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Does anybody know?

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kwagga
Super Contributor
Jo Soap - How much money are we talking about, and how old is your mother ? Also - Does she need a fixed income from it ? What is her investment term ?
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THRESHOLD
Super Contributor
... and is she an SA citizen/resident and are the funds exempt from tax if they are repatriated/imported. Are the funds in settlement of a fund (in which case they may benefit from reinvestment (or possibly commuted if applied to another fund in terms of the applicable tax legilation.) Is the source of the funds capital/revenue. Will the funds retain any tax exempt status if brought to South Africa. Have you accounted for expectations in the movement of the source currency vs the Rand. Have you factored in the cost of currency translation?. And umpteen other questions. I know I would not get involved without proper pay. This is not a problem for this forum!
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kwagga
Super Contributor
I did ask how much money we're talking about Threshold, but thanks for putting it in so many words.
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THRESHOLD
Super Contributor
Missing my point - Jo needs advice - so does he know the implications of any of the transactions - in short - there is not necessarily a simple answer to "how much money?" Or she (Jo - Joe/Joanne?)
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Rams
Super Contributor
soap sounds more like a "he"
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3JN2
Frequent Contributor
I am a retired Financial Advisor who received commission. I tried to give honest advice to secure repeat business instead of a once off sale. It's hard work finding new clients. I found people reluctantly paid comission as it was wrapped up in the policy but that they were reluctant to pay fees. When fees were discussed clients ideas of a suitable amount were always far too low. I once did the work and the client afterwards refused to pay even just R100 after I progressively lowered the amount (just to see what he would pay). Many people tried to get free advice - great for them but a waste of the advisor's time. An advisor needs to have a reasonable success rate out of clients seen, otherwise you just can't survive.
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THRESHOLD
Super Contributor
I absolutely agree! AND an advisor has huge potential professional ( and non-) liability. AND the complexity of a proper analysis can be immense and requires extensive cross-discipline knowledge. AND that is why I feel that the man in the street is on a hiding to nothing trying to get proper advice. Largely as a result of government policy - he simply cannot afford it.
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Rams
Super Contributor
so a better idea would be to make the fee incentive based....fees will be a sliding scale of the profit made, so if profit is zero, the fees paid is zero. like not paying lawyers for losing and not paying doctors if problem persists and not paying tax for.....
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Not applicable
Standard Bank offers this service free in Gauteng :-)
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THRESHOLD
Super Contributor
You get what you pay for! "And then some!" - in the case of a bank.
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klapka
Super Contributor
The bank advise for free but commission is paid on the product and the bank keep most of that commission. So how free is that advice.
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Not applicable
I've been to a financial advisor at Standard Bank, the man went through a checklist, do have you have death&dis, do you have a will, do you have ... insurance. Barely looked at my income and expesenses, needs, do I have a portfolio, what are my goals, etc.
was just a massive sales pitch for insurance products with no advice on what I actually needed.

NEVER again.
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THRESHOLD
Super Contributor
That's what I meant by "And then some!" Free advice is worth just that!
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THRESHOLD
Super Contributor
AND let me WARN you. They will make themselves the default executor of your estate! Ask them what their fee will be. Please make sure you are sitting down for the answer.
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partridge
Super Contributor
Go to the F P I website and you will find one in your area- or certainly a few to choose from...( www.fpi.co.za) .Preferably look for one who is a Certified Financial Planner ( CFP). You will almost certainly be better off with an adviser who charges you an hourly rate - or "rate for the job at hand" - such as an analysis and plan. 1. Do not deal with "secondary fund managers" ( otherwise known as "don't worry I will pick out the managers for you and monitor their performance ( Wolken**********sheim !!!) 2. Do not agree to asset based fees for ongoing advice unless of a low order of magnitude. 3. Do not deal with anyone who actually recieves your funds - and then passes the money on to the financial product provider. 4.A fee basd adviser will be able to tell you after about 20 minutes what the scope of work will be - and in that time should be able to give you a good estimate of what your intial plan will cost you. 5. To avoid the once off and yhou never hear from me again brigade set up a formal arrangement with your chosen adviser for at least a 12 month review - becuase this stuff is a lifelong journey. Its my guess that only about 5% of advisers - and that excludes all the representatives of the insurers - will be fee based.
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CHATTYCHAT
Super Contributor
And unfortunately you will not be able to move onto a platform as with GLACIER with your Pension Fund without this being spearheaded by an accredited Fin Advisor - regulated environment. The trick will then be to minimize his % fee of your assets and to ensure that his continuous feedback and suggestions to - or, Not to - make adjustments on your anvestment based on performance but keeping in mind your risk apetite, is in line with his promises - which should be each 3 months, as opposed to 12 months or maybe never again.
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CHATTYCHAT
Super Contributor
And unfortunately you will not be able to move onto a platform as with GLACIER with your Pension Fund without this being spearheaded by an accredited Fin Advisor - regulated environment. The trick will then be to minimize his % fee of your assets and to ensure that his continuous feedback and suggestions to - or, Not to - make adjustments on your anvestment based on performance but keeping in mind your risk apetite, is in line with his promises - which should be each 3 months, as opposed to 12 months or maybe never again.
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jo_soap
Contributor
Thanks Partridge. I will take your advise
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jo_soap
Contributor
The problem is finding that 5% that are truely only fees from the website... I am sure that if you contact somebody they will tell you they are fees only and you cant always see from the name of the company they work for "Eg Jo Soap and associates"
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Not applicable
Hi Jo Soap, i can highly recommend Netto, check out their website www.netto.co.za. Both the partners who run the firm have won the prestigious CFP of the year awards. They are an independent fee based firm. You can pop Joan an e-mail on [email protected] and she will gladly set up a meeting with one of the CFP's. Good luck!
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