Lara Warburton’s (pictured) journey serves as a powerful reminder that sometimes the most rewarding paths are the ones we never planned to take.
In November last year, the Financial Planning Institute of Southern Africa (FPI) recognised Warburton’s excellence by awarding her the coveted title of Financial Planner of the Year.
The competition is known for its rigorous evaluation process, where finalists are thoroughly assessed through multiple stages: crafting a detailed financial plan based on a case study, undergoing a panel audit of the FPI Code of Ethics and Practice Standards, and participating in a comprehensive interview covering legislation, industry trends, and technical expertise.
As anticipation builds for tomorrow’s announcement of this year’s winner, Warburton’s reflections offer a glimpse into the emotional and professional impact of winning the award. Her success in the challenging stages of the competition culminated in an unforgettable moment when she was named the Financial Planner of the Year at the FPI Awards gala dinner on 14 November at the Sandton Convention Centre in Johannesburg.
“When my name was called out, I couldn’t believe it,” she recalls. “The two people I was up against were both males (Thomas Brukman and Noel de Kock), and they were both a lot younger than me. We often tell ourselves that younger people have more of a cutting edge, especially when it comes to technology. Maybe I’m over the hill in the way I’ve been doing things for the last 20 years.”
This blend of humility and candid reflection underscores the deeply personal nature of her achievement. Warburton turned 55 just before the awards, a milestone that added to the significance of her recognition.
“It was such a recognition of what I had been doing, and that acclaim was something that you don’t really think you need. But when you get it, it’s so overwhelming and exciting.”
As the managing director of Integral Wealth Management, Warburton’s win wasn’t only a personal triumph; it was also a validation of her work in the financial industry over the past two decades.
Being in her own business for so long, she admits, she did not expect such an accolade to come her way. “That happens in corporate, but it doesn’t happen in smaller businesses, so it was an amazing experience.”
Winning the award also opened new doors for Warburton. “It has changed a lot in that I’ve done a lot of public speaking over the course of the year,” she notes.
Her return to public speaking, in which she had not engaged extensively since her early career, proved to be both challenging and rewarding.
“When I won the competition, I told myself that for 12 months I was going to say yes to everything. I’m not saying no to a single thing. It’s a one-year privilege, and I just want to experience all of it and do everything.”
She adds that the warmth and support she received from her peers in the financial planning profession have been a highlight.
“This profession is full of the kindest, most giving people I have ever met,” she shares.
A series of fortunate events
Ironically, it was a slip-up in managing her own finances that led Warburton to the financial planning industry. After studying purchasing and materials management at university, Warburton’s first job was as a buyer of car parts at Volkswagen. She paid off her student loans and decided to travel overseas. Two years later, she returned to South Africa with a backpack full of memories and debts to settle.
A telegram from Standard Bank, typed in red, greeted her on her return, reminding her of the money she owed from her travels. With a sense of urgency, she grabbed a newspaper, circled potential jobs, and began her job search. She ultimately chose the highest-paying option, which happened to be Investec, where she worked in a call centre on the unit trust side of the business.
After a year at Investec, she joined a team of three who left to establish a unit trust company at Rand Merchant Bank (RMB). In the next seven years, Warburton’s hard work paid off, and she rose through the ranks, becoming a director just before her 30th birthday.
Warburton reflects on the 1990s as a time of significant growth and learning. She thrived in an intense work environment where long hours were the norm, contributing to the expansion of RMB’s unit trust business from a single fund worth R100 million to a portfolio of 23 funds valued at R15 billion. However, the demands of the job, including frequent travel, became overwhelming as she balanced her career with raising two young children.
Determined to find a better work-life balance, Warburton accepted a role at RMB International (now Momentum Wealth International), where she handled distribution across South Africa. The job allowed for more flexibility, but the extensive travel still took a toll. When her son’s fourth birthday conflicted with a work trip to London, Warburton knew it was time for a change.
