MoneyMarketing Software Supplement October 2021

Software SUPPLEMENT

Inspire your clients with financial planning An adviser can empower a client to live the life they want to live Page 14

WHAT’S INSIDE ...

Accurate and reliable financial data indispensable to any financial services provider’s success

Practice management magic that boosts productivity in your business

Specialised local research teams allow clients access to a wide range of data options for both in-house needs and for on-distribution to their customer base

Work smart by using a single solution to reduce administration, maximise business opportunities and deliver high-impact financial advice

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A digital solution that fast-tracks sales and underwriting Digitisation is here and those who don’t embrace it will simply be left behind Page 14

31 October 2021

SOFTWARE SUPPLEMENT

Accurate and reliable financial data indispensable to any financial services provider’s success

BY JOHAN VAN DER WALT Head of Department: Data Sales, Profile Group

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ustomers in the financial services arena have come to expect that their institutions will guide them through volatile and fast-moving financial markets. Institutions have also come to understand that the point of contact is often via their websites, apps and data portals.

It is therefore important that these contain up-to-date and accurate financial data.

Profile DataTM takes pride in being the leading South African financial data feed solutions provider. Our specialised local research teams, together with our relationships with international exchanges and data providers, allow clients access to a wide range of data options for both in-house needs and for on-distribution to their customer base.

Profile’s specialised IT team takes pride in building turnkey solutions that meet the need of customer specifications at a defined cost. Profile’s on- and

off-site IT infrastructure allows cost-effective hosting and solutions management, reducing the need for expensive capital outlay.

As a result, Profile has the unique ability to develop customised solutions combining equity exchange data together with domestic and international unit trusts, including hedge funds data, into any bespoke solution through our ShareDataTM and FundsDataTM platforms.

Client-specified front-ends can be developed to the end-user’s specifications, allowing service provider resources to be focused on their primary business, giving them the competitive edge.

ShareData ShareDataTM aims to provide data clients with a single source of comprehensive listed company information.

The Profile research team strives to capture all aspects of relevant information for every listed company, ranging from address details to comprehensive financial data.

Time-series data for all listed securities is available, covering the JSE, Namibia and the newly established 4AX, ZARX, A2X and EESE exchanges, as well as standardised financial results, which allow for much more efficient analysis of all listed company financial releases.

With the exciting launch of our app, Profile Mobile, we have taken ShareDataTM mobile to Android and iOS devices. Profile Mobile not only integrates market

information containing listed shares, SENS, indices, currencies and commodities into one powerful tool, but also provides charting, with end-of-day as well as intraday pricing.

FundsData With the proliferation in the number of funds now outnumbering listed shares by over fivefold, Profile’s FundsDataTM brings common sense analysis to the fund environment. It is housed in a fully relational database structure designed to facilitate manipulation of the data content. Descriptive content is, wherever possible, backed by field-defined data, allowing filtering, searches, date calculations and complex reporting.

FundsDataTM covers all South African retail and institutional unit trusts. Data contained covers a range of over 1 400 retail unit trusts and over 3 500 institutional funds. In addition, our international partners have the capacity to meet client data needs pertaining to FSCAregistered local domiciled offshore funds.

For more information contact Johan van der Walt, Cell: 072 843 9239, Tel: 011 728 5510 Email: johanw@profile.co.za

INN8 launches local investment platform

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NN8 is proud to announce the official launch of their local investment platform.

After finding success within the independent financial adviser market with their offshore investment platform launched in 2018, INN8 continues to live to up their vision to change the way investments are done in South Africa.

The local investment platform gives advisers the advantage in a new digital world heavily influenced by constant change and regulation. By adopting the platform in their business, advisers can increase their speed and efficiency, and achieve better scale in their businesses, providing better advice and service to more clients.

The platform allows advisers to invest their client’s money to start an

“Advisers can say goodbye to paperwork, wet signatures, and investment delays” 10 www.moneymarketing.co.za

investment, save for retirement, earn a retirement income, or plan their estate via the seven product solutions available on the platform: investment account, tax-free savings account, retirement annuity, preservation fund, living annuity, endowment, and sinking fund.

Simple and elegant technology in a completely digital environment with straight-through processing using language that is easy to understand, advisers can say goodbye to paperwork,

wet signatures, and investment delays.

Says CEO Mickey Gambale: “Unlike legacy technology, we have worked alongside advisers to build a solution fit for purpose – after all, INN8 aims to be Purpose Built. Adviser Inspired. The team uses this insight to reimagine the way an adviser does business and, in turn, we bring future-focused solutions to market.”

INN8 – pronounced innate – invites financial advisers of the future to get in touch.

