Why have you chosen this career, and what has your career journey looked like? 

I started out at a bank but soon realised that bank work can become quite repetitive – two years of learning, followed by 20 years of routine. I decided to become a financial adviser instead, and joined Old Mutual in 1990, focusing on individual clients. Then, in 2001, I moved into a sales manager role, which I held for the next 11 years. 

While I was still working in management, I signed my first employee benefits client, a bus company. Initially, only the drivers were part of the fund. The company’s management was so impressed by the service and support that they decided all staff members must join. For me, it was an eye-opening experience to see how many people you could reach with employee products if you provide excellent service. 

When I turned 61 and the time came for me to retire as an employee of Old Mutual, I had to decide what to do next. I chose to continue working as a tied intermediary focusing on employee benefits for two reasons: First, I find it exciting to work with many people to close one deal, and second, with employee products, you close your business with directors and managers. I enjoy presenting my products in boardrooms. 

Tell us more about your current role. 

Over the past 13 years, I’ve grown my practice to six company funds and a few individual clients. My practice provides Old Mutual products exclusively, and offers a comprehensive range of solutions across Old Mutual SuperFund, group risk, and health offerings, as well as retirement annuities for individual clients. 

These funds need regular visits and ongoing management, so an important part of my job is servicing those funds. I make a point of understanding what members need when they retire. When they tell you what they need, you have an opportunity to help them understand that for them to get that, they will have to contribute more, for instance. That is how I have helped increase contributions over time from a 5% employee and 5% employer contribution to 7% each. Most of my funds are now at 10% each. 

It is important to remember that competitors are prospecting your funds every day. You must, therefore, stay close to your client and be visible. If you are close enough to them, they will phone you when a competitor has reached out to them. You will then have an opportunity to answer any questions they may have as a result, and remind them why they chose you in the first place. 

What retail opportunities have emerged from managing an employee benefits practice?

Each month, I review the contributions data supplied by the various employers to establish whether any employees are retiring soon or exiting the company – and therefore the fund. These are opportunities to offer financial counselling and guide them on how to preserve or grow their retirement savings. I also make sure that I’m always visible to employees, so they know they can reach out to me for a financial needs analysis when they make big life changes. 

What aspects of your career as an intermediary do you find rewarding? 

I enjoy the competitive nature of the job. When you are working to land a new fund, you are not the only one who wants that business. There may be two or three others, and you have to be the best. I often win business on the back of the service I provide, and I visit the company often to explain and guide them. 

Also, you get to sit in board meetings with the bosses, who have so many questions and who want to see if you know your story. That excites me, because I know my story. 

It is a career that requires you to think and that expects you to do your homework. 

What are some of the most significant challenges you have faced in your career? 

I am a woman, and I am black, while most employees in the companies where I manage funds are men. To deal with this challenge, I’ve learnt that it is important to understand each individual and their needs. What is their level of financial literacy and earnings, and do they have kids? When they retire, those kids may still be unemployed. If they are feeding them now, they shouldn’t think that they will not be doing it when they retire. 

The key is to get their buy-in. How do you get that? You help them understand how the fund will benefit them, and how funds work – how much money is involved and how contributions grow. Once they see the full picture and how it can benefit them, they are willing to work with you, and everything works smoothly. 

What advice do you have for other intermediaries? 

Don’t prospect a fund from management’s point of view. Instead, start your process by speaking to staff representatives. Let them tell you what their issues are, like delays in benefit payouts when staff retire or resign, or confusion around the admin process. Collect as much information as you can from this smaller group. 

The next step is to have conversations with the rest of the employees and get their consent. If they are on board, they will take you to management. Management should be the last step, not the first.