Retirement and Investment

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Retirement and Investment Convention 2016

Guest Speaker:  Wouter Fourie, CFP®, 2015 FPI Financial Planner of the Year.

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September 2016 saw the second annual Retirement and Investment Convention, hosted by the FPI Centre for Professional Development, in Durban, Johannesburg and Cape Town. The theme of the convention that came through quite clearly for delegates is that retirement and investment planning is no longer only about money, but rather about a lifestyle that a client would like. This approach changes the traditional retirement planning method of calculating a lump sum based on the desired income, to more about having a conversation with a client about what life they want to live and then working out the finances needed to make this a possibility. In the age of fintech, where the first approach can be easily commoditised by so called “Robo Advisors” the second more human approach is increasingly becoming the financial planners value proposition.[spacer height="20px"]

Day one – Retirement planning Day one, sponsored by Overseas Trust and Pension, focused on retirement. The first talk of the day was delivered by Ilze Alberts an internationally renowned Wealth Psychologist and human behaviourist specialist. Her talk touched on her personal story and why she become inspired to consider generational wealth and to see if she could change the rags to riches to rags proverb. Her talk was not only theoretical but she took the audience through a practical exercise, using the Demartini Method that could assist Retirement INDUSTRY NEWS & EVENTS with determining client’s values. This can then be used to deliver personal focused financial planning advise. All retirement funds (pension, provident or retirement annuity) have a board of trustees who have a fiduciary duty to manage the fund for the benefit of the members. Stephen Dold took delegates through the role of trustees in a retirement fund. This enabled financial planners to not only understand this vital role, but also empowered them with questions to ask the trustees to ensure that the fund is well governed, when recommending a fund. The tax rules relating to retirement funds are constantly changing. 2016 saw an Act, dealing with annuitisation of provident funds that was signed in 2014 amended two days before the implementation date of 1 March 2016. Marius Botha, CFP®, unpacked the technical aspects of the tax changes both implemented and to be implemented. With the world becoming smaller and clients wanting portfolios not only diversified by asset class but also geographically. Rex Crowley of Overseas Trust and Pension discussed and took delegates through some of the options for offshore retirement planning.[spacer height="20px"]

The day closed with Wouter Fourie, CFP®, 2015 FPI Financial Planner of the Year, providing practical insight to engaging with clients and developing process to deliver financial planning advice. This provided a practical way of implementing the knowledge gained during the day.

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