Technology, sustainability, and transparency are reshaping what clients expect from financial advice – and how planners deliver it. That was a central theme running through a panel discussion on the opening day of the Financial Planning Institute of Southern Africa’s annual convention on Monday (3 November).
The topic of the discussion was “What does your future client look like?”. Industry leaders explored how generational change, new asset classes, and shifting fee models are transforming the profession.
Moderated by Lelane Bezuidenhout, the chief executive of the FPI, the session brought together Florbela Yates, the managing director of Equilibrium; Nici Macdonald, the head of certification and standards at the FPI; and Dante de Gori, chief executive of the Financial Planning Standards Board.
Yates emphasised the common ground advisers have with younger clients and the differences in how those clients engage. “Connect with them. They all want to have a better financial future.” Younger clients are more interested in environmental impact, expect faster access to information, and incorporate technology more naturally into their financial lives.
Macdonald noted that because clients start their financial journey digitally does not mean the need for human intervention has been removed. Many clients “get to a certain point, and then they say no, but wait, I need someone to help me cut through all this clutter and get to get to the essence of what I want to try and do with my money”.
Bezuidenhout said younger clients “still want the human in the loop”.
De Gori warned against viewing the next generation only through a technological lens. “We need to forget about technology for a moment and think about the fundamental principles of why a consumer may want advice in the first place is no different,” he said, arguing that the core reasons clients seek advice remain constant.
A major behavioural shift is values-driven investing. “They want transparency and accountability from the companies that they invest in. What’s very interesting is that they don’t just pay lip service to that. They take action,” Macdonald said, describing how millennials and Gen Z are translating values into investment choices.
Yates underlined that this is not purely about environmental screens: younger clients frequently accept trade-offs in return if it means their capital reflects their beliefs. She also warned against simplistic assumptions about asset classes: “the days of only looking at bonds, government bonds and equities are over”, and advisers must educate clients about when alternatives are available.
Macdonald said planners who want to remain relevant in the next five to ten years will have ensure that even they don’t want to advise on crypto assets, they at least understand the basics.
De Gori emphasised the inevitability of client interest in new products: “What you can’t stop is clients asking and wanting to be involved in these products.” He urged planners to be able to explain risks and the role of diversification rather than simply shutting off the conversation.
Fee models and transparency
De Gori said there a global shift away from commission-only structures towards fee-for-service and even subscription-style models.
Clients want simplicity and control, but advisers are still struggling to communicate the value behind their fees.
In markets such as Australia, the move away from commissions took years – not because of regulation, but because of messaging. The biggest challenge was not the mechanics of changing the fee but explaining to clients what they were paying for, and why. Advisers feared that once clients saw the fee directly debited, they would walk away. This highlights the need for transparency, which build trust.
Yates added that, from an asset management perspective, transparency should extend across the value chain. Clients often ask whether a discretionary fund manager adds another layer of cost. There is a fee, but DFMs use the scale of assets under management to negotiate lower fees with underlying managers. In many cases, clients end up paying less overall for a higher-quality service.
The panel noted that no fee model is conflict-free – the key is disclosure and alignment. Whether the adviser is remunerated via commission, flat fee, or assets under management, what matters is putting the client’s interests first. If the fee is fair, transparent, and tied to tangible outcomes, clients will see its worth.
Bezuidenhout noted that the forthcoming Conduct of Financial Institutions (COFI) framework reinforces this direction. Remuneration models and conflict-of-interest management sit side by side in COFI, which was intentional, because transparency and ethics are inseparable.
Communicating with your future client
The panellists turned to what advisers themselves need to evolve. The next generation of clients consumes information visually and socially – and advisers must meet them there.
De Gori said video is becoming one of the most effective ways to connect with clients. Short updates, explainer clips, or personalised summaries after meetings can deepen engagement.
Macdonald emphasised mentorship as another future-proofing tool. “We will not be able to service future clients if we do not have future financial planners,” she said. Every adviser should find someone to mentor.
Yates agreed and added that adapting to new media is part of staying relevant. “We need to communicate where clients are, even if that’s on TikTok,” she said.
