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JOHANNESBURG - Financial Planning Week, organised by the Financial Planning Institute (FPI), takes place from Monday to Friday this week. 

It is an annual initiative based on the idea that financial planning should be a fundamental aspect of the lives of all South Africans.

It is dedicated to raising awareness of the importance of financial planning and its benefits; encouraging consumers to take positive planning action; and promoting the value of a Certified Financial Planner.

“Good, independent financial advisers play a critical role in helping with improved investment outcomes,” says Lettie Mzwinila, business development manager at Allan Gray.

There are pitfalls to substituting financial advice from a reputable adviser with the opinions of family and friends, she warned. “Not everyone is qualified to give financial advice. Using a credible, independent adviser can save you money in the long run.”

Mzwinila says independent advisers are not incentivised to advise on some products over others, or employed by a product provider to sell their products. “Laws are in place to prevent conflicts of interest.”