My namesake is often quoted as saying: take from the past that which is good and build the future on it. Sage advice, but highly unlikely to be followed in this strange, strange world we live in, master Jack.
After reviewing the articles in today’s newsletter, I experienced a serious bout of nostalgia, remembering the industry that I grew up in and which provided a livelihood for me and my family from September 1976.
The transition from a self-regulated industry to that which we are currently subjected to is, quite frankly, frightening, and is escalating into one where the individual is being alienated into group conformity where most of what made the industry fun is gone. The new “total onslaught” is far more real than the rubbish we were fed in an attempt to prop up an untenable system in the sixties and seventies.
In “Yesterday once more”, The Carpenters painted a rather romantic picture of their lost youth: “Looking back on how it was/In years gone by/And the good times that I had/Makes today seem rather sad/So much has changed”.
Indeed.
Eric Burdon and the Animals will always be remembered for “The house of the rising sun”, but “When I was young” was one of the earlier attempts at protesting against a world in which the youth of their time experienced increasing alienation.
“My faith was so much stronger then/I believed in fellow men/I was really so much older then/When I was young.”
Somehow, we never questioned that the products we were given to sell were the best possible for our clients’ needs. Only later did we learn that there were sometimes ulterior motives, such as the hidden costs in certain punted products, which were aimed at increased profitability. With demutualisation, the focus shifted from client concerns to satisfying shareholder needs.
In 1987, REM grunge rocked: “It’s the end of the world as we know it, my friend”.
A new order was on the horizon for South Africa, and not too soon, either. With it came a new political dispensation, and the opportunity to unshackle those who suffered from exclusion to access financial products and literacy. Sadly, exploitation of the masses continues to this day, as is the fate of so many starry-eyed dreams we had at the birth of the rainbow nation.
Regulation of the way in which financial products were provided to the public became inevitable. At the end of September 2004, the provision of financial advice and intermediary services became subject to regulatory scrutiny.
It was untrodden territory – for the industry and the authorities. Somehow, we managed to pack the puzzle in a trial-and-error fashion.
But it was never going to be completed. A new puzzle is being created, with many subsidiary branches adding to its complexity.
Becoming part of the global village also brought new demands. The recent legislative changes forced on us to prevent grey-listing have escalated the compliance requirements such that there appears to be no place for the small individual adviser.
Robotics appear to be the future of financial advice. The demise of face-to-face interaction with clients was exacerbated by the pandemic restrictions and became the new order.
It is, indeed, the end of the world as we knew it, my friends.
But those of us who savoured the joy of making a difference in the lives of clients in so many ways through the advice and services we rendered during a life-long relationship will always recall, with great fondness, the memories:
Memories/Light the corners of my mind/Misty watercolour memories/Of the way we were.
Can it be that it was all so simple then?/Or has time re-written every line?/If we had the chance to do it all again/Tell me, would we?/Could we?
Memories/May be beautiful and yet/what’s too painful to remember/We simply to choose to forget…
So, it’s the laughter/We will remember/Whenever we remember/The way we were…
Excellent article Paul. Joined the Insurance Industry in 1982 and I feel the same about the way it has gone. We have to accept that things have changed but thank goodness for the memories 😀.
You guys are wrong and I am appalled by the way that so many of the so called doyens of the industry have thrown their hats with the robotics and and systems “authorities”. There will always be room for personal service and face to face contact. Mark my words.
Perhaps far, by far more serious than we yet imagine. The often unprofessional demands of bureaucracy, with nearly no understanding of a practically functional FSP office, are not only placing untenable costs to the true professional but utterly alienating the planning needy.
These many demands in fact duplicate already compliant software we have used for years. All any audit needs to do is to look into those files.
Very nicely written, Paul. As so often you get it just right. Thank you.
Slainte mhath, Allan
Great article and references Paul!
Reminds me of the car industry actually ,we now have and pay for technology that is not wanted or even needed and for which we pay dearly regardless. Even the agents themselves hardly understand, let alone repair these behemoths and their gadgets.
However there has always been a large following of the old bangers, by people who want simplicity and pure functionality ,not doodads, cupholders and tv screens in the headrests.
I have a feeling that we who have been in the industry this long (myself since 1989) may well have the opportunity to service these individuals based on tried and trusted methodology’s.
Lets see.
Best regards
Paul