From trainee to triumph: the journey of an advisor’s success

As an organisation that embraces diversity and inclusion, Momentum Group aims to grow appropriate representation in the advice sector, in line with the demographics of South Africa as a whole.

92
Woman with headphones using a laptop

It is well-known that in the finance sector, previously disadvantaged people and women are underrepresented. Momentum Group‘s objective is to transform the distribution network and at the same time grow an advice force with successful, motivated and well-trained advisors.

For close to a decade, Momentum Group via its enterprise and supplier development (ESD) programme, has been dedicated to finding and nurturing talented, black small, medium and micro-enterprises (SMMEs) with the goal of sustainable growth and development. This includes finding and supporting intermediary practices and financial advisors.

it takes a long time, but you need to build confidence over time; telling people both what they want to know and what they need to know.

Vinesh Reddy is a recently accredited CERTIFIED FINANCIAL PLANNER® (CFP®) and a graduate of the Momentum Group intermediary programme. He has been singled out as a shining example of the intended success of the programme. Reddy is one of the older, more mature candidates on the programme and says that his late career change has given him the added benefit of years of experience and insights into human behaviour, attributes that make him an excellent listener and advisor to his clients.

Reddy’s developmental journey started with Momentum Group in 2022, when he was supported to complete the postgraduate diploma in financial planning with Milpark and a Professional Competency Examination (PCE) by the FPI board, which he passed in 2024.

We asked Reddy a few questions about his life as a Consult by Momentum franchise owner. He currently services around 300 clients and onboards on average two new clients each month. It takes him about a month to convert a new client and they tend to stay with him after that. Remarkably, 90% of his new clients come from client referrals. Since 2020, Reddy has employed an additional administrative team member, and his revenue has increased by 11.4% each year.

Testimony to the quality of his advice, he is now enjoying generational and family referrals, connecting with the children of clients and expanding his book to a younger client base.

On how to build trust with your clients, Reddy was clear: it takes a long time, but you need to build confidence over time; telling people both what they want to know and what they need to know. People are rushed, but you need to take the time to make sure your clients are heard. Be non-judgemental and reassuring when you know they are in trouble (financially) or just not sure what to do financially because you are there to help. It’s about keeping good clients by finding a connection and commonality. There is a person behind every engagement. When asked which soft skills advisors need to bring to their work environment, Reddy answers, “Always empathy and listening.”

Reddy shared some honest insights when we asked why he thought young people were not attracted to a career path as financial advisors. He feels the education system leans towards traditional professions and working towards being a CFP® or accredited financial advisor (FA) tends to be a solitary and lonely journey. When struggling or in doubt, there is no supportive community to lean on during learning.

The comradery of shared learning experiences with “classmates” on the Momentum Group intermediary programme was a highlight for Reddy. Although the curriculum is not formally or linearly structured, he was still able to network and connect with others on a similar challenging journey.

Vinesh Reddy, Financial Advisor, Consult by Momentum Group
Vinesh Reddy, Financial Advisor, Consult by Momentum Group

The programme allows each candidate to follow a specific learning path and modules according to their own needs. He feels that some FAs lack practice management skills like financial management and crucial record-keeping and is an area that all franchises can benefit from. A key lesson is that: “If you don’t get your house in order, and the skill set to make sure your practice runs smoothly, you will be left behind.” The programme also highlights the need to become more digitally focused and future ready. But clients still dictate – many still want printed pages to pour over and keep copies. Interestingly, around 90% of new businesses with new clients are digital. Everything for them is converted digitally, saved thrice and secured in the cloud.

When pressed to tell us who his favourite clients are, Reddy was diplomatic enough to say he does not have favourite clients but rather a favourite type of client – post-retirees; who have more time to talk about life and wisdom. The unfortunate reality is that most don’t have enough money after retiring and Reddy is able to step in and help them navigate their financial challenges, without judgement.

If you feel you could benefit from the Momentum Group intermediary programme, contact us for details on the qualifying criteria and dates of the next intake: fiona.ally@mmltd.co.za 


Momentum Group logo