Financial industry not for the faint-hearted

Financial industry not for the faint-heartedKeen interest of sustainability The financial services industry is cyclical and deeply intertwined with the performance of domestic and global markets. Michelline Nawatises

Paulus Shimwetheleni, better known to his peers as Mr LP, graduated last year from the Namibia University of Science and Technology (NUST), where he majored in logistics and supply chain management, with a specific interest in community development and sustainability. The field is so aligned with everything he loved doing as a child from volunteering at community care events that involved feeding and clothing the needy.

Shimwetheleni first became interested in sustainability because he wanted to work with a company whose mission is to lead in client-centric wealth creation, management and protection in Namibia. Growing up in the city of bright lights in Katutura, Wanaheda, he was raised to fight for his future and become someone who betters the lives of others; therefore, he believes that every individual deserves a chance to prove their worth.

Employed as a financial adviser by Sanlam, Shiwetheleni provides financial services to clients based on their financial situation while also providing guidance to customers for compensation. Financial advisers provide different services; from investment management, tax planning, estate planning and portfolio management for the clients to have a one-stop-shop experience.

When asked about his greatest accomplishments and challenges, he mentions that he works in a high-stress industry. “Financial advisers can experience a great deal of stress when starting their careers. The financial services industry is cyclical and deeply intertwined with the performance of domestic and global markets,” he says.

One of the challenges is the process to obtain the financial adviser licence. “Financial advisers must be licensed to provide advice or sell products to clients. The process to obtain those licenses can be lengthy,” he adds.

One of the accomplishments is the unlimited income potential. For most financial advisers, there is no limit on earning potential. Financial advisers are either fee-based, commission-based, or a combination of both. This means income is based on the amount of new business or recurring revenue created each year. While pay structures differ, advisers can earn as much, or as little, as they are able.

The work schedule is also flexible. “Finding a balance between work and personal life can be a challenge when starting a new career and financial advisers are no different,” Shimwetheleni says. However, once an adviser establishes a client base, the career lends itself to flexibility in work hours.

His typical day consists of prospecting for new clients, servicing current clients, and administrative chores. Shimwetheleni’s future goals involve learning as much as he can until he eventually takes on a leadership role. “I prefer to work with others, and I believe that I could thrive as a leader if given the opportunity. I would love the opportunity to manage a team and shape them into successful workers,” he concludes.