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FSPs can use regulation to their advantage – learn how at the Johannesburg Masthead MasterClass

Posted on 19 Sep 2023

This event will provide financial advisors with valuable insights into how they can take advantage of regulatory measures and use effective practice management strategies to enhance the value of their businesses.

Taking place on 27 September, the Johannesburg Masthead MasterClass, themed Rising to the Challenge: Harnessing the Power of Regulation to Drive Innovation and Growth, includes a lineup of experts hailing from various spheres within the financial services industry.

The event aims to empower financial service providers (FSPs) with the insights and strategies they need to transform their practices into resilient and valuable assets – despite the various challenges that currently lie in their path, explains Ryno Volschenk, Masthead’s Johannesburg Regional Manager.

Addressing FSPs’ top concerns

Ryno, who joined Masthead in 2020 and was appointed as the Johannesburg Regional Manager at the beginning of this month, states that FSPs in the region face two major challenges: market uncertainty and compliance obligations.

While the current economic outlook is somewhat rosier than before, the market is still very volatile and consumers’ budgets are stretched thin. “This has had a profound impact on FSPs, especially in the realm of new business, where there has been a noticeable decline,” Ryno explains. “We’ve noticed that for some FSPs, just maintaining their existing book is considered a win rather than signing new business.”

Add to this the ever-changing regulatory environment, which is a major concern for FSPs, especially independent financial advisors (IFAs). “Many of them struggle to navigate and implement new legislation. And with COFI and Omni-CBR on the horizon, the industry faces even more uncertainty,” Ryno says.

To assist advisors in addressing these challenges, the Johannesburg Masthead team has been aiding FSPs in the area with their existing compliance obligations, while also preparing them for upcoming legislative shifts. “We’re also helping our clients future-proof their businesses through the implementation of robust practice management principles. These principles not only enhance compliance and sustainability but adds value to their businesses,” Ryno says. “We are also focusing on training FSP staff, from Key Individuals to Representatives and admin personnel.”

This has also shaped the focus of the Johannesburg MasterClass, with the topics centred on how FSPs can use regulation, in addition to practice management, to build resilient businesses capable of withstanding legislative changes and economic challenges.

Meet the speakers

The MasterClass will commence with Ryno’s welcoming speech, followed by Masthead Managing Director Joleen John. Her talk, Looking Beyond the Noise, will offer valuable advice to FSPs on staying current in the changing economic and legislative landscape.

Next at the podium is Anri Dippenaar, Masthead’s Head of Compliance. Her presentation, FAIS/FICA Audits: Risks You Need to be Aware Of, will delve into the evolving regulatory landscape, covering FAIS, NCR, POPI, CMS and COFI. In addition, she’ll shed light on new business opportunities for FSPs and provide insights into what they should consider when incorporating cryptocurrency into their services.

Christopher Malan, the Executive Manager of the Compliance and Prevention Division at the Financial Intelligence Centre (FIC), will address the gathering next. He’ll provide a comprehensive update on where South Africa currently stands following the country’s greylisting by the Financial Action Task Force (FATF) in February this year.

After a tea break, Momentum Asset Management Economist Sanisha Packirisamy will present a talk titled Global and Local Macro Outlook – Too Early to Celebrate, which will provide attendees with a greater understanding of the current local and global economy and market trends.

Senior Specialist in the FICA Supervision Department at the Financial Sector Conduct Authority (FSCA) Michele Fourie will present on Ten Practical Steps to Expect from an FSCA FIC Inspection, and What to Expect if Things Go Wrong. This presentation will give attendees a better understanding of audit expectations and the repercussions of non-compliance.

To conclude the event, Jeanine de Swardt-Breeds, Gauteng Area Manager and Senior Practice Management Consultant at Masthead, will provide practical strategies for IFAs to purposely design, shape and invest in their financial planning practices. Her discussion, Making Money from Your Business (Valuations and Succession), will explore how advisors can transform their businesses into valuable assets, and how this relates to succession planning and the upcoming Omni-CBR reporting requirements.

More than a MasterClass

This event goes beyond simply providing FSPs with the knowledge they need to thrive in today’s regulatory and economic environment. “It’s a fantastic opportunity for IFAs to connect and engage with peers from across the industry – from fellow advisors and product providers to the regulators and Masthead,” Ryno says. “At its core, this has always been what Masthead is about – to cultivate a strong sense of community within the industry, and this event embodies that spirit.”

MASTHEAD IS

A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

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