The Financial Planning Institute of Southern Africa (FPI) has announced the three finalists for the 2024 Financial Planner of the Year Award.
Launched in 2000, the Financial Planner of the Year Award is the pinnacle of recognition in the financial planning industry. The competition is known for its rigorous evaluation process, comprising three rounds that showcase the skills and abilities of the finalists. The selection process involves a comprehensive evaluation, including the submission of a detailed financial plan based on a case study, a thorough FPI Code of Ethics and Practice Standards audit, and a panel interview assessing the finalists’ expertise on legislation, industry trends, and technical information.
The award is judged by a panel of independent judges, including academics, industry experts, and FPI senior management and board members.
This year’s finalists, in no particular order, are Gareth Collier, Rudolph Geldenhuys, and René van de Spreng.
Moonstone caught up with the three finalists to gather their insights on the competition and the state of the industry. Today we profile Collier. Geldenhuys and Van de Spreng will be profiled in the coming editions of our newsletters.
Gareth Collier
Collier serves as a director and shareholder at Crue Invest (Pty) Ltd. He holds a Bachelor of Commerce from UNISA (2008), as well as a Postgraduate Diploma in Financial Planning and Services (2016) and a Postgraduate Diploma in Investment and Portfolio Planning (2021) from the University of the Free State. He is certified as a Financial Planning Professional.
Collier highlights the bespoke and nuanced nature of providing advice and making recommendations.
“It can also be a subjective matter where opinions on advice can reasonably vary based on the amount of information you have available,” he says.
Despite the high regulatory demands and the necessity for extensive technical knowledge, Collier emphasises the importance of creating financial plans that are both appropriate and comprehensible for each client.
“When submitting the plan for assessment for the competition judges, it was imperative to submit a plan that addressed the technical aspects of the planning process, while ensuring that it remains unique to the individual client,” he explains.
Rather than adopting a specific strategy to stand out, Collier believes in staying authentic.
“I think it’s important to remain true to your authentic self and advice approach rather than trying to be someone you are not,” he advises.
Addressing the critical industry trends shaping financial planning, Collier notes a significant shift towards professionalising the industry.
“Crue Invest has always been a fee-based practice and as such, product sales and meeting targets have never had a place in our practice,” he states.
This move towards a more professionalised environment has made financial planning an aspirational career for young professionals.
“There is no room for product-selling or target-setting in a professional financial planning practice,” Collier asserts.
He adds that Crue Invest is committed to mentoring younger professionals to become fully fledged financial planners.
“Everyone in our practice is salaried, and no one is required to build a portfolio of clients while trying to survive on commissions. We charge professional fees for our advice and earn professional salaries in return.”
Discussing the challenges of staying updated with industry changes while maintaining a consistent approach to financial planning, Collier says the most common source of change within the industry comes in the form of compliance requirements or legislative changes, with the purpose of compliance being to ensure that customers are protected.
He says at Crue Invest, client interests are paramount, and compliance changes are integrated without fundamentally altering the advice approach.
“It is important to ensure that all advice aligns with financial planning regulations and that clients are educated and updated on all legislation to the extent that it affects them,” he notes.
Additionally, financial plans must be adaptable to the changing circumstances of clients.
Collier offers valuable advice for those aiming to achieve excellence in the financial planning field. Although he entered the competition as an individual, he underscores the collective effort behind his success.
“It is important to work in a practice and with people who share a common value system, approach to client care, and a passion for excellence,” he says.
He believes that operating at a level of excellence requires the support of a fully aligned team.
“Every person who operates at a level of excellence can only do so with the help and support of a team that is fully aligned with their goals. None of us is smarter than all of us,” Collier concludes.
2024 FPI Professional’s Convention
The winner of this year’s award will be announced at the upcoming FPI awards ceremony and gala dinner. The ceremony will take place on the first evening of the two-day 2024 FPI Professional’s Convention. Themed “Cultivate Growth, Harvest Excellence”, this year’s convention takes place on 13 and 14 August at Century City Conference Centre in Cape Town.
The event will take place virtually and face-to-face.
Costs:
- Face-to-face: R6 260 for FPI designated members and R7 490 for non-members.
- Virtual: R3 210 for FPI designated members and R4 037.50 for non-members.
All prices include VAT. Bulk booking discounts are available.
To purchase your ticket to attend the FPI awards ceremony gala dinner, email events@fpi.co.za or call 011 470 6000 or click here.
