To achieve this, he says advisory practices must move towards a more ‘phygital’ approach, blending the human approach with technology in an intuitive fashion.
“Being data-led and using the enormous amount of information at their disposal is paramount to evolving with the needs and opportunities within the client base,” says Punt. “The ability to develop an engaged client narrative and ensure data-led client engagement and processes are key to transforming this challenge into opportunity.”
Punt says that to thrive in 2023 and beyond, intermediaries must be aware of and accept the challenges they face and leverage the opportunities these present.
“To remain relevant, intermediaries must constantly relook the advice value proposition. This should involve associating with the right partners to expand and grow a future fit advisory practice. It is only by adapting and implementing the necessary changes that intermediaries will be able to grow a viable lifetime practice and ensure their client base is faced with as few intermediary changes as possible.”
This is the second consecutive year that Sanlam has won the Long Term Insurer of the Year in the Risk category at the Financial Intermediaries Association of Southern Africa (FIA) Awards.
Jean Lombard, chief executive at Sanlam Risk and Savings says the award “is hugely affirming that we’re delivering on our promises to empower more South Africans to be financially confident, secure and prosperous. Given that these awards set the standard locally and beyond they’re also a good indication that we meet the global benchmark.”