A financial advisor is a professional who provides expertise for clients’ decisions around money matters, personal finances, and investments.
Unlike stockbrokers who simply execute orders in the market, financial advisors provide guidance and make informed decisions on behalf of their clients.
Financial Advisor Salary In South Africa
The average financial advisor salary in South Africa is R 240 000 per year or R 123 per hour. Entry-level positions start at R 180 000 per year, while most experienced workers make up to R 3 615 344 per year.
How do financial advisors make money in South Africa?
Financial advisors typically earn a living in one of two ways: Commission on products they sell. Billing clients for their time (e.g. at an hourly rate).
How much commission do financial advisors make in South Africa?
In this case, a percentage of each and every contribution you make is paid to your financial adviser. Typically, this commission is levied to a maximum of either 3% or 5% of your contributions, depending on the investment product.
What qualifications do I need to be a financial advisor?
Financial advisors are expected to hold a bachelor’s degree in a specific field.
These fields include finance, business, economics, accounting, and mathematics, amongst others. After completing your bachelor’s degree, it’ll be time to focus on completing financial advisor training.
Where does a financial advisor work?
Financial advisors primarily work in offices at small or large firms.
Some travel may be required to attend conferences, seminars, or networking events to bring in new clients.
They may also need to travel to clients’ offices or homes.
Is a financial advisor worth 1%?
A financial advisor can give valuable insight into what you should be doing with your money to reach your financial goals. But they don’t offer their advice for free.
The typical advisor charges clients 1% of the assets that they manage.
However, rates typically decrease the more money you invest with them.