Alumnus Izak Smit on living a purposeful life

Posted on September 20, 2024

A role model par excellence, EMS alumnus and PPS Group CEO Izak Smit has a natural inclination to serve and contribute to the happiness and well-being of South Africa and its citizens. His professional goal is “to do this at scale, to create platforms that will help individuals achieve their goals, to grow, to do better planning and to live life to the full”. Moreover, nothing would make him happier than to see a return to positivity among South Africans… “that people will put themselves into their circles of influence and impact, instead of remaining in their circles of concern (where their power and influence shrink). That we will celebrate our diversity and find strength in it. That growth will return.” Below, read more about his illustrious career, thoughts on AI going forward and source of inspiration and motivation.
 
Q: Briefly summarise your studies (including the qualifications you obtained) and your professional career, with special mention of specific highlights/milestones.
A: I hold a BCom (Honours) in Actuarial Statistics from Stellenbosch University (1991), became a Fellow of the Faculty of Actuaries in Scotland (1996), earned a BCom (Honours) in Economics cum laude from University of Pretoria (2001) and completed a Postgraduate Diploma in Strategy and Innovation from Oxford University (2012).
 
Professionally, I began at Sanlam (1993-1995), then joined Citadel (1996-2005), where I was part of the team that expanded it into a leading wealth manager. At Absa (2005-2016), I managed Absa Life during a period of strong growth and later led Absa Group’s financial services distribution channels. Since 2016, I have been the Group Chief Executive at PPS, leading the largest mutual financial services group in Africa, serving South Africa’s graduate professionals who impact the country significantly.
 
Q: To what extent did your studies at UP benefit you in your career and contribute to your success?
A: My BCom (Honours) in Economics from UP was highly beneficial, giving me a deep understanding of investment markets and economic principles. This knowledge proved crucial in my career, especially in wealth management, and helped me integrate theoretical insights with practical applications. Juggling evening classes with work responsibilities was manageable and my involvement as a part-time lecturer and athlete at UP enriched my experience, making me a true “Tukkie”.
 
Q: Why did you choose your particular degree course/major(s) and did it meet your expectations…or, in hindsight, should you have opted for something else?
A: I chose economics owing to its broad relevance to business and investment markets, an area I have always been passionate about. The degree exceeded my expectations, enhancing my understanding and contributing significantly to my career at the time in wealth management and later in broader financial services. Given the impact it had, I would not have chosen a different path.
 
Q: As a UP and EMS alumnus, what makes you proud to be associated with UP?
A: I take great pride in UP’s reputation as a leading university in South Africa, particularly in fields like accounting and engineering, which I know well through my sons’ studies there. UP’s high-performance sports centre is another highlight; it is renowned for producing top athletes in swimming, rowing and athletics, making it a hub for South African talent.
 
My sons are currently studying at UP – Wium is pursuing a postgraduate degree in industrial engineering after completing his undergraduate studies and Joubert is a third-year accounting student and a dedicated member of the Tuks Rowing Club. Being a UP dad is a source of immense pride for me.
 
Q: Given your academic experience at UP, what advice can you pass on to current students?
A: A UP degree is widely recognised as an excellent academic stepping stone in the business world. I studied at UP when I was already a number of years into my career, and juggling work and studies is not always easy. You have to be disciplined. But if it is a subject that interests you and that you enjoy, then that discipline is not too hard to vest.
 
Q:  Artificial Intelligence (Generative AI/LLM such as ChatGPT-4) is expected to have a significant impact on both tertiary education and the workplace. What is your take on the advantages/disadvantages of AI for students and employees/employers?
A: There are many things that humans do that AI can do better. But that does not mean that you should not accumulate those skills. A simple example: a computer can do mathematics far better than humans can, but that does not mean that we should stop learning basic arithmetic. The good part is that if you understand a subject, then you will better appreciate how to apply AI in that subject. Hence, human innovation and creativity and AI can work in harmony, they can complement each other. AI will eventually do many routine (and boring) tasks that humans do today, and far better. That will allow humans to move on to other more interesting jobs.
 
Q: Going forward, what are your professional/business/personal goals? What is you ultimate ‘dream job’?
A: I am already in my dream job! Our purpose at PPS is to help our graduate professional members to live better lives, the lives they want to live. From a financial perspective, yes, but also in terms of success and being happy. Isn’t that great?! My professional/business goal is to do this at scale, to create platforms that will help individuals to achieve their goals, to grow, to do better planning and to live life to the full.
 
Q: Which business/trade-related publications (magazines/newspapers/blogs, etc) do you enjoy reading?
A: Since I was a post-graduate student, I have always enjoyed the Financial Times. I also follow The Economist. I am careful about what I consume from the media world and especially social media as it is a double-edged sword: it can add much value, but there is also a dark side. Without good filters and discretion, it can be negative. Just like junk food – the wrong (and too much) (social) media exposure – can do damage.
 
