Navigating the Present, Shaping the Future: Insights from FPI Professional's Convention 2023

We are living through extraordinary times, indeed! And we can thank the Bokke for adding to the extraordinary! Well done, South Africa!

We are experiencing big overall trends: climate change, technological disruption and social instability – all of which are reshaping the business environment and our world today. People are feeling burdened by all of this. On page 82, Judith Haupt attests that the risks these trends create only strengthen the relevance of solid financial planning, of creating stability where we can. She says, “What is important to realise though is that these trends pose new and huge risks, but also great opportunities to rethink our work and our world fundamentally. The way we will handle the problems we have today is going to impact the way we are able to work and live in the future.”

Going back to the future is what it is all about.

“Back to the Future” is the theme for the 2023 FPI Professional’s Convention. Key presentations will be on the future of financial planning, the psychology of financial planning, social media law and the South African political scene. At the gala dinner, the FPI will be hosting the prestigious awards ceremony where excellence in the profession is recognised. The event endeavours to acknowledge CFPs® from across Southern Africa who demonstrate innovation, professionalism and commitment to their clients and the profession. We wish the Financial Planner of the Year 2023 finalists, Noel de Kock, Lara Warburton and Thomas Brukman, all the best. Meet these three exceptional CFPs® on page 18.

Rob Macdonald reflects on the words of Paul Saffo, a Silicon Valley-based forecaster who explores long-term technology trends and their impact on society: “The goal of forecasting is not to predict the future but to tell you what you need to know to take meaningful action in the present”. According to Chat GPT, “The future of financial advice is likely to be shaped by several key trends and developments, driven by advances in technology, changing consumer preferences and regulatory changes.” GPT outlines 10 aspects that are likely to be a reality. Macdonald lists these and considers the implications of each, both now and in the future.

With the COFI Act impending, technology innovation is imperative. COFI will replace the FAIS Act and it will shake up every component of FSP businesses. With these changes, every FSP business will need an equaliser. Anton Swanepoel argues that this equaliser is technology (page 62).

Arthur C Clarke once articulated that “any sufficiently advanced technology is indistinguishable from magic”, Tim Slatter tells us. Social media possesses an escape from reality and a conduit for connection, yet financial advisors struggle to effectively harness its potential. In his article, Slatter guides you through the conundrum (page 68).

Going back to the future, GPT’s forecast may not be accurate but it provides some indication of what meaningful action we can take in the present.

Enjoy this issue and for those who are going to the FPI Professional’s Convention, see you there!

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All the best

‍Alexis Knipe, Editor