Women are increasingly shaping the financial services landscape – as advisers, leaders and clients. We celebrate their progress, examine their challenges and evaulate the powerful impact of gender diversity.
Pg 7-11
EMPLOYEE BENEFITS
With rising employee expectations and economic uncertainty, benefits strategies are changing swiftly. This article explores how financial advisers can help clients build competitive, cost-effective offerings that attract and retain talent. Cover story + Pg 12-14
SHARI’AH INVESTING
Demand for ethical, faith-based investing is growing steadily. We look at how Shari’ah-compliant investment solutions offer both financial returns and values-driven impact.
Pg 15-17
BEHAVIOURAL FINANCE
Understanding how clients think about money is as important as the numbers themselves. This feature unpacks key behavioural finance insights to help advisers better guide decision-making and manage bias.
Pg 18-21
WANT MORE VALUE FROM YOUR INBOX?
Scan to subscribe to our weekly newsletters.
Reframing Investments for Employee Benefits:
Why cost, clarity and indexing matter more than ever
By Sandy Welch Editor, MoneyMarketing
As the financial landscape grows more complex, the way we think about employee benefits, especially within the retirement space, must evolve. According to Louis Theron, Head of Investments at Liberty Corporate Benefits, this evolution is already well underway. “For us, it’s not just about umbrella funds anymore,” he says. “It’s about becoming a relevant and trusted institutional-grade investment brand in our own right.”
Shifting the perception of value
Liberty, as part of the Standard Bank Group’s Insurance and Asset Management cluster, has had a longstanding presence in the corporate benefits space.
But in recent years, says Theron, Liberty Corporate Benefits has placed renewed focus on positioning itself as more than just an insurer. “We’ve invested significantly in our institutional investment capabilities, and our portfolios and annuity products for this market segment have been performing well,” he notes.
“That’s why we want to be seen not only as a provider of umbrella fund solutions, but as a serious player when it comes to broader structured, policy-backed investment offerings.”
To support this strategic direction, Liberty Corporate Benefits has combined its internal teams, merging investment, annuity product and operational capabilities into a single integrated unit of approximately 40 experienced professionals. This ensures end-to-end delivery, from product and proposition design to risk management and daily asset-liability matching and other investment operation functions. “In the past, our teams were a bit siloed,” admits Theron. “But if we want to grow our assets under management and stay relevant in the market, the back end has to be as streamlined as the front.”
A strategic focus on cost efficiency
One of the biggest drivers of this repositioning has been a sharpened focus on fees –something that matters deeply to both pre- and post-retirement outcomes. “The reality is that lower costs translate into better retirement savings and better retirement income levels for members,” says Theron. “And trustees now have a much more active role in negotiating
institutional-level fees, thanks to the 2019 Default Regulations under the Pension Funds Act. Fees are no longer just a number on a fact sheet,” says Theron. “They’re part of the value conversation. And as advisers, that’s where you have the power to make a real difference.”
This has created an opportunity for Liberty Corporate Benefits to offer not just umbrella fund solutions, but competitively priced annuity products, including living annuities, guaranteed increasing life annuities, and with-profit life annuity options, all at institutional rates. “Even if a client works with an independent adviser, they can access these annuities, provided their retirement fund has contracted with us,” he explains.
The role of index tracking
At the heart of Liberty Corporate Benefits’ investment customer value proposition is a strong commitment to index tracking as the solution for a relevant customer need. While active management certainly has a role to play, Theron believes index solutions are gaining serious traction, especially in South Africa’s institutional retirement space. Theron quoted research done by 10X Investments, showing that “in the US, more than 50% of all investable assets are in index-tracking funds. In South Africa, that number is still below 10%. That leaves a massive opportunity – in the trillions of rands – for growth in this space. If that same expectation was to flow into South Africa, then we are going to see a lot of opportunities for index tracking providers,” says Theron. The rationale is compelling, according to the S&P Indices Versus Active (SPIVA) South Africa Scorecard: not only are 92% of active equity managers underperforming their benchmarks over the past decade, but they also tend to charge higher fees, creating a double burden for members. “That’s a bleak outcome,” he adds. “Traditional, vanilla index tracking portfolios by design aim to meet the market, giving trustees more certainty and stability when matching long-term investment objectives.”
Image:
DIFFERENT THINKING.
BETTER OUTCOMES.
At Mazi, diversity isn't a buzzword - it's strategy in action. We intentionally build teams with diverse qualifications, experiences, and perspectives. This breadth of thinking sharpens our decision-making and helps us uncover opportunities others might miss.
It's how we deliver high-impact results and uncover value in unexpected places. High Equity Balanced Fund New - Stable Fund New - South African Equity Fund Africa Equuity Fund - Globaal Equity Fund - Money Market - Hedge Funds
Continued from previous page
The key drivers? Cost, transparency and consistency. “Index tracking offers low fees and dependable performance in a world where traditional active managers are under pressure to deliver alpha,” says Theron. “And that’s not just an investment trend; it’s a structural shift.”
Tracking more than just the market
The index-tracking space itself has matured significantly. It now offers sophisticated tools beyond traditional passive investing. ESGfocused indices, for example, allow trustees to align investment choices with sustainability mandates without the administrative burden of defining, adhering to and continuously monitoring complex criteria. “The ESG philosophy is already baked into the index,” Theron explains.
Other innovations, like smart beta and factor investing, further refine performance potential while remaining rules-based and cost-effective. “These strategies still remove the subjectivity of active stock picking, but they allow for enhancements – like targeting high-dividendyielding stocks or lower volatility,” says Theron.
A cradle-to-grave investment philosophy
Theron points out that Liberty Corporate Benefits’ commitment to index tracking spans the entire retirement lifecycle of a member, from accumulation through to post-retirement solutions. “Someone can be invested in the same diversified market exposure for 60 years, which would be from their first contribution to their last annuity payout,” he says.
This level of continuity is particularly attractive for employers looking to offer competitive, transparent and cost-efficient pre- and postretirement benefits. Liberty Corporate Benefits’ internal umbrella fund and several external standalone funds under its care have adopted this approach, with over ten (10) billion rand invested in index solutions and consistently strong performance.
“What often gets overlooked is that these bespoke approaches can also deliver real financial advantages”
Balancing simplicity with precision
While index investing offers simplicity and transparency, Theron is quick to point out the increasing demand for bespoke customer solutions. It’s clear that employee benefits (retirement funding as well as other types of employee benefits) have entered a new era that requires greater customisation, smarter use of technology, and
a deeper understanding of each member’s long-term financial needs.
Whether it’s integrating longevity protection into post-retirement medical aid subsidy funding solutions or designing blended portfolios that combine index tracking with additional risk-return layers, Liberty Corporate Benefits focuses on understanding the employer’s underlying need before building tailored solutions. “The higher the level of customisation and the more risk that’s transferred or managed, the more expensive the solution,” says Theron. “But what often gets overlooked is that these bespoke approaches can also deliver real financial advantages, like accelerated tax benefits for employers when certain insurance-backed solutions are implemented.
“Some employers are struggling with legacy medical aid subsidy liabilities. Others want to retain control while ensuring pensioners are secure,” he says. “We break down the obligation into its smaller, easierto-understand components, and then build a customised, often multi-layered solution, backed by both investment performance and insurance peace of mind.”
Certainty in an uncertain world
Theron points to policy-backed investments as a major stabilising force in uncertain times. These investment structures provide peace of mind, not only by simplifying complex backend processes but by offering clearly defined outcomes to members. Whether that’s a guaranteed income for life for pensioners or index-tracking certainty for members with a market-linked appetite, these policies help members and employers navigate volatility with greater clarity.
Then there’s the much-debated two-pot retirement system, which, while bringing short-term liquidity to members, also opens the door to longer-term reforms, most notably in annuitisation. “Right now, cash is still king. But that’s going to change,” Theron predicts. “The new rules will slowly but surely increase demand for both life and living annuities. It’s no longer just about saving up to retirement, it’s about planning from the first paycheck right through to the end of life.”
Liberty Corporate Benefits is already preparing for that shift, designing liquid portfolios that process two-pot withdrawals efficiently, while keeping a firm eye on longterm investment goals. And while artificial intelligence is quietly reshaping back-end investment modelling and client services, Theron is adamant that “showing up for individuals – whether through a chatbot or a warm voice on the phone – remains non-negotiable”.
What this means for advisers
For financial advisers, the implications are clear. Firstly, there is growing access to sophisticated, institutional-grade solutions at
ED'S LETTER
Towards the end of July, I attended the online Glacier Life Covered Investments Summit 2025, and it offered no shortage of valuable insights. One comment that really resonated came from Jeremy Gardiner, Director at Ninety One, who spoke about the critical role financial advisers play in helping clients navigate uncertainty. Reflecting on the wave of calls they received following Trump’s so-called Liberation Day announcement in early April, he highlighted how essential it is for advisers to help clients resist emotionally driven decisions. In volatile times, behavioural finance becomes one of the most important tools in an adviser’s arsenal. This month, we explore how advisers can ensure rationality prevails – especially as AI becomes more integrated into client experiences. Technology may be advancing rapidly, but the need for human judgement is more vital than ever.
August is also Women’s Month, and we’re proud to shine a spotlight on some of the inspiring women reshaping the finance industry. Their stories of challenge, grit and achievement are worth celebrating.
We also explore the ever-changing employee benefits landscape. As employers seek to attract and retain top talent, offering meaningful, well-structured benefits is critical. But how do companies ensure they’re providing the best value and solutions for their workforce?
Lastly, we take a closer look at Shari’ah investing. More than just a religious imperative, it reflects a growing appetite for ethical and responsible investment choices. Stay financially savvy,
Sandy Welch Editor, MoneyMarketing
Note: If you subscribe to our MoneyMarketing newsletter, see QR code on the cover, you will receive a special discount off a News24 or Netwerk24 subscription*.
*Offer available to new subscribers only.
competitive prices, which can greatly benefit clients. Secondly, understanding the nuances of index tracking and the fee landscape has never been more critical. And lastly, engaging with providers who can offer integrated, endto-end solutions ensures both compliance with regulation and alignment with client outcomes. As the industry adapts, one thing is certain: employee benefits are no longer just a safety net. Done right, they’re a platform for resilience, reinvention and lifelong financial dignity, which will provide much-needed peace of mind to employees and their families.
Louis Theron
Yvonne Makwela
Key Accounts Manager, Fairheads Benefit Services
How did you get involved in financial services – was it something you always wanted to do? Financial services never really crossed my mind when I was thinking about Matric subject choices and a career. Engineering was what I had considered at first. However, for various reasons I landed up doing a BCom in Economics at university and I loved it. On graduating, I did a learnership with FNB as a credit analyst and then worked at Tracker also as a credit analyst before moving into financial advice at Liberty. In 2008, I saw a position advertised by Fairheads for a trust consultant. I was intrigued and applied for the job. I learnt from the bottom up and gained broad exposure to Fairheads’ overall business. For example, if one is to work advising people on umbrella trusts, you need to know how the administration behind that works. In 2015 I was appointed to Key Accounts Manager and have continued to work in the trust and beneficiary fund consulting arena, including trustee training. Looking back, I can see
What was your first investment – and do you still have it?
My first investment was into a retirement annuity – 14 years on, I still have it! My parents set an excellent example to me in terms of being able to retire comfortably. I believe each and every one of us is responsible for our retirement and you can never start saving early enough. I would never like my children to have to support me in my old age.
What have been your best – and worst –financial moments?
My worst financial moment is a salutary lesson. My father had set aside funds for my education into an endowment policy. At age 21 I was able to access the money and instead of using it prudently I went on a spending spree. I often think of this when advising Fairheads members and beneficiaries about taking their funds at age 18. As a company we have long lobbied the authorities to change the account termination age of 18 to 21, for precisely the reason that most 18-year-olds are still at school and not financially savvy enough to handle large sums of money.
“We have a long way to go still to make financial matters more inclusive and accessible to the average citizen”
My best financial moment was when I used a bonus to pay off my car. It was the best decision ever to get rid of debt and that is why I always advise people to live with as little debt as possible.
What are some of the biggest lessons you have learnt in and about the finance industry?
The financial industry is not for the man in the street. We have a long way to go still to make financial matters more inclusive and accessible to the average citizen. Consider that many large corporations still do not communicate with their clients in plain language. Consumer literacy needs to be improved and urgently, so that people can be empowered to take care of their financial future for themselves and their loved ones –and know how to avoid scams.
It is important for young people to develop a healthy relationship with money. Parents should not be shy to talk finances and budgets with their children and should encourage them to ask questions.
What makes a good investment in today’s economic environment?
There are many savings instruments available. Unless you are skilled in investing it is essential to enlist the services of an adviser. The markets are always up and down and so Investing 101 is to set goals, design a plan around the goals and then stick to that plan. And it is very important to be patient.
I have found that a useful savings vehicle for my children’s education has been government retail bonds as these are costeffective and produce steady returns. An RA is a sensible retirement savings option given their tax advantages. Equities, of course, have the potential for higher growth; however, unless you are an expert, the best course of action is to invest through an experienced and reputable investment manager.
What finance/investment trends and macroeconomic realities are currently on your watchlist?
Like everyone else I know, events in the USA are on my watchlist, and checking what the Trump and Fed are going to do next as the US economy has an impact on the global stage. I also watch local politics.
What are some of the best books on finance/ investing that you’ve ever read – and why would you recommend them to others?
Millions of people have read Rich Dad Poor Dad, a 1997 book written by Robert T. Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy, financial independence and building wealth. I have found it to be an easy and fun read and could recommend it to anyone wanting to learn more about finances.
Then, I also enjoyed and can recommend The Psychology of Money. Here, awardwinning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.
By Anri Dippenaar Masthead Head of Compliance, and Shanal Boodiram Masthead Compliance Manager
Are you ready for COFI?
You’ve reviewed your systems and processes to ensure your FSP complies with the proposed Conduct of Financial Institutions (COFI) Bill and supports data-driven regulatory reporting – are you really prepared for the impact of these upcoming changes?
