Product Provider A: Development Trust
Product Provider A: Development Trust commissioned Masthead to draft a Business Relief Programme during the COVID pandemic to assist qualifying black FSPs. The programme aimed to help the FSPs to further manage compliance risks, implement business solutions and grow their businesses.
To do this, the programme provided practical assistance monthly to address the challenges that black FSPs face. For example, it addressed compliance remedial action and training on the advice process. It also reviewed and addressed aspects of their business plans and key business practices via customised gap analyses.
Specific outcomes of the programme:
- Increased revenue / profit / manpower / clients
- Decreased business risk
- Reduced compliance risk
- Skills growth
- Improved processes and procedures.
- Business sustainability via practice management
The broader outcome of the programme was to empower Key Individuals to continue running a sustainable business and measure ongoing improvement and tangible results over the next 12 to 18 months.
Financial Advisor Initiative B
This two-year programme with Financial Advisor Initiative B sought to give financial advisors insight into running a small independent financial advisory business. It took experienced advisors from being a representative to a Broker principal.
The specific focus was on compliance and key business principles.
The desired outcomes of the programme were to:
- Create a sustainable FSP
- Recruit and develop IFAs
- Increase the number of black professional IFAs
- Build competitive advice-led businesses
- Create distribution capability to help service the black middle class.
In partnership with Masthead Financial Planning and WITS Business school, the programme provided both academic insight and practical application of the key business practices required to run a sustainable IFA business. This entailed assistance with business planning, financial management, client value propositions, compliance and the advice process. Training was also provided in terms of products and client relationship management (CRM) systems.
All the advisors had access to coaching and mentorship. These coaches and mentors had significant industry experience and helped the participants who experienced challenges in running a business or applying the business principles on a very practical level.
Short-Term Insurer C
Short-Term Insurer C partnered with Masthead during the height of the COVID pandemic to deliver an ESD programme to qualifying black-owned FSP businesses. The programme aimed to contribute towards developing the selected beneficiaries to attain financial and operational independence.
An aspect of the programme was to provide financial support to the beneficiaries so they could address the gaps and challenges in their business. Remaining compliant and financially sound was imperative during this time to assure FSPs remained in the market. A capital contribution towards the practice management and compliance costs was made by the Short-Term Insurer C to the identified practices in a structured program by Masthead. Of the selected beneficiaries, 286 FSPs accepted the support of the programme.
The Story of Griizmahn (Pty) Ltd
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. Read more.
Want to partner with us in your programme
Having the experience in the financial services and ESD space, there are many advantages in partnering with Masthead.
In addition to our industry knowledge:
- Our services and solutions optimally combine financial and non-financial support.
- Our client engagement approach optimises time, allowing you to focus on your core business whilst being assured of your B-BBEE points.
- Grow viable practices and drive greater financial inclusion in the South African economy.
