The Black Brokers Forum (BBF), the largest representative body of black financial-services providers in South Africa, will be hosting its first conference to address the numerous issues affecting black professionals and consumers in the local financial-services industry.
The conference, co-hosted with its financial wing, the Black Brokers Service Network (BBSN), will be held this Friday in Johannesburg and will feature an industry exhibition from various industry organisations and companies. It will raise issues around lack of transformation in the financial industry, black skills shortage, cultural diversity, consumer protection and poverty alleviation through effective financial education.
“We are taking a stand against the slow rate at which transformation is taking place in this industry from all angles. This includes the lack of empowerment and skills development for black brokers who are kept as representatives at the lowest levels of the professional ladder without opportunity to grow to the auditing and investments levels,” says Artwell Hlengwa, deputy president of the BBF.
Hlengwa also highlighted the problem of the lack of consumer education in black lower LSM (Living Standards Measure) markets.
“Black brokers have so far only been trained to service the lower end of the black market and are not equipped to provide advice on wealth creation to the vast market, especially the emerging black middle class and elite markets that are currently under-serviced due to lack of adequately skilled black professionals. As a result, Black consumers are not properly serviced and are disillusioned about the financial-services industry,” he said.
The BBF was established in 1999 as a platform to represent the needs of black brokers in the sector and serves on a number of key industry bodies, including the Financial Services Board, the Life Offices Association and the Black Brokers Council of South Africa.
BBSN, established in 2004, is the commercial arm of the BBF. BBSN aims to develop a professional black financial planning and advisory corps, provide resources for black financial-services providers to network and broaden their reach in the industry and to ensure sustainable futures for black professionals in the industry.
The conference will be attended by members, government, key industry players in long- and short-term insurance, banking and investment sectors and media. — I-Net Bridge