The most advanced data capturing or client management system will mean little if your team isn’t properly trained to use it. Do they know how to operate the new systems and understand what data needs to be captured? Are they aware of the importance of that same data in the context of measuring Treating Customers Fairly (TCF) Outcomes and how they can promote and improve these outcomes within the business? FSPs that take proactive steps to train their staff now will benefit greatly.
How your business will benefit COFI will bring a greater focus on fostering TCF. And while the FSCA recently announced that it is stepping away from the original Omni-CBR format as part of their digital transformation strategy, the revised approach and planned supervisory technology platform – the Integrated Regulatory Solution (IRS) – will still require FSPs to collect and submit data to the regulator. Financial institutions will have to demonstrate that they’re delivering fair outcomes, backed by solid data.
The benefits of using technology and tools to enhance data collection and risk management are clear: FSPs that can use these tools to improve their view of business performance and results, focusing on customer outcomes, will be a step ahead of those who don’t, regardless of when COFI comes into effect.
However, advanced tools and business processes mean little without proper and ongoing staff training. Employees may not
fully understand how the changed business approach relates to TCF, how their roles will change, or how to operate the new systems and tools – and how all these elements are critical to management information (MI). This can lead to inefficiencies, inadequate data, increased costs, compliance gaps and even potential regulatory sanctions.
Crucially, a one-size-fits-all approach to training won’t suffice. Training programmes should be customised to the specific needs of the business concerning existing regulations, like the FAIS Act, the impact of future regulations, like COFI, and the particular roles and responsibilities of employees as they evolve under the new legislation.
Outcomes-based regulation focuses on TCF Outcomes and ensuring that financial products and services meet client needs. All staff must be well-versed in the TCF Outcomes and how they can promote these principles in the business, client relations, handling complaints efficiently, and maintaining high standards of customer service.
Common training pitfalls to avoid
• Generic training programmes: Standardised training sessions don’t cater to the specific needs of distinct roles within the organisation. Tailored training programmes that address the unique responsibilities of various staff members are crucial.
• Neglecting administrative staff: Training should not be limited to client-facing roles and management. Administrative staff play a critical role in data management and compliance reporting. Neglecting their training can lead to inaccuracies and inefficiencies.
• Procrastination: Delaying training until the regulatory deadlines approach can result in rushed, ineffective programmes. Early and continuous training ensures a smoother transition and better preparedness.
• Insufficient practical training: Theoretical knowledge alone is not enough. Practical, hands-on training that simulates real-world scenarios is essential for effective learning and application.
Tips for effective staff training
• Start early: Initially, Omni-CBR was expected to kick off in 2024 with a two-year transitional period. However, there have been delays,
and as mentioned before, the FSCA has announced a change in direction with their IRS platform. The COFI enactment date hasn’t been confirmed, but it’s expected to reach Parliament by next year. Still, this doesn’t mean you should delay training.
• Role-specific training: Customise training programmes to address the specific responsibilities of different roles. For example, if your administrative staff is responsible for recordkeeping, their training should focus on the data-capturing systems and what data needs to be collected. This will enable them to spot missing information, such as a representative forgetting to add the client’s age on a new client form. If your management team is responsible for root cause analysis, ensure they know how to analyse data effectively. When clients contact the FSP with a complaint, the first person they speak to should be trained on handling complaints and managing difficult conversations. Does everyone in the business know the six TCF Outcomes and how their actions can foster a culture of TCF?
• Practical exercises: Incorporate practical exercises and simulations into training sessions. Real-world scenarios help staff understand how to apply their knowledge effectively.
• Continuous learning: Make training an ongoing process rather than a one-time event. Regular refresher courses and updates on regulatory changes keep staff informed and competent.
• Utilise external expertise: Partner with compliance experts or training providers to ensure high-quality, comprehensive training programmes. External experts can provide insights and guidance tailored to your organisation’s needs.
• Leadership involvement: Senior management should lead by example and participate in training sessions. Their involvement underscores the importance of proper training and motivates staff to take training seriously.
Give your staff the tools they need to succeed
By addressing common training pitfalls and implementing effective training strategies, FSPs can navigate the changing regulatory landscape with confidence. Early, role-specific and practical training programmes, supported by continuous learning and external expertise, will prepare staff to meet the challenges and opportunities presented by these new regulations.
EARN YOUR CPD POINTS
The FPI recognises the quality of the content of MoneyMarketing’s August 2025 issue and would like to reward its professional members with 2 verifiable CPD points/hours for reading the publication and gaining knowledge on relevant topics. For more information, visit our website at www.moneymarketing.co.za
By Francois du Toit CFP® PROpulsion
WThe habits that help you build a legendary practice
hat separates financial planners and advisers who thrive from those who stay stuck? I believe it comes down to habits. Not big ideas or grand strategies, but small, consistent actions that shape how we show up every day.
Here are seven habits that have helped me, and many others, build a stronger, more focused, and more fulfilling practice.
1
Know yourself and lead yourself
You can’t build anything sustainable if you don’t know who you are. Start by understanding what gives you energy, what drains you, and what comes naturally. Use tools, ask others, reflect. When you know yourself, you’ll stop chasing the wrong things and start aligning your work with your strengths. Everything else becomes easier.
2
Focus on what generates income first
Every day, ask yourself: what are the three things I need to do today that bring in income? Not the admin, not the to-do list, not the endless tasks that keep you busy. The actual things that drive revenue. Make sure everyone in your team does the same. Know what your role is and make it count.
3
Build on strong foundations
Don’t let your practice look good on the outside but be fragile behind the scenes. Keep your finances up to date. Defer the lifestyle upgrades. Take your own advice. Have cash buffers, put money aside for tax, and review your
numbers regularly. If you give advice to clients, make sure you’re following it too. Consider working with your own financial planner. Accountability matters.
4
Learn to say no
This one’s tough. But you can’t do everything. If you say yes to everyone and everything, your focus gets watered down. Set boundaries. Use buffers if needed. Have someone in your team protect your time. Saying no isn’t rude. It’s professional. It’s how you protect your energy and make space for the right things.
5
Build strong client relationships
Clients don’t need you for information anymore. They’ve got that at their fingertips. What they do need is care, understanding, and trust. Focus on the relationship, not the product. Make sure they feel seen, heard, and valued. Stay in touch regularly. Be there when it matters. That’s how you build loyalty.
6
Stay in your zone of genius
You’re not supposed to be good at everything. Trying to be will burn you out. Focus on what you do best. Delegate or outsource the rest. You don’t need to hire a full-time team right away. Start small. But do get help. You can’t push the car and steer it at the same time. Build a business that can move without you doing all the pushing.
7
Show up consistently
Success isn’t built on big bursts of effort. It’s built on reliability. Keep showing up. Do the reviews. Follow up. Stick to your commitments. When motivation dips (because it will), let systems and routines carry you through. Intensity comes and goes. Consistency is what compounds over time.
You don’t need to overhaul your life overnight. Just pick one habit and start there. Build it in. Make it automatic. Then stack the next one on top. Over time, you’ll create something powerful, one habit at a time. If I could add one last piece of advice: never stop learning. Whether it’s reading, courses, mentors, or talking with others, stay curious, keep growing, and don’t be afraid to ask questions.
That’s how legendary practices are built.
Stay curious!
It’s all about embracing strengths
Nicola Langridge, CFP®, Wealth Manager at Private Client Holdings
What unique challenges have you faced as a woman in your field, and how have you navigated them?
My biggest challenge has been believing in my own capabilities and trusting that what I bring to the table is of value. As a wealth manager, regardless of gender, we each have unique strengths to offer our clients. Embracing those strengths, rather than trying to be someone I’m not, was a turning point for me. There is a great deal of opportunity in our industry; however, it comes down to backing yourself and being willing to embrace those opportunities to grow.
How have you seen the landscape for women in the financial industry evolve, and what changes would you still like to see?
There are more women in wealth management now than when I started out. You notice it immediately when attending industry seminars and events. However, when speaking to young women in junior positions, many are still hesitant to take the leap into client-facing advisory roles. Their fears often centre around confidence in dealing with clients and the shift from a salaried position to a fee-based income. I would love to see more mentorship programmes that help young women build confidence in their abilities.
What advice would you give to young women who aspire to take on leadership roles in traditionally male-dominated fields?
One mistake we make as women is trying to do things the same way as our male colleagues, especially when it comes to networking or building a client base. Instead of fitting into a mould that doesn’t serve you, embrace what makes you different and let it strengthen your strategy. Find a mentor in the industry who embodies what you aspire to achieve. Throughout my career, having guidance from a variety of mentors – both within and outside of my organisation – has made all the difference.
Anshe Swart, CFP® AMLC Prac (SA), Head of Compliance at Private Client Holdings
What unique challenges have you faced as a woman in your field, and how have you navigated them?
I’ve struggled with imposter syndrome at times – doubting myself, not because of how others have
treated me, but because there aren’t many women at executive level or people to turn to for guidance. In medium-sized FSPs, where compliance is still evolving into a cornerstone of the business, that sense of isolation can feel even stronger. I have learned to manage this by focusing on the value I add, building supportive networks, and trusting that growth comes from showing up – even when I don’t feel 100% ready.
How have you seen the landscape for women in the financial industry evolve, and what changes would you still like to see?
The landscape has progressed meaningfully, with more women stepping into senior roles and a growing recognition of the value of inclusive leadership. That said, there’s still room for growth, particularly at executive and board level. There is a need for more deliberate succession planning that empowers women into leadership roles, along with supportive policies that recognise the realities of maternity, parenting, and the different stages of a woman’s career journey.
What advice would you give to young women who aspire to take on leadership roles in traditionally male-dominated fields?
Back yourself. Your perspective brings value, especially in a space like financial services where ethics, resilience, and adaptability are critical. Don’t wait to be invited to the table –prepare, show up, and make your voice heard.
Sue Blake, CFP® CA (SA), Head of the Tax team at Private Client Financial
What unique challenges have you faced as a woman in your field, and how have you navigated them?
I have observed that my communication style, which tends to be more emotionally expressive, can be interpreted differently compared to that of my male colleagues. While I believe this approach is not necessarily negative, as it allows for fostering stronger connections with clients and team members, it can be perceived as less valuable by others. I demonstrate my value by focusing on delivering a consistent, high level of service to clients – actively looking for opportunities to add value.
How have you seen the landscape for women in the financial industry evolve, and what changes would you still like to see?
Over time, I have observed a positive shift toward recognising and promoting women within the industry. The younger generation – growing up in an increasingly global and
dynamic world – seem especially receptive to women in leadership roles, which is encouraging. With new opportunities emerging, I think now more than ever is an exciting time to be in the industry.
What advice would you give to young women who aspire to take on leadership roles in traditionally male-dominated fields?
Let the quality of your work demonstrate your capability and potential. Consistent performance will distinguish you from others and in time lead to new opportunities. Prioritise clear, honest communication and maintain a long-term perspective. By staying focused on your own goals rather than comparing yourself to others, you will sustain the momentum necessary to achieve success.
Sarah Love, CFP® FPSA® TEP, Head of the Fiduciary team at Private Client Trust
What unique challenges have you faced as a woman in your field, and how have you navigated them?
Being respected as a subject matter specialist and learning that one needs to speak with confidence and certainty to be taken seriously. If you doubt yourself others will too. You don’t need to know everything, but you do need to be able to position your response in a manner that allows you to do the research without discrediting yourself.
How have you seen the landscape for women in the financial industry evolve, and what changes would you still like to see?
There are more women joining the industry in roles other than administration. These women are owning their space and showing that gender doesn’t determine worth. There is also a greater acceptance of women in these roles in the younger generations, as they have grown up in a society with greater exposure to diversity in general.
What advice would you give to young women who aspire to take on leadership roles in traditionally male-dominated fields?
Take every opportunity to learn, nothing is more valuable than your education. The more you learn, the more you discover nuances and depth within a topic and how much more there still is to uncover. Know your worth, back up your arguments with credible sources, then argue with confidence. This does not mean, however, that you are always right, but rather that you are open to new discoveries and credible alternative opinions.
Investing in inclusion: Women rewriting the rules of portfolio management and leadership
In an investment industry long shaped by tradition, where progress is often measured in performance metrics and decimal points, women continue to face challenges that hinder full representation and inclusion across roles, from asset management to advisor professions. These obstacles persist despite meaningful strides toward equity.
Yet, in spaces like Melville Douglas, the boutique investment management company for Standard Bank Group, a quiet but powerful shift is redefining what inclusion looks like – where leadership is rooted in empathy and teams are being strengthened by diversity of thought.
“Being the only woman in the room can be intimidating but it can also be powerful. It becomes a platform where you can offer fresh perspective and deliver value to the team,” says Natalie van Rooyen, Head of Diversified SA at Melville Douglas.
Natalie leads an allwomen team of portfolio managers who curate discretionary portfolios by weaving together best-in-class third-party investment strategies, through market insights and in-depth qualitative and quantitative research.
decision-making. Yet the barriers to getting more women to that table often begin early. New entrants to the field frequently lack access to mentorship and networks that support long-term career growth. Many still navigate corporate structures built around traditional leadership profiles, which can reinforce outdated perceptions of who belongs in finance.
Instead of relying on traditional hierarchies, Natalie says she has found growth through informal support networks that include trusted friends, peers, and former colleagues. “I like to refer to all these people as my personal board of directors. They’ve become sounding boards for tough decisions and brave conversations. It’s through these relational webs that professionals build sustainable leadership.”
“Real collaboration happens when every voice in the room is heard and valued”
Reflecting on her own journey, teammate and Portfolio Manager Christine Naidu says the decision to pursue investments was deeply personal. “I witnessed a family member struggle through retirement because of inadequate financial planning. That experience made me realise how critical it is to democratise access to investment tools,” she says.
Her path ignited a career committed to wealth creation. Christine leads with quiet conviction, mentoring colleagues and building a team culture rooted in curiosity, humility and collaboration. She sees performance not as individual accolades, but as collective achievement where “superior outcomes come from thoughtful debate and disciplined engagement”.
