Share It On Your Website:
According to a survey conducted by FPI (the Financial Planning Institute of Southern Africa), the major reasons why consumer are wary of pursuing financial planning are because of lack of trust (70% of respondents), affordability (62%) and because they do not know where to start (55%).
But having a planner is crucial, with statistics suggesting that only about 6% of South Africans can maintain their standards of living in retirement. One of the reasons South Africans don’t save is the culture of no planning. Finding a reputable, registered financial advisor goes a long way to mitigating those concerns which is why we’ve put together the top five questions to ask when you’re want to hire an advisor to help you manage your wealth.
1. What are your qualifications?
Your prospective advisor should, at a minimum, be registered with the FSB (South Africa’s Financial Standards Board). Most advisors are certified financial planners (CFP) but remember to take experience into account by asking them how long they have been in business.