You have decided that spending countless hours upskilling yourself is not your cup of tea and prefer letting the professionals handle everything. That’s ok, but here are some key things to know before deciding on where to go.
When it comes to professional advice, the first thing you check for is their FSB number. In South Africa, the financial services industry is regulated by the FSCA. Due to the strict requirements you can be assured nothing fishy should be going on if they have the proper documentation. I can almost guarantee you, that your friend who did a course or made their other friends so much money is not registered. There is nothing wrong with giving them your money but there is no accountability or institution you can go to if you have been wronged (like the Ombudsman if they were registered by the FSCA).
Then, remove all of the fancy names and products the advisor may be selling you and remember two things. They are always either an independent advisor OR a dependant advisor. I will summarise the differences below.
