From Advice Gap to Advice Culture: The Shift South Africa Needs

In today’s South Africa, navigating a fragile economy, rising expenses and unpredictable incomes has become increasingly difficult; particularly for households juggling multigenerational responsibilities. The need for trustworthy financial guidance has never been more important.

Yet, according to the Momentum Financial Advice Research 2025 report, produced in collaboration with the Bureau of Market Research, only 9% of South African households currently have a professional financial adviser. This is despite households with advisers having average investments nearly 10 times greater than those without.

The figures point to more than a gap in access. According to Cebile Zibi, Executive Head of Trade Marketing and Communications at Momentum Advice, it signals a deeper, cultural issue. “This isn’t just a financial gap,” says Zibi. “It’s a confidence gap. A clarity gap. Ultimately, it’s a gap in opportunity.”

Building a Culture of Advice, Not Just Access

While social media is awash with advice; from #FinTok and Instagram reels to informal WhatsApp groups, much of it is generic or disconnected from real-world context. What’s missing, says Zibi, is not information, but personalised, professional insight that reflects the lived realities of South African households. “When people connect with advice that understands their context; their struggles, aspirations, and cultural nuances, something powerful happens,” she says. “It’s not just about money. It’s about clarity, confidence, and control.”

What a Real Advice Culture Looks Like

According to Zibi, developing an “advice culture” means addressing three core pillars: the nature of adviser relationships, the way advice is delivered, and the importance of building trust.

The relationship must go beyond transactional. Effective advisers begin not with products, but with people. They listen. They ask questions that matter: What keeps you up at night? What does success look like for you in five years?

“A good adviser doesn’t sell, they serve,” Zibi says. “If they’re not helping you define your version of financial success, they’re missing the mark.”

Technology, too, has a role to play. Momentum’s report found nearly 30% of households are open to receiving financial advice virtually, via platforms such as Zoom or Teams, and more than 15% are open to tools like robo-advisers or chatbots.

“Flexibility isn’t a luxury anymore,” Zibi explains. “If we’re serious about creating a culture of advice, we need to meet people where they are: digitally and personally.”

Trust remains the foundation. Clear communication, honest expectations, and transparent processes are crucial.

“You should never walk away from a financial conversation feeling more confused,” says Zibi. “Jargon erodes trust. Clarity builds it.”

Shifting the Narrative: Advice Is for Everyone

Perhaps the most important shift of all is in mindset: the belief that financial advice is only for those with wealth. “Advice should be part of your life as early as possible,” says Zibi. “It’s not about how much money you have, it’s about what you want to do with it.”

With the right support, financial advice becomes more than just a service, it becomes a source of empowerment. It helps individuals take ownership of their financial futures, one decision at a time.

“Done right, financial advice doesn’t just build wealth,” Zibi says. “It unlocks possibility.”