Average Salary For Financial Advisors In South Africa

A financial adviser or financial advisor is a professional who provides financial services to clients based on their financial situation. In many countries, financial advisors must complete specific training and be registered with a regulatory body in order to provide advice.

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Below are salaried earned by Financial Advisor In South Africa

Financial Advisor Average Salary

The average salary for a Financial Advisor in SA is R 12 520 gross per month (R 150 200 gross per year), which is 47% lower than South Africa’s national average salary.
Salary Range: a Financial Advisor can expect an average starting salary of R 8 400. The highest salaries can exceed R 29 190.

Total compensation includes basic salary and commission on every product sold plus incentives and benefits.

R 1 270R 18 800R 38 860
Basic SalaryR 8 400 – 29 190
CommissionR 1 270 – 9 670
Total CompensationR 9 670 – 38 860

Financial Advisor Salary Range – South Africa

Among Financial Advisors in South Africa, Trainee Financial Advisors or Financial Advisor Assistants tend to have the lowest salaries, while more experienced Personal Financial Advisors or Financial Consultants enjoy the highest salaries.

Financial Advisor – Salary Differences

JOBSALARYDIFFERENCE
Discovery Financial AdvisorR 14 270/month+14% 
Personal Financial AdvisorR 13 650/month+9% 
Old Mutual Financial AdvisorR 13 150/month+5% 
Liberty Financial AdvisorR 12 270/month -2%
Sanlam Financial AdvisorR 11 640/month -7%
Financial Advisor AssistantR 10 270/month -18%

Financial Advisor – Pay by Experience Level

In South Africa, an Entry Level Financial Advisor with less than three years of experience can expect to earn an average compensation of R 120 000 gross per year. An intermediate-level Financial Advisor with 4-9 years of experience earns an average base salary of R 150 000, while a Senior Financial Advisor with 10-20 years of experience makes on average R 200 000. Financial Advisors with more than 20 years of experience may earn more than R 250 000 yearly.

How Work Experience Affects the Salary of a Financial Advisor in SA

Late Career▲ +66%
Senior▲ +33%
Average SalaryR 150 200/year
Intermediate Level▼ -0%
Entry Level▼ -20%

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.

Is a financial advisor a good career in South Africa?

The a growing need for qualified financial planners in South Africa. The 2019 Old Mutual Savings Monitor shows that many South Africans continue to earn some kind of income after they retire. As a financial planner, you could help secure a better future for your clients, and build yourself a prosperous career.

Do financial advisors make good money 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 3 624 228 per year.

How do I become a financial advisor in South Africa?

Experienced financial planners

Minimum of three years’ financial planning experience.

Has obtained the relevant qualifications.

Has passed the regulatory examinations (RE5)

Meet Fit and Proper regulatory requirements with regard to personal character and qualities of honesty and integrity.

What do financial advisors do in South Africa?

Generally, they work with individuals or institutional clients to assess their financial needs and help them achieve financial goals, such as choosing investments (money market, real estate investments, stocks, and bonds), and they also explain tax laws relevant to certain investments and help with insurance decisions.

Can I be a financial advisor without a degree in South Africa?

Generally speaking, it is not necessary to have a college degree to become a financial advisor. However, many firms will view it as a prerequisite for new hires, especially those with prestigious training programs. What is required are licenses and registration with FINRA, the financial services regulatory body.

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