How a costly financial mistake inspired South Africa's first flat-fee financial advice platform

IN AN ERA where financial literacy is paramount, one South African entrepreneur has turned a painful financial lesson into a revolutionary solution.

- ASHELY LECHMAN

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.