An update from the FPI

by Lelane Bezuidenhout | 5,Nov,2023 | FPI, Industry Updates, Q4 2023

Financial advisers are heroes

Lelane Bezuidenhout, CFP®,
Chief Executive Officer,
Financial Planning Institute of Southern Africa (FPI)

Gearing up for our annual convention

As you read this, the Financial Planning Institute of SA is busy with final preparations for the FPI Professionals Convention, the highlight of FPI’s calendar, which takes place on 14 and 15 November. The face-to-face event will be held at the Sandton Convention Centre, and the sessions will be streamed virtually for those who cannot attend in person. 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.

At the gala dinner on the evening of Tuesday 14 November, FPI will hold its annual awards ceremony, announcing the 2023 Financial Planner of the Year and the 2023 Practice of the Year. FPI will also announce the winners of the 2023 Top Candidate of the Year Award, Harry Brews’ Award, Diversity and Inclusion Award and

It Starts With Me Award
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®.

Making a difference
Looking back over the past three months, FPI celebrated Women’s Month in August and contributed in numerous ways to enhancing the professional competency of our members and furthering financial education among the public.

FPI supported and participated in the following events:
Money Smart Week 2023. This annual financial literacy campaign by the National Consumer Financial Education Committee 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 this committee and participated in various consumer education activities during the week.
Leaderex 2023. This event, which is Africa’s largest gathering of business leaders, professionals, and entrepreneurs, took place on 12 to 14 September at the Sandton Convention Centre. The FPI had a stand at the conference and hosted a series of presentations in the Financial Planning slot on 14 September.
Humans Under Management (HUM) conference. Several Certified Financial Planner® (CFP®) 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 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.

Peer sessions and workshops
In July, FPI submitted its response to Treasury’s two-pot/component retirement savings system proposals and facilitated a series of very interactive peer collaboration sessions to support this work. The first two sessions, in July, hosted by the Practice Management Committee and Employee Benefits Competency Committee, focused on practice standards and the proposed two-pot system respectively. The third session, in August, hosted by the Technical Competency Committee, focused on unpacking the draft Marriage Bill. These sessions generated diverse views, which were discussed and debated in good spirit.

FPI held two workshops for members and non-member financial advisors in August and September:

1. Retirement and investment online workshop.
This annual event, held this year on 30 August, has grown in popularity since 2013. This year the topics ranged from cryptocurrencies and AI to the two-pot system. The workshop was well received by all who attended.

2. Tax workshop.
Our tax workshop on 28 September delved into various laws that have a direct impact on financial planning. Topics covered were Section 42 transfers, tax matters around emigration and the functions and mandate of the Tax Ombud. If you missed these workshops – you can still register via our website.

ASISA Foundation’s 10th birthday
FPI is proud to congratulate the ASISA Foundation on its 10th anniversary. The Foundation has made a significant impact on the lives of over 80 000 people, and we are honoured to be a part of its work.

We attended the Foundation’s celebrations and were inspired by the stories of the people whose lives have been changed. We are particularly proud of the Foundation’s work in financial literacy and micro-enterprise development. These programmes are helping to empower people to take control of their financial futures and build better lives for themselves and their families.

The FPI is committed to supporting the ASISA Foundation’s work. In 2022, we signed a Memorandum of Understanding (MOU) to formalise our partnership. Through this MOU, we will continue working together to increase the reach of the Foundation’s programmes and to make a bigger difference in the lives of South Africans.

Member matters
FPI is excited to introduce the Next Generation Certification Standards for the CFP® designation. The assessment process to become a CFP® professional member of FPI will be amended from 1 January 2025 to closely align with international requirements for certification. FPI is adapting the process to incorporate a practical component to ensure that new CFP® professionals are assessed in a practical manner across the knowledge, skills and abilities components of financial planning.

We also launched the first edition of the FPI Member Handbook, which combines the seven principal parts of FPI’s member agreement: the FPI Glossary, the Standard Interpretation Rules and Miscellaneous Terms; the FPI Memorandum of Incorporation, the Member Regulations; the Certification Standard; the Disciplinary Regulations; and the FPI’s Information Use, Confidentiality and Data Protection rules.

FPI appreciates the participation of members in all our events and look forward in welcoming you to our convention in November.

Until next time,

Lelane Bezuidenhout
 Chief Executive Officer at  Financial Planning Institute of Southern Africa (FPI) | + posts