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Change the world

School of Management Sciences

13/05/2019

The Financial Planning Society hosted their Opening Function themed financial literacy and the financial planning industry. This event was aimed at providing an insight to both financial planning students and non- financial planning students on the importance of saving, budgeting and the relevance of the financial planner in order to manage money better. Also, for financial planning students to learn what the work of a financial planner entails on a day to day basis. Three speakers were invited to the event, Ms Chantelle Els CFP® from Kevlar Financial Services, Mr David Rigby a Financial and wealth advisor from PW Harvey and Mr Gavin Harvey a Co-director at PW Harvey.

 

The President of the society, Ms Elizabeth Banda, introduced the society and the 2019 executives guests: Choonga Mudenda – Vice-President, Vuyolwethu Nyati – Secretary, Digansh Sanassee – Treasurer, Thandolwethu Mboniswa Marketing Relations Officer, Khayalethu Khoza – HR officer, Nikitha Mtsi – Events organiser and Sambesiwe Mbewu – executive member.

The first speaker, Chantelle Els CFP® from Kevlar Financial Services spoke about her journey in becoming a financial advisor and the relevance of financial literacy. She mentioned some qualities associated with being a financial advisor such as being good at numbers, ability to read legal information, patience, passionate about helping people, able to market oneself by finding clients therefore leading to referrals. Chantelle also spoke about the importance of financial literacy. Having a budget is essential to the process of separating the needs and wants of clients. The client will need to specifically look at their vital needs and have goals regarding wants. She highlighted on the importance of being disciplined with money in order to stick to a budget. Once people stick to their budget, they increase the chances of maintaining a good credit score. The speaker made an illustrate example of a client who has different needs and requires advice regarding managing their money. Regarding changing jobs, she advised that people must make use of preservation funds. A not so smart financial literate client will fall to the schemes of applying for credit cards with high interest rates such as clothing accounts. Chantelle advised that cars should have insurance and clients must have income protection insurance to protect their salary when impairment occurs. The client can also plan an investment strategy for their family to earn additional income, lessening the financial burden on them.

The speakers, Gavin Harvey and David Rigby from PW Harvey & Co. shared on the practicality of being a financial advisor.

Mr Harvey shared on some of the core values that PW Harvey & Co. hold, which are to build holistic relationships with their clients and to invest on their behalf. He spoke on the use of the six-step financial planning process to help clients to reach their desired financial goals. He mentioned that the objective of a financial planner is to help clients with their financial goals up until their death. PW Harvey & Co. chooses investments that have a proven track record for their clients to ensure they always beat inflation. An interesting fact that David mentioned are that Collective Investment Schemes is the biggest bulk of South African savings and that as a financial advisor no commission is payable, but service fees are paid to the company.

The evening was concluded by a lovely song by Ms Courtney Kockjeu (3rd year BCom Financial Planning student). Ms Elizabeth Banda (President of the Society) thanked all the guests and gifts were presented to the guest speakers. A lucky winner won a lovely hamper from the raffle prize draw and the evening concluded with refreshments.

Special thanks to the whole executive team for their hard work in planning the event and a huge thanks to Mr Matchaba-Hove and Mrs Kinsman for their help and unwavering support.