Updated: Jul 7, 2020
Welcome to episode 41 of The Innovating Advice Show.
I’m joined by Louis van der Merwe, co-founder and Director at WealthUp in South Africa, which he started when he was in his mid-20’s.
In this episode, we’re chatting about how Louis gained the confidence and skill to start a financial planning business so young. We also discuss how it’s grown to have four employees – all on salary, Louis’ thoughts on whether business owners should be worried about advisors leaving and have strong non-compete’s in place, and how much of Louis’ success has come from stumbling across great ideas and opportunities.
Louis van der Merwe is a CERTIFIED FINANCIAL PLANNER® professional and the co-founder and director of WealthUp (Pty) Ltd, an FPI Approved Professional Practice™. He completed his B.Comm degree at the University of Stellenbosch as well as the Postgraduate Diploma in Financial Planning (Stellenbosch University) (cum laude).
Louis has a passion for technology and entrepreneurship and enjoys spending time trail running in and around Cape Town.
00:26 – Introducing Louis van der Merwe
01:50 – The advantage of starting your own business in your mid-twenties
04:25 – Looking at the worst-case scenario and considering your expectations
05:25 – Getting the confidence to start your own business
06:35 – Un-training yourself
07:50 – Why building a business and being an advisor require different skills
09:04 – Setting up your business
10:11 – Finding employees that are the right fit
11:54 – Learning how to adapt
12:30 – The benefits of having everyone on salary
15:35 – WealthUp’s fee model
17:53 – Should you worry about employees leaving?
21:10 – Why being and employee may be riskier than starting your own business
23:40 – The importance of building your own brand
25:45 – Finding (and knowing) your audience
28:17 – Giving employee advice
35:01 – The future of the profession