Wouter Fourie CFP®, Ascor Independent Wealth Managers
As we celebrate the 20th anniversary of ASCOR Independent Wealth Managers, I’m reminded of the incredible journey we’ve undertaken in building a firm that offers comprehensive financial planning services in South Africa.
Our story began with a vision of establishing a multidisciplinary business, providing clients with a holistic approach to financial planning. Over two decades, ASCOR has evolved, but our commitment to offering top-quality, client-centered advice has remained our guiding principle.
The idea for ASCOR emerged more than 20 years ago when my business partner, Martin, and I saw an opportunity to create a financial planning firm that offered more than just investment or retirement planning. We wanted to provide a service that combined our backgrounds in accounting and tax to offer clients a one-stop solution for their financial needs. This vision came to life on April 1, 2005, when ASCOR was established, and since then, we’ve been on a mission to make a difference in our clients’ lives.
Financial Planner of the Year – Winning the Financial Planner of the Year award in 2015 was a significant milestone for me personally and for our firm. It was the culmination of years of dedication, preparation, and commitment to providing the best possible service to our clients. The process was rigorous, requiring me to present a comprehensive portfolio of evidence, a detailed case study, and undergo an audit by both the Financial Planning Institute (FPI) and the Financial Sector Conduct Authority (FSCA). Achieving this accolade not only validated our approach to financial planning but also provided us with a platform to refine our processes and build a business with continuity and structure.
The experience taught me the importance of constantly evaluating our practices, ensuring we offer a level of service that not only meets but exceeds the standards set by the FPI. It also reinforced my belief that financial planning is a profession, not just a job. Since winning the award, I have seen the profession evolve, with more young professionals aspiring to earn the CERTIFIED FINANCIAL PLANNER® designation. This is a positive trend, as it elevates the level of professionalism and trust within our field.
The role of education in financial planning – Education is a cornerstone of effective financial planning, both for clients and advisors. In South Africa, one of the most significant challenges facing clients today is the country’s economic environment, characterised by high unemployment rates, growing wealth disparity, and increasing tax burdens. These challenges make it even more crucial for financial planners to guide their clients through complex financial decisions.
As financial planners, we have a responsibility to educate our clients about the basics of financial planning, helping them understand concepts like budgeting, credit management, and long-term saving. This education should extend beyond our existing client base to include the next generation, ensuring that young people have a solid foundation in financial literacy. I believe that financial education should start at school, with government support, to equip future generations with the skills they need to manage their finances effectively.
It’s also essential for financial planners to continue their own education. The profession is constantly evolving, with new technologies, regulations, and products emerging all the time. Staying up to date with these changes allows us to provide our clients with the most relevant and effective advice.
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Technology: The key to efficiency and continuity – One of the aspects of my work that I find most exciting is the integration of technology into financial planning. Embracing technology not only allows us to streamline our processes but also enables us to customise advice for our clients. At ASCOR, we leverage technology to ensure that our systems are efficient and that our clients receive the best possible service.
Artificial Intelligence (AI) is an area that I believe will have a transformative impact on our profession. AI can enhance our ability to analyse data, provide tailored advice, and automate routine tasks, allowing us to focus more on building relationships with our clients. By using AI and other technological tools, we can improve the quality of our service, increase efficiency, and ensure that our clients have access to the most up-to-date financial planning strategies.
Furthermore, technology plays a crucial role in ensuring continuity within a financial planning business. With well-established systems in place, we can maintain a high level of service, even as team members come and go. This continuity is essential for building long-term relationships with clients, who need to know that they can rely on their financial planner regardless of changes within the business.
The evolution of financial products and services – South Africa is at the forefront of financial product development, with a wide variety of products available to meet clients’ needs. From insurance to investment options, the range of choices is vast, and it’s the role of the independent advisor to guide clients through this landscape, ensuring they select products that are appropriate for their goals and risk profiles.
While some financial products can be complex, it’s our responsibility as financial planners to understand these products fully and to communicate their benefits and potential risks to our clients. We take a client-first approach, ensuring that we work with what clients already have and adapt these products to meet their changing needs, rather than constantly recommending new solutions.
For those considering a career in financial planning, I would emphasise the importance of viewing this field as a profession rather than a sales role. Many people enter the profession with the misconception that financial planning is solely about selling products. It is about building trusted relationships, providing sound advice, and helping clients navigate their financial journeys.
The Financial Planning Institute’s mentorship program is an excellent way for new entrants to learn the ropes, gain practical experience, and understand what it truly means to be a financial planner. This kind of structured training is crucial for developing the skills needed to succeed in this profession.
Furthermore, I encourage young professionals to seek out opportunities to learn from experienced mentors, stay informed about profession developments, and always prioritise the client’s needs above everything else. Building a career in financial planning takes time, dedication, and a commitment to continuous learning.
What I enjoy most about my work – One of the aspects of my role that I enjoy most is the technical side of financial planning, especially the application of technology and AI. I find it fascinating to explore how these tools can enhance our business operations and improve the advice we offer to clients. Staying updated with the latest advancements in technology keeps me engaged and allows us to remain at the cutting edge of the financial planning profession.
In addition to the technical side, I genuinely enjoy building relationships with clients. There’s immense satisfaction in knowing that the work we do can have a positive impact on people’s lives, helping them achieve their financial goals and providing them with a sense of security for the future.
As we celebrate 20 years of ASCOR, I am excited about what the future holds for both our firm and the financial planning profession as a whole. The ongoing integration of technology, the shift toward more comprehensive financial education, and the growing recognition of financial planning as a profession all point to a bright future.
By staying true to our core values, embracing innovation, and continuing to prioritise the needs of our clients, we look forward to many more years of success and growth in this dynamic profession.