How a costly financial mistake inspired South Africa's first flat-fee financial advice platform
Rory Brachner, founder of Doshguide.
Image: Supplied.
In an era where financial literacy is paramount, one South African entrepreneur has turned a painful financial lesson into a revolutionary solution.
Rory Brachner, the founder of Doshguide, experienced firsthand the pitfalls of a traditional commission-based financial advisory model that left him out of pocket and disillusioned.
This misstep not only depleted a quarter of his savings but also ignited a mission to fundamentally change how South Africans access personal financial advice.
Back in 2016, while working as a technology sales executive at Google in Singapore, Brachner sought the advice of a recommended financial advisor.
What seemed like a savvy investment decision spiralled into a missed opportunity. Four years later, he discovered that he had been sold a retirement annuity that was ill-suited to his life circumstances as an expatriate.
'Recommending a 30-year retirement annuity as an expat in Singapore for a short-term period was objectively terrible advice,' he recalls.
Faced with a tough decision, he opted to withdraw his funds, incurring a 25% penalty, which made him acutely aware of the cost of poor financial guidance.
Brachner's experience highlighted a pervasive issue in the traditional advisory industry: advisors often benefit from commissions tied to the products they sell rather than the quality of the advice they provide.
Frustrated yet inspired, he returned to South Africa with the vision to create a platform that would eliminate commissions and make financial advice accessible to everyone, particularly those who have traditionally been overlooked.
Drawing on his entrepreneurial roots—having previously launched a successful tutoring agency while at university—Brachner was determined to build something meaningful.
His extensive experience at Google and with various marketplace platforms, such as Uber and Airbnb, fortified his belief in the power of connecting consumers with expert guidance.
'These companies have fundamentally changed consumer behaviour by introducing smarter marketplaces that enhance transparency and efficiency,' he notes, describing how Doshguide is a reflection of that evolution, tailored to financial well-being.
Officially launched in 2023, Doshguide operates as South Africa's first flat-fee financial advisory platform, connecting individuals with independent, vetted Certified Financial Planners™ (CFPs).
In a departure from the conventional model, clients subscribe to a transparent, monthly fee that offers access to high-quality financial advice without the burden of commission fees.
'Many South Africans under 45 don't fit the industry's traditional model, which depends on clients investing their liquid assets with an advisor. We're changing that by providing direct access to financial advisors, who empower clients to take control of their finances,' Brachner explains.
This innovative approach is gaining traction.
Advisors affiliated with Doshguide have seen their client base grow from just five clients a year to as many as thirty, thanks to improved visibility and better alignment with clients' needs.
The platform additionally introduced a mentorship model aimed at assisting advisors transitioning to a flat-fee structure, promoting conflict-free financial advice.
As South Africans gradually shift their understanding of financial advice, early adopters are already witnessing remarkable benefits.
'One of our clients reported making more progress in 10 months with Doshguide than in 12 years with a traditional advisor,' Brachner proudly shares, highlighting the platform's positive impact.
Brachner's vision for Doshguide is crystal clear: 'Accessing expert guidance shouldn't be complicated, biased, expensive, or limited to the wealthy. Doshguide aims to be integral in changing how South Africans approach their financial future, for the better.'
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