Ayanda Seboni, Group Executive: Mutuality at PPS
What are the essential principles of leadership and how can these be applied in today’s fast-paced and ever-changing environment?
It starts with adaptability as a core leadership trait. In my view, successful leaders must recognise that we live in a world characterised by constant change, driven by both technological advancements and shifting societal norms. The ability to adapt to these changes is crucial, not only for personal growth but also for the sustainability of businesses and organisations.
Universal leadership principles, such as empathy, adaptability, and a client-centric approach, are essential. However, the application of these principles can vary widely depending on the specific context and challenges faced. For example, in my role at PPS, understanding the unique needs of different market segments has been key to developing appropriate solutions, such as launching a medical indemnity business to support professionals facing legal challenges.
The Role of Mutuality in Governance
One of the standout features of PPS is its mutuality model. Unlike traditional companies, where decision-making is often driven by shareholders, a mutual organisation like PPS operates for the benefit of its members. This structure offers a unique governance model, where the board includes individuals from diverse backgrounds, including industry professionals, academics, and small business owners. This diversity enriches the organisation’s understanding of the market and helps in crafting strategies that are truly reflective of its members’ needs.
This inclusive approach allows for a variety of perspectives to shape the company’s direction. Members of PPS, who are also its policyholders, can stand for election to the board, ensuring that the governance structure remains closely aligned with the interests of the broader membership. This model of mutuality fosters a sense of ownership and responsibility among members, which is critical in making decisions that balance risk and opportunity.
Implications for Advisors and the Importance of Client-Centricity
When it comes to leadership traits of professional advisers, empathy and trust in client-advisor relationships, is crucial. Advisors are often privy to sensitive personal and financial information about their clients. This level of intimacy necessitates a non-judgmental and supportive approach, especially when clients may not be financially literate.
Building trust is foundational. Advisors should focus on understanding their clients’ unique visions and cultural contexts. This understanding can significantly enhance the advisory process, making it more client centric. By prioritising the needs of the client over personal gains, advisors can foster long-term relationships that are not only beneficial but also rewarding.
I think this is particularly relevant in times of economic uncertainty or personal crises, where clients look to their advisors for guidance and support. An advisor’s ability to adapt plans to changing circumstances can make a significant difference in achieving desired outcomes. This adaptability, coupled with a deep commitment to serving the client’s best interests, can transform a good advisor into a trusted partner.
The unique mutuality model of PPS serves as a powerful example of how organisations can align their governance and strategic objectives with the needs of their members, creating a more inclusive and responsive business environment.
For advisors, the key takeaway is clear: prioritise empathy, build trust, and remain adaptable. These principles not only enhance client relationships but also ensure sustainable business growth in an ever-changing world.