Associate Portfolio Manager Zinhle Gombera adds, “Real collaboration happens when every voice in the room is heard and valued. Diverse thinking isn’t a trend; it’s a source of resilience.” Her analogy is powerful: just as varied investment strategies strengthen portfolio performance, varied human experiences strengthen team decision-making.
Natalie echoes this belief: “Diversity fuels creativity. The most effective investment teams are the ones that bring different experiences and ways of thinking to the table.”
These different perspectives, ignited by personal experiences, bring immense value to
Progress in the financial sector still requires intentionality, particularly in recruitment and retention of women. Natalie has seen encouraging movement in how the industry approaches the recruitment and development of women, with more awareness, more targeted graduate programmes, and an increasing number of women entering the field. However, Zinhle notes, “Support for female professionals must go beyond tick-box exercises. Development should be authentic and long term.”
The Citywire Alpha Female Report 2024 showed that women face a higher turnover rate globally. Many exit not due to a lack of skill, but due to rigid structures that fail to accommodate evolving life stages. To advance employment equity meaningfully, the investment industry must rethink how talent is cultivated. Structured mentorship, transparent development pathways, and support systems that honour both performance and humanity are essential. Particularly during mid-career transitions, which often mark inflection points for women leaders navigating complexity and change.
“Creating workplaces that ensure appropriate maternity cover, offering flexible work arrangements, and building a culture that supports women through different life stages without penalising their career progression, is critical,” says Natalie. While each woman’s journey is distinct, their collective impact paints a powerful picture. Together, they’re reshaping what leadership, resilience, and sustainability mean in investments and not as abstract metrics, but as tangible, relational outcomes.
Diversity and inclusivity challenge established norms – not through bold proclamations, but through day-to-day choices. When varied voices have a seat at the table, investment professionals are empowered to lead with
empathy, share knowledge and cultivate inclusive spaces. And this philosophy isn’t confined to internal dynamics. It extends into client relationships, where care, connection, and cultural awareness are paramount. Zinhle recalls how investment conversations often evolve.
“You start by reviewing a portfolio and end up learning about someone’s grandchildren. That connection is part of the return,” she says.
For the women of Melville Douglas, inclusivity isn’t performative, it’s personal. Christine puts it simply, “I strive to understand the person behind the portfolio, who they are, what they value, what they’ve experienced. When clients feel seen and heard, trust naturally follows.”
In this Women’s Month, as the financial industry reflects on equality and progress, the women of Melville Douglas offer a compelling blueprint for powering change – not only in how portfolios are built, but in how people are seen, heard and valued in the process. Their success isn’t just in performance, it’s in purpose.
Natalie van Rooyen
Christine Naidu
Zinhle Gombera
What has been the most defining career moment, and how did it shape your leadership journey?
The most defining moment for me was the transition from customer success into product operations and, ultimately, joining Binance. I had already worked with other innovative fintech and cryptocurrency platforms, but it was at Binance, where the scale matched the ambition, that I truly found the platform to execute my vision, which was using crypto to create meaningful, inclusive financial access for millions. This shift centralised my purpose. It taught me that leadership is not just about operational excellence, but rather about building with empathy, understanding local needs, and delivering tools that empower real people to change their lives.
What unique challenges have you faced as a woman in a senior position, and how have you navigated them?
Overcoming imposter syndrome, especially in spaces where women are underrepresented and expectations are framed through a male lens. In crypto and tech, you often have to prove your credibility before you’re even heard. What’s helped me navigate this is confidence in my capability earned through hands-on experience and a deep understanding of the industry; and
Earning her seat at the table
Yande Nomvete, Operations Manager – South Africa, Binance
mentorship. At Binance, I’ve been fortunate to learn from a respected female leader who showed me there’s no single ‘right way’ to lead. That support reminded me that we, as women, bring a different but equally powerful perspective – and that deserves a seat at the table. I’m also proud that over 30% of leadership roles at Binance are held by women, reflecting the company’s commitment to building an inclusive culture.
How do you approach mentoring or supporting the next generation of women leaders in your organisation or industry?
I believe in creating visibility and access. That means showing up as a woman in leadership unapologetically and being open about the journey, the pivots, and the learnings. It also means making the time to engage with young women professionals who are looking to enter the space. Whether it’s through informal mentorship, participating in panels, or just offering advice at our Community Meetups, I see it as my responsibility to demystify the industry and show that there’s room for women at every level.
What advice would you give to young women who aspire to take on leadership roles?
Don’t wait until you feel 100% ready because growth happens when you take the leap despite
being uncertain. Be intentional about building your confidence, stay curious, and don’t underestimate the value of your lived experience. Additionally, understand that your voice and presence are enough. You don’t have to mimic what leadership ‘looks like’ to be effective.
How have you seen the landscape for women in the crypto industry evolve, and what changes would you still like to see?
The crypto space has come a long way. In South Africa alone, women make up 48% of Binance users, a testament to the growing participation of women in crypto and Web3. When I started, women in technical or operational leadership roles were extremely rare. Today, we’re seeing more women join the ecosystem, not just as users, but as builders, founders, and decision-makers. But there’s still progress to be made. We need to normalise female leadership in crypto, as part of the industry’s DNA. That means better pipelines for women in product and engineering, more funding for female-led ventures, and continued efforts to challenge the biases that keep women from advancing. Crypto is about decentralisation, about breaking down old systems. That promise means little if we don’t also decentralise who gets to lead.
South Africans continue to diversify their wealth beyond borders into developed markets. However, this in itself creates a myriad of other complexities, including an assessment of offshore jurisdictions, cross-border tax, and estate duty planning.
A leadership journey forged through courage and reinvention
Gudani Mukatuni, Chief Information Officer, Glacier by Sanlam
What has been the most defining moment in your career, and how did it shape your leadership journey?
A key turning point in my career was pivoting from working for one of the big four consulting firms as a manager to leading an IT department for one of the business units at one of South Africa’s major banks. Although it was daunting to leave a promising and rewarding consulting career path, I wanted more growth and exposure in financial services, which I’d been introduced to as a consultant. In the first year of joining the bank, the move seemed like a lateral shift, but I believed that short-term sacrifice would lead to long-term gains. My success in financial services was made possible by supportive leadership and managers, whose trust inspired me to excel. Building strong relationships with leaders and working diligently helped ensure that their confidence in me was well placed. From this experience, I learned that the magic happens when you stop clinging to what was and lean into what could be. When the path no longer serves you, rerouting isn’t weakness, it’s evolution. Ever since this bold move, I have never looked back, and I enjoy being one of the leaders within the financial services industry.
Another defining moment in my career was when I was in middle management and decided to complete an MBA degree. I was fortunate that the organisation I was working for at the time paid for my MBA tuition fees. I graduated with my MBA in 2017, and the MBA qualification enabled me to be more confident in my leadership role, enhanced my business savvy, as well as my overall business acumen.
What unique challenges have you faced as a woman in a senior position, and how have you navigated them?
Working in male-dominated industries can present a range of structural, cultural, and interpersonal challenges. Gender bias and stereotypes portraying women as less competent or less suited for leadership positions remain prevalent, particularly in technical sectors. Additionally, leadership roles tend to be disproportionately occupied by men, which may result in fewer role models, sponsors or advocates for women. Another common
challenge is imposter syndrome among women in senior positions and across all career levels, given our diverse backgrounds. However, through my upbringing, education, and always ensuring that I work hard towards achieving organisational goals, I have developed the skills and confidence to contribute effectively within professional teams. I participate equally in discussions and decision-making processes alongside male colleagues and regard all team members as peers, regardless of gender.
“My success in financial services was made possible by supportive leadership and managers, whose trust inspired me to excel”
How do you approach mentoring or supporting the next generation of women leaders in your organisation or industry?
I am passionate about mentorship and I currently mentor three women from different backgrounds and career levels. Personally, both formal and informal mentors have been instrumental throughout my career, sometimes even becoming advocates for me. An effective mentor is someone you respect and trust to have your best interests at heart. As a mentee, it’s important to be proactive, clarify your own goals, and be prepared to put in the work.
What advice would you give to young women who aspire to take on leadership roles in traditionally male-dominated fields such as finance?
Stepping into leadership in male-dominated fields takes grit, strategy, and a strong sense of self. Be willing to grow deep knowledge in your field and hone your craft, as credibility is your strongest armour.
Speak up clearly, confidently in meetings and decision-making spaces, even if you’re the only woman in the room. There is no stupid question; however, it is important to read the room and tailor your communication to different personalities and power dynamics.
Seek mentors and sponsors regardless of gender. Challenge imposter syndrome and know that you do belong, do not wait to feel ‘ready’, step up and learn as you go. Don’t shy away from ambitious targets, make them known and ask for support.
If your current environment doesn’t support your growth, pivot when needed. Career paths aren’t always linear. Sideways moves can build broader skills and can ultimately lead to a fulfilling career.
How have you seen the landscape for women in the financial industry evolve?
According to Forbes.com, women now hold about 30% of senior roles in financial services globally. Bringing this back to South Africa, in the past two years we have seen positive changes, including the appointment of Jeannette Marais as CEO of Momentum Group, and Mary Vilakazi as CEO of the Firstrand Group. These are some of the women I look up to and admire how they have broken the glass ceiling in the financial services industry. While these are important steps forward, hiring and promotion practices still favour traditional (often male) leadership traits, according to Private Banker International. Objective evaluation metrics and diverse panels are key. Women need more access to mentors who understand their unique challenges and sponsors who will advocate for them.
By Ann Sebastian Head of Equity, Terebinth Capital
Strengthening women in leadership to improve client experience
The investment management industry has gradually recognised the importance of female representation, with increasing efforts to promote diversity. While acknowledging this progress is essential, it is equally critical to understand that representation alone is not enough; it must translate into decision-making roles to have a meaningful impact on policies, strategies and practices within the industry.
Women make up 19% of portfolio manager roles in South Africa. When the scope of the analysis is widened to include support staff, who represent 79% of the total workforce, female presence in the asset management industry expands to 59%. Women are overrepresented in support staff positions and underrepresented in senior investment roles. This suggests that the industry has not fully leveraged this diversity.
Research consistently demonstrates that diverse teams drive performance improvement relative to their homogenous counterparts. When it comes to investment management, the stakes are particularly high, as clients rely on managers to provide informed decisions that
align with their goals, return and risk tolerances. A lack of female voices at the decision-making table can inadvertently result in a narrow understanding of client needs and investment opportunities.
Female clients approach investing differently than men, shaped by unique experiences, risk appetites, and financial goals. They often seek financial advisers who build trust and prioritise communication, transparency, and education. With women projected to control c.$30tn in global wealth by 2030, investment management firms must reflect this demographic at their decision-making levels.
Companies must create pathways for women to progress into leadership roles. This means setting up mentorship and sponsorship initiatives that connect junior female staff to experienced leaders. Such programmes can offer women essential guidance and advocacy to help them advance in their careers and address systemic challenges. Firms should emphasise increasing female representation on decision-making committees and boards. It is not enough for women to simply fill positions; they also need the power to influence business direction and initiatives.
Fostering an inclusive culture is vital. Encouraging
open communication and valuing diverse opinions can enhance collaboration, resulting in innovative solutions. Additionally, businesses should commit themselves to transparency and accountability. By publicly sharing gender diversity data and setting specific targets, they can evaluate their progress and take responsibility. This transparency not only shows a genuine desire for change but also enhances the organisation’s standing with clients and investors who care about ethical and inclusive practices.
Translating female representation into decisionmaking roles is vital to unlocking the full potential of female talent and achieving material change in the investment management industry. At Terebinth Capital, we have since the start incorporated this into our vision and mission. We pride ourselves on inclusion of female participation and leadership across all spheres of the business. In addition, we support others in their bid to contribute by way of various industry programmes, including the ASISA Fezeka Programme and the CFA South Africa Day of the Girl Job Shadowing initiative. The time for action is now, as the future of investment management depends on diverse perspectives, driving innovative decision-making and sustainable growth.
By Reo Botes Managing Executive at Essential Employee Benefits
GGen Z is rewriting the rules of work – and benefits need to catch up
en Z is entering the workforce in numbers too large to ignore. By 2030, they’ll make up nearly 40% of South Africa’s working population. They are young, ambitious, techsavvy, and largely uninsured.
In a country where private medical aid remains unaffordable for many, a worrying number of Gen Z employees are going without any form of health cover. This isn’t due to negligence. It’s economics. The average Gen Z worker, either fresh out of university or early in their career, simply doesn’t earn enough to justify paying thousands of rands a month for traditional medical aid schemes. As a result, many are walking a tightrope without a safety net.
The high cost of poor cover
apps, wellness dashboards, AIdriven health assessments, and proactive outreach go a long way in building trust and engagement. Gen Z doesn’t want to call a helpline and wait on hold. They want intuitive platforms that put their health in their hands.
The implications for employers are bigger than they may realise. A generation under financial pressure and health-related stress is not a productive, engaged, or loyal workforce. Gen Z’s top stressors include money (58%), career anxiety (54%), and family responsibilities (45%), making mental and physical wellness not just a nice-to-have but a survival priority. Yet, without access to affordable health insurance through their employers, too many are forced to choose between a GP visit and groceries.
This is where businesses need to step in; not only from a moral standpoint but from a practical one. Offering tailored, affordable health insurance benefits isn’t just the right thing to do; it’s a strategic move to attract and retain top talent in an increasingly competitive market.
One-size-fits-all is a thing of the past
But the days of one-size-fits-all medical schemes are over. Gen Z is rewriting the rulebook. They want healthcare benefits that are flexible, accessible, and aligned with their lifestyle. They want access to mental health support, telemedicine, and preventative care. And most importantly, they want to be able to afford it.
This generation grew up with personalised digital experiences. From curated music
playlists to AI-driven fitness coaching, Gen Z expects the same level of customisation in every aspect of life, including healthcare. It’s why, globally, 66% use wearable devices and 55% are already engaging with telemedicine platforms. Therefore, healthcare must be digital, personalised and easy to access.
