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November 25, 2024

Building a Sustainable Financial Practice

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Peter Hewett, CFP®, founder of Hewett Wealth and past Financial Planner of the Year, brings over 30 years of experience in the financial planning industry. Having started in fiduciary services and asset management, Peter’s deep understanding of both clients and the financial landscape has driven the success of his firm, which now has offices in Johannesburg, Pretoria, and Cape Town. He credits this growth to a client-first approach and a strong commitment to integrity and transparency in financial planning.

Peter has seen significant changes in the industry, particularly with the introduction of FAIS legislation. This regulatory shift has enhanced professionalism, improved compliance, and increased transparency. However, Peter acknowledges the challenges posed by rapid regulatory changes, urging financial planners to adopt technology to navigate these hurdles effectively. He highlights that a well-structured, fee-based practice, with clearly communicated value propositions, is key to long-term sustainability.

In terms of products, Peter values simplicity and transparency, favouring offerings without hidden fees or penalties. His firm has a strict product approval process to ensure clients only receive well-vetted, appropriate solutions. He also calls attention to the importance of separating personal and business finances to create a clear understanding of cash flow and business value.

Peter’s advice to those in the industry is to focus on relationships, treat clients fairly, and ensure transparency in fee structures and services offered. He also encourages planners to embrace continuous professional development, viewing CPD as an opportunity to enhance technical skills rather than a tick-box exercise. For Peter, financial planning is not just about transactions, but about creating lifelong relationships with clients, helping them make informed, sound decisions for their financial futures. His firm’s success is a testament to the power of this client-centric, integrity-driven approach.

Key Points:

  • Peter Hewett has over 30 years of experience in financial planning, starting in fiduciary services and moving into asset management before founding Hewett Wealth.
  • Peter emphasises the shift from commission-based to fee-based financial planning, advocating for transparent, client-focused services.
  • The introduction of FAIS legislation has professionalised the industry, but Peter highlights the need for firms to use technology to manage regulatory changes.
  • He advises planners to separate personal and business finances, ensure proper infrastructure, and maintain transparency in all interactions.
  • Peter’s firm conducts extensive due diligence on products, favouring simple, transparent solutions that meet clients' needs.

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