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Insights and practical tips for FSPs

Many FSPs have been faced with new challenges due to the national lockdown and COVID-19 pandemic. In our newsletter series – Driving Success in Challenging Times – we provide some suggestions on how to deal with unforeseen challenges. Although we might not have all the answers, we are willing to work with you to, where possible suggest solutions.


Time management and increased profitability

In this article, we discuss various time management practices and how these practices can increase profitability of a business and help protect a business from external pressures that can negatively impact it. To read more about effective time management practices that you can implement in your business, click here.



Business planning: Go Above and Beyond in 2022

In this article, we discuss why it is important to have a business plan, provide tips on some elements to include in a business plan and, show research that highlights how profit margins may increase when implementing key business strategies e.g. business planning and segmentation.

Read the article here.

Boost your business by knowing your ideal client profile

Identifying the ideal client profile, whether for existing or new clients, creates a targeted approach to client retention, income generation, and ensures that suitable financial advice and client services are delivered.

To read more about what an ideal client profile is, the importance of having one in place, how to identify one, the importance of relooking at the existing ideal client profile and the benefits to the business when focusing on an ideal client profile, click here.

Value propositions that attract and retain clients

The COVID-19 pandemic has shown us that it is necessary to re-evaluate the value your business adds to its clients, and how you reassure them of your commitment to serving their financial needs.

This article highlights the importance of reviewing your value proposition to help grow your business, retain clients, and increase the lifetime value of clients. It looks at aligning your value proposition with your brand, business plan and positioning value proposition to attract your ideal client.

To read more about ways your business can add value to its clients, click here.

The positive impact of financial advice

As a financial advisor one of your responsibilities is to meet the needs of your clients’ financial well-being, which includes their emotional concerns with regards to finances.

This article focuses on how you, with your passion, education, efficient business models and well-trained administrative employees, can positively impact your clients’ lives.

To read more about the positive impact you can create as a financial advisor, click here.

Wealth transfer to the next generation

As a financial planning service, generational wealth transfers are beneficial to both your clients and their families. They can also improve the long-term stability of your business.

Read the article to gain insight on why there is a need for a financial plan and how to address the emotional aspect of wealth transfer. In addition, this article provides you with questions to help facilitate discussions about generational wealth transfer and gather the information needed to design a wealth transfer strategy.



Is your Professional Indemnity Cover sufficient to cover a data breach?

Data breaches are becoming more prevalent and may lead to reputational damage and incurred costs. In this article, we look at how easily data breaches can occur, and which Data Privacy Management practices can be implemented to protect clients’ personal information. We also focus on PI Cover as a way to protect your business in the event of a data breach or cyberattack.

Click here to read more on the importance of Data Privacy Management practices in your business.

POPI Act compliance: Are you ready for 1 July 2021?

The process of POPI Act compliance is comprehensive and the aim is to protect client data. In this article, we provide you with a list of the types of activities you should consider implementing. These activities can be used as a reference to measure your progress in terms of POPI Act compliance.

To view the list of activities you should consider when moving toward POPI compliance, click here.

When you think of POPI Compliance and Data Privacy Management, think of business sustainability & client trust

As we know, in South Africa, the law that governs the protection of personal information is known as the Protection of Personal Information Act 4 of 2013 which is an enactment of Section 14 of the Constitution of South Africa. In this article, we look at how POPI compliance ties into business planning and ultimately builds business profitability and sustainability, as well as client trust. We also look at why POPI compliance is more than just a regulatory requirement.

To read the article, click here.

Part 1: Driving business capital value

There is often little or no time to take a holistic view of the business and to clearly identify what is adding value or destroying value. A business valuation may seem strenuous or unnecessary, but it can be very beneficial. It can identify which areas of your business need work and/or which areas are destroying value in your business.

Click here to read the article where we look at what a business valuation is and identify quantitative and qualitative factors that drive and destroy business value.

Part 2: Driving business capital value

The aims of the Treating Customers Fairly (TCF) principles are to reduce market conduct risks and protect consumers of financial products. In a nutshell, the Financial Services Board, who was the Regulator at that time, was looking for a way to reduce customer dissatisfaction and increase confidence in the financial services sector. One particular factor that we expand on in this article is how the implementation of TCF contributes to driving business capital value by contributing to both, client and income retention.

Read the article to see examples of processes that demonstrate TCF Outcomes 1 and 2, how these principles can be embedded into the business, and as a result, demonstrate that clients are placed at the heart of your business.

Part 3: Driving business capital value

When providing a service to a client, it is important to make the client your priority. However, at times when things do not go as the client expects e.g. a claim is rejected, the client may blame you and lodge a complaint with the FAIS Ombud. In such instances it is sometimes difficult to prove that the required processes were in place, consistently followed, that you were acting in the client’s best interest and, ultimately, that you treated the client fairly.