The power of tailored benefits
That’s where progressive employers can make a difference, by partnering with expert health insurance providers who understand that benefits need to reflect the DNA of the organisation. These providers don’t just slap on a standard medical aid offering; they assess the age, income brackets, life stages, and wellbeing priorities of the workforce to create truly tailored solutions.
For a company with a young, predominantly Gen Z team, that might look like affordable hospital plans, basic cover with optional add-ons, or plans that prioritise mental health and lifestyle disease management over expensive in-hospital procedures. And let’s be honest: at this life stage, Gen Z isn’t thinking about knee replacements or chronic disease cover. They want the peace of mind of knowing they can see a doctor when they need to, access therapy without paying out of pocket, and get affordable medication without standing in long queues at public clinics.
Delivery is just as important as the benefit
And it’s not just about the healthcare itself. The way it’s delivered matters. Real-time access to benefits information via mobile
There’s also the matter of mental health; a silent crisis for many young professionals. Burnout, anxiety, and depression are rising, particularly among entry-level workers facing unstable economic conditions and sky-high living costs. Providing access to mental health services through Employee Assistance Programmes, therapy benefits, or even just mental health days integrated into leave policies can have a huge impact. These are necessities in a generation that deeply values holistic wellbeing.
The future belongs to businesses that care
The bottom line is this: if businesses want to attract and retain the next generation of talent, they must rethink how they structure their benefits, starting with health insurance. And they can’t do it alone. Partnering with health insurance providers who specialise in designing benefits aligned to an organisation’s workforce makeup is essential. These partners can unpack the demographics, job roles, and income levels of the company and build flexible solutions that speak to each group, whether it’s entrylevel Gen Zs, mid-career Millennials, or preretirement Gen Xers.
Ultimately, businesses that invest in benefits that matter – not just benefits that look good on paper – will gain the edge. In a world where rising living costs and health risks are constant threats, providing affordable, flexible healthcare isn’t a perk; it’s a responsibility. It’s also the smartest way to futureproof your workforce. And companies that invest in personalised, accessible healthcare will earn the trust – and longterm commitment – of the workforce that’s shaping our future.
Why group gap cover is a win for employers and employees
Rising healthcare costs are placing increasing pressure on South African employees, even those with medical aid. Unexpected medical expense shortfalls for hospital stays, surgeries, or specialist care can leave individuals facing bills in the tens of thousands – leading to financial stress that affects their health, morale and productivity in the workplace.
Bridging the gap between cover and care
Medical aids often don’t cover the full cost of treatment in private healthcare. The result?
Employees are left covering the difference themselves, sometimes with serious financial consequences. Many delay treatment, endure chronic pain, or turn to debt to fund care – all of which take a toll on their performance at work.
Group gap cover offers an effective, affordable solution. It closes the gap between what medical schemes pay and what private healthcare providers charge, covering shortfalls, co-payments, sub-limits, and even extending to extras like trauma counselling or
anxiety of high out-of-pocket expenses. This improves recovery time and job performance.
A strategic benefit for forward-thinking brokers
For brokers, group gap cover is a powerful tool to help employers enhance their employee wellness strategies. It goes beyond compliance, providing real value in a competitive market.
But for maximum impact, gap cover needs to be aligned with the existing medical aid options within an organisation. By tailoring solutions to the workforce’s specific needs – whether that’s by life stage, income level or healthcare usage – brokers can deliver smart, relevant benefits that boost their and client satisfaction.
Meeting real needs in a tough economic climate
Medical inflation is rising faster than general inflation, placing further strain on both employers and employees. Many companies have been forced to downgrade their medical aid contributions, leaving workers more exposed to risk. Group gap cover offers
protection without the expense of upgrading medical aid plans – many of which still don’t cover all costs. It’s also tax-efficient and simple to administer via payroll.
Supporting recruitment, retention and reputation
In a highly competitive job market, offering group gap cover as part of a total rewards package sends a strong message: this company values its people. In industries where employee churn is high, the impact of showing genuine care can be significant.
Today’s candidates are looking for more than a salary. They want security, support and a sense of being looked after. Providing financial protection during medical emergencies builds loyalty, fosters trust, and strengthens long-term employee engagement.
More than a benefit – a business advantage
Group gap cover delivers where it matters most –supporting health, financial wellbeing and peace of mind. At the same time, it helps businesses maintain productivity, reduce absenteeism, and enhance their reputation as caring employers.
As economic pressures mount, solutions like group gap cover stand out for their practicality, affordability and impact. It’s not just a tick-box benefit – it’s a smart investment in your people and your business.
Meet the Liberty Corporate Benefits team
As mentioned in our cover story, Liberty Corporate Benefits has combined its internal teams, merging investment, annuity products and operational capabilities into a single integrated unit of approximately 40 experienced professionals. This ensures end-to-end delivery, from product and proposition design to risk management and daily asset-liability matching and other investment operation functions. Here are the key players.
Louis Theron Head of Investment Liberty Corporate Benefits
Theron is a highly accomplished investment specialist with over 18 years of experience in institutional investments. Known for his expertise in strategic execution, he has successfully led the launch and management of Liberty’s institutional investment proposition and framework. His leadership style focuses on coaching individuals to find their own strength and confidence, making him a key driver of organisational success.
Kgotso Thipa
Head: Investment Distribution and Servicing
Thipa began his financial services career in 2011 in asset consulting. Working in this field for over a decade, he developed extensive knowledge of the investment and retirement industries, the regulatory environment, and the specific needs of funds and their members. In 2023, he joined Liberty Corporate Benefits to work within a team developing distinctive solutions for this market. He distributes Liberty Corporate Benefits Investment offerings across both pre- and post-retirement solutions, where he can realise his passion for empowering trustees and members to improve their financial outcomes.
Avikar Somaroo Head of Investment Proposition
Somaroo is a qualified actuary who has close to 15 years’ experience in the investment field. He has worked with both clients and products, understanding investors’ needs and how best to meet them. He has a deep interest in behavioural finance and the role that it can play in improving investment outcomes. At Liberty Corporate Benefits, he is responsible for getting the most out of members’ retirement savings through developing low-cost solutions that enhance returns and reduce risks.
Shari’ah investing: What
you need to know and why it matters
Shari’ah investing refers to an investment approach that complies with Islamic law (Shari’ah), derived from the Qur’an and Hadith. It is guided by ethical and religious principles that influence how money is earned, invested, and spent.
The core principles
Avoidance of interest (Riba)
Earning or paying interest is prohibited. This excludes conventional interest-bearing instruments like bonds or bank deposits.
Prohibition of haram activities
Investments cannot be made in companies involved in: Alcohol
Excessive speculation or uncertainty is discouraged. Investments must be based on real economic activity and transparency.
Profit and loss sharing
Shari’ah-compliant investments often involve equity participation, where investors share in the profits and losses of the venture.
Asset-backed investments
Investments must involve tangible, productive assets. Derivatives and complex financial instruments are typically excluded.
Shari’ah-compliant investment instruments
• Equity funds: Invest in screened companies that comply with Shari’ah principles
Sukuk (Islamic bonds): Asset-backed securities that offer returns through profit-sharing, not interest
• Property funds and REITs: Acceptable if they avoid impermissible activities
• Islamic unit trusts and portfolios: Actively managed by Shari’ah boards to ensure compliance.
“Advisers with knowledge of Shari’ah investing can broaden their client base”
Southern Africa’s first Shari’ah-compliant overdraft
In June this year, Standard Bank launched the first-ever Shari’ah-compliant overdraft facility in Southern Africa, marking a transformative milestone for Islamic Finance on the continent. Designed to empower business owners with more Shari’ahcompliant solutions, the product adds to Standard Bank’s solutions to meet the unique needs of Africa’s growing demand for Islamic Finance.
Structured under the Shari’ah principle of Wakaalah, the Shari’ah Overdraft facility is a non-interest-based alternative that provides businesses with instant access to short-term funding. Linked to the Shari’ah Business Current Account, the new product will allow clients to drawdown up to a preapproved limit.
“This is not just a product launch, it’s a response to a critical gap in Africa’s Islamic Finance ecosystem,” said Ameen Hassen, Head of Shari’ah Banking at Standard Bank. “For too long, businesses that required Shari’ah-compliant financing options lacked fluidity of a working capital solution that an overdraft brings. This overdraft facility
empowers entrepreneurs to manage cash flow fluctuations without compromising their values and need for Shari’ah compliance.”
With Sub-Saharan Africa home to 18% of the global Muslim population but accounting for just 1% of worldwide Islamic Finance assets, Standard Bank’s innovation arrives as the region seeks scalable, Shari’ah-compliant solutions. The overdraft facility will directly address working capital challenges faced by businesses.
Key benefits of the new product include:
Competitive market-related pricing
Direct linkage to the Shari’ah Business Current Account for streamlined operations • Certified compliance: The facility is certified by Standard Bank’s Shari’ah Advisory Committee.
Not only for Muslims
While Shari’ah Banking adheres to Islamic principles like Wakaalah bi al-Istithmar (agency-based investment), and the prohibition of interest (riba), Hassen said the bank’s offering transcends religious
Why financial advisers should understand Shari’ah investing
South Africa has a significant and growing Muslim population who seek ethical, faithaligned investment solutions. Advisers with knowledge of Shari’ah investing can broaden their client base by offering more inclusive financial planning. Understanding Shari’ahcompliant finance can support advisers in offering ethically screened, socially responsible options, appealing to both faith-based and values-driven investors.
Competence in this area boosts adviser credibility and helps ensure compliance with FAIS Treating Customers Fairly (TCF) principles by aligning advice with client beliefs. Several South African financial institutions now offer Shari’ah-compliant investment products. Advisers who understand the mechanics can guide clients effectively through these offerings.
A growing part of the ecosystem
Shari’ah investing is more than a niche offering; it’s a growing part of South Africa’s financial ecosystem. For financial advisers, understanding its principles and implications is essential to delivering holistic, ethical and client-centric advice. In a country as diverse as South Africa, cultural and religious competence isn’t just good practice – it’s good business.
boundaries, with approximately 35% of Standard Bank’s South African Shari’ah clients identifying as non-Muslim. “This isn’t just for Muslims, it’s for anyone seeking transparent, non-interest, asset-based or backed financial solutions,” said Hassen.
“This is not just a product launch, it’s a response to a critical gap in Africa’s Islamic Finance ecosystem"
The launch builds on Standard Bank’s legacy of Islamic Finance innovation, including the world’s first Shari’ah-compliant Diners Club product and South Africa’s inaugural Shari’ah tax-efficient endowment.
“Africa’s economic future hinges on inclusive, innovative finance,” said Hassen. “With this product, we’re not just serving clients, we’re innovating, industrialising and advancing a system of finance rooted in tradition and shared prosperity.”
An untapped growth opportunity in South Africa
Shari’ah-compliant investing is gaining serious traction in South Africa, both among high-net-worth individuals, family offices and institutional investors. With a market opportunity estimated at R90bn, the space is expanding rapidly, yet remains underserved. One of the newer players answering that call is Wealthvest Investment Management, a Cape Town-based asset manager co-founded by Zaid Paruk (pictured).
“We launched Wealthvest because we saw a clear gap,” says Paruk. “There are only a handful of asset managers meaningfully engaged in Shari’ah investing, but the demand is growing, especially from family offices and a new generation of investors seeking ethically aligned financial products.”
Since its launch in February 2024, Wealthvest has attracted both retail and institutional clients, managing an estimated R350m in assets by mid-2025. Paruk and his team have spent the last few months meeting with more than 50 families and offices across the country, from the Western Cape, KwaZulu-Natal and Gauteng to Mpumalanga, many of whom are actively looking for Shari’ah-compliant investment solutions with solid track records and sound governance.
“One local Shari’ah fund ranked among the top 10 funds yearto-date, thanks in part to market volatility"
At its core, Shari’ah investing is values-based. It excludes sectors such as alcohol, gambling, arms and interest-based financial services, and filters companies through both quantitative and qualitative screens to ensure compliance. But this is no niche offering – it’s an investment strategy built on principles of low leverage, ethical business practices and real economic activity. “There’s a strong overlap with ESG and impact investing,” notes Paruk. “We’re essentially investing for both performance and purpose.”
While global access to Shari’ah-compliant investments is steadily improving, local investors still face some structural constraints. “You do have global Shari’ah index funds,” explains Paruk. “Big players like HSBC and BlackRock all offer Shari’ah-compliant index funds, similar to ESG index funds. Index providers like FTSE Russell and Yasaar International also provide data for Shari’ahcompliant shares.”
However, in the South African context, options are far more limited. “Locally, we have the FTSE/JSE Shari’ah Top 40 index,
but it’s very concentrated, predominantly in gold and mining stocks,” Paruk says. “This creates a challenge from a diversification and risk management perspective. Therefore, we launched the Wealthvest Shari'ah Equity Fund, which provides an investor with an index agnostic diversified portfolio of local and global equities.”
A further complication is that Shari’ah compliance isn’t static. “These companies aren’t trying to be Shari’ah-compliant – they’re just running their businesses,” he says. As a result, market dynamics can affect whether a stock qualifies. For example, Sasol’s market cap decline at one point led to it falling out of compliance, triggering a review.
Shari’ah boards vary in how they respond. Some may require immediate divestment when a company drops out of compliance. Others allow a grace period, typically six to 12 months, to see if the company can restore its Shari’ah credentials. “But after 12 months, if the company is still non-compliant, the fund manager has to sell out,” Paruk confirms.
Competitive returns
Despite these constraints, Shari’ah-compliant funds can offer strong performance. “You’re still getting access to quality, conservative companies, often at attractive prices,” says Paruk. He notes that one local Shari’ah equity fund ranked among the top 10 funds year-todate, thanks in part to market volatility, and strong commodity prices.
“In times of crisis, companies with high debt exposure tend to fall harder. Shari’ah-compliant funds, which avoid such companies, can hold up better,” he explains. The recent strength in gold – up over 27% – also benefited Shari’ah funds, which are typically overweight in resources due to the exclusion of financials like banks and insurers.
