Here’s why MOST financial advisers can’t help you grow wealth – SA money expert

A financial adviser once bragged to me that he sells a policy once and then collects a monthly income indefinitely. These monthly instalments soon add up to a generous passive income stream. Meanwhile, he rarely sees the people for whom he initiated these various financial products. While much has been done to clean up this sorry state of affairs, including a drive to ensure that intermediaries must be qualified and keep undergoing training, there is still a sales culture in the financial advice industry. In this podcast, Dawn Ridler highlights this problem and other obstacles in the way of your wealth-building efforts. – Jackie Cameron

There are many intermediaries out there willing to sell you insurance and help you find a parking place for savings – but very few will help you massage your assets in the long run.

This is because they are sales people rather than money experts, is the message from Dawn Ridler, a Johannesburg-based intermediary who has a unique approach to wealth building.

Ridler, who has a background in science and bases her approach on her learnings from ecology, told BizNews Radio what the shortcomings are in the financial advice industry. These include that financial intermediaries make their money recommending specific products rather than helping individuals identify where to spend less and how to save more.

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