Money Wise Associated Financial Services
Believing that Life Companies are stuck between satisfying their Shareholders and delivering on Client value, Donovan recognised that nobody regarded the Financial Adviser as their primary concern; yet facing extensive and ongoing Legislative change, increasing Compliance requirements and an ever increasing ‘cost of doing business’, the Financial Adviser remains critical to the process of good financial advice and ongoing service to the Client. Money Wise believes that the best way to look after Clients is to ensure that the Financial Advisers who advise and service them are given the necessary support in an environment where they can prosper. The future of this industry lies in strategic partnerships which add value and are sustainable and for this reason after extensive research Money Wise partnered with Old Mutual. While their Financial Advisers are able to market other Product Providers through their general agency agreements, they believe this partnership offers the required stability and proven track record that is necessary, especially considering the economic downturn that hit so hard in 2008 resulting in the closure of some of the biggest financial Companies in the world.
The Economic downturn was a wake-up call for consumers; studies have shown that those who worked with a Financial Adviser felt more confident in their existing strategies. There is a definite need for competent Financial Advisers but with more than 3700 Certified Financial Advisers in SA, who do you deal with as a Client? Clients are more astute, seeking increased consumer protection as a result of the global financial crisis and this where Money Wise differentiates itself in the market as a service provider to both the Financial Adviser and the Client. Our Financial Advisers advice is protected by the Old Mutual Financial Services Providers License (FSP) ensuring the Clients are protected by the capital strength and legislative prowess of Old Mutual. This is rather unique, and ensures the Client has the added security of the Old Mutual backing on condition the Advisers follows the necessary advice process which Money Wise is there to ensure. This means, even when an associate Financial Adviser of Money Wise places business with a 3rd party product provider
(i.e. not Old Mutual) our Clients enjoy the joint protection of Money Wise and Old Mutual which includes:
- The strongest capital position of all South African assurers – statuary cover 4 times;
- A Company in Old Mutual which has paid out R3.99 billion in risk claims during 2015, the highest rand value in the industry;
- The only life company in SA with an AAA credit rating.
The quality and depth of the Money Wise Financial Adviser team ensures a contingency plan for the Client; the advice process centres around the Client and this is only as good as the Financial Advisers ability and availability to manage the financial plan. There is often little consideration for what would happen should the Financial Adviser not be around. At Money Wise we assist the Financial Adviser in managing the financial plan from concept stage to maturity and also offer a contingency plan for the Client by being able to continue the relationship and the financial plan in the absence of the Financial Adviser if need be.