Beyond listed equity by building holistic solutions
While listed equity forms the backbone of most Shari’ah-compliant investment portfolios, Wealthvest combines its core listed equity capabilities with a wider range of family office services aimed at high-net-worth individuals and large families.
“We try to provide more than just a vanilla structure,” says Paruk. “For clients with more complex needs, we offer access to unlisted assets through partnerships with private equity firms. These opportunities, which may otherwise be difficult to source, span various industries and allow for a cross-pollination of deal flow across our client base.”
This tailored approach includes services such as global structuring, tax and accounting, M&A advisory, and payment solutions, supporting clients in a much more integrated way.
For Wealthvest, this model fosters deeper relationships and longer-term client retention. “A client who works with us across multiple layers of their financial life is far less likely to move their listed equity elsewhere,” notes Paruk.
This comprehensive model also extends to Shari’ah-compliant fixed income instruments like sukuks. “Sukuks are the equivalent of a conventional bond in the Shari’ah world,” Paruk explains. “But instead of being backed by a company’s balance sheet, they are backed by tangible assets like roads, dams or infrastructure projects.” This asset-backing makes sukuks particularly attractive to Shari’ah investors, offering predictable income while complying with the prohibition against interest (riba).
Digital assets and the Shari’ah debate
As the financial landscape evolves, digital assets such as cryptocurrencies are also drawing increasing attention from Muslim investors. However, their compliance with Shari’ah principles remains under debate.
“There’s a strong scholarly discussion around whether crypto is halal,” says Paruk. “The fiat currency system itself isn’t inherently Shari’ahcompliant, but we operate within it out of necessity, people need to buy bread and milk. Crypto is going through a similar process of scholarly interpretation.”
While Wealthvest doesn’t manage crypto funds, Paruk confirms there’s growing interest from the Shari’ah investment community. “We’re definitely seeing demand from younger, tech-savvy investors who are curious about how digital assets can fit within a Shari’ah framework,” he says.
Finding broader appeal
Importantly, Shari’ah funds are attracting investors beyond the Muslim community.
“There’s a growing group of values-based investors, not necessarily of the Islamic faith, who want to avoid sectors like alcohol, gambling and arms,” Paruk says. In an era of global conflict and heightened ethical scrutiny, the appeal of ‘clean’ portfolios is spreading.
This ethical alignment reflects a broader global trend: investors, especially younger ones, are paying closer attention to the social impact of their capital. “We’re seeing a heightened focus on industries that are doing good. People are taking a closer look at the social impact of their investments, not just from a religious standpoint, but from a moral and reputational one as well. Investors are increasingly interrogating their portfolios to make sure they’re not indirectly supporting social ills.”
By Rayhaan Joosub Co-Founder, and Co-CIO of Sentio Capital Management
Investing with integrity: Sentio’s Shari'ah-compliant vision
Since its inception, Sentio Capital Management has pursued a bold mission: to deliver world-class, Shari'ah-compliant investment solutions in South Africa that uphold both performance and principle. As demand grows for ethical and faith-aligned investing, Sentio’s founders recognised a gap in the local market – and set out to fill it with purpose. Rather than retrofitting existing products with Shari'ah labels, Sentio built its Shari'ah platform from the ground up. This included forming a close partnership with an independent Shari'ah Board, ensuring each investment strategy aligns with both the letter and the spirit of Islamic law.
The result is a set of purpose-built strategies that offer South African investors an alternative to conventional portfolios – without compromising on quality, values, or competitive returns.
A decade of responsible growth
For over 10 years, Sentio has served institutional clients across the region with its Shari'ah investment strategies. Since 2016, these offerings have also been available to a broader audience through the Hikma investment suite, which now include Equity, Balanced and Income
funds – all fully Shari'ah-compliant. The firm continues to expand this offering in response to evolving investor needs, with new strategies currently in development.
The Hikma range: Wisdom in action
Hikma – Arabic for ‘wisdom’ – is more than just a name. It captures the investment philosophy behind Sentio’s Shari'ah range: robust, ethical, and grounded in values.
These funds provide access to portfolios that exclude prohibited sectors such as tobacco, alcohol, gambling, and interest-based finance. Yet they remain focused on achieving strong, risk-adjusted returns – proving that investors don’t need to compromise values for performance.
At a time when global investors are increasingly seeking alignment between personal beliefs and financial strategies, the Hikma range resonates far beyond its faith-based roots. Its principles align closely with ESG investing, offering a meaningful alternative to those who want transparency, responsibility, and long-term value creation.
What sets Sentio apart
Sentio’s Shari'ah funds stand out not only for their compliance, but for their execution. Powered by the same rigorous research – both quantitative and
fundamental – that drives all of Sentio’s investment processes, these funds are built for performance and resilience. From retirement planning to income generation and portfolio diversification, the Hikma range offers solutions tailored to a variety of investor goals – all while remaining true to ethical mandates.
“The Hikma range resonates far beyond its faith-based roots”
Values. Performance. Alignment.
More than anything, Sentio’s journey in Shari'ah investing is about alignment: aligning investment goals with personal values, and aligning modern portfolio management with timeless ethical principles. With proprietary screening tools, disciplined processes, and oversight from a dedicated Shari'ah Board, Sentio ensures that each investment is thoughtful, compliant, and forward-looking. In a world where more investors are asking how their money is working – not just how much – Sentio’s Hikma range provides a clear, trustworthy answer: investing with purpose, powered by wisdom.
By Paul Nixon Head of Behavioural Science at Momentum
Advice Wealth Management
An OCEAN of personalities to predict financial behaviour
One of the biggest roadblocks to the wider use of personality science to any specific context, like investing, has been collecting data. Getting enough people to fill out lengthy questionnaires is not easy. However, artificial intelligence is moving rapidly to solve the problem.
Your playlist, and apps, can reveal your personality Our mobile phones, for example, provide important personality predictors. Your location data is a good predictor of whether you are an extrovert or introvert, simply by revealing what you do on a Friday night. Are you (more often) at home watching Netflix or out and about with friends posting selfies on your social media accounts?
Research is also emerging that shows that our music playlist can reveal the extent of our ‘broadmindedness (also referred to as openness)’, the extent to which we are curious and open to new ideas. A more broadminded person, for example, would have a recent and highly varied playlist versus someone less broadminded with a playlist of older content (a person that’s more traditional). It is even possible to tell this from the apps on your phone. People that have cryptocurrency trading apps, for example, are likely to score more highly on broadmindedness.
Personality determines your financial behaviour
The Big 5 personality traits include ‘Openness’, as well as ‘Conscientiousness’, ‘Extraversion’, ‘Agreeableness’, and ‘Neuroticism’ (an easy way to remember them is with the acronym ‘OCEAN’). Because the Big 5 personality traits have been shown to be the most consistent predictors of behaviour, large language models (LLMs) are easily trained on the relationship between personality science and financial behaviour. For the purposes of this article, I quickly trained what is called a ‘knowledge graph’ using Claude.ai, an AI assistant that is similar to ChatGPT, to search published literature. I wanted it to construct a database to document the relationships between the personality types and financial behaviour, and include the directional correlation to financial behaviours (i.e. where the relationships are weak and strong). Claude.ai also generated the infographic included at the end of this article.
An OCEAN of behaviours
• Openness (the extent of curiosity versus traditional values) is linked to financial behaviour in respect of seeking new financial products (like cryptocurrencies) and diversifying across many financial products and markets. There is also a strong positive correlation with risk tolerance (higher openness equals higher risk tolerance).
• Conscientiousness (the extent of impulsivity versus future orientation) is linked to financial behaviour in respect of the ability to delay gratification (preference for the future) that results in higher
savings and greater emergency savings. There is a strong negative correlation to risk tolerance (higher conscientiousness equals lower risk tolerance).
• Extraversion (the extent of outgoing and social behaviour) relates to financial behaviour in that these individuals rely on peer recommendations, and tend to spend more on displaying their wealth.
• Agreeableness (the extent of striving for harmony over conflict) relates to financial behaviour in that these individuals prioritise family security and are more likely to prefer responsible or ESG (environmental, social and governance) type of investments.
• Neuroticism (the extent of worry and anxiety) relates to financial behaviour in that these individuals are more likely to regularly check their portfolios and panic sell.
Personalised communication improves relationships
Because LLMs understand these relationships from published literature (as shown by the generated database), it is also possible for financial advisers to use them to generate hyper-personalised content for their clients where they have collected personality data.
These databases carry information on appropriate content in all possible scenarios; therefore, prompting the LLMs to generate this content may easily be automated on certain trigger events.
Data from Momentum Investments shows that there was a significant increase in behaviour tax for investors earlier this year when President Donald Trump announced his reciprocal tariffs and market volatility spiked. Imagine an LLM linked with a volatility index plugged in that can engage with anxious clients with real-time insights on the behaviour tax being incurred by other clients acting on this short-term market information. The future is here.
Momentum Investments has a proud heritage and culture of research and innovation and will continue to invest in these initiatives, including our Research Hive. To read more about the behaviour tax in our latest Sci-Fi report or about the Research Hive, visit our website here: www.momentum.co.za/ momentum/business/investment-management/ about-us/understanding-investor-behaviour/ research-hive
By Siobhan Cassidy MoneyMarketing
Contributor
The human touch, the real edge in the age of AI
The spread of Artificial Intelligence (AI) and machine learning shines a light, rather than casting a shadow, on the value that the most insightful financial advisers add. As artificial intelligence takes over the analysis of yesterday’s events and the modelling of tomorrow’s, financial advisers are freed up to focus on the client in the here and now. Understanding who the client is and what they want and, crucially, how who they are might get in the way of what they want, will continue to make a meaningful difference.
Operating Officer at Ninety One: “As with all technological aids, AI is beginning to unpeel the opacity of a complex industry, which means advisers will likely face more incisive questions from their clients. Our belief is that this is a positive development for financial inclusion and financial literacy.”
Behavioural finance takes centre stage
In this new landscape, the value of advice will not be defined so much by who can crunch the numbers fastest, but by who can go deepest in terms of understanding client behaviour and influencing it. In short, behavioural finance has
calculations”. Then, he says, they can spend time “on what really matters, the client”.
Human emotion: The missing data point
AI tools can scan markets in milliseconds and model outcomes with extraordinary accuracy, but even the most advanced system can’t grasp the emotional weight of money in a client’s life. No AI model can connect with the anxiety some people experience during a downturn, or the thrill they feel in an upturn. No algorithm that can accurately measure the pleasure of knowing that sacrifice today will be repaid in a child’s financial security. For machines, no matter how “intelligent”, the human compulsion to take a risky bet just will not compute.
AI as a powerful tool, not a replacement Dave Pledger, owner and director of Spectrum Group, says: “AI helps you cut through the clutter, gets you to the information fast. But it is not going to replace what we do”. Human insight remains vital. “AI is not going to help you to be intuitive. It’s not going to tell you how risk-averse someone feels when markets wobble or when they lose a job. That’s about understanding the person.”
Even as AI reduces some of the workload for financial advisers, they will sometimes have more of the nuanced, people-centric work to do. They might, for example, struggle to persuade clients that the ‘genius’ in the machine does not always know best. Also, in the words of Khadeeja Bassier, Chief
never mattered more. Bassier says: “Financial advice is both an art and a science, and part of the value lies in understanding the client’s needs in a way that leads to the likely course of action, not necessarily the most logical one. AI is excellent at generating possible scenarios and outcomes and assessing the optimal path for each of those scenarios … [but] cannot yet precisely account for the randomness of human behaviour. The magic of a financial adviser lies in striking the balance between the plan and the human’s will to translate the plan into action for better financial outcomes.”
Pledger sees the adviser’s job as “to be a filter, a simplifier”. He says they should use AI “to do the heavy lifting, the grunt work, get the data, compare the funds, run the tax
On the portfolio management side, Siviwe Jeyi, Business Development Analyst at Mergence Investment Managers, says AI “is likely to be adopted as a support tool to enhance, rather than replace, existing fundamental and quantitative approaches”. He says: “We believe AI will increasingly be integrated into the investment decisionmaking process to enhance data analysis, improve forecasting and support portfolio construction. Over the next few years, it is likely to become a valuable complement to both fundamental and quantitative approaches and accelerate decision-making, reducing behavioural bias and improving the efficiency of research and risk management. However, human oversight will remain essential to validate model outputs and provide contextual judgement.”
Judgement over data
Ninety One’s Bassier adds: “Portfolio optimisation in a data-rich world is infinitely achievable. Convincing a client not to sell during a market downturn and to stay the course is an entirely different gambit. This is where client context and trust are pivotal – and where real value is added.” Describing AI as unbelievably useful, especially for fund managers, Spectrum Group’s Pledger says: “You want to sort through dividend records or find trends? AI will do that in seconds. But, at the end of the day, it is still a judgment call. The information helps, but it doesn’t make the decision for you … even the most data-driven people have blind spots.” One of the most compelling arguments in an AI-augmented world is that bias can persist regardless of the quantum or the quality of data. In the context of instant answers and an avalanche of algorithmic noise, basic psychological factors such as loss-aversion and the instinct to follow the herd can be harder to manage.
Advisers who understand this and can assist clients to understand, name and navigate their biases will be able to help them leverage the easily accessible inputs generated by AI for the best possible outcome for their context and goal.
AI mirrors societal bias
Bassier also points to the fact that data is a mirror of societal biases. “We see the technology absorbing a Western corpus of values and ethics. Data is infinite, and so we are always at the mercy of those who do the slicing. It is never entirely objective and always wears the lens of its framer.”
“As AI reduces some of the workload for financial advisers, they will sometimes have more of the nuanced, peoplecentric work to do”
Experts talk about “behavioural alpha”, the value added through an adviser’s ability to influence a client’s behaviour. Helping a client to stay invested during a sudden, drastic downturn, for example, is a human intervention with measurable financial consequences. In a world of data overload, behavioural input will be seen less as a nice-to-have, a “soft skill”, than a core competency.
Few dispute that there is no resisting AI. What most advisers are doing is embracing the new tools, putting them to work doing all the drudge work. They are using time that is freed up to go deeper with clients, understanding their psychology better and building stronger relationships.
