In this episode of Money, Markets, and Masterminds, Citywire South Africa editor Ruan Jooste is joined by Theoniel McDonald, Head of Financial Planning at Carmel Wealth, senior adviser at Wealth Associates, and a director at the Financial Intermediaries Association. McDonald recently spent eight months building a full cost-to-service model for his practice—and the results, he says, were eye-opening. McDonald started by mapping every step of the advice journey using the six-step FPI framework. He identified 72 underlying actions, from prospecting to annual reviews, and linked each to the responsible staff member, time spent, and tools used. This breakdown revealed where tasks could be automated, delegated, or streamlined. Listen to the conversation to determine how advisers can calculate the actual cost of doing business.