IOL - Money Mag - October 2022

PLANNING

CONTENTS

FEATURES

REGULARS

Hesse

Just because you can afford it doesn’t mean you should buy it

– SUZE ORMAN American financier

@PERSONALFINANCE

CONTACT US

PUBLISHER

Vasantha Angamuthu vasantha@africannewsagency.com

MONEY EDITOR

Martin Hesse martin.hesse@inl.co.za

DESIGN

Mallory Munien mallory.munien@inl.co.za

PRODUCTION

Renata Ford renata.ford@inl.co.za

BUSINESS DEVELOPMENT

Keshni Odayan keshni.odayan@inl.co.za

SALES

Charl Reineke charl.reineke@inl.co.za

INQUIRIES

hello@africannewsagency.com

FROM THE EDITOR

When asked why they would use a financial adviser, most people would give an answer something like this: “To ensure that my money is invested in investments that will give me the best returns possible.”

That, to my mind, is the worst reason to use an adviser, and it’s unfortunately the reason that many vulnerable people fall prey to unethical so-called advisers who put their clients into high-risk investments that often go belly-up.

If you are looking for above-average returns, a truly professional adviser – one who puts your financial interests above his or her own and who abides by a professional ethical code – is likely to put a damper on your expectations. This is because returns and risk are two sides of the same coin, and a professional adviser will assess your capacity for risk before advising on an appropriate investment.

And then – and this is where the professional adviser’s true worth comes in – he or she will hold your hand through the minefield that is the financial market, ensuring your longer-term goals are not derailed by knee-jerk decisions.

Ideally, this should all form part of a holistic financial plan that embraces all aspects of your finances, which is one of the first things you and your adviser (or planner, who is an adviser who belongs to a professional body such as the Financial Planning Institute), should focus on.

So instead of regarding your financial adviser as an investment expert, regard him or her as a financial counsellor, who becomes as familiar as your family doctor.

Martin Hesse

THE 8 COMPONENTS OF A HOLISTIC FINANCIAL PLAN

Your financial plan should incorporate all areas of household and personal finance. Here are the eight components you need to have in place to fully provide for you and your family’s current and future financial needs.

1. BUDGET

This is a record of your income and expenses that enables you to monitor what money is coming in and where it is going. It should guide you on how much to allocate to your various household expenses and to savings and investments.

2. MEDICAL AID

While unlikely to cover all your health expenses, medical scheme membership is essential for you and your family. Even the most basic options importantly cover expensive private-hospital procedures for lifethreatening illnesses and injuries.

3. SHORT-TERM INSURANCE

This is insurance cover for your possessions – from your house to your car to your personal belongings. But it can also cover you for liability for damage to other people’s possessions or for compensation if, say, someone is injured on your property.

4. LONG-TERM INSURANCE

This is life and disability cover primarily for the breadwinner/s in the family, without whom your dependants would be left without an income. Some financial planners believe disability cover in the form of income protection is more essential than life cover.

5. SHORT-TERM INVESTMENTS

These are your savings towards short-term goals such as an overseas holiday or the deposit on a property. They should include an emergency fund, which is savings to cover your living expenses for at least three months, in case your income suddenly dries up.

6. LONG-TERM INVESTMENTS (RETIREMENT PLANNING)

These are investments for future events, of which the most important is when you cease working for a living and have to depend on an income from those investments. They should ideally be in inflationbeating growth assets.

7. TAX PLANNING

This involves planning your investments and expenses in such a way that you legitimately reduce what you pay in tax, be it income tax, taxes on investments, or estate duty. Various financial products are designed to take advantage of tax breaks.

8. ESTATE PLANNING

This involves having a plan in place for when you pass away, whether that be sooner or later – the essential element is a will. Depending on the size or complexity of your estate, you may look at options such as establishing a trust.

THE IMPORTANCE OF HAVING A PROFESSIONAL ADVISER

“A good financial adviser can drastically improve your financial outlook by guiding your financial planning and ensuring that you remain committed to your goals.”

Many investors underplay the importance of financial advice to the detriment of the performance of their portfolios and their ability to meet their savings and investing goals over time.

This is the view of Tamryn Lamb, head of retail at Allan Gray, who says that with interest rates and inflation on the rise, investors who are concerned about how to achieve real returns and protect their savings and investments from losing value over time, should consider getting “personal” about their finances with a trusted, independent adviser.

