South Africans seem to have a unique rhythm ingrained in everything we do – including our work. As the chair of the FPI Young Financial Planners Organisation (YFPO), I believe that each generation brings its own cadence to our profession.
A new generation of financial planner
In an era of rapid change, the financial landscape has undergone a significant evolution. The world is in the early stages of one of the largest wealth transfers in history, as Baby Boomers pass their wealth to future generations.¹ Eventually, much of the wealth owned by older generations will either be donated or passed down to Generation X or Millennial heirs.
Younger financial planners are uniquely positioned to relate to, and guide, the next generation of clients, helping them preserve and grow their family wealth and legacy. The transfer of generational wealth is often a nuanced and emotional process. Today’s clients are moving beyond traditional planning methods, seeking empathetic, emotionally attuned advisors who truly understand their personal and financial aspirations.
Encouragingly, while younger CFP® professionals are equipped with the most up-to-date financial planning expertise, we are seeing a growing shift towards integrating this knowledge with a focus on financial wellbeing and needs-based planning approaches. The upcoming generation of financial planners is not daunted by artificial intelligence (AI) and is increasingly open to exploring and adopting technological innovations to enhance their financial planning services.
Young CFP® professionals are also adept at bridging communication gaps, meeting the engagement preferences of a tech-savvy generation. They bring added convenience by embracing modern communication methods, favouring instant messaging over phone calls, conducting meetings online rather than in person and engaging clients through Instagram and TikTok live sessions. This makes it easier for them to connect in today’s fast-paced world. By staying relevant, younger financial planners build trust and create authentic connections with younger generations.
Additionally, an emerging opportunity exists for younger CFP® professionals to establish long-term careers in financial planning, especially as the average age of current practitioners exceeds 50. These younger planners can serve as successors to seasoned professionals while gaining valuable mentorship. This arrangement creates a mutually beneficial outcome for both new and experienced planners, ensuring continuity and peace of mind for clients.
The role of the YFPO
The YFPO’s overarching purpose is to professionalise financial planning in South Africa, while at the same time championing diversity and inclusion in the industry. By uniting and inspiring individuals, we empower them with a greater opportunity to thrive and build lasting success in this profession. The YFPO aims to achieve this by focusing on:
- Peer-to-peer sessions. Creating a community where peers can share their knowledge within the profession.
- Social media. Educating peers and the public on financial planning topics.
- Student presentations. Engaging university students in discussions about financial planning as a career path.
- Career pathways. Assist potential future financial planners with investigating career pathways and learning pathways into the CFP® designation.
Who can join?
YFPO is open to FPI Professional Members (RFP™, FSA™ and CFP® professionals in good standing). The organisation is aimed at under 40s, although CFP® professionals who join before this age can elect to remain involved as veterans and mentors.
Walking the talk
Are you passionate about the financial planning profession? And are you committed to living our values?
- Professionalism. Will you aspire to excellence in everything that you do?
- Diversity and inclusion. Will you always promote diversity and inclusion?
- Client first. Will you always act in the best interest of your clients?
- Integrity. Will you always be honest, consistent and transparent?
- Fairness. Will you treat others how you would like to be treated?
- Diligence. Will you always take pride in what you deliver?
If you answered yes to these questions, then YFPO is the community for you. Visit www.fpi.co.za to become a FPI designated member today. We look forward to building a better future for all South Africans, together!
