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- Title
BEST BUSINESS PRACTICES IN THE SOUTH AFRICAN INDEPENDENT FINANCIAL ADVISOR'S PRACTICE: AN EXPLORATORY STUDY.
- Authors
Louw, Lynette; van Tonder, Dedre
- Abstract
Determining the value of the independent financial advisor's (IFA) practice is subject to a range of uncertainties. The success of the most profitable international financial advisory practices has been ascribed to the implementation of best business practices (BBP). The contribution BBP render to enhancing the value of the practice can, therefore, not be negated. BBP assist the IFA with key functions related to Finance and Reporting, Potential Clients, Client Relationship Management, Staff Management, Operational Efficiency, External Environment, Business Continuity and Business Entity and Client Access. Based on the findings of this research, the following two conclusions have been reached. The implementation of BBP contributes toward enhancing client experience, increasing profitability, improving the value of the IFA's practice and ensuring the continuity thereof. The extent to which BBP were implemented by IFAs; however, is low. This finding, combined with a demonstrated correlation between the implementation of BBP and the annual income and longevity of the IFA in an uncertain environment, confirmed the need for the implementation of BBP in the South African IFA's practice.
- Subjects
SOUTH Africa; FINANCIAL services industry; FINANCIAL planners; FINANCIAL performance; INVESTORS
- Publication
Academy of Banking Studies Journal, 2008, Vol 7, Issue 1/2, p59
- ISSN
1939-2230
- Publication type
Article