“A good financial adviser can drastically improve an

investor’s financial outlook by guiding their financial planning and ensuring that they remain committed to their goals.”

Lamb says that advisers have the objectivity and experience to help investors address the range of challenges they may face over the course of their investing journey.

This includes ensuring investors have a well-crafted financial plan that sets clear actions and steps to help them achieve their goals.

“While it is easy and helpful to find financial planning tools online these days, these should not be seen as a substitute for tailored financial advice that helps investors make decisions that are right for their personal circumstances. It is important to seek the help of a qualified professional when it comes to personal finance,” says Lamb.

Advisers help you avoid mistakes

Lamb says that there are common mistakes that advisers can help you avoid, including being invested in the wrong product or not maximising tax benefits.

She says advisers help their clients position their portfolios appropriately to account for this uncertain environment and not to disinvest at inappropriate times.

“This may include assistance in investing in the right product, ensuring that return objectives and retirement savings goals take inflation into account and that portfolios are sufficiently, but not overly, diversified,” says Lamb. “Finally, advisers help investors remain committed to their plan, adjusting only as circumstances suggest it is appropriate. Importantly, they help investors manage themselves with discipline,

identifying and understanding how their emotions can lead them astray in the investing process.”

How often should you update your financial plan?

Lamb says that if you are invested for the long-term, tracking your investment too regularly, particularly if you still have a way to go until retirement, may do more harm than good.

“That said, every investor should review their retirement goals and objectives annually or when there is a big life change like having a child, getting divorced, or when there is a death.”

She adds that if you haven't got round to an annual check-in with your adviser before the year is out, now is an opportune time to schedule a thorough review to ensure that your

financial affairs remain aligned with your goals and plans.

No adviser? How to find the right one for you Lamb says two things are important when trying to find the right financial adviser: 1. Independence. “Independent advisers are agnostic about products, as they are not incentivised based on which product is selected. We believe that removing potential conflicts like these in the advice process helps ensure that the advice provided is suitable for the individual client’s needs.”

2. Trust. “You need to be able to trust your adviser to help you stay the course: If you are struck by fear if your investment is underperforming, for example, you need to trust your adviser to help you look forward and understand the performance of your investment relative to your goals and future focus.”

There are several questions you can ask of the adviser to establish whether you can build a relationship based on trust over time. “Ask them about their approach, how they think about structuring your portfolios and how frequently you will be meeting. This helps set expectations and establish a good working arrangement. Ask about what the advice process will look like, how fees will be charged (and do they seem reasonable relative to the value you will receive) and what is expected from you, as the client. Fees should also be well disclosed, and transparent.”Supplied by Allan Gray.

To find an adviser with the internationally respected Certified Financial Planner accreditation, go to the Financial Planning Institute’s mymoney123 website: https:// mymoney123.co.za

A FINANCIAL PLANNER’S MONEY TIPS

FOR YOUR 20s, 30s, AND 40s

Once people are armed with proper financial information, they can stay on course with their financial wellness journey

Your personal finance journey may not be the same as your sister’s or mother’s, as there are individual factors that can impact the financial planning choices that you make.

Once people are armed with proper financial information, they can stay on the course of their financial wellness journeys, says Katlego Gaborone, a financial planner at Momentum.

Gaborone shares his top financial tips for different age groups:

Money tips for your 20s

“Many people in their twenties are still studying or have just started their careers and are finding their footing in the real world,” Gaborone says.

● Speak to a financial adviser who can assist you in planning and setting realistic goals as well as provide guidance on how you can invest your money.

● Pay off all of your debts including student loans as quickly as possible.

● Draw up a budget and stick

to your budget – only buy what you need and pay cash for it if you can.

● Start your own side hustle as a way to earn an extra income. You can use the money to pay for expenses, pay off debt or invest.

● Invest your money even if it is a small amount and earn compound growth.

● Don’t cash out your savings when switching jobs; instead re-invest the money.

● Get life insurance and medical aid as well as protect

your income to prepare yourself for any unforeseen circumstances.

● Have three months’ salary put away in an emergency fund in case disaster strikes and you need the money.

● Make sure your credit score is healthy. A good credit score means banks will grant you a loan at a lower interest rate when you need it. Paying back the full amount due on your credit card, every month and on time will benefit your credit score.

