COVER Magazine

Unlocking the Power of Data: Insights from Angus Black - Part 2

In a recent discussion, Angus Black, Director at BDS BarnOwn Data Services, emphasised the transformative power of data in the insurance industry. Highlighting its evolution over 16 years, he noted that the use of data has expanded beyond regulatory compliance to include underwriting, actuarial analysis, and claims management. Angus explained that a solid data standard allows for automation, enhancing data quality and streamlining processes. He underscored the importance of integrating various data sources to support brokers and insurers, enabling more informed decision-making and fostering stronger relationships within the industry. 

Understanding Data Standards in the Insurance Industry - Part 1

In a conversation with COVER Magazine, Angus Black, Director at BarnOwl Data Services, discussed the critical role of data standards in the insurance industry. He emphasised that data standards consist of three main elements: defining data fields, identifying essential data elements, and setting clear rules for data collection. Angus explained that while regulations provide a framework for data uniformity, flexibility and repeatability are key to ensuring accurate and shareable data across platforms. Automation plays a vital role in managing large volumes of data, but human oversight is necessary to ensure accuracy and handle unique cases. 

Building Lasting Client Relationships

Natasja Norvall Hart of Evolution Wealth, the 2010 Financial Planner of the Year, reflects on her two-decade journey in the financial planning industry. She emphasises the critical role financial planners play in clients’ lives, particularly during significant life events. Natasja highlights the importance of holistic financial planning and maintaining lasting client relationships. She praises the evolution of the industry, noting how product providers are transitioning from transactional to partnership models. Additionally, Natasja discusses the value of the CFP designation and the significance of continuous professional development and ethics in navigating potential conflicts of interest.

Insights from past Financial Planner of the Year: Hester van der Merwe

In a conversation with Tony from Cover, Hester van der Merwe of Ultima Financial Planning reflects on her journey in the financial planning industry. Winning the Financial Planner of the Year award in 2020 transformed her perception of the profession, which she describes as evolving from sales-driven to client-centered advice. Hester emphasizes the importance of authentic relationships with clients and encourages the next generation to enter the profession, highlighting the role of paraplanning as a valuable entry point. She advocates for a coaching approach, urging advisors to listen and understand their clients’ unique life situations. 

Mentoring the Next Generation of Financial Planners

Wouter Fourie of ASCO Independent Wealth Managers and past FPI Financial Planner of the Year, reflects on the firm’s 20-year journey in providing holistic financial planning. Wouter discusses how the industry has evolved from sales-driven practices to a professional, client-focused service. He highlights the importance of mentoring the next generation, educating clients, and integrating technology, particularly AI, into financial planning. Wouter shares his passion for the technical side of the business and emphasizes that education, both for clients and financial planners, is essential for navigating South Africa’s complex economic challenges. 

Navigating the Retirement Landscape

In a discussion with Tony at COVER, Alec Riddle, Financial Planner of the Year winner, shares his expertise on retirement planning. Alec highlights the dangers of high drawdown rates and suggests a blend of living and life annuities to create sustainable income for retirees. He emphasizes the need for planners to put clients first, focus on longevity, and adapt to changes in the industry. Alec also stresses the importance of annual reviews and addressing the mindset shift needed for successful retirement. He encourages financial planners to link up with larger organisations to navigate increasing compliance and technology costs.

Client-Centric Financial Planning: Bruce Fleming's Perspective

Bruce Fleming, an experienced financial planner with nearly three decades of industry experience, discusses his journey from legal advisor to lifestyle financial planner. In this candid conversation, he highlights the importance of putting the client first, how legislative changes have shaped the industry, and the vital role trust plays in client relationships. Bruce's commitment to providing tailored financial solutions and fostering long-term partnerships with clients stands at the heart of his approach. For those entering the financial planning industry, his insights offer valuable lessons on building trust, navigating industry changes, and ensuring client-centric service. 

In Pursuit of Truth: Barry O'Mahony's Journey in Financial Planning

Barry O'Mahony, founder of Veritas Wealth Management, shares his journey from cold-calling in South Africa to becoming one of the country's top financial planners. In this interview, Barry opens up about the significance of Veritas, which means "truth" in Latin, and how his approach to lifestyle financial planning has transformed the lives of his clients. Winning Financial Planner of the Year was a game-changer, not just for his public image but in reinforcing trust with his existing clients. Barry also touches on the complex challenges facing financial planners today, including navigating uncertain markets and helping clients through major life transitions. 

How Trust and Transparency Define Financial Success

Lara Warburton, Director at Integral Wealth and Financial Planner of the Year, has spent over two decades shaping the financial planning profession. Initially starting in a different field, Lara’s career journey led her to Investec, where she discovered her passion for financial advice. Now, a Certified Financial Planner® (CFP), she values the trust her clients place in her, emphasising transparency, honesty, and client-centric advice. Lara believes financial planning is about helping clients navigate both the good and difficult times. Her key advice for aspiring planners? Know your limits, stay transparent, and always prioritise your clients' needs. 

Building a Legacy of Integrity

Debbie Netto, founder of Netto Invest, has transformed the financial planning industry with her holistic and client-centered approach. Beginning her career as a nurse, Debbie's passion for helping people shifted from healthcare to financial wellness, driven by a desire to guide clients through life’s pivotal moments. With over three decades of experience, she pioneered fee-based financial planning, moving away from commission-driven models. Debbie’s leadership has empowered her team to deliver consistent, needs-based advice to clients, combining technology with a deeply personal understanding of their financial challenges and goals. Integrity and education remain the foundation of her lasting impact.