Tag: succession plan

When we think about estate planning, we think of a plan outlining a tax-efficient way to deal with our assets when we pass away. Instead of viewing this as a ‘death plan’, try to think of it as a ‘life plan’ – a strategy created during your lifetime to ensure that your wishes are fulfilled, and that your loved ones benefit as intended after you pass away.

There are many reasons why people consider furthering their studies as adults. Some did not have the opportunity to pursue tertiary education straight out of high school. Others may not have felt the urge to study at that point. For many people, the impetus comes from a changing working world and the desire to keep their skills up-to-date to pursue career growth opportunities, to up-skill before returning to work after a break, or to challenge themselves and learn something new

There comes a time in every successful entrepreneur’s life when he or she has to consider how best to transition to the preservation of the wealth they’ve built, not only for their own enjoyment, but also for the sake of the legacy they want to leave behind.

It’s not that you don’t think having a financial adviser (FA) is important, the critical role of sound guidance has been drummed into you by your money-savvy friends since you first started earning. But perhaps you’ve put off finding someone to handle your portfolio because you’re not entirely sure what you should be looking for.

In recognition to International Women’s Day today, I share my thoughts on the impact of COVID-19 on women; and how we are learning and evolving as a result. The McKinsey Women in Work 2020 Report indicated that 1 in 4 American women consider downshifting their careers or leaving the workforce. As the report states – the 'double-shift' that women have already been working has become even more intense.

Although it’s recommended in King IV, succession planning is often neglected because it’s an uncomfortable subject. The COVID-19 crisis should act as a wake-up call for organisations to ensure not only that they have a plan to govern an orderly succession for key senior posts, but also an emergency back-up plan.

In fact, this aversion to the loss of money is so significant it has become the subject of a substantial number of studies. The 'pain' that is felt when people lose money is stronger than the 'joy' of a gain. And it is even more pronounced when a person has worked hard to build their capital base, often through diligent behaviour and determination, over many years – possibly even a lifetime.