Five questions to ask your financial adviser at the start of the year

Andile Jonas, Head of Marketing at Momentum Savings, thinks we should keep the big picture in mind when making money resolutions.

With new year’s resolutions, we often think of very specific goals, like losing so much weight or going to the gym for so many days a week.

Often, we forget the bigger picture of where we are heading: I want to be more healthy.

So, if cleaning up your finances and being a bit more disciplined money-wise is one of your goals for 2026, I have a suggestion. Yes, it’s great to have a budget and to try and stick to it as religiously as possible. It just makes it so much more possible to handle setbacks or to know where best to apply a windfall.

But what about the bigger picture? Are you heading in the right direction? Do you have the goals that will help you reach your dreams? Is there something you’re missing?

It’s possible that we have a blind spot regarding what we need. That’s why a financial adviser, let’s call it a money sage or wise older sister or brother, could come in handy.

Maybe you are nervous about getting outside help. That’s understandable, but research of the Financial Planning Institute suggests that clients who get professional financial advice on average get up to 3% higher yearly returns on their investments.

In a way getting a financial adviser could be compared with trying out a new hairdresser or psychologist. Do they hear and understand what you are saying? Do you get a sense of authority – and are they speaking a language you can follow? Using jargon is no proof of superior knowledge: You should insist that concepts are made simple. What are their credentials? Is this person registered with the Financial Sector Conduct Authority?

As you improve your knowledge, you will get better at what to ask a financial adviser. But maybe the below is a good start:

1. Am I on track with my financial goals?
2. By how much did my money grow last year, and are the funds I’m invested in still performing in such a way that I am on track to reach my goals?
3. Am I making the most of my tax breaks?
4. Is my estate planning where it should be?
5. Is there something I’m missing for the life stage I’m in, like my medical aid plan?

By asking these questions, you are not splitting hairs on growth percentages, but just comparing your performance with that of the general market. You’re checking whether you should up your contributions to your pension fund or retirement annuity. Is there something in the bank for a top-up before the end of the tax year at the end of February? You don’t want to miss out on the great tax rebates you can get.

Similarly, is your life insurance set up in such a way that your family won’t battle if something happens to you? You may want to consider a medical aid plan with more muscle as you grow older. But you may want to reduce your life insurance as you get on in life and your savings are growing substantially. When you’re young, you don’t have something to fall back on, but when you’re older, you do.

We must remind ourselves that the main thing a financial adviser can do for us, and what they are supposed to be brilliant at, is comprehensive financial planning.