The financial planning industry is at a tipping point and requires an about-turn in the way it operates if it is to serve the needs of South Africans and provide a sustainable business for advisers going forward. "We haven't even begun to understand that solving the issues of retirement is far more than simply trying to come up with the right amount of money," says Alexander Forbes head of research Anne Cabot-Alletzhauser. At the Morningstar Investment Conference recently she said up to now the role of financial planning had centred on the idea that if you stick to your financial plan and achieve it everything else will fall into place, but this is not so. The role of the financial adviser of the future will not be about picking the best investments for you but rather to help you improve your financial capability within the context of, and with the participation of, your broader family. Typically used first-world calculations to determine the income you will need at retirement assum...

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