See full profile: Westville Financial Advisor- Thembisa Mngadi
No, I had no idea what financial planning is. But the Graduate programme I got in 2013 was very interesting in terms of what we learned about being a financial planner and how you can change people's life through financial planning, it was also an eye opener to realize that financial planning plays a big role in ones life. At that point I knew I needed a career that will give me an opportunity to change people's life and mind-sets about finances. With so many people in debt in South Africa and people lacking simple budgeting skills, I knew this was the career path I should take.
When meeting with clients do they mostly come to your own premises or do you mostly go their theirs?
My clients come to my office, I mostly go to my clients
What is your preferred mode of communication with your clients?
Email, Phone, Face to Face, WhatsApp
Have you ever done an online video call with a client?
What do you love most about being a financial advisor
Financial planning is a fulfilling profession because if you have done your job well, you can change a person's life for the better and forever.
Would you recommend becoming a financial advisor as a career for school-leavers, and why?
The Financial service industry is very broad and that's the beauty about it, you can move from one path to another when you are a CFP. One can be an Investment Specialist, Estate Planning Specialist. Just like a Dr, you can choose to be a GP or specialize in a specific field. There is a big room for growth, but one need to always grow themselves with relevant industry studies.
What qualities should South Africans be looking for in their financial advisor?
A quality Adviser is the one that is qualified, experienced but mostly who will consider your needs first as a client. An adviser who is quicker to introduce financial products without understanding your needs is probably a sale representative.
What is the biggest challenge facing financial advisors today?
In the industry where the main source of income is commission, this conflict the moral of professionalizing the industry and provide suitable advice to client, not advice that will pay the highest commission.
What aspects of financial advising do you focus on most?
Holistic Financial Planning, which include, financial management, investment planning, retirement planning, risk management planning and corporate financial planning (employee benefits).
Describe your average client:
Between. 20-70 years. I have young clients who are still building their worth and older clients who are on their retirement age.
How far away from your premises is your furthest client?
Maybe 200km away.
From your financial advising experience, if you could cite one of the biggest reasons financial goals, what would it be?
Lack of Financial literacy.
What financial software do you like best?
Allan Gray Fund research, PSG Wealth software
What other software, online services or apps do you use?
MoneyWeb. Morningstar is very help tool in keeping updated with industry.
Do you think the coming wave of automation in the next few years will steal some financial advisor jobs and why/why not?
Not really. Financial matters can be seen as matters of the heart and that need human touch. To control the client behavior and emotions needs a human who will relate to the client's needs at that time.
What is your opinion on Bitcoin?
No comment, I do not give advice on Bitcoins as it is not regulated in SA.
What do you enjoy doing in your spare time?
Spending time with family, specifically my children, as well reading books.
What is the most interesting thing on your bucket list?
I want to travel, but mostly I want to impact people lives as best as I could.
What has your experience been on FindanAdvisor?
Great, I have only been in this site for a few weeks an I have already received 2 qualified leads.