 from a financial advice relationship with their clients perspective.

A few takeaway points made:

Advisors stepped up to the task in the new virtual environment
Encouraging to see how quickly advisors could adapt and still meet the needs of their clients
There is more of an inherent appreciation of the value of financial planning and financial advice.
There has been a shift to having holistic financial conversations
We need to up our efforts to educate potential, not existing, clients about the benefits of financial planning, especially of starting young