The 2024 FPI Financial Planner of the Year Finalists - S5E23

The 2024 FPI Financial Planner of the Year Finalists - S5E23

Introduction

This morning, we have a special panel featuring the 2024 Financial Plan of the Year finalists. Today, I'm joined by Gareth Kia, Rudolph kenes, and Renee funer spring. Join me as we get to know them better to see how they got to be finalists and to understand what the future of financial planning holds in the hands of these amazing individuals.

Welcome back to another fantastic episode of the Propulsion Live show. Today we have the finalists for the Financial Plan of the Year, and I'm looking forward to getting to know them better and hearing their stories. Usually, we focus on the process of the Financial Planner of the Year competition, but this year, I'll be doing it differently. I'm joined by Nikki from the Financial Planning Institute, who will share the latest news and updates with us. We also have Tanya back with value-driven advice and a special announcement. Let's dive into it!

Latest Financial News

Nikki's Segment: Nikki covers three main topics: medical schemes, a circular from the FCA, and changes to the company act.

1. Medical Schemes:

   • The Council for Medical Schemes has asked medical schemes to limit their premium increases to 4.4% in 2025 to help members against financial hardships.
   • The CMS advises medical schemes to limit their contribution increases to 4.44% plus reasonable utilization estimates.

2. FCA Circular:

   • The FCA issued Communication 26 of 2024, focusing on financial benchmarks.
   • The purpose is to consult the industry on determining an index and the proposed thresholds for critical and significant benchmarks.
   • Stakeholders can submit comments by the 10th of September 2024.

3. Company Act Changes:

   • President Ramaphosa signed the company's Amendment bill and the company's Second Amendment bill into law.
   • The amendments focus on corporate transparency, earnings disparities, and the liability of delinquent directors.
   • Public companies and state-owned companies must now list each director and prescribed officers remuneration by name in their annual financial statements.

Olympics Wish: Nikki wishes the best to all athletes participating in the Olympics and signs off wishing everyone a lovely weekend.

Value-Driven Advice

Tanya's Segment on Building Value-Driven Practice:

• Understanding Clients’ Needs:

  • 60% of investors value expertise and knowledge.
  • 54% value personalized Financial advice.

• Building a Value-Driven Practice:

  • Focus on emotional connection, resources, active listening, and explaining difficult concepts.
  • Hiring the right people and using effective tools.
  • A solid plan can help achieve clients' investment goals.

• Future Opportunities:

  • Tanya leaves us with some thoughts as she moves into a new role and expresses hope to be part of the Propulsion show in the future.

Announcements

• Microsoft Excel Program:

  • A new program tailored for financial advisors, led by Leana, started this Wednesday and will cover building a dashboard for advisory businesses.

• Client Connection Masterclass:

  • The second last session focused on Retirement, bringing touching insights and heartfelt discussions. The final session will cover Difficult Conversations.

• Day of CPD (11th September):

  • Second Day of CPD registration details will be announced soon.

• Ascent Summit (9th October):

  • Topics will include global and local trends critical for weathering storms and seizing opportunities.

Financial Planner of the Year Finalists

Introduction to Finalists:

1. Rudolph Kenes:

   • Senior financial planner at Wealth Up, based in Cape Town, focusing on a holistic approach integrating community values.

2. Gareth Kia:

   • Director at Crew Invest, fiercely independent and fee-based, emphasizing bespoke financial plans.

3. Renee Funer Spring:

   • Specialized in managing investment portfolios for high-net-worth individuals with Apex Private Wealth, based in Johannesburg.

Detailed Conversations

Gareth’s Independent Approach:

• Independence allows crafting custom bespoke financial solutions based on client needs and objectives, free from product biases.

Renee’s Expertise with High Net-Worth Individuals:

• Focuses on diversification, underlying investments, taxation, and estate duty implications for managing intergenerational wealth.

Rudolph’s Community Engagement:

• His involvement in the local church and community deeply influences his client interactions, prioritizing understanding and connecting with clients.

Holistic Financial Planning (Renee):

• Initial client discussions focus on deeper understanding. The approach is tailored, developing over time to address all client concerns comprehensively.

Investment Planning Principles (Rudolph):

• Focuses on understanding client goals, ensuring portfolios are in line with these goals, and managing client comfort with risk and volatility.

Compliance in Financial Planning (Gareth):

• Emphasizes the importance of integrating compliance without compromising on client experience. Focuses on professionalism and continuous learning.

Final Messages

Each Finalist’s Wish for the Profession:

• Renee:

  • Continued professionalism and growth in the profession, ensuring businesses are client-centric.

• Gareth:

  • Creating a pathway for young talented individuals in financial services, emphasizing mentoring and growth.

• Rudolph:

  • Fostering a close-knit financial planning community for peer-to-peer learning and support.

Keywords

• Financial Planning
• High Net-Worth Individuals
• Holistic Planning
• Professionalism
• Investment Planning
• Client-Centric Approach
• Compliance
• Community Engagement

FAQ

Q1: Who are the finalists for the 2024 Financial Planner of the Year?

A1: The finalists are Rudolph Kenes from Wealth Up, Gareth Kia from Crew Invest, and Renee Funer Spring from Apex Private Wealth.

Q2: What are the major news updates covered in this episode?

A2: The updates include medical schemes’ premium limits, FCA circular on financial benchmarks, and amendments to the company act focusing on transparency and liability.

Q3: How do the finalists approach holistic financial planning?

A3: The approach involves understanding client goals, considering all financial aspects, and building flexible plans adaptable to life changes.

Q4: What is the role of compliance in financial planning according to Gareth?

A4: Compliance ensures ethical practice and client protection, and while it’s time-consuming, it shouldn’t hinder the quality of client service.

Q5: What are the unique challenges of high-net-worth clients mentioned by Renee?

A5: Challenges include diversification, global taxation, estate planning, and managing intergenerational wealth, requiring comprehensive financial strategies.