An opportunity arose when one of Warburton’s clients, an independent financial adviser, Anabel Mackie, approached her to help manage her client base. This unexpected offer marked Warburton’s entry into the financial planning industry. Warburton says although it wasn’t part of her original career plan, the role provided the flexibility she needed as a mother and the chance to make a meaningful impact on people’s lives.
The experience also taught her the fundamentals of the industry, lessons that became invaluable when Warburton entered the Financial Planner of the Year competition.
After seven years with Mackie’s firm, Warburton moved to another company, where she was on track to become the chief executive. However, when she encountered practices that conflicted with her values, she decided to leave. Along with a few like-minded colleagues, she co-founded Integral Wealth Management.
In the eight years that followed, Warburton successfully helped to build a company that prioritises client interests above all else. Today, Integral Wealth Management stands as a testament to her commitment to independence and ethical financial planning.
The challenges ahead
This commitment to ethical conduct has been her guiding principle. In the ever-evolving world of financial planning, Warburton believes that ethics serve as a clear and steadfast compass for navigating the future.
“If we want people to think that we are ethical or believe that we are ethical, then we need to behave ethically,” she asserts, emphasising that this commitment extends beyond the professional sphere. “It has to be in our personal lives as well. We need to be the type of people that we tell our clients we really are… we have to act with integrity at all times.”
She adds that with the growing influence of digital profiles and online presence, maintaining ethical standards is more vital than ever.
Looking forward, Warburton envisions the financial planning profession – note the deliberate choice of “profession” over “industry” – undergoing a critical shift in how it is perceived by the public.
“The biggest challenge for us as financial planners is to try and make sure that people understand we are not product salespeople. That’s not what we do,” she says. “We sell our advice, and the products are a part of that solution, but they really are the last little bit of the solution.”
For Warburton, the future of financial planning hinges on this evolution in public perception. The emphasis must be on the value of sound advice and a well-structured financial plan, rather than on the products themselves.
“If we haven’t got the advice right, we haven’t got the financial plan and the structure right, then the products are not going to do what they need to do,” she explains.
Advice for the next generation of financial planners
For young professionals entering the financial planning field, the journey from academic qualification to practical application is often fraught with challenges. Warburton notes that while more universities are offering financial planning as a qualification, the real hurdle begins after graduation.
“The problem is, once they’ve qualified, how do they get employment?” she asks, pointing out that the allure of big salaries at major banks and investment companies often comes with a catch. “They get stuck in a call centre and never actually evolve into becoming financial planners. They get sidetracked into more and more roles.”
Warburton emphasises the importance of looking beyond immediate financial rewards and focusing on long-term career goals. She reflects on her own experience, recalling the pressure of repaying a student loan early in her career.
“It’s easy to get caught up by the big salary in the early days,” she admits. “But what’s important is to think about the long-term goals and what you want your life to look like in the future.”
One of Warburton’s key pieces of advice for young professionals is to seek out mentorship, even if it means starting with a lower salary. “In a very small way, you need to take the pain upfront of getting into a role with a good mentor,” she advises.
A mentor outside of day-to-day activities can provide invaluable insights that textbooks simply can’t teach. “When you work closely with someone, it’s almost like doing your articles. Accept the fact that you’re going to earn a lower salary and join someone to get the experience.”
Warburton’s own career trajectory reinforces the value of these early sacrifices. Her role, supporting another planner, Mackie, and looking after her clients, was a critical learning opportunity.
“It’s just saying that we’re not going to rush to get from A to Z,” she explains. “We’re going to have to take a couple of baby steps in the beginning but be clear on what the end goal is.”
For women in particular, Warburton highlights the flexibility that the financial planning profession offers. “It’s an amazing place to be,” she says, noting the unique opportunities for balancing a successful career with personal life. This profession, she believes, is not just about the destination but about embracing the journey, even if it requires a few detours along the way.
