This is the third part in our “everything you need to know about financial advisors” series. We have addressed all the important things about hiring and working with a financial advisor in our previous two articles:
Is it Time to Speak to a Financial Advisor? Here’s How You Know
The Difference Between an Independent Financial Advisor and a Broker
The next factor to consider when choosing your financial advisor is their qualifications and whether or not they meet the necessary requirements.
Not sure what to look for? In this article we discuss the minimum requirements that all financial advisors in South Africa must meet.
According to South African law, financial advisors need to meet the following minimum requirements:
All financial advisors in South Africa must be licensed by the Financial Services Conduct Authority (FSCA) as an authorised financial services provider.
All financial industry activity in South Africa is overseen by the FSCA and all financial services providers (FSP) are governed by the independent institution.
The FSCA has an online database which you can search to make sure your financial advisor is licensed, and you can do this using their FSP number.
The Financial Advisory and Intermediary Services Act has put together a list of requirements that financial advisors must meet in order to be considered “fit and proper”.
These requirements set out strict standards in terms of financial soundness, competence, honesty, integrity, continued professional development, and operational ability.
All financial advisors must meet these requirements.
To become a Certified Financial Planner, a financial advisor must:
It is mandatory in South Africa for financial advisors to have indemnity insurance. This protects them and you from unforeseen losses and claims resulting from negligence or poor judgment.
Our financial advisors in Johannesburg have all the qualifications and meet all the requirements as listed in this article.
Providing sound financial advice to our clients is our priority and we are committed to offering exceptional financial services to clients across South Africa.
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