What inspired you to become a financial planner?
I used to run my own business in a very different industry… I wasn’t fulfilled at all. My father and uncle own an independent financial advice firm and asked if I’d be keen to join them. I was intrigued and made the move in about 2017. The initial inspiration was being able to help people using my analytical strengths; a need that wasn’t fulfilled in my previous career.
What prompts clients to come to you? Do you have a niche or distinctive value offering?
In 2023, I started my own business, Freedom Financial Planning, an independent flat-fee firm. Our business model tends to attract ex-DIY investors, people who are highly informed in matters of personal finance. They have read the personal finance books, listened to the podcasts, educated themselves on the workings of the advice industry and, therefore, choose to work with us because we’re independent financial planners who are not incentivized to sell insurance or ‘gather assets’.
What do you believe is the most important thing you do for clients?
Through lifestyle financial planning, we help clients achieve freedom from the uncertainties they have around their finances. Through the planning process we help answer the questions that most clients need answered, such as “Will I be OK?” and “Do I have enough?” They will know where they stand. This is probably the most important thing we can do for the families we serve.
What are the biggest mistakes that you see clients make?
A mistake to one person may be a stroke of good fortune to another. I see no real trends here apart from people waiting too long before reaching out to a financial planner for assistance. Time is fleeting but if you start early, it’s the biggest ally in the quest for financial independence.
If we want to be viewed as a profession, then we need to act like one.
How do you charge for your services?
We work purely on a flat-fee basis, meaning our clients pay us an agreed-upon retainer fee (specified rand amount) to serve as their financial planners. For any ad hoc work, we quote a project fee. No commission, no AUM.
What role does technology play in your practice?
We run a completely virtual business. Therefore, technology is extremely important to us as it allows us, as colleagues, to collaborate and it also helps us engage with our clients. A lot of my time is spent reviewing our tech stack and adding to it where necessary. I love what technology enables us to do for clients.
How do you utilize social media as a financial planner?
Hardly! I interact with members of the public in personal finance forums, providing education where possible, and host some webinars. This has produced leads/referrals. But I’m barely tapping into the power of social media to be honest. It all seems so stressful to me.
What do you enjoy most about being a financial planner?
Positive client outcomes.
What are the biggest challenges you face as a financial planner?
As a financial planner – none.
As a business owner – everything, everywhere, all at once!
What is the biggest change you have seen in financial planning during your career?
My perception is that more people know more about personal finance and what we do than ever before. Similarly, we are trying to understand people more than ever before. I view both as incredibly positive.
What’s your one wish for the future of the financial planning profession?
That more financial planners start valuing what we do. My observation is that many planners provide financial planning for free with the hope of being remunerated upon the implementation of recommended products. I think it is unreasonable to expect the public to value what we do when the message we’re putting out there is that we don’t. If we want to be viewed as a profession, then we need to act like one.
