Women’s Month Profile: Famida Singh, Divisional Executive: Liberty Retail Investment Proposition Management at Liberty Group

How did you get involved in financial services – was it something you always wanted to do?

When I was young, I dreamt of being a vet or a medical doctor. I moved to Johannesburg after matric to study and work to fund my studies. My then boyfriend and now husband saw my passion and ambition early on and supported and encouraged me to study and fulfil my dreams. 

My first permanent position was in a financial services organisation. The turning point in my life came during my second job interview, which, incidentally, was also with a financial services organisation. I was young, naïve and a dreamer! The interviewer asked me about my career ambitions and I shared my desire to want to be in the medical profession. The interviewer then prompted me to elaborate on why that was my dream. 

I was clear – I wanted to help animals and/or help people. I understood the plight of the underprivileged, having come from extremely humble beginnings myself. I understood the requirement for medical care in those communities and the need to change those lives for the better. Many of these people could not access free or affordable healthcare and many animals were stray or would die due to inadequate veterinary services. 

At this point in the interview, the interviewer went quiet. He then told me that they, too, were in the profession of changing lives for the better. “You see,” he said, “there are many ways that we can change lives”. I went home with reading material, and I am forever grateful for that moment and for the job opportunity that later came. 

It was a significant turning point in my life – an acknowledgement that I could not only grow and succeed but that I would also be part of an industry that contributed to the betterment of our society and economy. I understood how financial education and access to financial resources were such critical enablers to the betterment of our society.

What new investment/insurance lessons did you pick up from the Covid crash and ensuing impact?

People, in general, become a lot more aware of their mortality and this impacted their attitudes towards many things, notwithstanding their attitudes toward financial planning. The pandemic was tragic, but it also helped us recognise some opportunities. The industry paid billions in claims throughout the crisis. Millions of lives were touched and millions of households got the necessary help from these pay-outs. 

It meant that people who lost breadwinners were left with dignity and hope for the future without the added burden of financial pressure. It is such an incredible reflection on the value of financial advice and a testament to our purpose as a financial institution. The local economy struggled, with many people experiencing financial difficulties due to job losses or reduced income. Access to savings and, in some cases, early retirement options became a ‘saving grace’ for many.

Going forward, we hope that we can help further entrench the value of financial advice and a financial plan so that in the event that tragedy strikes or if unforeseen events materialise, our clients will always have a level of protection.

What have been your recent best financial/investment/insurance/professional moments?

I was recently appointed as an executive in the retail investment space. I am part of a larger project that is set to transform the way we do business. I am pleased to be part of a transformation project and to have the opportunity to shape, in a small way, what the future will look like. 

Prior to this, I had the incredible opportunity of running a direct life business. This was such a great experience – not only because I got to work with incredible people who shared their years of knowledge and experiences with me, but also because I was entrusted with running a company and serving as a director. 

I was the first woman and the first woman of colour to run the Direct Life business. 

I am thankful for these opportunities and I will never forget that I reached those heights because I got to stand on the shoulders of giants that came before me.

 What are some of the biggest lessons you have learnt in and about the finance industry as a woman?

I started in this industry more than 22 years ago. I had to work and fund my studies and it was not easy. There was very little transformation back then and women were not well represented in senior roles. Things have certainly changed for the better in the last two decades, but there is still much room for improvement. 

I have learnt that as a woman, I can have it all. I have learnt that I am able to climb the career ladder, be an awesome mom, be a good wife and still have time for myself. I have learnt that as women, our limitations can often be our very own doubts. I have learnt that women need to pick other women up. I have learnt how to persevere, despite having the odds against me at times. 

I have learnt about living a life of gratitude because I was blessed with many opportunities that many women deserve. I have learnt that when my head and my heart align, magic happens. I am still learning – every day.

What would you say are some of the challenges faced by women in financial services today (from observation or being an active participant in the industry) and how could they best be tackled?

A large part of our economy is driven by single mothers – South Africa has a large prevalence of single-parent households. There are many barriers to entry for women ranging from the lack of sponsorship/mentorship to the fear of having to balance work and personal obligations like raising a family. 

Many surveys conducted also show that some women do not envision senior management roles because historically, males were much more likely to get promoted than females, although this is a declining trend, fortunately. Many women in the workplace do not speak up and share their views – particularly in the areas where women are severely underrepresented. 

It is important for women in the industry to create or seek out a network of sponsors – people who can guide and support them professionally. 

This is invaluable. I would also recommend that women maintain a wide professional network. Regarding work/life balance, I always recommend that women start by choosing what they want, and this is a personal choice. There is no single definition of success and women should be comfortable choosing their own paths, acknowledging that we all have different dreams and goals. 

Lastly, we need brave women who speak up and vocalise their views and share their thoughts. Women bring a diversity of thought, and that level of inclusivity is important in financial services.

What’s the best book on investing/professional development have you read — and why would you recommend it to others?

I highly recommend Brene Brown’s book, Dare to Lead: Brave Work. Tough Conversations. Whole Hearts.and I have read Malcolm Gladwell’s book, David and Goliath (underdogs, misfits and the art of battling giants), twice.

What career advice would you give a young woman in 2022, who is about to start their career in financial services, especially in the specific area you operate in?

I would encourage young women to be brave, take calculated risks early on and persevere. I would encourage young women to dream bigger and go forth and conquer. This truly is our time as women, and the world awaits you!