Mickey Gambale, CEO, INN8

We specialise in customised data solutions

31 October 2021

SOFTWARE SUPPLEMENT

Practice management magic that boosts productivity in your business

BY BARRIE VAN ZYL Head: Account Management, Iress, South Africa

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egulation, innovation and global pandemics influence industries, but what won’t change for financial advisers is how essential relationships are for the success of their business. Longlasting client relationships are based on building trust by: • being transparent • clear consistent communication • optimising workflow processes • meeting client needs.

“While none of these may be new, running a financial advice business in challenging market conditions with increasing regulatory pressures can be complex. A financial adviser is required to add value by educating in a relatable way, providing effective advice, being an empathetic expert, and all the while ensuring that the client experience is shooting the lights out. There’s a lot to consider about what should be prioritised in order to remain competitive,” says Barrie van Zyl, Head of Account Management for Iress, Half_Page_ad.pdf 1 08/09/2021 15:52 South Africa.

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Here’s how you can make the most of your software to help your clients reach their financial goals, and exceed their expectations, through operational efficiency, robust practice management and reduced compliance risks: Compensation cards on the table Show how you’re serving your clients’ interests by offering full disclosure on your compensation structure. CommPay automates all areas of revenue management – from the upload of receipts to sales and pipeline reporting, remuneration models, revenue splits and invoicing. It’s a simple tool to help streamline revenue and remuneration.

Make time to meet Although face-to-face in-depth debriefs are currently challenging, make sure that you’re still meeting your clients beyond the mandatory annual review. Xplan users can create, schedule and launch instant Zoom video meetings with clients – saving time and minimising context switching.

Connect and communicate with your clients No more scrolling through long email threads and sorting by attachments. Make it easy for clients to access information about their investments and financial life. Available through Xplan, Client Portal makes secure information-sharing fast. Deliver a better digital experience, choose the best set-up for your business, and easily add modules.

Reduce your client onboarding complexity Impress your clients with a smooth, automated onboarding process that helps you collect and safely store the right information with a full audit trail. Spend your time where it counts the most to get those satisfied client reviews.

Manage your practice with some software magic Leverage software to reduce manual processing of time-consuming operational activities like backoffice administration, reporting and compliance.

Xplan allows you to save time while increasing productivity by using automated workflows, wizarddriven reporting to prospecting pipelines, and activity management dashboards.

Compliance management is a must The responsibility of satisfying compliance requirements is made easier using Xplan’s in-built features and functions.

Streamline the process and reduce the hassle when dealing with compliance from audit trails to automated exception-based rules on your clients portfolio.

Whether your financial advice practice is large or small, balancing efficiency and profitability while delivering quality client service can be tricky. Work smart by using a single solution to reduce administration, maximise business opportunities and deliver high-impact financial advice. Visit https://www.iress.com/financial-advice to put your clients’ needs first.

Built for better advice

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Reduce administration, maximise business opportunities and deliver high impact financial advice with software built for better performance.

Visit iress.com/financial-advice to put your client needs first.

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Generational Wealth, powered by 1Life Vantage

You are in the business of creating generational wealth. Let us help you optimise your financial planning process with life and investment options. This is accelerated through one of the first comprehensive financial adviser digital solutions in South Africa, 1Life Vantage.

The old way

The Vantage way

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•

Lengthy process could take up to

processing and policy acceptance

3-weeks for a life policy to be issued •

Requires face-to-face interaction between

•

Excessive paperwork to be completed by

•

of advice

Record of advice and additional documents to be completed

Digital financial solution with no paperwork to be completed, that includes the record

client and financial adviser •

Remote acceptance via electronic signatures and OTP functionality

financial adviser and the client •

Real time underwriting, straight through

•

Financial adviser onboarding via a one-page application form

Contact us at brokers@1life.co.za to arrange your complimentary demo and stand a chance to win a Miele Coffee Machine, worth R28 000.

1life.co.za/vantage

1Life Insurance Ltd is an authorised financial services provider and life insurer.

31 October 2021

SOFTWARE SUPPLEMENT

A digital solution that fast-tracks sales and underwriting

BY KOBUS WENTZEL Head of Distribution, 1Life

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here is a lot of talk about how you, as a financial adviser, should be tapping into the power of digital solutions to grow your business. And, you should look at two questions before you take the plunge: why, and which partner or solution is best for your practice.

The why It’s simple. Digital solutions speed up the sales and underwriting processes, leaving you with more time to focus on the advice portion. It also gives you time to optimise your planning process, in order to help your clients achieve generational wealth.

A good financial digital solution supports you from financial needs analysis right through to remote acceptance of the policy.

What to look for in a digital solution You first have to consider what your clients require from you. As early as 2016, McKinsey and Company, in a research report entitled Harnessing the power of digital in life insurance, mentioned that “consumers consistently rank underwriting complexity and delays among their top concerns”. This means that by tapping into simpler and faster underwriting, you can add more value to your client proposition.

You also need a digital solution that incorporates remote acceptance and the conclusion of business online. With digital solutions come enormous potential in terms of product and user-experience personalisation, streamlined client interactions, data collection, financial education and even omni-channel communication between the insurer, the client and the financial adviser.

