SA needs 4 000 more financial planners and a large black-owned advisory firm, says MMH

Momentum Metropolitan Holdings (MMH) says South Africa needs another 4 000 certified financial planners (CFPs) to help households save and reduce their financial vulnerability.

The Centurion-based insurance and investment group says this is needed to advise the approximately 750 000 households it estimates earn more than R30 000 per month but do not provide for their retirement. MMH also estimates that 1 million households earning more than the R30 000 per month threshold lack life insurance.

"Most of the population can't afford to save, insure or invest and are therefore excluded from accumulating wealth through insurance and investments," MMH CEO Jeanette Marais said at the second day of the PSG Financial Services 2024 conference on Thursday.