Money tips for your 30s

“For many, this phase is when families are started, and longterm investments are made. Think ‘save’,” he says.

● Think about investing long-term and consistently.

● Diversify your investments instead of putting all of your eggs in one basket.

● Bulk up your emergency fund so you can handle any financial emergency.

● Make sure your credit card is paid in full every month and avoid bad debt such as clothing accounts.

● Think comfortable, not extravagant. So don’t use up all of your savings when buying a house. Leave some wiggle room for when an unfortunate happens and you can’t pay your mortgage.

● Ensure that your life insurance and income protection policies can provide for your whole family.

● Have an updated, executable will to provide for your spouse and kids in case something happens to you.

● Spend less money than you earn and save – your future self will thank you.

Money tips for your 40s

Gaborone says many in this bracket are focused on saving for their retirement and living a comfortable life.

“Balance living and spending

with saving and investing,” he says.

● Increase the contributions you are making to your retirement savings.

●Let tax work for you.

● Check the beneficiaries on all your policies.

● Review your insurance and will policies.

● Speak to your parents about their finances.

● Pay off any debt that has a high-interest rate.

● Treat yourself by going on that dream holiday or doing those home improvements that you have been putting off.

● Teach your kids how money works, including engendering good saving habits.

● Have an education policy for your kids for their future studies.

“Even in these difficult times, there are many ways to counter falling into financial despair, and we are optimistic that, with the correct financial literacy and planning, South Africans can prosper,” Gabarone says.

Rands and Sense

5 SIGNS YOU MIGHT BE FINANCIALLY ILLITERATE

Ever wondered why your career’s going well but your investments are in a mess? Here are a few possible reasons:

1. You save all your money in the bank Cash is not ideal for investments of longer than a year. There’s no denying that cash is the safest asset class around – but it doesn’t beat inflation. There are many other asset classes that provide inflation-beating returns, such as shares, property and commodities. Unit trusts are a great way of combining and diversifying these asset classes to suit your investment goals, term and risk appetite. Not only is your love of cash making you miss out on good returns, but the fact that you can easily access your savings in seconds may lead to impulsive spending. Fixed-term savings products may help – but they can be costly. I’m not saying there’s no place for cash. But please, only use your bank savings account for emergencies and short-term goals.

2. You’re attracted to investment scams

Mpumie

Makhanya

The thought of doubling your money in a day excites you. The “invest R1 000 and receive R50 000 in two weeks” ads are definitely a scam, as there’s no investment that returns over 100% in such a short space of time. Yes, high risks equal high returns, but this isn’t one of those instances. You’re simply donating your money to a fraudster. Growing your money and net worth requires patience and consistency. Remember: if it sounds too good to be true, it probably is.

3. You don’t know how to manage debt You’re comfortable taking out loans to fund lavish holidays and to splurge on designer clothes, but you baulk at putting money in your retirement annuity or unit trusts. Using credit to buy consumables is far from ideal. Take note of debt traps like balloon

payments on cars. Your creditor may lure you into believing you can afford it. But can you really? Would you rather “look” rich or be actually rich? You’ve probably also heard the classic Rich Dad, Poor Dad tactic of using debt to purchase assets. This needs a strategy and proper planning. Credit needs to be used wisely, since it is mostly a long-term commitment.

4. All you know about money is what you learned in school Scholar, it’s time to read actual books on finance, watch webinars, and subscribe to finance newsletters. This will assist you in making the right money decisions and receiving insights on things like the latest tax laws that can save you money through tax deductions. Medical and retirement fund deductions, coupled with tax-free savings accounts can help to significantly reduce your tax burden.

5. You don’t have a financial plan

You earn, spend, try to save and that’s really it. You save because you were taught “it’s the right thing to do” but you don’t put much thought into it. Your savings don’t have goals and that’s why you’re easily tempted to spend. Your money needs to have a plan if you want it to grow beyond your current level. The tricky thing is that if you don't plan, plans will still be made for you – they just won’t be the plans you wanted.

The bottom line

Did you recognise bits of yourself in the article? Don’t stress! It’s never too late to become financially literate, and there’s a plethora of resources to help you. Take your pick from DIY investing books through to blogs, podcasts and social media influencers. Or ask a financial adviser to help you to brush up on your financial ABCs.