It’s all possible, because computers have become much more powerful, enabling connected devices to observe changing behaviour and make everything more accessible in the here and now.

The partnership and the solution 1Life, as early as 2019, developed its own financial adviser digital solution, 1Life Vantage.

Without Vantage, the sales process can take up to three weeks before a life policy is issued. But Vantage incorporates straight-through processing and policy acceptance with real-time underwriting, within 35 minutes. We realise that digital underwriting might not be the answer for all clients, but it does work for the majority who have relatively uncomplicated underwriting needs.

Digitisation has allowed us to draw on a wide range of structured and unstructured

data to improve risk selection, dramatically simplifying and accelerating the underwriting process. Via this technology, 1Life has had tremendous results, with 97% of our policies on both limited and comprehensive underwriting being accepted. But speed and simplification are not the only benefits. At 1Life we believe in being agile and focused on developing digital solutions that challenge the way in which advisers and consumers look at the insurance industry. So, since launch we have added additional functionality onto Vantage and when lockdown was announced, it took us only three days to supply our financial advisers with a remote acceptance feature within Vantage. Through the use of electronic signatures and two-factor verification via a one-time pin, advisers can conclude business remotely and safely.

Financial adviser registration with 1Life Vantage is available on all smart devices and financial adviser onboarding involves a one-page application form. We have four unique commission models with daily commission payments and the record of advice is built into the policy schedule. Finally, Vantage is available on all smart devices.

At 1Life, we believe that digital solutions speed up processes. Also incorporated into Vantage is our financial needs analysis (FNA), 1Life Plan, ensuring rapid processing and appropriate product selections. 1Life Plan models affordability on top of life stage planning. The outcome: an affordable financial plan. From a claims perspective, robotic process automation (RPA) ensures that the claims process is concluded faster.

Digitisation is here and those who don’t embrace it will simply be left behind.

However, it is important that you choose a partner that complements your business.

If you are interested in partnering with 1Life, email us at brokers@1life.co.za to book a 1Life Vantage demo, before 30 November and stand a chance to win a Miele coffee maker, worth R28 000.

Terms and conditions online.

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Inspire your clients with financial planning

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eing a financial adviser is probably one of the most impactful vocations on the planet.

It’s a calling, not a job. We, along with the rest of the planet, went through quite some staggering changes. Those financial advisers who adopted digital engagement survived and thrived.

A massive transformative purpose If you want to be an adviser who inspires their clients, be certain about your value proposition. A massive transformative purpose means the higher purpose that you strive for in your practice. The need for financial leadership and the role of the adviser has never been more important.

Build your massive transformative purpose around helping your clients discover a remarkable life. To help them achieve this beautiful life, articulate what they need to do financially. An adviser can empower a client to live the life they want to live. The role of the adviser is to help clients consider different lifestyle choices and trade-offs by showing them the financial impact of their decisions.

The life planning narrative A client has two main phases in their life, i.e. an accumulation phase where they rely heavily on their ability to earn an income and to build wealth, and a decumulation phase, where they rely heavily on the wealth they created to provide for them when they are no longer able to be economically active.

The graph below shows a life map of a client showing the two predominant phases and the planning narratives. The numbers are arbitrary and serve as placeholders for specific discussions in goal-based planning.

Advice philosophy in Avalon

We the living Number 1 represents the protection of the client’s ability to earn an income and dealing with the consequences of an untimely death. Numbers 2 and 3 (arbitrary) represents moments that matter in their accumulation phase. This could be about saving for a child’s education, attending the Rio Carnival, and everything in between. Moments that matter are moments that interrupt your client’s life, giving them meaning and joy. It is something they look forward to. The financial adviser should help clients discover what it is they want.

Showing clients a master bucket list will inspire them to add and change their list of goals.

Number 4 is the biggest item that most clients would (or should) be saving for, i.e. saving for retirement. The role of the adviser here is to help clients retire with dignity. Helping clients to connect emotionally to their ‘older self’ will likely cause them to save more.

Some people may lose their purpose when they no longer work, and do not always understand that work is something you do. It is not who you are. Numbers 5, 6 and 7 represent moments that help your client retain meaning and purpose post retirement.

Number 8 represents a dignified and controlled transition of wealth to the next generation. Avalon empowers this advice narrative and is designed to elicit a co-creation journey with a client.

Be a good presence If you want to inspire your clients, and if you want to bring hope, be a good presence. Focus on the client, always be empathetic and positive.

For those advisers who have not been exposed to the goal-based planning capabilities of Avalon, we invite you to try it... but only if you are ready to make a dent in the universe.

Kobus Barnard, CEO, Allegiance

Get to what matters with a goal-based financial planning platform.

Help your clients discover a remarkable life.

www.avalon.co.za