Emotional intelligence as a competitive edge
As with many of the great shifts in human development it is not a case of machine or human but a combination of the two. AI is here to stay. So is human input. As our lives become more technical and complex and the available data becomes more overwhelming, many clients will crave real connection and human reassurance, especially when facing high-stakes financial decisions. The advisers who stand to perform best in this new era will be those who combine technical fluency with emotional intelligence. Bassier recommends that advisers engage with AI as if it were an “arrogant intern”.
“It is vital to recognise the immense efficiency it brings but not to cede control,” she adds. “Strength lies in deepening the human relationship with the client and using AI to better understand their needs and context.” Intelligence is not simply understanding what the data says, but how it makes the client feel.
Life insurance: The underrated cornerstone of holistic financial planning
By Mickey Gambale Head of Distribution at Liberty, the insurance and asset management business unit of the Standard Bank Group
As financial advisers increasingly focus on investments and trail fees, especially in markets like South Africa, life insurance risks being overlooked as a foundational component of a wellrounded financial plan. Yet life insurance offers more than just a payout at the end of a client’s life; it is a powerful tool for protecting, building, and even transferring wealth across generations. In today’s evolving financial landscape, understanding the multifaceted role of life insurance can equip advisers to deliver true holistic financial planning, ensuring clients’ needs are met not only during times of prosperity but also in times of vulnerability.
Life insurance as the bedrock of financial planning
Life insurance is often the bedrock of a financial plan because it provides the essential protection that investments alone cannot offer. While investments are designed to grow wealth, life insurance protects it. Without this safety net, unexpected events like death, illness, or disability could quickly erode even the most carefully constructed financial strategies. Critical illness cover or income protection, for example, ensures that life goals such as a child’s education or retirement savings remain intact, even during challenging times. Advisers who include life insurance in their planning provide clients with a balanced approach that both grows and protects wealth. This approach reflects a holistic planning strategy that resonates with clients looking for security and growth.
The rise of living benefits
For many clients, life insurance is simply a death benefit meant to support their families after they pass. However, modern policies offer much more, including living benefits such as critical illness and disability cover. These features offer financial support when it’s needed most – during the policyholder’s lifetime. For example, a critical illness benefit can prevent clients from dipping into their long-term savings to cover medical expenses. By educating clients on these living benefits, advisers can shift the perception of life insurance from a
passive safety net to an active financial tool that supports clients throughout their lives.
A tool for generational wealth and estate planning
One of life insurance’s most compelling roles is its ability to create generational wealth. By positioning life cover as a tool to elevate families to higher income brackets, advisers can help clients build a legacy that lasts beyond their lifetime. Features like Terminal Illness benefits allow clients to access the policy payout before they pass, providing an opportunity to settle their affairs and financially prepare their families. Life insurance becomes more than just a policy; it becomes a family strategy for securing the future. This narrative of legacy building often resonates deeply with clients who want to ensure their family’s financial stability for generations to come.
“Risk cover reflects an adviser’s commitment to both growth and protection”
In addition, life insurance is a powerful estate planning tool that offers liquidity without requiring the liquidation of other assets. By using life cover to address estate duties, clients can preserve core assets like property and investments for their heirs. Advisers who incorporate life insurance into estate planning strategies add significant value to clients in helping them to achieve efficient and effective wealth transfer.
Standing out through holistic financial planning
In a competitive financial landscape, advisers who prioritise life insurance as part of holistic planning can differentiate themselves significantly. Risk cover reflects an adviser’s commitment to both growth and protection, demonstrating a deeper understanding of a client’s full financial picture. Clients appreciate advisers who take this comprehensive approach, often resulting in more referrals and higher client retention rates.
Fraud and dishonesty worth R1,4bn prevented
South African life insurers and investment companies successfully prevented fraud and dishonesty worth R1.4bn in 2024, but incurred losses of at least R131.6m to criminals and dishonest individuals.
The annual fraud statistics compiled by the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA) show that ASISA members detected 16 520 cases of fraud and dishonesty in 2024, a 26% increase from the previous year, when 13 074 cases were detected. According to Jean van Niekerk, convenor of the ASISA Forensic Standing Committee, the R131,6m lost to fraud and dishonesty represents around 0,02% of the honest claims paid in 2024. ASISA members paid honest claims worth R639bn in 2024, the highest ever paid in a year.
Van Niekerk states that, despite a significant increase in fraud and dishonesty detected in 2024 when compared to 2023, there was a decrease in the rand value of actual losses, from R175,9m in 2023 to R131,6m in 2024. He explains that the ongoing deployment of sophisticated and focused detection methods by the forensic departments of life insurers and investment companies has significantly contributed to the high number of cases thwarted in 2024.
“Our industry has always been seen as a soft target by criminals and dishonest individuals because of the significant amounts of investments and benefits being managed, but it is getting increasingly difficult to get away with fraud and dishonesty,” says Van Niekerk. If we allowed fraud to get out of hand, premiums would have to go up and, ultimately, honest policyholders would be paying the price.”
Fraud and dishonesty in 2024
The ASISA fraud statistics are reported under five categories: remuneration fraud, fraudulent applications, fraudulent and dishonest life insurance claims, fraudulent withdrawals and disinvestments, and other fraud.
According to Van Niekerk, remuneration fraud accounted for more than half of all cases reported by ASISA members in 2024. Remuneration fraud generally involves fraudulent attempts by call centre agents, tied agents or independent financial advisers (IFAs) to benefit from commission and/or fees. ASISA members reported 9 904 remuneration fraud cases in 2024 compared to 7 962 cases in 2023. Remuneration fraud cost companies just over R19m last year – a sizable increase from R15m in 2023 – while fraud of only R2,5m was prevented. Fraudulent and dishonest life insurance
claims were the category with the second highest number of claims in 2024, with cases increasing from 4 130 in 2023 to 5 505 in 2024. Van Niekerk says the good news was that actual losses showed a significant decrease from R69.8m in 2023 to R39.1m in 2024.
According to Van Niekerk, the only category that showed a decrease in cases was fraudulent withdrawals and disinvestments. Unfortunately, however, while the attack rate decreased, the prevented amount was lower than in 2023, and the actual losses recorded increased slightly from R40,5m to R44,3m.
New and concerning trends
Van Niekerk says that while all types of fraud and dishonesty are of concern, the industry is particularly focused on stamping out murder for insurance payouts and deceased estate fraud. The ASISA Forensic Standing Committee, therefore, requested that ASISA members report on these cases separately to facilitate the sharing of critical information, monitor trends, and identify ways to address these cases.
Murder for insurance payouts
Van Niekerk reports that out of the 5 505 fraudulent and dishonest life insurance claims recorded in 2024, 38 were murder for money cases. He further explains that ASISA established two working groups to focus on solutions that ensure that funeral policies remain an accessible risk product while at the same time reducing the risk of criminals buying these policies to murder someone for financial benefit.
While we can confidently say that criminals are highly unlikely to get away with this type of crime, the goal is to prevent someone from losing their life in the first place. Life companies pick up on this type of crime very quickly through their data-sharing initiatives, but the process of gathering evidence and building a case that will stand up in court is often slow.”
Deceased estate fraud
Van Niekerk says in recent years, criminal syndicates identified deceased estates as a lucrative way of accessing large amounts of
“If we had not detected the 161 cases last year, our industry and beneficiaries would have lost R220m to criminal syndicates”
money, preying on people’s grief and the slow and arduous processes involved in winding up the financial affairs of a deceased family member. Deceased estate fraud is committed by impersonating legitimate parties and fabricating letters of executorship and other documents, as well as impersonators and false executors opening fraudulent bank accounts in the names of the deceased’s estate.
Although the numbers are still relatively low, the number of incidents detected has tripled from 54 in 2023 to 161 in 2024. Even more concerning is the significant rand value of the fraud prevented. “If we had not detected the 161 cases last year, our industry and beneficiaries would have lost R220m to criminal syndicates,” says Van Niekerk.
Van Niekerk states that, to curb this crime, the ASISA Forensic Standing Committee established an Estate Late Fraud working group in 2024. In addition, several ASISA members have signed a Memorandum of Understanding to ensure the legal sharing of data and trends, aiming to help prevent deceased estate fraud.
“We are also working closely with the Hawks, the Department of Justice, Crime Intelligence, the National Prosecuting Authority, and other law enforcement partners to help with the investigation of cases,” adds Van Niekerk.
He concludes that effective fraud prevention also relies heavily on consumer vigilance. “All financial services providers have fraud hotlines, and we call on consumers to report suspected fraud or suspicious behaviour immediately.”
Offshore isn’t always greener: Who would’ve thunk?
When it comes to investing, some voices cut through the noise with rare clarity. One of them belongs to Howard Marks, co-founder and co-chairman of Oaktree Capital Management. In a world obsessed with the next big thing, his steady message about value, price, and patience is both refreshingly simple and powerfully relevant – especially when the data tells a story that defies conventional wisdom.
Marks, the largest investor in distressed securities worldwide, is famously quoted as saying: “It’s not what you buy that matters – it’s what you pay for it.” Marks’ memos, which are posted on the Oaktree website, are essential reading for serious investors. Blending sharp insight with understated wit, these letters distil decades of hardearned wisdom into accessible reflections on risk, value, and investor behaviour. So compelling are his views that even alpha-investor Warren Buffett has taken note, once commenting: “When I see memos from Howard Marks in my mail, they’re the first thing I open and read. I always learn something.” The moral of the story? Pay attention to Marks.
This brings us to the topic at hand: asset classes for typical multiasset products. Contrary to conventional wisdom – and perhaps to many investors’ expectations – domestic equity and property have outperformed global equity (as measured by the MSCI All World Index) over the past five years. The next best returns were delivered by domestic fixed income and inflation-linked bonds. In stark contrast, global fixed income has been the clear laggard, actually posting negative returns in rand terms over the same period.
How can this be? For years, investors have been told that offshore exposure is the key to growing their retirement savings. This has been a constant siren song and the message resonates easily in South Africa, where negative headlines about the local economy often dominate the narrative – and, by extension, investor sentiment. But that narrative tells only part of the story.
More often than not, markets are forward-looking, and in many cases, local assets have already priced in the bad news. Indeed, empirical evidence suggests that markets often overreact –discounting poor outlooks too heavily and becoming overly optimistic about ostensible rosy outlooks. This is central to Howard Marks’
message and provides some clues as to why SA has delivered a surprisingly robust set of investment returns relative to its more illustrious offshore counterparts over the past five years.
Five years ago, the world was deep in the grip of the Covid-19 pandemic. Risk assets around the globe were sold off sharply, with emerging markets hit especially hard as capital fled the periphery and rushed back to developed economies. At the time, a return to normality felt uncertain – even implausible. But return to normal we did. In hindsight, that pandemic-induced sell-off proved to be a remarkable buying opportunity, particularly in markets like South Africa where asset prices had been heavily marked down. The deeper the discount, the greater the potential upside, and local investors who acted boldly were well rewarded.
“In every instance, we strive to pay less than what an asset is worth”
In South Africa, almost without exception, asset valuations across the board had fallen to multi-decade lows and the outlook was near-apocalyptic with domestic risk assets priced for disaster. Meanwhile, global fixed income – considered ‘safe’ – offered waferthin yields and, in many cases, guaranteed negative real returns if held to maturity. In both instances, the deciding factor for long-term success wasn’t the label on the asset class, but the price paid for it.
At Mazi Asset Management, we don’t just admire Howard Marks’ insights – we apply them. His mantra, “Price is what you pay; value is what you get,” is central to how we invest. In every instance, we strive to pay less than what an asset is worth. It would therefore come as no surprise that since we launched our global multi-asset portfolios in January 2022, we didn’t rush to max out offshore exposure, despite the popular chorus suggesting that’s where returns would lie. The value we saw in South African assets was simply too compelling to ignore.
And the results have spoken for themselves. Local assets have delivered solid performance – and we believe they still hold further opportunity. In an environment where the crowd is often focused on fear, we take Marks’ advice to heart: it’s not just about what you buy – it’s about what you pay for it.
Shaun Bruyns and Kopano Makhu, Portfolio Managers at Mazi Asset Managers
Figure 1: Five-year Asset Class Total Returns Measured in Rands
By Jithen Pillay Portfolio Manager of the Allan Gray Equity Fund
Looking beyond trade wars and extreme market chaos
If an investor fell into a coma at the end of March and only reemerged at the end of June, a glance at closing stock market levels would suggest nothing but good news. Both the MSCI World Index and the S&P 500 were up 11% in US dollars at the end of the quarter. However, there was a wild ride in between. Over the four days after Donald Trump announced sweeping tariffs in early April, the S&P 500 fell 12%. A subsequent pause in implementation saw the index recover all its losses by 2 May, only to power ahead 25% from the Liberation Day bottom. Both the MSCI World Index and S&P 500 ended the second quarter at all-time highs.
Keeping an eye on developments in the US We have yet to see where the final US tariff proposals will land. Current estimates put the effective forward rate at the highest level since the 1930s. At the peril of trying to read Trump’s mind, the problem he is trying to fix is a real one. The United States’ share of global consumption is almost double its share of global production – an outlier compared to most regional blocs. The US also has a growing fiscal deficit that must be funded.
There are, however, reasons to be concerned. Firstly, policy uncertainty is usually not supportive for private sector capital investment. One faces a sharp headwind to maintain strong growth in such an environment (South Africa is an unfortunate case in point here). Secondly, US companies will bear the burden of the tariffs and have a choice: they can either pass on those higher costs to consumers via higher prices, or they can absorb them into their margins. The former is not conducive to low and stable inflation (something we thought was at risk even before the tariff announcements). The latter is not good for company earnings.
The S&P 500 trades on 22 times forward earnings versus the MSCI World ex-US on 15 times; using this alone to conclude the US is expensive, is lazy. US companies deserve a premium rating, as they have grown faster with lower earnings volatility and higher cash conversion. However, what worries us is 1) the S&P 500’s rating is more than 40% above its own history, and 2) earnings expectations are high despite the risks discussed above.
