From building strong compliance practices to implementing effective management systems, the journey of Griizmahn (Pty) Ltd, a Durban-based financial service provider (FSP), highlights the impact of strategic support in helping independent financial advisors (IFAs) succeed.
Like many FSPs, Griizmahn faced challenges after obtaining its operational licence. However, joining Masthead’s ESD programme in December 2023 marked a turning point for the business, offering tailored tools and expert guidance to help the business strengthen its operations and unlock new opportunities.
Transformative Changes for Growth
Working together, Masthead and Griizmahn reviewed the FSP’s business practices and processes, identifying areas for improvement. A key step was formalising financial management by establishing a clear structure for tracking income and expenses. This provided a solid foundation for informed decision-making and sustainable growth. “Having proper systems in place changed everything, making operations so much smoother,” says Chuma Botha, the Managing Director of Griizmahn.
Compliance, often seen as a challenge for new businesses, became a strength. A tailored risk management plan helped Griizmahn align with regulatory requirements and adopt a proactive approach to mitigating risks. This transformed compliance into a tool for building resilience and confidence.
Another area of focus was implementing a structured advice process, enhancing both compliance and client experience. By embedding the Treating Customers Fairly (TCF) Outcomes into their operations, Griizmahn ensures that client recommendations are tailored to individual needs. “TCF is no longer just an idea; it’s part of how we work,” Chuma notes.
The ESD programme also emphasised staff development, providing training to support the adoption of new systems and processes. The team now works with a shared commitment to compliance and service excellence, maintaining detailed records of advice and managing conflict-of-interest registers efficiently.
Achieving Tangible Results
These improvements have led to measurable progress. Griizmahn has seen an increase in client quotations and higher conversion rates, with many quotes turning into new business. Revenue growth has been steady, driven by consistent monthly income and increased once-off commissions. “The growth has been incredible,” says Chuma. “It’s given us the confidence to approach larger clients, knowing our foundation is solid.”
Looking Ahead
Griizmahn’s experience illustrates the value of the ESD programme in addressing critical areas like compliance, financial management, staff training and operational efficiency. With these tools in place, the business is well-positioned for continued success in the financial services industry.
Read more about Masthead’s Enterprise and Supplier Development (ESD) programmes.