In this edition of Business Day Spotlight, we talk about how SA consumers have taken to virtual financial advice.

Our host Mudiwa Gavaza is joined by Lisa Hovgaard, divisional director of change, communication and trade marketing at Liberty.

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The discussion begins with Hovgaard explaining the shift in financial advice and planning that has happened as a result of the Covid-19 pandemic.

Research shows that most people prefer discussing their finances with their adviser face-to-face because of the complexity and uniqueness of every individual's financial circumstances.

Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.
Business Day Spotlight host Mudiwa Gavaza. Picture: DOROTHY KGOSI.

Hovgaard says the pandemic compressed two years’ worth of digital transformation into less than two months at Liberty as the company shifted its financial advice function online. She notes that millennials who had not sought financial advice before the lockdown had woken up to the need given the economic fallout of the past year. The older generations still prefer to have face-to-face conversations with their advisers, however some had warmed to the idea of virtual interactions.

Hovgaard also spends time reporting back some of their finding from previous research around personal finances.

The discussion touches on how the shift to virtual financial advice has affected consumers, the ways in which Liberty has had to change its offering in the face of rapid technology change, challenges still holding back many people from having open conversations about money, and an outlook of how the financial advice industry has probably been permanently affected by the pandemic.

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 Business Day Spotlight is a MultimediaLIVE production.

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