Welcome to the latest edition of The Wealth Perspective

Welcome to the latest edition of The Wealth Perspective

It's amazing how time flies. It feels as if it was just yesterday that we were enjoying the first festive season since the pandemic ended, but we are already a quarter way through 2023. The year started with many challenges – including a tough economic environment locally and globally, South Africa being grey listed by the Financial Action Task Force, and an even more glum situation at Eskom. But however challenging the current environment may be, we must remain resilient and tap into that famed South African spirit of rising above adversity.

The importance of a family-focused financial plan

One of the many learnings the pandemic accentuated is the importance of having a robust financial plan that extends to our families and remaining committed to it, as a recent encounter with a client reaffirmed. The client started his investment journey as a bursary recipient determined to change the fortunes of his family and, 42 years later, he has proudly achieved that goal – precisely because he stayed committed to his investment plan (despite challenging periods along the way). He can now share valuable lessons with his children.

This is what we work tirelessly for, to help people reaching their desired financial outcomes. The wide range of products and services that are now available and the ways in which they can be used to complement one another to achieve varying needs means that attaining financial freedom for one’s family has become more accessible than ever before.

Getting started

One thing I can confirm is that it’s always the right time to make your money work for you, and the financial outcomes you ultimately achieve can be significantly enhanced by starting your financial journey as soon possible, and with the right plan in place. As with many things in life, it is wise to seek expert advice when making decisions on such important matters. Our highly-skilled, qualified financial advisers can put you on the front foot from the outset of your wealth-creation journey and provide you and your family with the right tools to achieve your dreams of financial freedom – whatever that looks like for you.

But for that to happen, families must examine their relationships with money and how this affects relationships between family members.

Families differ, and so do their financial needs

When we think of family, we often think of our immediate family, but family relationships can be much broader than this and are based on several factors. Regardless of who you consider family, it is important to examine whether you all have the same relationship with money.

If you have a poor relationship with money, it becomes a source of dissatisfaction, stress, anxiety, fear and frustration, but a healthy relationship with money becomes something to appreciate, something that helps improves your circumstances and, if used wisely, it can make certain dreams a reality. Examining your family’s relationship with money positions you to focus on changing unhealthy money habits and reinforcing healthy ones.

Families’ situations and their resulting needs change over time, and financial plans need to be flexible enough to allow for this. Some examples include buying or selling a property, the death of a family member, having children, retirement, change of marital status, and receiving an inheritance.

Family-based pricing to facilitate effective family plans

To facilitate creating plans that address family’s holistic financial needs, we are introducing family pricing for families under a single financial plan, making it possible for your family to remain committed to their financial plan and facilitate intergenerational wealth transfer.

I’m certain that seeking appropriate financial advice on relationships with money and a financial plan appropriate to your families’ needs, and remaining committed to your plan will help you overcome any future financial challenge and achieve your dream of financial freedom for your family.

A Word from our CIO - Adriaan Pask

Industry Views - Nirdev Desai

Investing and trading - Wendy Myers

Estate Matters - Robyn Laubscher

Quarterly Insight - Haydn Johns 

Employee Benefits Insight - Mariska Comins

Click to download the full Wealth Perspective