4. Navigate regulation intelligently

Regulation is not disappearing. Advisors must find ways to operate within it efficiently. Networks, scalable support structures and collaborative platforms are becoming increasingly important to help advisors remain compliant without being overwhelmed.

Growing the profession, not narrowing it - One of the most pressing challenges facing financial planning is access. Today, 77% of South African households rely on their own skills and experience for financial planning. That is a significant gap.

At the same time, the advisor population is ageing. Younger entrants face barriers to entry. Unlike law or accounting, we do not have a widespread, structured “articles” system to help new professionals gain supervised experience while building a practice. If left unaddressed, advice risks becoming an elite service available only to high-income households. International examples, particularly in Australia, show how rising regulatory costs can push advice beyond the reach of ordinary citizens.

That would be to the detriment of society. Financial planning and advice plays a critical role in wealth creation, risk management, and long-term stability. As a country and as an industry, we cannot afford for access to advice to shrink. Scale is part of the solution. Networks and larger groups can provide cost-efficient training, compliance support, and mentoring systems. Importantly, mentoring cannot be replaced by classroom learning. The “street credit” of experience, learning from advisors who have navigated multiple market cycles and life-stage events, is invaluable.

A more formalised, scalable mentorship model is essential to groom the next generation.

Balancing people, profit and process - Every advice business must balance client value with commercial sustainability. Competition has driven pricing efficiencies across platforms and product providers. Clients today receive strong value for money in terms of product access and cost structures.

But the conversation should not end with product cost. The value of advice must also be understood. Research shows that households with a financial advisor contribute significantly more to long-term investments than those without, in some studies, up to 9.5 times more. The advisor is the differentiator. Advice unlocks disciplined behaviour, greater savings and better long-term outcomes.

Profitability, therefore, is not in conflict with client benefit. Sustainable practices ensure that advice remains available. The key lies in process efficiency – and once again, technology is central. Digital applications, automated compliance checks and streamlined client servicing reduce cost and increase scalability. Without technology, advice will simply become too expensive.

Diversity as strength - South Africa’s diversity is not a complication for financial planning; it is a strength. The fundamentals of financial planning apply across demographics. At its core, it is about identifying client needs through a structured process and delivering solutions aligned to those needs. Those needs, savings, risk protection, estate planning, cut across communities.

At the same time, diverse advisor forces enable deeper understanding of different segments. Younger generations engage differently from older clients. Cultural nuances influence financial decisions. A diverse advisory base helps ensure that advice remains relevant and accessible. Within larger groups, different business units can cater to different segments, avoiding a one-size-fits-all model while retaining scale advantages.

Owning the narrative collectively - Perhaps the most important leadership challenge is narrative. Too often, the industry is defined by its failures: fraud cases, Ponzi schemes, misconduct headlines. These stories matter, but they do not define the profession.

At the heart of financial planning are client stories. Every client will, at some point, need three things: an executable will, savings for future needs, and protection against unforeseen events. These are not products; they are guaranteed life realities. Advice turns those realities into structured, manageable outcomes.

Collectively, product providers, advisory networks, professional bodies, and yes, the media, we must tell those stories. We must position financial planning and advice as a profession that impacts lives meaningfully and continuously. A financial advisor should be as integral to a family as a trusted doctor. Both guide people through life’s stages, crises and transitions. If we can lift that narrative together, we will not only grow the advisor base, but we will also strengthen the financial resilience of South Africa itself.

In a regulated decade, leadership in financial planning is not about resisting change. It is about embracing professionalism, scaling intelligently, telling better stories, and ensuring that advice remains accessible to all who need it.