Since the last edition of Blue Chip magazine, the Financial Planning Institute (FPI) celebrated Women’s Month in August and contributed in numerous ways to enhancing the professional competency of our members and furthering financial education.
This year’s theme for Women’s Month at the FPI was “Nurture the Future”. The many female professional members of the FPI nurture the future by helping their clients take control of their finances and make informed financial decisions.
In July, the FPI submitted its response to Treasury’s two-pot/component retirement savings system proposals and facilitated a series of interactive peer collaboration sessions to support this work. The first two sessions, in July, hosted by the Practice Management Committee and the Employee Benefits Competency Committee, focused on practice standards and the proposed two-pot system respectively. In the third session, in August, the Technical Competency Committee focused on the Marriage Bill. The peer collaboration sessions generated diverse views, which were discussed and debated in good spirits.
The FPI held workshops for financial planners in August and September. The retirement and investment online workshop on 30 August covered diverse topics, from cryptocurrencies and AI to the two-pot system. Our tax workshop on 28 September delved into laws that have a direct impact on financial planning. It covered Section 42 transfers, tax matters around emigration as well as the functions and mandate of the Tax Ombud. If you missed these workshops, you can still register for the workshops via our website.
The FPI plays an important role in fostering financial literacy and promoting the cause of professional financial planning in South Africa. We supported and participated in the following events over the past three months:
- Money Smart Week. This annual financial literacy campaign by the National Consumer Financial Education Committee (NFEC) was held from 28 August to 3 September. The NFEC adopted the Global Money Week Theme for 2023: “Plan your money, plant your future”. The FPI is a member of the committee and participated in various consumer education activities during the week.
- Leaderex 2023. Africa’s largest gathering of business leaders, professionals and entrepreneurs took place from 12 to 14 September at the Sandton Convention Centre. The FPI had a stand at the conference and hosted a series of financial planning presentations.
- Humans Under Management (HUM). Several Certified Financial Planner® members delivered presentations at this popular conference for the advisory industry on 19 September at the Allan Gray Auditorium, V&A Waterfront, Cape Town.
- Financial Planning Week. This annual initiative by the FPI coincided with the International Organization of Securities Commissions (IOSCO) World Investor Week from 2 to 8 October and the Financial Planning Standards Board’s World Financial Planning Day on 4 October. The FPI is proud to be part of these global campaigns to show people the wide-ranging benefits of financial planning and the impact it can make in all areas of their lives.
The highlight of the FPI’s calendar, the FPI Professionals Convention, takes place from 14 to 15 November at the Sandton Convention Centre. The theme is “Back to the Future” and key presentations will be on the future of financial planning, the psychology of financial planning, social media law and the South African political scene in the run-up to next year’s elections. The sessions will be streamed virtually for those who cannot attend in person.
At the gala dinner on the evening of 14 November, the FPI will hold its annual awards ceremony, announcing the 2023 Financial Planner of the Year and the 2023 Practice of the Year. The FPI will also announce the winners of the 2023 Top Candidate of the Year, Harry Brews, Diversity and Inclusion as well as It Starts with Me awards.
This year’s finalists for the coveted Financial Planner of the Year title are Noel De Kock, CFP®, Lara Warburton, CFP® and Thomas Brukman, CFP®.
Of interest to our members are the following announcements:
- The FPI is excited to introduce the Next Generation Certification Standards for the CFP® designation. The assessment process to become a CFP® professional member of the FPI will be amended from 1 January 2025 to closely align with international requirements for certification. The process will incorporate a practical component to ensure that new CFP® professionals are tested in a practical manner across the knowledge, skills and abilities components of financial planning.
- With input from members, the FPI has combined the foundational member regulations into a single handbook. The first edition of the FPI Member Handbook combines the seven parts of the FPI’s member agreement; the FPI glossary, standard interpretation rules and miscellaneous terms; the FPI memorandum of incorporation, member regulations, certification standard, disciplinary regulations as well as the FPI’s information use, confidentiality and data protection rules.
- The FPI and Due Diligence SA have partnered to provide members access to the Due Diligence SA platform, providing company- and product-level due diligence documentation for asset managers in South Africa.
- There will be four PCE examination opportunities available in 2024. Registrations for 8 and 9 February as well as 25 and 26 April 2024 are already open.
As we prepare for 2024, we reflect on 2023 and thank you for your support as none of the above would have been possible without the support of our members.
See you at the Convention!
Until next time,
Lelané Bezuidenhout, CFP®, CEO, Financial Planning Institute of Southern Africa