🔒 Alec Hogg: Magnus Heystek nails Old Mutual

Magnus Heystek

They sure broke the mould after creating Magnus Heystek. A financial journalist (his by-line pic above) who became a financial advisor, Big Mag has matured into a combination of the best of both: communications and research skills of a good reporter on the bedrock of a top rated IFA’s technical expertise.

Also read: Alec Hogg: SA modelled on declining power bloc

An even greater asset, however, is his independence. Having built Brenthurst Wealth into a multi-billion rand firm, nowadays Heystek literally answers to nobody. Especially not SA’s major financial institutions, which for decades have controlled the message – often to the detriment of the clients they sham-serve.
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Also read: Alec Hogg: BizNews aligns closer to ‘on demand’

Heystek is at his best this week with another hard-hitting piece on BizNews. In it he pillories Old Mutual which, three years ago, got its sales force to shamelessly hawk investment products on a prediction the JSE would be “the best market in the world over the coming five years.” Instead, it has been one of the worst.

This reminds me of a conversation with a distraught PR man after I’d nailed one of his CEO clients for awful forecasts. “If you keep bringing up people’s track records,” he warned, “nobody will be prepared to talk to you.” He was serious. Thankfully, people like Heystek serve a constituency other than vested interests. As do we.

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