The advisor on record
Eldon de Waal
All medical aid and gap cover advice delivered through AURA is provided by Eldon de Waal in his capacity as a Supervised Representative of Approach Administration (FSP 23579). Every Record of Advice (ROA) is reviewed and signed off by Eldon before delivery.
For investments and savings, Eldon advises under his own FSP — Silverhurst Wealth Partners (FSP 53208) — with compliance supervision by Masthead. The two roles are distinct and separately regulated.
What AURA actually does
AURA is the analysis and comparison platform. It does not, on its own, provide regulated financial advice. The distinction matters and is worth being explicit about.
AURA is
- A medical aid analysis and comparison tool
- An information platform — articles, scheme profiles, calculators
- A way to surface plan-by-plan trade-offs against your circumstances
- A workflow Eldon uses to prepare a Record of Advice
AURA is not
- An advisor — it does not provide regulated advice on its own
- A substitute for a human advisor's review of your circumstances
- A product manufacturer — it doesn't sell schemes or gap cover
- An independent FSP — it sits inside Eldon's licensed structure
In practical terms: AURA produces an analysis. Eldon reviews it, applies professional judgement, prepares a Record of Advice, and delivers that advice to you in writing. The signature on the ROA is Eldon's. The accountability is Eldon's. AURA is the tool that makes the work faster and more rigorous.
The regulatory structure
Three entities are involved. Each has a specific, separate role.
Approach Administration
Licence holder for medical scheme and gap cover advice.
Eldon de Waal operates as a Supervised Representative under this licence for all medical aid and gap cover advisory work delivered through AURA. Approach's compliance officers oversee this activity.
Silverhurst Wealth Partners
Eldon's own FSP. Investments, savings, retirement, financial planning.
Silverhurst built and operates AURA as a platform. Silverhurst does not hold the medical aid advisory licence — that authority sits with Approach Administration. Compliance supervision for Silverhurst's investment and savings work is provided by Masthead.
Masthead
Independent compliance oversight for Silverhurst Wealth Partners.
Masthead supervises Silverhurst's investment and savings advisory work for compliance with FAIS, Treating Customers Fairly principles, and other regulatory standards. Masthead does not supervise medical aid or gap cover work — that supervision is provided by Approach Administration.
What this means for you
- Your advice is regulated. Every formal recommendation Eldon delivers to you is subject to the Financial Advisory and Intermediary Services Act (FAIS). It must be suitable for your circumstances, properly documented, and in your best interests.
- A licensed human reviews everything. AURA prepares the analysis, but Eldon — as a Supervised Representative under Approach Administration — reviews the analysis and provides the actual advice. His name is on the Record of Advice.
- You'll sign a Record of Advice (ROA). Before any product transaction — switching schemes, adding gap cover — you receive a formal ROA documenting the advice, the reasoning, and your acceptance. This protects you and us.
- You can complain. If you believe the advice was unsuitable, you have a clear complaints process (see below).
- Your data is protected. Personal information is handled under the Protection of Personal Information Act (POPIA). You can opt out at any time.
How we get paid
AURA is free to use. You are never charged for comparing plans, receiving advice, or using the platform.
When you switch medical aid schemes or take out gap cover through AURA, the scheme or gap cover provider pays a commission to the advisor — the same commission they pay any broker. This is standard industry practice and is disclosed in your Record of Advice.
Medical aid broker commission in South Africa is capped by the Council for Medical Schemes (CMS) at the lower of 3% of total premium or R125.86 per member family per month (2026 cap). It does not vary by plan tier. This means there is no structural incentive to recommend a richer plan — the broker earns the same on a hospital plan as on a comprehensive option, all else being equal.
Complaints process
If you're unhappy with the advice or service you've received:
- Step 1: Contact Eldon directly — eldon@silverhurstwealth.co.za.
- Step 2 (medical aid / gap cover): Escalate to Approach Administration — approachadmin.co.za.
- Step 2 (investments / savings): Escalate to Masthead — masthead.co.za.
- Step 3: If still unresolved, contact the FAIS Ombud — faisombud.co.za or 012 762 5000.
- For medical scheme disputes: Council for Medical Schemes — medicalschemes.co.za or 0861 123 267.
Treating Customers Fairly (TCF)
Eldon's practice is committed to the TCF outcomes defined by the Financial Sector Conduct Authority (FSCA):
- Customers can be confident they are dealing with a practice where TCF is central to the culture.
- Products and services are designed to meet the needs of identified customer groups.
- Customers are given clear information and kept appropriately informed.
- Advice is suitable and takes account of customer circumstances.
- Products perform as expected and service is of an acceptable standard.
- Customers do not face unreasonable barriers to changing product, switching provider, or making a complaint.
FICA compliance
Before any product transaction, Eldon will verify your identity in line with the Financial Intelligence Centre Act (FICA). This typically involves confirming your ID number, proof of address, and source of funds. It is a legal requirement and protects against fraud and money laundering.
Verify our credentials
Both FSPs are publicly verifiable on the FSCA register:
- Approach Administration: FSP 23579 — www.fsca.co.za
- Silverhurst Wealth Partners: FSP 53208 — www.fsca.co.za