Momentum is aiding the cultural shift needed to close the financial advice gap.

The Importance of Closing the Financial Advice Gap

For most South Africans trying to navigate a fragile economy coupled with increasing expenses, unpredictable incomes and multi-generational responsibilities, accredited financial advice has become far more critical than ever before.

Momentum’s recently released Financial Advice Research 2025 report, conducted in partnership with the Bureau of Market Research, revealed that only 9% of South African households have a professional financial adviser. This is despite the average amount of investments for households with an adviser being 9.5 times larger than households without advisers. This illustrates what a staggering difference a financial adviser can make.

According to Cebile Zibi, Executive Head of Trade Marketing and Communications for Momentum Advice, closing this gap requires a major shift akin to a cultural reset.

“This isn’t just a financial gap,” said Zibi. “It’s a confidence gap. It’s a clarity gap. And ultimately, it’s a gap in opportunity.”

Why We Need An Advice Culture

Advice is everywhere — from WhatsApp stokvel groups to Instagram reels and #FinTok influencers. But not all advice is created equal, and very little of it is actionable when it’s not from a professionally accredited adviser or not grounded in context or tailored to real needs.

A generic approach to financial advice can create consumers with low financial confidence or make them check out of advice entirely.

“When people connect with advice that understands their context — their struggles, aspirations, and cultural nuances — something powerful happens,” says Zibi, Executive Head of Trade Marketing and Communications for Momentum Advice.

“It’s not just about money. It’s about clarity, confidence, and control.”

The Foundations Of An Advice Culture.

“If we want to replace the advice gap with an advice culture, we need to get three things right: the relationship with the financial adviser, how we engage, and focus on building trust,” said Zibi.

Firstly, advice needs to focus on relationships not transactions.

Professionally backed financial advice doesn’t start with a product. It’s rooted in experience and industry knowledge. It’s rooted in empathy, active listening and asking the right questions, for example: “What keeps you up at night?” and “What does success look like for you in the next five years?”

“A good adviser doesn’t just sell — they serve,” says Zibi. “They want to understand your life before they talk about products. If they’re not helping you define your version of financial success, they’re missing the mark.”

Today’s clients expect advice on their terms — not just during an annual review. Hybrid models that combine human connection with digital convenience are becoming the new standard.

Whether it’s a monthly Zoom check-in, a WhatsApp summary or access to a dashboard that tracks your goals, today’s financial advice is less about products and more about the experience.

This is supported by data presented from Momentum in their Financial Advice Research report that stated that almost 30% of households indicated they would consider receiving advice virtually via platforms such as Teams, Zoom and online meetings, while more than 15% are open to robo-advice and chat bots.

“The way we deliver advice must evolve with our clients,” says Zibi. “Flexibility isn’t a nice-to-have — it’s a must if we’re serious about building a culture of advice.”

Lastly, trust isn’t built through pitches — it’s built through transparency, honest communication, and clear expectations.

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

At the heart of it all, the best advisers are educators too. They help you ask better questions, understand your options more clearly and build enough confidence in you to take control of your financial story.

“If we want to see a real shift, we have to make advice feel transparent, empowering, and respectful,” she adds.

What The Shift Looks Like In Action

This shift requires us to challenge long-held beliefs — especially the notion that financial advice is only for the wealthy.

“Advice should be part of your life as early as possible,” said Zibi. “It’s not about how much money you have — it’s about what you want to do with it.”

Done right, financial advice doesn’t just build wealth — it unlocks possibility.

In a world full of financial noise, clarity is everything, which is only possible when advice speaks your language, respects your journey and adapts to your reality. Chat to a Momentum-accredited Financial Adviser today and make sure your next money move meets your big life moment.