By Martin de Bruyn, CFA, CFP®
PROFILE16 MAY, 2023
Advice to budding wealth managers: Start as early as you can
Martin de Bruyn of Impetus Wealth Advisors wishes he had begun his wealth management career sooner.
Martin de Bruyn wishes he’d begun his wealth management career at 20 rather than 35.
The director of Impetus Wealth Advisors told Citywire South Africa he had always wanted a career related to investment but it had taken him some time to find his exact calling.
‘I liked the idea of growing wealth through investing in company shares since high school. After school, I wasn’t sure what to study but ended up completing a BCom degree in financial management at the University of Pretoria and then a BCom honours degree in financial management at the University of Johannesburg.’
Enthralled by the world of investments, he registered to complete the chartered financial analyst (CFA) level 1 exam.
At the beginning of the fateful 2008, ‘bright-eyed and bushy-tailed’ he moved to Stellenbosch to work for a privately held investment group as a fundamental analyst, ‘not having a clue that I would soon know what it feels like to work as an investment professional during a global financial crisis. Changes had to be made and soon I found myself back in Johannesburg’.
Later that year he joined Investec Wealth & Investment, where he would work for almost eight years: ‘I thrived and gained experience as a stockbroker, portfolio manager and wealth manager.’
After completing a CFA, De Bruyn obtained a post-graduate diploma in financial planning through the University of the Free State in 2014 ‘to have a holistic view and understanding of my clients’ wealth and risks, even though investment has always been my number one passion’.
‘In 2016 I moved to Anchor Capital as a wealth manager and after two happy years I was approached by a friend who runs a family office to start a wealth management business. I thought it was an opportune time to join my father-in-law, Pieter Venter, at Impetus Wealth Advisors, as his successor.’
Key values
He said independence, professionalism, fairness and a holistic approach have been important values for Impetus since its start in 1998.
‘We do not have a “big brother” like a bank or insurer and can therefore partner with the best investment minds in South Africa and offshore. We are totally transparent about our fees, and collectively hold multiple professional designations spanning wealth management, financial planning and estate administration.’
As a wealth manager, De Bruyn (pictured above) has learned the value of consistent, good communication with clients, particularly during very stressful times, such as during the pandemic and the current US regional banking crisis. Another important lesson was to form strong relationships with centres of influence, who then refer clients ‘who are professional and like-minded in general’ to the firm.
He believes an obsession with markets, professional designations, experience at top large wealth managers and taking a holistic approach sets him apart.
For the local industry to improve, he thinks more transparency is needed around the fees and commissions clients are charged throughout the value chain of advisers, fund managers, discretionary fund managers and platforms.
‘I’m not suggesting a race to the bottom, but rather benchmarking studies so clients can more easily ascertain whether they are getting good value or not.’
The industry has certainly had its share of headwinds over the years, and De Bruyn is surprised there are still a lot of ‘excellent’ independent wealth management businesses in existence – despite the hype around regulation, robo-advice and digital platforms, which have been slow to evolve due to low client adoption.
Advice to youngsters
To any would-be wealth managers, he advises making a start in the industry as soon as possible, as compounding takes time.
‘Ask for a few different mentors in wealth management, but also other diverse fields. Read, read, read. Read everything you can: investment books for one hour a day, investment magazines, and [business news publications],’ he said, adding that working on sales skills such as presenting and general communication is also valuable.
Source: https://citywire.com/za/news/advice-to-budding-wealth-managers-start-as-early-as-you-can/a2416831?re=108895&refea=1737289