Read the article to see examples of processes that demonstrate that your business disclosed the correct information to the client to make an informed decision. We also look at processes that demonstrate that the advice provided to clients suits their specific situation, their needs and objectives. In doing so, your business is able to show how the principles of TCF Outcomes 3 and 4 have been incorporated into your business processes.

Part 4: Driving business capital value’

Expectations are almost second nature to us. In the financial services industry, a client is most likely to form an expectation of product performance, based on your explanation thereof. In the event that the product solution is unsuitable, the client should be able to freely exercise their right to switch to another product solution or, depending on the severity, lodge a complaint.

Read the article to see examples of practices that demonstrate TCF Outcomes 5 and 6. This will provide you with insight into how to ensure that the principles of these outcomes are met and can be embedded in your business, thus driving business capital value.



Tips for FSPs in these challenging times

The announcement of South Africa’s 21-day lockdown due to the COVID-19 pandemic brought about many new challenges for FSPs. In this article, we provide you with tips and strategies on how to lead employees and manage client relationships when faced with unexpected challenges.

For guidance on how to keep your FSP sustainable, click here.

Leading in a sea of uncertainty

Your business’ strategies and action plans should accommodate major changes and trends. This article provides you with practical steps on how to revisit your business plan and client value proposition should you be faced with unfamiliar challenges.

Click here to find out if you need to modify your business plan.

Use your resources to focus on the future

When faced with crises it is important to respond effectively to ensure your business is secure for the long term. This article focuses on practical tips on how to take the lead and use your existing resources to build for the future. The tips provided will help you capitalise on operational efficiency, positively influence client retention in the present and lay the foundation for future business growth.

Click here to read more.

Certainty during uncertain times

Businesses often adjust operations to prevail through hard times. This article provides suggestions on how you can plan for certainty, what needs to be done from a strategic and day-to-day decision making point of view to create certainty for yourself, employees and clients, and as a result, change the ending by preserving your business for the future.

To read more about planning effectively, click here.

Tips to mitigate cybercrime risks

Without having the necessary security measures in place to combat cybercrime, FSPs are increasingly exposed to various risks resulting from cybercrime. It is important to familiarise yourself, your employees, and clients with the latest cybercrime techniques to minimise risk. This article looks at practical tips to limit your business’ exposure to cybercrime.

Click here to read about the measures you can take to avoid becoming a victim of cybercrime.

Moving forward into the new ‘virtual reality’

Without effective systems and processes in place, businesses may find themselves having little to no time to spend on activities that will grow and sustain the business in future. This article looks at practical tips on how to operate more efficiently when working remotely or in the office.

To read more about how to adapt your business model to embrace the new ‘virtual reality’, click here.

Part 1: Challenging paradigms about the conventional working office

The enforcement of lockdown due to the spread of COVID-19 prevented most businesses from operating as usual from their work premises, and businesses had to quickly transition to working remotely. This article addresses two of five main concerns you may encounter when working remotely, namely managing operational risks and communication ability.

Click here to read more on how you can equip yourself and employees when operating remotely.

Part 2: Challenging paradigms about the conventional working office

The risk of losing client information and the business’ intellectual property increases significantly when employees work remotely. This article looks at ways to address a third concern of five main concerns you may encounter when working remotely, namely data and equipment security.

To read more about how you can prevent a data breach from occurring, click here.

Part 3: Challenging paradigms about the conventional working office

Research has found that COVID-19 lockdown conditions have impacted the mental health of many South Africans. At the same time, FSPs are concerned about KI Succession which is linked to health concerns such as COVID-19. This article looks at the two remaining concerns FSPs may encounter when working remotely, namely KI Succession linked to health concerns and mental health. 

Click here to read about the importance of succession planning and checking in with your employees in challenging times.

Are you having the right client conversations?

COVID-19 has impacted the way businesses communicate with their clients. This article looks at how businesses are now required to adapt their means of communication and consider both virtual and face-to-face client interactions. It also highlights the importance of engaging in non-financial related conversations to foster strong client relationships which could lead to client retention and growth.

Click here to read more about how you can establish client engagement and sustain client relationships through virtual or face-to-face conversations.

Data privacy management is equal to business sustainability

The impact of COVID-19 has resulted in remote working. This has led to an increase in data breaches as we all rely more on the internet to access our data. In this article, we consider the measures that can be taken to minimise the possibly of a data breach in your business with proper data privacy management. Managing data privacy is associated with POPI compliance and good business practices which when complied with could lead to business sustainability and profitable opportunities.

To read more about how you can protect your client’s personal information, click here.

POPI compliance – How to plan for POPI compliance by 1 July 202’

The deadline to comply with the POPI Act is 1 July 2021 and non-compliance with this deadline could result in a fine or imprisonment for businesses and/or individuals. This may have an impact on client retention and growth as well as business profitability and sustainability.

Click here to look at the 10 steps we recommend you take on your journey to becoming POPI compliant by the deadline.

These issues are available on the Masthead Learning Centre to earn CPD hours, click here to log in. 


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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