Financial advice FAQs

Financial advice is a specific recommendation or guidance provided by a qualified financial adviser to help you make informed decisions about a financial product, strategy, or action. It is typically linked to a particular need, such as choosing life cover, investing for growth, or selecting a retirement annuity.

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 — 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.

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.

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 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.

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.

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.

In the broader financial services landscape, “financial planning” and “financial advice” are often used interchangeably, but they are fundamentally different in scope, structure, and impact.

At Momentum, we do not only acknowledge that difference, we build our entire value proposition on it.

We align with the Global Financial Planning Standards in financial planning, as defined by the Financial Planning Standards Boardopen_in_new (FPSB). But more than that, we infuse every stage of the process with our unique philosophy of advice, an integrated approach that blends human insight, behavioural understanding, and outcomes-focused frameworks into every client journey.

At Momentum, we follow six key steps to make your plan purposeful and adaptable:

1. Establish and define the relationship: Every relationship starts with a Prospectus, a declaration of our value promise. We set a clear, transparent foundation built on partnership.
2. Gather client data: We move beyond financial data, using the MoneyFingerprint™ to reveal the client’s decision-making style, emotional drivers, and relationship with money.
3. Analyse and evaluate: We utilise integrated digital tools to map every part of the client’s financial life across seven key advice disciplines, enabling holistic insight.
4. Develop and present the plan: Advice is framed around risk, self-insurance, lifestyle impact, and client values – not products. We help clients make trade-offs with clarity and confidence. We use our Momentum Advice Guidelines to shape the advice we give.
5. Implement the plan: Using our MAPS Philosophy, advice becomes a tangible plan with defined steps. Implementation is goal-linked, not product-led.
6. Monitor and review: We embed a Minimum Advice Experience through annual reviews. Risk shifts, life events, and priorities are re-evaluated – keeping the plan relevant and alive. We ensure each client has a finically executable will.

Momentum advisers can guide you on life cover and related solutions that ensure your family’s financial security if you pass away. This gives peace of mind that your loved ones can maintain their quality of life and cover important costs like education and living expenses.

If illness or disability prevents you from working, Momentum offers income protection and disability cover. Your adviser will help you secure a plan that safeguards your monthly income so you and your family’s lifestyle remain protected.

Momentum advisers can help you choose cover that balances healthcare needs with affordability. From medical aid to gap cover and wellness benefits, we’ll ensure you’re equipped to handle unexpected medical bills while protecting your overall financial plan.

Yes. Through car, home, and contents insurance, Momentum safeguards your most important assets against theft, accidents, and disasters. Your adviser will ensure you have cover tailored to your needs so you can live with peace of mind.

Momentum advisers work with you to build an investment strategy aligned to your goals. Whether you want to save for education, a big purchase, or retirement, we’ll help you invest wisely, diversify, and grow your money over time.

Momentum advisers can help business owners with solutions like business insurance, key person cover, and employee benefits – ensuring your business is protected from risks and positioned for long-term success.

Legacy planning goes beyond just writing a will. Our advisers provide guidance on estate planning and trusts so your loved ones are cared for and your wishes are carried out with clarity and purpose.

The new two-pot retirement system changes how you access and preserve your retirement savings. A Momentum financial adviser will guide you on how to balance your savings between the “savings pot” (for limited early access) and the “retirement pot” (for long-term income security). This ensures you make the most of your contributions, avoid unnecessary tax implications, and stay on track to retire with confidence. For two-pot withdrawal-related queries, request a call back from FundsAtWork. 

Momentum advisers are trained in the proprietary Outcome-Based Advice™ philosophy, which prioritises your life goals over products. They also use tools like the Minimum Advice Experience and behavioural frameworks to deliver advice that is consistent, ethical, and goal-oriented.

At Momentum, we go far beyond minimum standards, because lives are changed through the quality of advice. We have built a rigorous, multi-dimensional development journey to ensure our advisers are not only qualified, but truly competent, confident, and capable of delivering advice that changes lives.

You can check your adviser’s FSCA registration with the Financial Planning Standards Boardopen_in_new. Momentum also ensures that every adviser is formally accredited internally before they can practice. If your needs fall outside their scope, Momentum’s Joint Venture Advice Model, a formalised referral framework, ensures every client receives specialist-level advice, regardless of their adviser’s individual mandates.

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. If a client’s needs fall outside the adviser’s licensed mandate, that advice responsibility is formally referred to another Momentum adviser who holds the appropriate accreditation and expertise in that discipline.

You’ll have regular reviews with your adviser to keep your plan aligned with life’s changes. Each advice journey is guided by our Outcome-Based Advice™ philosophy, meaning we do not just recommend actions; we help you connect those actions to your life, values, and purpose. We equip you with clear, actionable steps and a MAP, a personalised implementation pathway so you always know where you are, and what’s next.

Life events like marriage, children, job changes, or inheritance often require re-evaluating your risk, savings, or estate plan. Contact your adviser as soon as possible. They will help you reassess your financial plan and adjust your strategy.

If you have questions about an existing policy, please submit a service enquiry and our service team will get in touch with you to assist further.