Financial Planning

Is the Financial Services Industry Missing Something?

By: CWDi

As the financial landscape changes, IFAs should be changing, too

The Financial Advisory industry faces some unique challenges in the wake of the COVID-19 pandemic. The nature of how Advisors interact with their clients has changed. And so must the advice they provide, believes Derek Smorenburg, Certified Post Retirement Practitioner (CPRP) and member of the South African Independent Financial Advisors Association (SAIFAA).

“It’s becoming extremely apparent that the pandemic will change the way Financial Advisors operate indefinitely”, says Derek. “COVID-19 has hit everyone very hard, and not only in their pockets. Clients are looking to invest with real purpose and need compassionate, honest, practical guidance about their financial futures. It’s not an afterthought anymore.”

Derek continues, “Therein lies an opportunity. COVID-19 has become the catalyst for Advisors to have far more meaningful interactions with their clients. We’re going to see the advent of a new style of advising that will be more personal, cultivating longer-term relationships between client and Advisor, that are ultimately more successful financially.

“Isolation has increased the need for human interaction. And collective fears about the future have made bonds of trust more valuable as we all navigate this strange time together. Up until this point, the focus of the South African Financial Services industry and the media has largely been on financial planning during the accumulation phase. But now, more than ever, it’s time for Advisors to highlight the decumulation phases of life for their clients – because that future everyone is worrying about is closer than they might think.

“In these trying times, we should be focusing on how to guide clients and their families on their journey towards and beyond retirement. For us, as Advisors, this is a unique opportunity to upskill ourselves through a wide range of educational and knowledge enhancement programmes. And it’s an exciting new era of learning that has already started, with our CPRP Webinars in July and August.

The CPRP Webinars provide practical business techniques and solutions for the post-COVID age of digital and social media, where trusted interactions are paramount and a new type of bond needs to be created with clients. And there are also CPD points on the cards. I would encourage both interested members of the public and Advisors to attend.”

Marketing and brand experience experts, CWDi, have been appointed to manage the series, and the remaining webinars will address:

  • Preparing for Incapacity (5 August, 09:00-10:00) – hosted by Johann Jacobs, Executive Consultant in Trusts and Estates. This addresses Power of Attorney and curatorship in the event of dementia; for example, the issue of Power of Attorney becoming null and void when dementia is diagnosed.
  • Trends in the Retirement Accommodation Industry (7 August, 09:00-10:00) – Arthur Case, CEO of RezCare, talks about the pros and cons of the various purchase retirement accommodation models and his pioneering of an “alternative” to retirement village living; based on the “age-in-place” concept that is well established internationally. As this model is rolled out in South Africa, retired seniors will have more choice in choosing a retirement accommodation solution.

Attendance is free to SAIFAA members and R 1500 for to non-members.

Book your place for the remaining webinars Post-Retirement Planning Webinars online at

Access to the first two recorded webinars, that took place on 29th and 31st July, will be made available to those who missed these vital contributions  by special arrangement.

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