Q: What really inspires and motivates you personally?
A: It inspires me when people live purposeful lives, when they are generous and make the world a better place. When they achieve their dreams and when they are happy, through good planning. It motivates me to help them do that.
 
I am also motivated to grow personally and to see our staff at PPS grow and have great careers. I believe success in executive business jobs is not only measured in numbers but also by its impact on human lives.
 
Q: What is your ‘compass’ in life that keeps you ‘on track’?
A: My compass is those who know me best and intimately, my family. They see me at my best and at my worst. When they think I am doing an okay job, when they admire me, then I know I am more or less “on track”. I cannot fool them. I am proud of the humans that my two boys have become, those two UP students, and I realise that they have surpassed mom and dad in wisdom in many areas. So, they have become a “compass” for us. And, of course, my faith in my Creator, it is a source of much happiness.
 
Q: If you could have a face-to-face meeting with an inspiring person - in any domain - who sets an example in transforming the world and inspiring others to do the same, who would it be and what would you like to discuss?
A: I have the luxury of having such face-to-face meetings with such a person, a lifelong mentor of mine who has transformed and inspired many lives: Louis Fourie, an old Citadel colleague who founded The Logic Filter. He is the wisest person I have ever met. Through his books and mentorship programmes, he has impacted hundreds of the movers and shakers in corporate South Africa.
 
But someone that I have not met (yet) who I believe sets an example in transforming the world and inspiring others to do the same: Chris Anderson, the head of TED. I have just finished his book on Infectious Generosity, given to me of all people by … Louis Fourie! It is a masterpiece that I hope tens of millions will read.  
 
Q: Tell more about yourself, including your likes/dislikes; strengths/weaknesses, business/life philosophy.
A: I was born an introvert, very shy, but my business career has turned me into a people’s person, where these days I find as much energy from others as from being alone. I like to be physically active (running, swimming, cycling) and made healthy living a lifetime habit. I believe one can juggle a demanding professional career with exercise. My boys have turned their dad into a surfer and a mountaineer (despite my fear of heights!).
 
My philosophy is that life is an adventure that one should dare! It is very important to keep balance in all the dimensions of life: career/financial, physical (health), mental (remaining an eternal student!), social, spiritual, etc. Of course, it will always remain a challenge, a journey. Balance is difficult. But imbalance breeds unhappiness. I believe one should always remain a student; old is when you have lost your appetite to learn and explore. My biggest weakness is impatience – it is sometimes a virtue but more often a vice; but I keep working on it!   
 
Q: The prevalence of corruption and mismanagement in government, significant unemployment, poverty, violent crime, insufficient infrastructure, etc being the order of the day, South Africans find life in South Africa increasingly stressful. How do you handle stress/failure?
A: Happiness does not come so much from outside influences (the economy, wealth, the crime situation, the government, your employer, etc) but much more from your inner perspective. Austrian neurologist and Holocaust survivor Victor Frankl once said that two people can experience exactly the same situation – for one it could be heaven and for the other hell. Yes, South Africa has many more challenges than other environments. Your perspective could either be - this is a bad place, or this is a wonderful place with so many opportunities to help others and to have impact. Those opportunities are all around us!
 
One thing that has worked for me – noted above but again important in the context of this question – is to be very careful about what media you consume and what circles you live in. If it is negative (and most media are), avoid it. But if you surround yourself with positive people who see the good in others and who live lives full of purpose and adventure, any place will be great. Figure out what makes you happy (if you reflect on it, you will often be surprised how it could be the simplest and most inexpensive of things) and dodge the superfluous and unnecessary and the toxic.
 
Q: 2024 has set off against a backdrop of unprecedented devastation, division and instability as now no fewer than 27 world regions experience massive violence and political insecurity. If you could make a contribution to solving one/some of these problems, what would you like to tackle and why?
A: A fundamental reason for the lack of trust in the world, for the growth in populism, tribalism and division, is the stories we are exposed to. Unfortunately, social media platforms elevate our instinctive selves (jumping to conclusions, fear, anger, our so-called reptile brains) over our reflective selves (the voice of wisdom). We as humans are unfortunately wired to pay more attention to danger than opportunity. Our brains are like Velcro for the negative and like Teflon for the positive. That breeds tribalism, “us” versus “them”.
 
A contribution that I would like to make is to give unbiased and better stories their rightful place. I would like to build platforms that can turn the tide, for people to make better decisions. There are so many good stories to tell and I would like to amplify them, stories of kindness, inspiration, possibility, and progress. Especially, I would like us to break out of the filtered bubbles of our own tribes and engage with others who are different from us. This will build trust and take many unnecessary conflicts and untruths away.
 
Q: What are your hopes as aspirations for South Africa and its people?
A: My aspiration is that a positiveness will return. That people will put themselves into their circles of influence and impact, instead of remaining in their circles of concern (where their power and influence shrink). That we will celebrate our diversity and find strength in it. That growth will return. And circling back to higher education, that institutions of excellence such as UP can continue to train professionals who will inspire and change the world.
 
 

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