Advice, disrupted
In an environment shaped by geopolitical tensions, economic uncertainty, rapid technological advancement and evolving client expectations, the traditional boundaries between wealth management and risk management are disappearing.
For financial advisers, brokers and insurers, success increasingly depends on the ability to help clients navigate uncertainty while protecting and growing wealth across generations. It was against this backdrop that Elite Risk Acceptances hosted its 2026 Wealth Conference under the theme, “Resilience Meets Intelligence: The Future of Wealth and Risk”, to explore how the financial services sector can remain relevant and resilient in a rapidly changing world.
Opening the conference, Tandiwe Cimela, Executive Head of Elite Risk Acceptances, reminded delegates that change is no longer something the industry can prepare for occasionally; it is a constant feature of the operating environment. “We have experienced rapid technological advancements, economic uncertainty, geopolitical tensions, evolving regulatory landscapes, and shifting customer expectations. Success is not determined by those who resist change, but by those who adapt to it,” she said.
That message resonated throughout the day, and the common thread was clear: resilience and adaptability have become critical competitive advantages.
Intelligence without resilience is not enough
Marvelous Rukundu, Chief Executive of Retail Business at Old Mutual Insure, argued that resilience and intelligence are not separate capabilities but complementary ones. “If you think about the environment that’s changing, and changing at an accelerating pace, and if you think about the risks that are becoming more complex, and client expectations that are elevating, that’s where the second part of the theme comes in: intelligence,” he said.
“For me, this is less about buzzwords. It's the clarity and consistency in the decisions that we can make. It's a better understanding of the risk environment. It's supporting clients, not only with solutions that meet their needs, but right in the moment that matters most. It's enabling brokers to operate with more confidence in this uncertain environment.”
For intermediaries, this message is particularly relevant. Clients increasingly expect advisers to provide insights, guidance, and reassurance rather than simply facilitating transactions. The ability to understand evolving risks and translate complexity into practical advice is becoming a defining feature of successful advisory businesses.
Rukundu stressed that while the foundations of trust, relationships, and service excellence remain essential, firms must also invest in better decision-making, stronger capabilities, and improved execution.
“It's about having a clearer view of that risk environment so that it goes into designing the solutions,” he said. “Ultimately, it's about supporting clients and brokers in a way that reflects how the environment is evolving.”
Redefining wealth
One of the most thought-provoking sessions came from Sherwin Govender, Investment and Business Development Specialist at Old Mutual Wealth, who challenged traditional perceptions of wealth.
While the financial services industry often defines wealth in terms of assets, liabilities, and net worth, Govender suggested that clients increasingly see it differently.
Referring to research into personal definitions of wealth, he noted that the most common response was not financial abundance but well-being. “The number one personal definition of wealth came up as a feeling of financial happiness,” he said.
“I found it interesting that a feeling of financial happiness beat out the amount of money that I have. A definition of wealth had much more to do with a person and a person's sense of well-being than the actual money itself.”
The observation carries important implications for advisers. Financial planning conversations often focus heavily on performance, products, and portfolio construction. Yet many clients define success through peace of mind, reduced stress, and financial security.
Govender admitted that his own perception of wealth had changed over time. “As I got older, I started to value taking away stress more. I started to realise how that stress literally shortens my life and reduces the quality of my life.”
For advisers, understanding what clients are actually trying to achieve may be just as important as understanding the products designed to help them get there.
The real value of advice
Govender also highlighted a challenge in South Africa: the large number of affluent individuals who still do not seek professional financial advice. “Sixty percent of people who earn more than R40 000 in South Africa don't take personal, professional financial advice,” he said.
At the same time, he pointed to evidence showing that households receiving professional advice generally accumulate significantly more investment wealth than those that do not. “What this tells me is that this is something that's on us as advisers. This is exactly something that we should do.”
The message was a timely reminder that while technology continues to reshape financial services, the value of quality advice remains significant. The challenge for the industry is not proving the value of advice but ensuring that more South Africans have access to it.
AI: friend, foe or both?
While Govender focused on advice and opportunity, digital futurist Nicky Verd focused on disruption. Her presentation explored the growing impact of Artificial Intelligence (AI) on business, society, and the insurance industry.
“The world is somehow being broken into two groups,” she said. “On one hand, there are those who say this is something to be feared and should be shut down. On the other hand, some say this is the best thing since sliced bread.”
“Both approaches can be dangerous.” Verd urged delegates to avoid extreme positions and adopt a balanced perspective that recognises both the opportunities and risks associated with AI. “When you think about it only in negative terms, you lose out on the benefits of AI.”
For brokers and insurers, AI presents opportunities to improve efficiency, enhance underwriting, streamline claims processing, and strengthen fraud detection. At the same time, it introduces new categories of risk. A key concern highlighted in her presentation was the increasing sophistication of AI-generated content. “Seeing is no longer believing,” she warned. “AI is blurring the lines between real and fake.”
Deepfakes, synthetic identities, and AI-generated documentation are creating new challenges for businesses that rely on verification, trust, and evidence. For insurers and brokers already dealing with fraud, these developments could significantly reshape claims assessment, underwriting, and risk management practices.
Verd also examined how AI is reshaping the role of insurance itself. “Traditionally, insurance responded to events after they had happened,” she said. “Today, insurers are increasingly using AI to predict risk before events occur.”
From telematics and wearable devices to smart homes and predictive analytics, insurers are shifting towards models that identify and mitigate risk before losses occur. “The future of insurance isn’t just about paying claims faster,” she said. “It’s about preventing them altogether.”
Living with uncertainty
Economist Gina Schoeman, Managing Director and Head of CEEMEA Economics at Citi, closed the morning session with an assessment of the global environment. Her message reflected the realities facing advisers and investors.
Schoeman said traditional economic forecasting has become increasingly difficult as global markets navigate inflation, geopolitical tensions, technological disruption, and shifting policy environments. “Is this the end of uncertainty? No, unfortunately not. The world is spinning at the moment, seemingly faster. Right now, I would argue the biggest constraint in how we make choices is uncertainty.”
For advisers and wealth managers, this reinforces the need for planning approaches that accommodate multiple scenarios. Flexibility, she suggested, is becoming a defining requirement in financial planning as conditions continue to shift.
The human advantage
Despite discussions around AI, digital transformation and economic volatility, a consistent message from the conference was that while technology is reshaping financial services, trust remains the industry’s foundation. Insurance and financial advice continue to be built on relationships and confidence, and resilience lies in adapting to change while preserving these core strengths. For brokers, advisers and insurers, the future will require new skills and technologies, but the industry’s key value remains its ability to provide clarity, guidance and confidence in times of uncertainty.
Writer’s Thoughts
The 2026 Elite Wealth Conference highlighted a financial services industry in transition, where wealth and risk are increasingly intertwined, and technology is reshaping how advice is delivered. While AI and data are accelerating change, the enduring differentiator remains human judgement, trust and the ability of advisers to provide clarity and confidence in an environment defined by uncertainty. Please comment below, interact with us on X at @fanews_online or email me your thoughts.
