Financial advice FAQs

Financial planning is the process of developing strategies to help people manage their financial affairs to meet life goals. It is a client-centric, goal-based, and holistic process that considers the entirety of a client’s financial life, including income, expenses, assets, liabilities, risk, taxes, and legacy and builds an integrated plan to help the client reach their personal life objectives.

Financial advice is a specific recommendation or guidance issued by a professional financial adviser about a financial product, strategy, or action based on the client’s current needs, risk appetite, and circumstances. Per the Financial Planning Standards Board (FPSB), advice refers to the guidance and recommendations provided by professional financial planners, typically as part of a broader financial planning engagement, or as a standalone service.

Financial planning is the strategy-building process that helps clients define and achieve their life goals. Advice is one or more recommendations that may form part of this process or be provided on a standalone basis. Financial planning and advice are both critical, but it is their scope, intent, and structure that truly sets them apart. At Momentum, we elevate both, by transforming financial planning into a human-centred, values-aligned journey, and ensuring that every piece of advice is grounded in something bigger than a transaction: purpose.

In South Africa, all financial advisers must meet the Minimum Competency Requirements (MCR) set out by the Financial Sector Conduct Authority (FSCA) under the Financial Advisory and Intermediary Services Act (FAIS Act, 2002). These requirements ensure that only competent, fit, and proper individuals may provide advice and intermediary services to clients in the financial services sector.

Advisers must hold a relevant qualification recognised by the FSCA. These qualifications must be registered on the National Qualifications Framework (NQF). Typically, this includes:

• NQF Level 5 Certificate in Financial Planning or Wealth Management
• Higher qualifications for specialist roles (e.g., NQF Level 6 or 7 in Insurance, Investments, or Law)

These training and competency standards are in place to protect clients, ensure informed decision-making, and promote fair treatment under frameworks like Treating Customers Fairly (TCF). When you engage with a licensed adviser, you are working with someone who:

• Meets national qualification and ethics standards.
• Understands the law and financial product structures.
• Is legally obligated to act in your best interest.

Yes, a professionally qualified financial adviser is skilled to provide integrated and comprehensive advice across all areas of your financial life, provided they are authorised and competent in the relevant categories. In South Africa, financial advisers are licensed by the FSCA to give advice only within the specific advice categories and products for which they have been skilled, assessed, and accredited. These typically include disciplines such as investments, insurance, retirement, healthcare, tax, estate planning, and others. An adviser may not legally or ethically provide advice outside their approved license categories or mandated areas.

Engaging with a financial adviser is a partnership, not a one-sided transaction. While the adviser is responsible for guiding you through a professional process and delivering expert advice, you as the client also have critical responsibilities that ensure your financial plan is accurate, suitable, and successful.

The role of the financial adviser (as defined by the Financial Planning Standards Board and the FAIS Act) to:

A qualified financial adviser must:

1. Act in your best interest (fiduciary duty).
2. Provide clear, objective, and competent advice.
3. Disclose product information, fees, risks, and alternatives.
4. Help you make informed decisions through a structured process.
5. Maintain confidentiality and comply with ethical standards.
6. Monitor and review your plan over time.

Your role as the client is to get the most value from financial planning and ensure its success, your responsibility is to be an active, honest, and committed participant in the advice process. Financial planning is a partnership. Your adviser brings the structure, technical expertise, and professional duty — but your honesty, engagement, and action are what make the plan real and effective. A successful plan is built with you, not for you.

At Momentum, we do not just give advice. We build partnerships that turn intention into impact — and financial plans into life-changing outcomes.

Yes — especially if you want to build a secure financial future. A financial adviser brings knowledge, tools, and an outside perspective that can help you avoid costly mistakes and stay on track. Research shows that most South Africans rely on their own knowledge, skills or experience, which is not advisable. Having expert financial advice leads to better decisions and peace of mind.

Start by identifying your financial goals — whether it’s planning for retirement, saving for education, or growing your wealth. Next, request a call back from a Momentum financial adviser by completing a simple form and selecting the products you need advice on. You’ll then get connected with a qualified adviser who will meet with you to understand your needs and provide tailored financial advice based on your goals and circumstances.

Financial advice services can be offered in person, over the phone, or through virtual meetings depending on what works best for you. Many advisers offer a flexible, hybrid approach to suit your preferences and schedule.

In your first meeting with a financial adviser, you’ll discuss your financial goals and current situation in depth. Beforehand, it can be helpful to think about what you want to achieve in the short, medium, and long term. During the meeting, you’ll go over your goals, finances, and any questions or concerns you may have. This conversation helps your adviser understand your unique needs and start building a personalised plan tailored to your financial future.

An adviser’s costs can vary based on the services you need. Some advisers offer a free initial consultation. The way advisers are paid varies — some earn commissions, others charge fees, and some do both. Your adviser can explain any fees and how they’re calculated.

Financial advice is more accessible than many people think. It’s about making smart decisions with what you have — not just about being wealthy. You don’t need to be wealthy to benefit from financial advice. At Momentum, we believe everyone deserves access to quality financial advice services, whether you’re starting out or managing a growing portfolio. Your adviser will work with you to create a financial plan that suits your life and your budget.

Yes. A financial adviser can help you map out both your short- and long-term financial goals with a clear, actionable plan. For short-term goals, they can guide you in building savings, managing debt, and setting up an emergency fund. For long-term goals, they’ll help you strategise for major milestones, like retirement, investing for growth, or funding education. By tailoring advice to your specific needs, a financial adviser ensures that your financial plan supports both your immediate priorities and your future aspirations, setting you up for lasting financial success.

A professional adviser will first focus on understanding your needs. They may recommend suitable financial products, but these should be aligned with your goals.

It’s important to work with someone you trust. If something doesn’t feel right, you’re free to switch advisers or get a second opinion.

Yes. Advisers follow strict confidentiality standards to protect your personal and financial information.

Your adviser may provide a personalised plan or set of recommendations. You’re free to review it, ask questions, and decide which steps to take next.

Yes, you can change or adjust your financial plan. Financial advice is a journey. As your life changes, your adviser can help you adjust your plan to stay on track.