A shifting landscape
For decades, wealth ownership in Africa has been shaped by historical injustices, structural inequalities, and cultural nuances that influence how Africans manage their finances. In South Africa, the financial planning industry has long catered to a predominantly Westernised client base, with traditional plans structured around milestones like buying a home, investing in stocks, and planning for retirement. However, for many African professionals, financial planning has always existed, just not in the conventional sense.
Generational wealth in African families has often been built informally, such as prioritising children’s education as a form of retirement planning or paying lobola (dowry), which holds deep cultural significance but is seldom considered in modern financial strategies. Unlike conventional planning, which focuses on individual wealth accumulation, African families often emphasise collective prosperity, supporting extended relatives, younger siblings, and ageing parents.
1. Take succession planning.
Historically, in many African cultures, the firstborn inherited wealth, cattle, land, or money. But this inheritance wasn’t merely a birthright; it came with responsibility. That wealth was meant to serve the broader family, used intentionally over time to pay lobola, settle debts, or act as a safety net in times of crisis.
2. Marriage itself was also an act of financial planning.
It wasn’t just a union between individuals; it was an economic exchange between families. The groom’s family would offer money, cattle, or gifts to the bride’s family in recognition of the union and gratitude for her upbringing. This wealth often supported siblings’ education, repaid family debts, or was saved for the bride’s future.
3. Estate planning had its place too.
Oral wills and community consensus were the norm. Elders gave verbal instructions regarding the distribution of land, livestock, and tools. Though not always documented, these decisions were respected and upheld by the community. That was financial governance. That was wealth distribution.
Today, as more young African professionals enter stable careers and begin engaging with financial advisors, we’re witnessing a powerful shift. This new generation is intentional about building wealth, not only for themselves but for the generations to come, in ways that honour their deep cultural histories.
A personal journey into financial planning
At 25, I had my first formal meeting with a financial planner after settling into my early career. What made the experience particularly meaningful was that my advisor wasn’t a stranger, she was a young, black Zimbabwean woman who had once mentored me during my university years.
I first met her when I led corporate relations for the university’s Investment Society and recruited her firm as a sponsor for one of our events. Over time, she became a mentor, sharing insights on finance, career growth, and navigating the industry. Years later, sitting across from her as a client, I felt an immediate sense of trust and familiarity, an element that’s often missing in an industry still dominated by older white men.
During our session, we didn’t just speak about tax-free savings accounts or retirement annuities. We spoke about family responsibilities, cultural expectations, and long-term strategies that aligned with both financial and cultural values.
Rising generation of black financial advisors
My career journey has given me a unique lens into the financial services industry. I began in financial planning, creating strategies for high-net-worth individuals. Since then, I’ve moved into an investment management firm, working on a client-facing team focused on strategic partnerships with financial advisors across the globe. Through this journey, I’ve witnessed the rise of young black financial planners who are committed to guiding both younger and older generations through the complexities of wealth.
This new wave of black advisors is bringing much-needed representation to the industry. They understand that financial decisions are often shaped not just by numbers, but by culture, community, and history. They’re helping young African professionals navigate everything from first-generation homeownership to breaking generational cycles of debt, while still prioritising long-term wealth creation.
Building intentional wealth
The shift is clear:
Young black professionals are no longer just working to earn money, they’re being intentional about managing, growing, and preserving it. The days of informal, undocumented wealth planning are evolving into structured financial strategies that blend cultural integrity with modern financial tools.
This generation is no longer reacting to financial circumstances; they’re proactively shaping their financial futures. And with a growing number of black financial advisors leading the way, the financial planning landscape in South Africa is becoming more inclusive, more relevant, and more empowering.
For me, this journey has been both personal and professional. From studying finance and working in the industry to actively engaging in my own financial planning, I’ve seen firsthand how the future of wealth in black communities is being redefined. It’s no longer a question of if we’re financially planning, but how we’re doing it in ways that honour both our present realities and our future aspirations.
And now, as I continue this journey at PortfolioMetrix, where the value of financial advice is central to our ethos, I’m even more committed to supporting the transformation of financial planning in South Africa. Where wealth is not only built with intention but is also centred around inclusion.
