Tag Archives: financial advisor

Deceivery Life

I just received an invitation to the Discovery Life financial planning summit…on opening the invitation I noticed a few things:

  1. The invite is for a financial planning summit
  2. The agenda is dominated by sales techniques – sure there are some other topics thrown into the mix but it appears that the main motive is to make better (more proficient) sales people who can sell more products as a result. This is not financial planning. 2 of the agenda items are as follows:


Peter Rosengard’s extraordinary life story is packed with valuable lessons and insight into how he achieved greatness in the life insurance industry. He shares practical and inspiring advice based on his own success and reveals how you too can consistently prosper.


All other things being equal, clients choose the financial adviser they like. It’s as simple as that. Learn how to synchronise attitude, body language, and voice tone so that you instantly become someone the other person likes. Nicholas Boothman reveals how to read attitude, pick up on nervousness, the subtle difference between words that open a conversation and words that shut it down, powerful compliments, eye cues, the magic of opposites attracting, and more. Prepare to be liked!

  1. The programme is “endorsed” by the Financial Planning Institute…with Continuous Professional Points (CPD) points for attending. CPD for what – learning how to be a better sales person?


What are we getting at – does the FPI, as an institute, stand for financial planning or selling disguised as planning? With events like this where selling is disguised as planning and CPD points can be earned, it is no wonder that the public and regulators are confused about what financial plan is and is not! Come of Discovery and the FPI – let’s call a spade a spade. This is not a financial planning summit!

The role of the financial planner…

Have been busy with a death claim on a retirement annuity and have managed to get an extra 50% added to the payout value…read on for the details that once again highlight the value that a financial planner can add to a client’s portfolio.

About a month before our client died we sat with him and his wife to work through all his insurances (he had been diagnosed with terminal cancer). We did not do a lot of his old policies but managed to get a printout on his policies from the insurance company which showed that there was a death value of R233000 on one of the RA’s (the fund value was less as it still had a few years to run).

After his death we submitted the claim on behalf of his wife and received a recognition of transfer for an amount of R164000. We queried this with the company and were given the usual nonsense about the actuaries having calculated the values etc. We were not happy with this an insisted on a detailed explanation for the discrepancy in the values (this was in the form of at least 5 phone calls as well as 3 written requests).

Good news is that we have just received a revised recognition of transfer with a new amount of R247000 – that’s 50% more than the first one!

Still no explanation of how the value was calculated and no apology. I think we will take the money and run and then follow up later with a further request for a detailed explanation.

Now, imagine that this was a direct client with no advisor fighting for her – the insurance company concerned would probably just pocketed the extra money and the client would have been none the wiser!