How Momentum Financial Planning is empowering financial advisers

According to Momentum Financial Planning’s books, the average age of financial advisers in South Africa is currently in the region of 50 years. While this certainly speaks to the overall level of experience in the industry, it also shows that there is a dire need for a younger generation of qualified and innovative financial advisers.

This is according to Aubrey Faba, Channel Director at Momentum Financial Planning, who says that younger individuals not only need skilled financial advisers to help them make the right decisions with their money, but also professionals who they can relate to, and who understand their unique situations and financial needs. 

“Partnering with a financial adviser is no longer a luxury, but a requirement for success. The problem is that there is still a lack of trust in financial services companies. Diversifying and transforming our adviser community by bringing in new skills is what the industry needs to increase its reach, especially in under-serviced regions. If there was ever a time when financial advice was vital, it is now – as people from all walks of life are trying to recover from the devastating impact that the ongoing COVID-19 pandemic has had on their financial wellbeing.”

With this in mind, Faba says that Momentum Financial Planning is dedicated to providing high-quality training for financial advisers entering the industry. “Our aim is to help more advisers to adapt to a new way of working, while building careers that offer them satisfaction, greater earning potential and flexibility. Being a financial adviser means making a positive difference in people’s lives by guiding them to financial security. This is why we are focused on initiatives, such as the Momentum Financial Planning Institute (MIFP), to improve skills and experience levels. We are also dedicated to increasing the support and training available to financial advisers in order to enhance their skills and knowledge.”

As a result of COVID-19, digital transformation and technology has accelerated, and in response to this, MIFP’s curriculum is completely virtual, allowing training and development to happen remotely. “This means that new-to-industry advisers are also upskilled in these digital tools and technologies, and are therefore more empowered to navigate the working world of the future,” he says.

MFP is strategically invested in digitalisation, with a view to ensuring seamless integration and convenience of business processes – in order to revolutionise the financial advice landscape. “In essence, the focus should be on retention of the adviser and client by giving the adviser the support to engage and service their large client book, with appropriate seamlessness in technology and processes. This enables them to focus on growing their practices by showcasing their knowledge and skills acquired over many years,” says Faba.

He explains that in addition to providing a training roadmap to assist aspiring advisers in attaining their qualifications, Momentum has a team of legal advisers to offer support, when dealing with complex proposals and legal matters. “Momentum has also established a consistent client engagement and compliance process, provides financial planning software and training, appoints supervisors to guide advisers, offers practice management information and client management tools, and gives ongoing training through the MIFP.”

Faba says that all of this is ultimately aimed at ensuring that more South Africans get the financial advice that they really need. “South African consumers are faced with so many challenges. Low financial literacy levels, lack of trust in financial services providers, poor understanding of risk and a lack of knowledge related to their options are holding many South Africans back. Momentum Financial Planning is a well-established business and is built on solid client relationships spanning various generations. Our financial advisers provide expert advice that clients can trust to help them make informed decisions about their money – so they can achieve their life-long dreams and goals.”

In closing, he says that Momentum is committed to helping advisers fulfil their clients’ financial aspirations with relevant and unique solutions to suit their budgets and individual circumstances. “We believe in the value of advice and partnering with clients on their journey to success. We offer cutting-edge career opportunities, with a competitive remuneration model for financial advisers at any stage of their careers who have an entrepreneurial spirit. This enables you to focus on financial planning and securing business with unsurpassed back-up and assistance of a home-based team,” Faba concludes.