I am not sure how much value a lone wolf adviser can add. Usually they have been trained in hard sales techniques at one of the life insurance agency forces. What they did was once called distribution. But now that distribution is so much more efficient through electronic channels it has been rebranded as “advice”.

The only firms that are really qualified to give advice in my view are the vertically integrated wealth managers, such as Investec Wealth, Sanlam Private Wealth, Citadel and NFB. They get involved in helping families with managing intergenerational wealth. The common or garden financial planner is almost entirely focused on helping clients get to a comfortable retirement...

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