Local markets weather the storm
In South Africa, things were even more extreme. The FTSE/JSE All Share Index (ALSI) fell 9% two
The cultural shift needed to close the financial advice gap
For most South Africans trying to navigate a fragile economy coupled with increasing expenses, unpredictable incomes and multi-generational responsibilities, accredited financial advice has become far more critical than ever before. Momentum’s Financial Advice Research 2025 report, conducted in partnership with the Bureau of Market Research, reveals that only 9% of South African households have a professional financial adviser. This is despite the average amount of investments for households with an adviser being 9,5 times larger than households without advisers. This illustrates what a staggering difference a financial adviser can make.
According to Cebile Zibi, Executive Head of Trade Marketing and Communications for Momentum Advice, closing this gap requires a major shift akin to a cultural reset. “This isn’t just a financial gap,” says Zibi. “It’s a confidence gap. It’s a clarity gap. And ultimately, it’s a gap in opportunity.”
Why we need an advice culture
Advice is everywhere – from WhatsApp stokvel groups to Instagram reels and #FinTok influencers. But not all advice is created equal, and very little of it is actionable when it’s not from a professionally accredited adviser, not grounded in context or tailored to real needs. A generic approach to financial advice can create consumers with low financial confidence or make them check out of advice entirely. “When people connect with advice that understands their context – their struggles, aspirations, and cultural nuances – something powerful happens,” says Zibi.
The foundations of an advice culture
“If we want to replace the advice gap with an advice culture, we need to get three
days after 2 April, fully recovering over the next eight days and marching to an all-time high in mid-June (a 20% gain from the Liberation Day bottom). A sharper recovery was aided by the precious metal shares (up 14% over the quarter, making up 17% of the ALSI).
If we are to ease our social and economic challenges, South Africa needs to grow real GDP meaningfully. The key internal enablers of this remain missing: The GNU is tenuous, capital investment is stagnant, and infrastructure performance is still subpar. The weakening global growth environment makes a turnaround much harder.
We remain positioned for the long term
The Allan Gray Equity Fund’s positioning is tilted offshore, particularly towards the defensive rand hedges. AB InBev is a great example of such a share. Beer is winning share of throat, the company has pricing power from strong brands and consumers trading up, there is material scope for earnings to grow and, most importantly, we can buy it for a reasonable price. Given the uncertain environment, we are focused on absolute returns and protecting client capital, as we have done consistently through different market cycles.
things right: the relationship with the financial adviser, how we engage, and focus on building trust,” says Zibi. Firstly, advice needs to focus on relationships, not transactions.
Professionally backed financial advice doesn’t start with a product. It’s rooted in experience and industry knowledge. It’s rooted in empathy, active listening and asking the right questions, for example: “What keeps you up at night?” and “What does success look like for you in the next five years?”
“A good adviser doesn’t just sell, they serve,” says Zibi. “They want to understand your life before they talk about products. If they’re not helping you define your version of financial success, they’re missing the mark.”
Today’s clients expect advice on their terms, not just during an annual review. Hybrid models that combine human connection with digital convenience are becoming the new standard. Whether it’s a monthly Zoom check-in, a WhatsApp summary or access to a dashboard that tracks your goals, today’s financial advice is less about products and more about the experience.
This is supported by data from Momentum’s Financial Advice Research report that states that almost 30% of households indicate they would consider receiving advice virtually via platforms such as Teams, Zoom and online meetings, while more than 15% are open to robo-advice and chatbots. “The way we deliver advice must evolve with our clients,” says Zibi.
Lastly, trust isn’t built through pitches, it’s built through transparency, honest communication, and clear expectations. At the heart of it all, the best advisers are educators too. They help you ask better questions, understand your options more clearly, and build enough confidence in you to take control of your financial story.
What the shift looks like in action
This shift requires us to challenge long-held beliefs, especially the notion that financial advice is only for the wealthy. “Advice should be part of your life as early as possible,” says Zibi. “It’s not about how much money you have, it’s about what you want to do with it.” Done right, financial advice doesn’t just build wealth, it unlocks possibility.
can buy you
Time is the greatest gift of all. And we all want more time to spend on the things that are important to us. Whatever those things may be, the good news is that if you invest early, time gives you money. And then, money gives you more time to spend on the things you love. Speak to us to make the most of your time. Call Allan Gray on 0860 000 654, or your financial adviser, or visit www.allangray.co.za.
Gray is an authorised FSP.
Insights from the 2025 Batseta Winter Conference with Nico Katzke, Head of Portfolio Solutions at Satrix, and Duma Mxenge, Head of Business and Market Development at Satrix*
Winning the match, not just scoring points
When investment success is measured by standout moments or headline returns, it’s easy to lose sight of what drives long-term value. At the 2025 Batseta Winter Conference, Nico Katzke and Duma Mxenge from Satrix offered a compelling reframing: success is about winning the match, not just scoring points. It’s about building portfolios that deliver through discipline, consistency and clarity of role – not just chasing performance highs.
Looking past the labels
The investment industry often simplifies strategy choices into a binary debate: active versus vanilla index funds (also referred to as ‘passive’). However, this framing does not accurately capture the true nature of the available options. As Katzke explained, “Our intention is not to debunk what you call passive – internally we call it indexation – but what we’ve been grappling with as a business is the positioning of the power of indexation: how does indexation fit within the overall strategy?”
The word ‘passive’ can suggest a lack of conviction or complexity, but this is misleading. Mxenge reflected on how many asset managers simplify investing into ‘buying low and selling high’ terms – making it seem as though finding an edge in modern markets is a simple exercise. The evidence, worldwide, has in fact suggested the opposite – that consistently finding an edge is a rare feat. Paying a low cost for indexation does not imply a low-value proposition, unlike many other areas in life where a low price often signals lower quality. Over a three+ year investment horizon, investors have historically been far better off investing in low-cost index trackers that accept markets as being efficient than in most active strategies looking to identify inefficiencies. And as markets become more efficient, it is hard to argue that this will change any time soon.
Indexation is not one-dimensional
The term ‘passive’ often brings to mind straightforward, vanilla index strategies like the S&P 500. But the reality is far more nuanced. Katzke outlined three points that the term ‘passive’ belies:
First, passive investments are not one thing –while the S&P 500 represents a vanilla strategy of the largest 500 companies, indexation also includes non-vanilla, factor-based portfolios, thematic strategies, and other sophisticated approaches. These are all low-cost but differ significantly in construction.
Second, indexation includes rules-based solutions characterised by discipline and a
lack of emotion. “Rules-based means there’s discipline involved; there’s no emotion involved. We don’t look at a stock and say, ‘President Trump tweeted something, and we’re scared.’ We stick to the rules.” This discipline reduces trading frequency and transaction costs.
Third, indexation should not be seen as opposing discretionary active management. Both can co-exist sensibly within portfolios. In fact, low-cost index trackers allow investors to earn the asset class returns at the lowest cost point, while enabling active managers to be truly active.
“Paying a low cost for indexation does not imply a low-value proposition”
Understanding what you’re paying for A key insight from the discussion focused on active management fees relative to performance, especially in South Africa. Katzke observed that many active managers remain close to their benchmarks but still charge full active fees.
“In South Africa, we are comfortable getting both beta (asset class returns) and alpha (outperformance potential) from the same source. This generally implies paying far more for beta and limiting the scope for alpha. In Europe and the US, institutional investors want beta at the lowest cost and expect true alpha from managers who take meaningful, differentiated positions.”
To help investors assess how truly active a manager is, Katzke referenced the concept of active share as a metric for comparing portfolio
holdings against a benchmark to quantify deviation. This helps avoid paying active fees for strategies that barely differ from their indices.
Aligning roles with expectations
The Satrix team shared a memorable analogy from rugby: “Imagine a Springbok prop being told after a match, ‘The team won the match, but you didn’t score a try and I’m starting to doubt your role.’ If you tell the prop this repeatedly, eventually he’ll stop scrumming and move to the wing.”
The point is that evaluating managers or strategies by the wrong metrics can cause behavioural changes, potentially damaging portfolios. Each component has a role to play, and success should be measured accordingly.
Long-term consistency over short-term noise
The discussion didn’t advocate for either active or indexation exclusively. Instead, it stressed understanding the nature and role of different strategies, how they complement each other, and how to assess their contributions fairly.
Investment success is not about chasing moments or short-term gains. It’s about building frameworks that are consistent, disciplined and aligned with long-term goals.
*Satrix is a division of Sanlam Investment Management.
Disclaimer: Satrix Investments (Pty) Ltd is an approved FSP in terms of the Financial Advisory and Intermediary Services Act (FAIS). The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. Satrix Managers (RF) (Pty) Ltd (Satrix) is a registered and approved Manager in Collective Investment Schemes in Securities.
While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSPs, their shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaim all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information.
Duma Mxenge
Nico Katzke
Futuregrowth’s sustainability mandate: A partnership for long-term impact
By Sandy Welch Editor MoneyMarketing
With a 30-year track record and deep in-house expertise, Futuregrowth Asset Management continues to lead in sustainable investments. Its approach focuses on risk mitigation and unlocking long-term value through responsible investment practices, exercising sound judgement, and innovation.
Angelique Kalam, Head of Sustainable Investment Practices at the company, offers a compelling insight into how Futuregrowth integrates non-financial factors into its investment philosophy. Instead of ESG, Futuregrowth favours the term ‘non-financial factors’ to better reflect a broader and more integrated approach to risk and opportunity assessment.
“At Futuregrowth, we recognise we are part of a wider capital allocation mechanism. As responsible investors, we aim to direct capital towards sustainable and responsible enterprises,” explains Kalam.
This means assessing companies holistically – looking at cashflow, governance, alignment of interests, and risk-return profile – while also understanding each sector’s unique sustainability risk considerations.
More than financials
What sets Futuregrowth apart is its ability to price sustainability risks appropriately. “We evaluate companies based on their long-term viability, not just financials,” Kalam notes. “The risk profile for a company in the housing sector will differ from one in the agricultural sector, so our frameworks are tailored accordingly.”
Futuregrowth is fortunate in that it is not constrained by benchmark indices like many equity managers. This flexibility, particularly in fixed income, enables them to avoid exposure to companies whose sustainability risks cannot be priced or mitigated. “We’re able to take decisive action when we believe that we’re unable to price for certain risks. Our history, such as pausing lending to state-owned entities in 2016, shows our commitment to sustainable outcomes,” says Kalam.
A strong emphasis is placed on good governance. “We look for management
teams with skin in the game and strong boards with relevant expertise, independence, and diversity,” Kalam says. These elements support long-term strategy execution and risk oversight – ensuring Futuregrowth’s risk-return profile aligns with client mandate objectives. Futuregrowth also uses proprietary sustainability frameworks that differ depending on whether a company is listed or private. With listed companies, the team utilises publicly available data. However, in private markets, Futuregrowth engages directly with management to access information and can incorporate non-financial recommendations into legal loan agreements, in some instances incentivising improvements through interest margin adjustments. This proactive engagement strategy allows Futuregrowth to not only assess risk but also contribute to positive change in investee companies. “It’s about using our position as capital allocators to shape better outcomes,” says Kalam.
“It’s about using our position as capital allocators to shape better outcomes”
No tick-box approach
A critical feature of Futuregrowth’s methodology is its avoidance of what Kalam refers to as a ‘tick-box’ non-financial (ESG) approach. Each deal is reviewed holistically, using a judgement-based approach that combines in-depth research, sector-specific analysis and peer collaboration. Analysts synthesise both financial and non-financial information to make informed investment recommendations based on the risk return benefits, which are then presented to the appropriate decision-making forum, such as the investment or credit committee. That approach is backed by a culture of internal collaboration. “Our analysts don’t operate in isolation,” Kalam explains. “We have a ‘cradle-to-grave’ approach where the analyst oversees a transaction from the time of pre-screen until the loan is repaid. Every transaction is reviewed in pre-screen meetings, where insights from experienced team members help refine the focus of due diligence.”
Bondholder engagement as a lever for change
Futuregrowth actively engages borrowers – particularly in the private markets where we've had more success in achieving improved outcomes –using its role as a bondholder to drive sustainability outcomes. A recent agricultural transaction provides a strong case study. The company, a vertically integrated agri-business involved in farming, processing and exports, was evaluated on governance, environmental and social grounds. Governance risks, including keyperson risk and a lack of board independence, were flagged during due diligence. Futuregrowth recommended the appointment of an independent board chair and developing a succession plan for the founder-CEO. These recommendations were integrated into the legal agreement, with clear timelines for implementation. Importantly, borrowers who meet these recommendations are incentivised through margin adjustments, lowering their cost of capital as they improve their sustainability practices.
“We can’t impose changes; rather, we engage companies. It’s a partnership,” Kalam emphasises. “Once the borrower understands the rationale, they realise it’s not just about mitigating Futuregrowth’s sustainability requirements. It’s about strengthening their own business and ensuring its more sustainable for the future.”
Environmental and social due diligence
Robust environmental and social assessments are also a part of the Futuregrowth’s risk assessment. In the same agri-business example, the analyst evaluated water usage, irrigation practices, crop insurance and labour conditions. These factors are particularly vital in climate-sensitive sectors like agriculture. “Responsible water use, crop resilience, and fair labour conditions all directly impact long-term sustainability of operations,” says Kalam. “We want to see whether companies are protecting their people and resources, not just for today but for the future.”
Institutional expectations drive accountability
According to Kalam, companies seeking institutional capital should be aware that funding expectations differ from traditional bank lending. “When you access the capital markets, you enter a space governed by fiduciary duty. We are mandated to assess and manage non-financial risks in our clients’ best interests”.
Developmental investing and fiduciary duty
South Africa’s challenges around infrastructure, inequality and inclusive growth are well documented. With over R35bn currently allocated to developmental investments, Futuregrowth plays a significant role in addressing them. But Kalam is quick to clarify where the responsibility lies.
