Tag: financial advice

National Treasury and the South African Revenue Service (SARS) provided important feedback at the recent sitting of the Standing Committee on Finance as part of the parliamentary process regarding the much anticipated two-pot retirement system.

For many years, the concept of self-made success was considered by many to be the ‘making of the man’, with each generation expected to prove their self-worth by being at least as financially successful as the generation before. However, the adage of shirtsleeves to shirtsleeves in three generations continues to this day, with a recent Harvard Business Review article by Stark and Foley finding that 70% of wealthy families studied lost their wealth within the second generation, and 90% within the third.

Financial advisers need their wits about them when choosing a discretionary fund management (DFM) partner and should undertake a comprehensive due diligence process to differentiate between the ‘mixed bag’ of companies they may encounter in this space.

Stokvels are on the move: moving from villages to cities, from beneath mattresses into savings accounts and investment instruments. As they move and evolve, their potential for growth and their ability to create wealth increases.

The Protection of Personal Information Act (POPIA) will protect South Africans’ constitutional right to privacy. This includes a requirement for lawful justification to exist before a data subject’s personal information (PI) may be processed.

The recent announcement that heavyweight Wall Street bank, JP Morgan Chase has agreed to buy UK Robo-Adviser, Nutmeg, indicates the far-reaching effects of COVID-19 on the financial advice and wealth management industry as big business embraces this new model.