See full profile: Bryanston Financial Advisor- Quentin Binneman
Were you always planning to be a Financial Advisor and why?
No. After matriculating, I actually had aspirations of studying to become an astrophysicist. Funding for tertiary studies was unfortunately unavailable and I had to enter the work market first to gain both experience and a salary to fund my studies.
One of these opportunities was to work as a typist for a firm of short-term insurance assessors also known as loss adjusters. My duty was only to type the reports dictated by the loss adjusters. While typing these reports, my own understanding of the short-term insurance industry grew and I started studying policy wordings to understand it even more. My employer and mentor at the time saw value in my commitments and knowledge and therefore offered to pay for further education in the field where I obtained my Certificate of Proficiency for Short-Term Insurance and offered me a position as a loss adjuster.
I worked as a loss adjuster in the short-term insurance space for approximately nine years before deciding to move over to the long-term financial field. Wanting to study astrophysics from a young age, I have always been intrigued by mathematics, calculations and equations and found that I would be able to better assist and find more value and purpose in the position of a financial planner.
I subsequently completed all necessary accreditations with Liberty Life to become a wealth planner and have not looked back since. The fulfilment I acquired from being able to help both individuals and corporate companies on a daily basis while simultaneously stimulating my mathematical aptitude could not be compared to anything else.
Today, I help a large number of individuals and companies plan ahead using unique mathematical approaches to financial planning and helping these individuals and companies acquire financial freedom. Using the experience gained as a claims-assessor, I am able to assist clients from a different approach by being able to ask the question "what would happen at claims stage" always ensuring that my clients know exactly where they stand financially and what to expect if they were to suffer financially from a fortuitous event.
When meeting with clients do they mostly come to your own premises or do you mostly go theirs?
I mostly go to my clients
What is your preferred mode of communication with your clients?
Email, Phone, Face to Face, WhatsApp
Have you ever done an online video call with a client?
Yes
What do you love most about being a financial advisor
Being able to point out prospective problems that clients did not even know they had and solving these problems for clients at the same time. Being able to have intellectual conversations with clients and meeting new interesting people every single day.
Would you recommend becoming a financial advisor as a career for school-leavers, and why?
Yes. Financial advice deals with the well-being of one's current financial situation and more importantly, one's future financial position. Although we comfort ourselves by saying "money is not everything" we can surely agree that money is at the heart of everything and statistics indicate that many individuals suffer as a result of a lack of financial planning. In South Africa, a large number of the population still believe that financial planning is something reserved only for the wealthy. This is not the case and having an updated financial plan is as important to each and every individual as having medical aid, insurance, and every other form of security that we cannot do without...
What qualities should South Africans be looking for in their financial advisor?
Honesty. Transparency. Integrity. Always ensure that you are not being sold to, but that you understand the content provided to you by the adviser.
What is the biggest challenge facing financial advisors today?
There is still a small part of the South African population who believe that they do not need a financial adviser. These individuals tend to fall into the category of individuals who suffer financially due to a lack of financial planning.
What aspects of financial advising do you focus on most?
1. Saving adequately towards your retirement to retire comfortably, the way you dreamed of.
2. Being free from financial constraints. Being wealthy / financially free does not mean having a lot of money, it means being able to do what you want to do, when you want to do it, with whomever you want to do it with.
Describe your average client:
Clients of all demographics, backgrounds and financial knowledge. There is no person who is not entitled to financial planning.
How far away from your premises is your furthest client?
More than 300km
From your financial advising experience, if you could cite one of the biggest reasons for financial goals, what would it be?
1. Insurance. Although insurance is compulsory in a majority of countries, this is not the case in South Africa. People, therefore, tend to believe that this is an unnecessary expense. You can however never be financially secure if you are not protected against fortuitous events. Think of the financial loss you will suffer if you were to be in a vehicle accident tomorrow that would leave your vehicle as a write-off and you had no insurance for the vehicle. Now, think of the same incident, but in this accident, you sustained an injury and you are now no longer able to conduct your occupation - how drastically does this impact your financial situation?
2. Saving adequately towards retirement. Statistics show that only 16% of the population of South Africa have adequate retirements savings in place and know exactly what their financial plan looks like! People tend to adopt the phrase "I will cross that bridge when I get there", but with retirement savings, if you do not start early enough, there will not be a bridge "When you get there".
What financial software do you like best?
We make use of various software applications and platforms to ensure the best service to our clients. Liberty's Blueprint Online and the Globally recognized CRM Software - Salesforce, stands in the frontline of the powerful software tools that we use.
What other software, online services or apps do you use?
Other software and platforms such as Astute, Advice+, Workbench and Avalon form part of the "toolbox" of software applications that we use to ensure the best quality service to our clients.
Do you think the coming wave of automation in the next few years will steal some financial advisor jobs and why/why not?
Not at all. Like your financial planning, financial advisers should also be agile with the ability to adapt. In terms of automation, we do not fear any job-loss statistics in the financial adviser industry as this is a service that still requires human to human interaction. If anything, the wave of automation has made it easier for FA's to conduct their business and deliver more adequately on value propositions and quality.
What is your opinion on Bitcoin?
Bitcoin (and any other cryptocurrency for that matter) has made headlines all over financial news in the latest times. When viewed as an investment strategy it should be seen for what it is, being a high volatile high-risk investment. As with all high risk and high volatile investments, the growth of such an investment can be absolutely phenomenal, but so too can the loss(high risk / high reward). It is imperative that you speak to a financial adviser first before making a decision to invest in cryptocurrency as your appetite for risk might not fit the high-risk structure of cryptocurrency.
What do you enjoy doing in your spare time?
Personal development, Cognitive enhancement and E-Sports. I always try to be 1% better than the day before.
What is the most interesting thing on your bucket list?
In line with my introduction, I am still dedicated to obtaining my doctorate in astrophysics even though I do not plan to make this my occupation at any point in time.
