Private Clients from Nedbank is harnessing the power of connections to give young professionals a boost as they embark on their careers. Dubbed #1000Connections, the initiative aims to empower clients through information-sharing sessions that double as networking opportunities with fellow attendees.
‘#1000Connections is based on our purpose of using our financial expertise to do good,’ says Khensani Nobanda, Group Executive of Marketing and Corporate Affairs. ‘We believe that when you manage your money well, it will have a positive impact on your family, your life, and on society. So, these networking events are aimed at teaching people from a very young age how to manage their money better, because in the long term, it’s the best thing for you.’
‘We have found these events to be a tremendously powerful tool through which to share the knowledge that our banking experts have. The fact that you have a degree and a new job and are earning your first decent salary doesn’t mean you know it all yet. We’re here to offer a helping hand to guide young professionals through life’s many tricky financial decisions.’
This first-hand guidance is provided by the relationship banker assigned to each client. These specialists are trained to understand the client and their family’s needs and can offer financial advice, resolve queries and manage credit applications.
Their experience and insights are especially useful to young professionals who are inexperienced in these matters, even though they may already be on a solid financial wellness trajectory.
‘It’s easy to take financial missteps if you don’t know better or have been given bad advice,’ says Nobanda. ‘Our relationship bankers can help young professionals to avoid costly mistakes by offering advice and connecting them to suitably qualified wealth advisers. The banker might not have all the answers, but they definitely have the right connections in the bank to help out their clients.’
Relationship bankers are also important facilitators of clients’ credit applications and can advise and guide their young clients through the process of buying their first home or building an investment property portfolio, if that is their aspiration.
Getting insider guidance on the process, requirements and benefits of a home loan, for instance, can transform this process from a nightmare of uncertainty into a successful application.
The thirst for knowledge around the topic of home buying was evident at a recent #1000Connections live event where a panel of experts answered questions from an audience of young professionals.
Expertise was shared by a seasoned estate agent, a Nedbank home loan specialist and a young professional who had delved into investment properties. They were able to share the pros and cons of home ownership versus renting, as well as how to buy an investment property as an individual or consortium.
‘It was clear from this interaction between the curious and ambitious young professionals and the experts that there is much that we can share. Not everyone understands the process or the benefits of applying for a loan as a Private Clients accountholder,’ Nobanda says.
‘Precise terms differ for each application, but benefits like a 105% loan and a waiver of legal fees are some of the benefits that our young clients can qualify for. Savings on these costs when buying your first home go a long way to easing the path to homeownership.’
She adds that the panel discussions at #1000Connections events allow attendees to connect with the content by asking questions and hearing what questions others have.
The #1000Connections initiative is an ongoing activity that current Private Clients accountholders can participate in, and new clients can join.