Mpumie Makhanya is a financial adviser at BDO in Cape Town.

YOUR RIGHTS AS A CONSUMER

The internationally recognised Certified Financial Planner (CFP) designation represents the highest professional designation for financial planners worldwide. There are over 200 000 CFP professionals globally, and about 4770 in South Africa. The Financial Planning Institute of Southern Africa (FPI) is the local custodian of the CFP mark. If you’ve decided to work with a financial planner, it’s important to understand your rights in the relationship. On its website, the FPI lists your rights as follows:

1. You have the right to a planner who has integrity. Trust between you and your financial planner is central to a successful relationship. When you know that your financial planner takes his or her professional obligations seriously, placing principles over personal gain, you can develop the type of partnership that is crucial to the success of any professional relationship.

2. You have the right to objective advice. Your needs should be at the heart of all recommendations made by your financial planner. Your planner should carefully consider your situation, do thorough research and, based on his or her knowledge and experience, give you advice that best meets your goals.

This objectivity may require your planner to explain that your goals are unrealistic. He or she may then suggest alternative goals or priorities.

3. You have the right to be treated fairly. Your financial planner should treat you the same way he or she would like to be treated in a professional relationship. This involves clearly stating what services will be provided and at what price. Your planner should also explain the risks associated with his or her financial recommendations and any potential conflicts of interest. For example, does he or she gain financially from your purchase of a particular product?

4. You have the right to a planner who is professional. Your financial planner should not provide investment advice or stock brokerage or insurance services unless he or she is properly qualified and licensed to do so. If your situation requires expertise that your financial planner does not have, he or she should suggest other professionals who may assist you.

5. You have the right to a planner who is competent. Your financial planner should have an appropriate level of

knowledge to offer financial advice. You can be confident that a planner with the CFP certification has the required knowledge and expertise. Your planner should also complete continuing education courses to remain competent and updated on financial issues.

6. You have the right to privacy. You need to divulge relevant personal and financial information to your financial planner regularly. Your financial planner should keep this information in confidence, only sharing it with others to conduct business on your behalf, at your consent, or when required to do so by court order.

7. You have the right to a planner who is diligent. Your financial planner should discuss your goals and objectives with you and explain what you can expect from the relationship before engaging you as a client. Once the planner has determined that he or she can assist you and has gathered sufficient information, the planner should make – and, if required, implement –recommendations that are suitable for you. A diligent financial planner reasonably investigates the products or services he or she recommends.

MONEY BASICS with MARTIN HESSE

THE BEST LEGACY YOU CAN LEAVE YOUR KIDS

A current trend in the financial services industry is the focus on generational wealth, which has become something of a buzz-phrase and refers to wealth that is passed down to the next generation. This and the phrase “leaving a legacy” are being bandied about in a way

that may give the impression that providing a substantial inheritance for your children should be an important part of your financial plan.

I believe you need to look very carefully at the concept of generational wealth and how it applies to you and your family

before incorporating it into a financial plan.

We would all like to be in the financial position to leave our children money to ensure that their lives are easier than ours. But the facts – and basic common sense – suggest that leaving your children oodles of cash should not be a

priority in your planning, and it may do more harm than good.

Only about 6% of people retire with enough money to enjoy a comfortable retirement, which means that the percentage of people who can afford both to retire comfortably and leave a substantial inheritance for their children is very small.

Any clear-headed financial adviser will tell you that you should never prioritise leaving money to the next generation above your own needs in retirement. When you reach retirement age, you and your spouse come first.

Apart from being able to afford daily living expenses and the odd luxuries, you will probably need more than you realise for medical expenses –these rocket in the last couple of decades of life. Remember, your biggest enemy in retirement is inflation: you need to factor this into your planning, especially in the rising-inflation environment we’re experiencing currently.

It’s a bonus for your kids if, after you and your spouse have passed on, there is something left for them. But don’t make sacrifices to that end and, vitally, don’t raise their expectations that they are in for a windfall when you go.

It’s a fact that if money comes too easily to young people, they are unlikely to appreciate it and highly likely to squander it. This is borne out by research among wealthy families that shows that the wealth created by one generation is generally

gone within three subsequent generations.

If you do have the money to leave your kids after ensuring you and your partner are looked after, you may consider an instrument such as a trust to control how that inheritance is used.

