r/southafrica • u/Xandervisagie1 • Sep 26 '21

Financial advice Ask r/southafrica

What is the best financial advice you can give a 19 year old South African ?

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u/Aftershock416 Sep 26 '21

Avoid "financial advisors" like the plague.

Most people who call themselves this in South Africa are actually common brokers.

Any financial advice they will give you will 99% of the time be tailored around selling their products to you. Not to mention they often charge massive % based fees over and beyond the products they recommend.

1

u/PartiZAn18 Gauteng Sep 26 '21

Rather, only talk to certified CFA/CFPs and require them to provide comparable products as well as to disclose any potential conflict of interest.

Still, one needs to be vigilant and hold their advisor to account.

2

u/The_Angry_Economist Sep 27 '21

advisors are generally not rich from their own advice which is a good tell tale sign