Thinking differently about Broker Development Programmes

In September 2021, the CEO of Momentum Metropolitan Holdings launched its 3-year strategy.?It was quite a simple strategy with 2 Key words, “REINVENT and GROW”.?He then mentioned 5 strategic focus areas under each one.?Under the REINVENT portion, two caught my eye namely Distribution Channel and Transformation. He was very deliberate in ensuring that he does not speak of just transformation but authentic transformation.?As an ESD practitioner, you always think: So, what does that mean for me? What is my contribution?

I believe transforming the broker database of financial services industries is critical to their success and nobody said it was an easy task.?Sure, we have the Financial Sector Code. That is our stick but colleagues, it is up to us to make the fire.?We recently conducted a mini research on the structural barriers that inhibit the growth and sustainability of black brokerages in South Africa. Four themes arose:

·??????Access to market (support from product providers in accessing clients)

·??????Access to funding

·??????Access to skills

·??????PEST environment (historical racial injustices)

We really need to think differently about how we roll out our intermediary/broker development programmes and customize them to the needs factoring in the nuances of the brokers .?There is no silver bullet but together, let us start making a difference to the lives of advisors who have the ability to change their clients’ life aspirations and Financial Goals.?We are moving to a client economy.