Tag Archives: FPI

Financial planning profession in SA – not yet, not even close!

For far too long now we have been talking about financial planning becoming a profession in SA…sadly, we are not even close yet because it still remains an industry dominated by the need to sell products and by the suppliers of those products.
Continue reading Financial planning profession in SA – not yet, not even close!

You should be ashamed of yourselves, Liberty Life

I just came across a client who has been sold a decreasing life annuity by someone representing Liberty Life. Yes, I know that there is no such thing (officially) as a decreasing life annuity (no one would buy it if there was) but this is effectively what a non-escalating life annuity is. You have condemned the client to future poverty!

While the initial income may look more attractive, in 20 years time (the guarantee period on the annuity for a 65 year old with stage 3 cancer and no financial dependents?) she will be getting an income which will be less than 1/2 of what she should be getting if there was an inflation linked escalation.

This is the kind of product and advice that gives our industry a bad name. If the insurance companies and ASISA wont act then perhaps it is time that the regulators banned this kind of product.

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!