“Our fiduciary duty is to make commercially sound investments with appropriate riskadjusted returns on behalf of our clients,” she says. “Delivering infrastructure or inclusive growth is the role of government and DFIs. That said, the private sector, particularly institutional investors, can play a role.”
The firm’s participation in South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) is a prime example. “We’ve invested in 32 renewable energy projects across solar, wind and other technologies,” says Kalam. “This is a great model of public-private partnership where risk and return are aligned.”
Climate tops the agenda
Asked about the dominant themes in sustainable investing today, Kalam is unequivocal: “Climate is front and centre –locally and globally. In South Africa, we’ve seen the real impact of climate change in floods, droughts and agricultural instability. These aren’t just environmental issues; they’re social and economic as well.”
Futuregrowth continues to engage investee companies, especially in high-emitting sectors, to assess their readiness
“What sets Futuregrowth apart is its ability to price sustainability risks appropriately”
and resilience. “We want assurance that they understand the risks and are taking steps to mitigate them. Many companies still don’t have clear decarbonisation plans and targets for 2030 and 2050, and reporting remains superficial.”
She also highlights other growing themes, including transformation, diversity, equity and inclusion (DEI), remuneration and artificial intelligence. “Sustainability is no longer a niche; it’s the future of capital markets.”
Policy reform is a key enabler
Kalam notes that meaningful progress in sustainable investing depends on enabling policy. “Private capital doesn’t lack funding. What we need are investable opportunities backed by strong policy and market reform and robust frameworks,” she explains.
She cites the proposed State Enterprise Bill, aimed at improving governance at SOEs, as a step in the right direction.
“Institutional investors don’t define policy, that’s government’s role. But we have a responsibility to engage and provide input where policy decisions impact our clients.”
Clear, consistent regulation builds investor confidence and creates inclusive, investable markets. “We saw this with the REIPPPP,” she adds. “When the risk-return profile aligns, capital flows.
“We cannot ignore non-financial risks any longer,” Kalam concludes. “The impact is real, and our role as stewards of capital is to help shape a more sustainable, inclusive economy, without compromising returns.”
Women’s month focus: A career built on purpose, growth and impact
Angelique Kalam, Head of Sustainable Investment Practices at Futuregrowth, has spent more than two decades with the asset manager, growing alongside the company and helping to shape its responsible investment approach. Joining almost at the inception of the firm, Kalam began her journey in client service before deliberately moving through roles in marketing and business development. “I didn’t have a clear destination at the start,” she reflects, “but I was intentional about building a broad skillset.” Her leadership potential was soon recognised, and she was appointed to head up the business development and sales division for 18 months.
Her varied experience across the business equipped her with a unique understanding of both internal operations and client needs – laying a foundation for her focus on sustainability. Around 2007–2010, as Futuregrowth formalised its approach to responsible investing following its adoption of the UN Principles for Responsible Investment (UNPRI), a dedicated sustainability role was created. Kalam stepped into this newly established position in 2010, recognising the need to unify and structure the company’s existing sustainability efforts.
Since then, she has built out a comprehensive and evolving role that touches on multiple areas, including client engagement, investee company analysis, reporting, and internal process and policy development. “It’s a dynamic space,” she says, “one that keeps you learning and adapting constantly.” In large global organisations, her current role would likely be split across three departments, but growing with the function has allowed her to deepen her knowledge and impact in all areas.
Kalam describes her current position as striking the “ideal balance”, though she remains open to change.
She has a personal passion for coaching, particularly coaching women to find fulfilment and purpose in their careers. Her journey stands as a powerful example of what’s possible in the financial services industry: a career driven by curiosity, values, and the courage to grow into opportunity.
Angelique Kalam
By Etienne Fourie BrightRock National Distribution Executive
Helping clients make long-term life insurance decisions in 2025
We have long been saying that the conversation about insurance should be shifting from “What’s the cheapest premium today?” to “What’s sustainable and valuable over the long term?”
But even though BrightRock has been raising the issue of unsustainable funding patterns, this shift has been slow. For years, price has been the primary decision-making factor, often at the expense of product sustainability. Policies that are selected for having the cheapest premium frequently escalate to the point that clients can no longer afford them, resulting in lapses and cancellations.
As advisers and insurers, we have a responsibility to help clients make better, more informed decisions, especially in the face of rising living costs and pressure on disposable income. Long-term insurance should be exactly that: to provide sustainable and affordable cover in the long term.
Here are three critical considerations that can help you align client needs with long-term value:
1. Policy sustainability over price
While affordability is a legitimate concern, especially in an inflationary environment, sustainability must be the priority. Clients need products that won’t price them out of
By Gari Dhombo CEO Short Term Insurance at GrowthHouse
cover within five or 10 years. Transparent and predictable funding patterns are crucial. Products with steep premium escalations are prone to lapse risk. In its latest industry statistics, ASISA has again raised a red flag around the high lapse experience in the industry. Our engagements with independent financial advisers indicate that both they and their clients are caught unawares by increases that far exceed the projections shared at quote stage.
At BrightRock, our approach is to provide clients with greater certainty and reduce the risk of policy lapses due to unexpected premium escalations. Our quote and policy documents provide detailed and accurate projections, so that clients and their advisers know exactly how much they will pay for every year of the policy’s duration. For advisers and clients, this transparency builds trust and ensures that cover remains in place when it’s needed most.
2. The growing value of professional advice
Amid an increasingly complex financial environment, the role of the adviser has never been more critical. Clients are looking for guidance that goes beyond just product selection. They want holistic advice that connects their financial goals with the right cover and that not only looks at their immediate needs, but also the future sustainability and relevance of their risk protection cover.
Four emerging risks rewriting the insurance rulebook
The global insurance industry is entering a defining era, one shaped by fast-moving technologies, climate disruptions, cyber liability risks, data privacy laws and shifting client expectations. For insurers, brokers and policyholders alike, the challenge is no longer preparing for the future; it’s responding to risks that are already here.
Emerging risks are changing the rules of engagement. These are not legacy threats like fire or theft. Today’s risk landscape is more complex, less predictable, and requires a fresh approach to underwriting, client engagement and strategic thinking.
1. Cyber liability: Redefining risk in the digital economy
As businesses digitise, the insurance sector must evolve beyond traditional models. Cyber risk now ranks among the most urgent concerns for modern enterprises. From ransomware attacks to data privacy violations, the threat is both widespread and deeply consequential. Cyber risks force us to rethink protection in a digital world. It’s no longer about just technical defences, it’s about ethical data stewardship, regulatory compliance, and client education. Insurers must lead by adopting robust cybersecurity protocols internally and educating their clients on the scope and limits of cyber cover.
2. Climate risk: The growing cost of environmental change
Climate events that were once rare are becoming the norm. Floods, wildfires, and extreme weather now frequently test the limits of risk appetite and pricing models. Insurers are
3. Product relevance and flexibility
Clients are more likely to retain cover they understand and see value in. This means offering products that are designed to meet individual needs – not just at the point of sale, but throughout the client’s life journey.
Flexible products that can adapt as needs evolve are no longer a nice-to-have – they’re a regulatory and competitive imperative. The Treating Customers Fairly (TCF) framework requires that products behave as expected and provide clients with options to adjust their cover when life circumstances change. Clear, jargon-free documentation is key to helping clients engage meaningfully with their policies – both in terms of understanding the benefits they’ve purchased and having a reliable view of how their premiums will change over time.
The bottom line for intermediaries and product providers
As the industry evolves, the onus is on insurers and advisers alike to ensure that clients buy life insurance when they are young and healthy and maintain their cover so that – if they do need to claim, usually later in life –they are appropriately insured. By focusing on sustainability and product flexibility, we can collectively drive better outcomes for clients, and build a more resilient, client-centric insurance sector in 2025 and beyond.
already pulling out of high-risk zones, including re-pricing as has happened in certain parts of KwaZulu-Natal. What was once routine underwriting is now highly conditional or off the table entirely. To remain viable, insurers must balance environmental responsibility with commercial sustainability. This means investing in advanced climate modelling, advocating for policy reforms, and incentivising clients who embrace green innovation.
3. Infrastructure and transport risk: A growing exposure
As reliance on road transport increases due to rail underperformance, the insurance industry faces rising claims linked to congestion, cargo losses, and delayed deliveries. We’re underwriting risks at a scale that didn’t exist 10 years ago. Overstretched infrastructure is no longer a public-sector issue alone; it’s a critical insurance concern. Solutions lie in public-private collaboration. Insurers can play a pivotal role by backing infrastructure upgrades and offering premium relief to clients who implement risk controls such as GPS tracking and driver training.
4. Commoditisation of insurance: The value gap
The push for low premiums has led many consumers to prioritise cost over value, often at the expense of proper coverage. This commoditisation undermines the advisory function of brokers and puts clients at long-term financial risk. Clients must approach insurance as if they are not covered, because that mindset encourages vigilance and deeper engagement.
Restoring the value of advice requires transparency, trust-building and a renewed focus on long-term outcomes over short-term price sensitivity. The future of insurance lies in tailored solutions, not templated ones.
The insurance sector must be proactive, not reactive, in managing the next generation of risk. Emerging risks are not only technical challenges, but they also reflect broader economic, environmental, and societal changes. In this evolving landscape, the insurance industry must go beyond underwriting – it must lead. Integrity, insight and innovation will define tomorrow’s market leaders.
By Lovemore Ndlovu Head of SARB Engagement and Expatriate Compliance at Tax Consulting SA
For South African residents and expatriates living abroad, reaching the R1m annual limit of offshore spending allowed under exchange control regulations can happen far more quickly than expected. This can soon land them in hot water with the South African Reserve Bank (SARB) who closely monitors funds flowing out of South Africa. While traditional expenses such as foreign travel, overseas education and certain investments contribute to the Single Discretionary Allowance (SDA) of R1m per calendar year available to South African residents and expatriates who are still tax residents, the growing use of credit and debit cards for international purchases brings real risks.
Paying for amusements such as streaming subscriptions and shopping online, has introduced an often-overlooked risk: many individuals unintentionally exceed the threshold by failing to track the cumulative impact of these everyday foreign currency transactions.
The SARB is not having any of it, and its Financial Surveillance Department (‘FinSurv’) has been issuing formal notifications to residents and expatriates who are suspected to have exceeded their SDA limit for a particular calendar year.
Understanding the SDA
South Africa’s exchange control regulations allow South African individuals and expatriates who are tax residents, over the age of 18, to transfer or spend up to R1m per calendar year offshore without requiring prior approval from the South African Revenue Service (SARS) or SARB.
The SDA covers:
• Travel expenses abroad
• Gifts and loans to non-residents
• Maintenance transfers to family members living outside South Africa
Offshore investments
Education and medical costs in foreign countries.
Although the SDA covers these common transactions, the rising use of credit and debit
cards for international purchases also contribute to the cumulative foreign currency transactions.
Foreign card spend counts toward SDA South Africans are strongly urged to remain fully informed about the scope and application of the SDA, as many remain unaware that foreign credit and debit card spend, including online purchases in foreign currency, also count towards the annual SDA limit of R1m.
Many South Africans unintentionally exceed their SDA limits because they do not realise that swiping their cards abroad or making foreign online purchases is reported by their bank and deducted from their SDA balance. This seemingly minor oversight can result in serious administrative action by FinSurv, including restrictions on future foreign transactions.
Travel allowance also forms part of the SDA Note that foreign travel expenses, whether through purchasing foreign currency before departure or using South African credit/debit cards abroad, are fully included in the R1m SDA limit. There is no separate or additional ‘travel allowance’ for adults; all foreign currency expenditure related to travel forms part of the SDA limit. Minors under the age of 18 have a distinct travel allowance of R200 000 per calendar year.
What to do should you breach your limit
If an individual breaches the SDA limit, they are required to:
Provide written confirmation within 30 days acknowledging the transactions listed by their bank (typically provided in an Excel statement)
• Submit a detailed written explanation outlining the reasons for exceeding the allowance Await a decision from FinSurv, which may impose penalties or foreign exchange restrictions if the response is deemed inadequate.
Should a timely and sufficient response not be received, Authorised Dealers (banks) are obliged
to block the individual from entering into any further foreign exchange transactions involving the export of capital. Continued non-compliance could result in administrative or legal action under South Africa’s Exchange Control Regulations.
Introduction of the AIT Process
As part of ongoing reforms to South Africa’s exchange control system, the Foreign Investment Allowance (FIA) previously allowing individuals to transfer up to R10m offshore with a tax clearance was replaced by the Approval International Transfer (AIT) TCS PIN process.
Under the AIT TCS PIN process, all offshore transfers exceeding the R1m SDA limit require a valid Tax Compliance Status (TCS) PIN from SARS and may be subject to further SARB approval procedures. This regulatory change removes the former two-tier system (SDA + FIA) and introduces a more controlled and uniform approach to large offshore fund transfers. It must be noted that the AIT TCS PIN is required for every cent transferred offshore by non-tax residents. This excludes the income-in-nature type of funds that will only require a Good Standing TCS PIN.
Consequences of SDA breaches
Non-compliance may result in:
Immediate foreign exchange restrictions applied by banks across all Authorised Dealers Potential administrative penalties or fines imposed by FinSurv
• Damage to personal financial reputation and disruption of future offshore transactions, including travel and investment plans.
South African residents who use their cards abroad or send funds offshore. What may seem like every-day online purchases can accumulate and inadvertently breach the SDA limit, carrying serious consequences.
How to avoid SDA breaches
FinSurv and financial professionals recommend that South African residents take the following steps to ensure ongoing compliance:
• Track all foreign currency transactions
Consolidate transactions: Use a single Authorised Dealer or bank to centralise foreign currency activities, ensuring accurate annual tracking
• Plan for larger transfers via Approval International Transfer (AIT) TCS PIN.
As a Liberty Accredited Financial Adviser, you don’t just advise, you help your clients build something that lasts. Legacy planning isn’t about chasing millions. It’s about giving families certainty in uncertain times, knowing they’re protected, informed and set up to thrive. You put the right tools, structures and solutions in place so that your clients’ dreams are fulfilled, even after they have passed away. That’s how you turn lives into legacies. You plan their possible.
