The empowered FP in action Compiled by WordSure – record-keeping technology provider. Imagine consulting on a matter and have the transcription typed and sent to the client before you’ve even arrived back at the office. The digitally empowered financial planner is able to automatically record important meetings and conversations to the cloud, and give their […]
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The latest budget is a bitter sweet one for high net worth individuals, with this ...
By Allan Haynen, Director at BDO Wealth Advisors The 2015 budget has referred to various ...
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- Q: How did you get involved in financial services - was it always something you wanted to do?
- A: Growing up I was always attracted to business and I knew I wanted to work in a professional capacity. Ironically however, in my final year of school what my father thought was an application to do vacation work at an accountancy firm, was in fact a bursary application. So we were all pretty surprised when a letter arrived in the post advising of my successful bursary application to Deloitte & Touche! Soon after, I began working in the financial services team at Deloitte & Touche and ended up auditing the banks, asset managers, treasuries and pension funds.
- Q: What makes a good saver - how can South Africans work at being better savers?
- A: First and foremost, being a good saver really takes discipline. I think in order to stay on track and not get swayed by impulse purchases and non-essential spending, you need to remind yourself of why you’re saving in the first place. By way of an analogy, if you’re on diet it’s tough to motivate yourself and resist temptation if you don’t have a goal in mind for yourself. The same approach goes for saving. Ask yourself, what is the bigger picture? Once you visualise that - for example, perhaps you’re saving for your child’s education - then you know what you’re doing it for. Next, you need to have the basics in place in terms of a financial plan and a budget. It’s also critically important to ensure that you have the right advice. Realistically, very few people can do it on their own so an accredited financial adviser can play a valuable role in simplifying the information overload I think most South Africans experience.
- Q: What makes a good savings product?
- A: Simplicity - it must be easy to understand. Also, a good savings product should fill a need-state so ask yourself if you understand that need. Another important element and it’s one that often baffles me, is fees. Everybody buys into the fact that fees are there but do you understand what you’re actually paying for? If not, then ask the question - is it an advisory fee, a platform fee or a product fee? And finally, does the product clearly explain the value you’re getting? Does it deliver on the promise?
- Q: As we saw last year cash investments are not risk free - what should an investor look for in a cash manager?
- A: I recommend transparency is key when looking for a cash manager, so you need to be able to understand the risk you’re taking. A cash manager should be able to unpack this for you. In other words, if they can’t explain your investment and the associated risk in layman’s terms, you need to ask yourself why? Of course track record and experience are also key criteria here so I wouldn’t go for an unproven provider. And then it goes without saying, be sure to look at your returns. Choose a cash manager and product that fits your requirements. This is where a financial adviser can really assist.
How are you feeling about Budget 2015? Aside from the more tax we will be paying that we suspected we would be paying and that VERY BIG increase in the price of petrol – are you in the camp that says the Minister did a good job with what he had and has made all […]
South Africa’s commercial real estate sector welcomed the announcement by Minister of Finance Nhlanhla Nene in his budget speech yesterday that National Treasury is supporting, and working towards, extending South Africa’s REIT (Real Estate Investment Trust) dispensation to unlisted property-owning companies. Impacting every man in the street through their pension savings, there are billions of […]
By Louis Venter, Head of Private Clients, Maitland Transfer duty on the purchase of property was been amended quite substantially in the 2015 Budget. But what has been intended as a wealth tax might backfire when the forces of supply and demand have permeated through the system. Let’s put the proposals into the practical perspective […]
Closing down the abuse of retirement annuity contributions to avoid estate duty In a budget with few surprises the Minister of Finance announced several tax increases and measures to prevent tax leakage. From an estate planning perspective, the tax rate for trusts is increased from 40% to 41%, while the corporate tax rate of 28% […]
High to middle income earners and consumers of alcohol and cigarettes suffered the brunt of the pain meted out by the government in the 2015/16 Budget speech, but the government also made important strides to simplify tax compliance for small businesses, said Deloitte on Wednesday. Additional sources of tax revenue might have been increases in […]
South African corporates will be worse off under the abolition of section 6quin tax credits which is likely to dampen trade and investment into Africa. The section 6quin tax credit arose as a result of extensive lobbying by local corporates, who were subjected to high withholding taxes in other African countries on service fees charged […]
Our national budget is, in many respects, no different to our own personal household budgets. Karin Muller, head of Sanlam Growth Market Solutions, explains: “Over the last couple of years consumers have experienced greater pressure on their wallets, as our income has not been able to keep up with the increased prices we’re paying for […]
Finance Minister introduces measures to support a positive environment for small and medium businesses
By Kobus Engelbrecht, Marketing head for Sanlam’s Business Market South African small and medium businesses need a supportive environment for optimal efficiency. To this end, the Minister of Finance announced several initiatives which, if implemented effectively, will go a long way to create such an environment, says Kobus Engelbrecht, marketing head for Sanlam’s Business Market. […]
By Arthur Kamp, Investment Economist at Sanlam Investments There was nothing too exciting in this Budget, other than confirmation that a prudent fiscal path will be followed in order to stabilise government’s debt ratio. Against the backdrop of a revenue shortfall for 2014/15 of R14.7 billion below the 2014 Budget Review forecast (as well as […]
By David Gluckman, Head: Special Projects at Sanlam Employee Benefits, with contributions from Sanlam Employee Benefits’: Anton Swanepoel, Danie van Zyl, Kobus Hanekom, Carien Veenstra, Mayuri Reddy, Freddy Mwabi, Ryan Campbell-Harris In the 2015 budget speech, the Minister of Finance made a number of proposals that are relevant to the employee benefits industry. Retirement reform […]
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MoneyMarketing Newsletter 26 February 2015: Budget 2015 – hot topics and hot potatoes
Today we share some thoughts on the Budget. As most pointed out – and we […]
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