So what legacy should you leave your kids? The best legacy you can leave your children is not money; it’s their memory of you as a loving, caring parent who did as much as you could to ensure they had a stable, secure upbringing and attained the education (ideally some type of tertiary education), skills and work ethic to be self-reliant and contribute positively to society.

One area of their education that will probably empower them as much as a tertiary qualification, and is unfortunately not taught in schools, is financial literacy. If you can teach your kids to be savvy with money, they will be forever in your debt.

The worst legacy you can leave your children is letting them develop a sense of entitlement, whereby they fail to learn the value of money and come to expect “the good life” without having to do anything to earn it.

Sumayya Davenhill, head of marketing at M&G Investments says kids, like adults, are bombarded with messages that encourage frivolous spending. She says children – especially younger children – model the behaviour of those around them. “Actions speak louder than words. If

they see you buying whatever you want, whenever you want, they’ll think you have an endless supply of money. Instead, talk to them about saving, and encourage them to delay gratification by regularly getting them to put a little bit aside from this week’s pocket money to have an enjoyable experience, like going to the movies, in a few weeks’ time.”

Davenhill offers more tips on preventing “entitled” children:

● “Don’t give in to every request your child makes to buy something. This only reinforces the idea that money is easy to come by and doesn’t help them experience impulse control. In fact, kids who are always given what they want, when they want it, can end up with debt problems.

● “Try to embed the concept of working for a living. Take them to your office to show them where you work and help them to understand that’s how you make money. Give them simple chores to do to earn pocket money.

● “Teach them to value experiences just as much as, if not more than, things. Spend time with them doing simple activities, like going for a picnic in a park.

● “In the same vein, don’t use birthdays and other special occasions as a reason to spend lots of money. Focus on fun, affordable activities with friends and family instead. Or better still, open up an investment for them, where you can teach them the fundamentals of investing.”

FIVE BAD ATTITUDES THAT PREVENT YOU FROM SAVING

“These negative attitudes are mindsets that sabotage financial success, and you will need to change them if you hope to realise your personal goals and dreams.”

The South African household savings rate (percentage of household income that is saved or invested) dropped to 0.3% in the first quarter of 2022. That means that South African households are putting away less than 1% of their income for a rainy day or generally saving for something.

“We save so little in South Africa, while saving is part of the culture in so many countries. For example, the Chinese save almost half (45.5%) of their household

incomes, which ensures that people have emergency funds or a nest egg in old age, and this culture of saving adds to the economic growth of that country. So, it is important to understand what prevents us from saving in South Africa”, says Sherwin Govender, business development manager at Glacier by Sanlam. “Saving is a big step towards personal financial freedom and facing your future with confidence.”

Govender unpacks the five top pitfalls that prevent

successful saving. “These negative attitudes are mindsets that sabotage financial success, and you will need to change them if you hope to realise your personal goals and dreams. It’s important to know if you’re guilty of any of them and then to do something about it,” he says

1. You underestimate the value of saving

The most common response to why people do not save is that they cannot afford it. The economic conditions in

our country have made it a challenge for most of us to make ends meet, so building a nest egg becomes less of a priority. Even higher-income earners do not always have the type of savings and investments that you would expect. Most of us have a multitude of monthly expenses that take precedence over savings. This implies that these expenses are valued higher than a savings plan.

That raises the question: “What is the value of savings?”. In short, savings, plus the growth it generates, is the only way to “pay yourself”. If done correctly, your savings can be transformed into property, education, travel, healthcare, and your financial independence. If you automatically save 10% from the first day you earn an income, you learn to build your spending habits around not having access to that money. Every rand saved is a sacrifice but strengthens your financial fitness. Financial fitness leads to less stress and anxiety, which leads to a happier life.

2. You don’t believe in getting professional advice

Many people do not see the true value of professional financial advice. The younger generations especially have taken a “do-it-yourself” approach to financial planning. Others follow the latest trends or the advice of friends and family. Financial planning is complicated and deeply personal. Much like medical, legal or tax advice, it is always recommended to use an

appropriately authorised and registered financial adviser. The true value of a professional adviser is that they take a holistic view of your personal finances – your income, expenses, needs, shortfalls, risk appetite and goals. A good adviser becomes a coach and partner in your journey to financial fitness.

3. You are too comfortable with debt

South Africans are some of the most indebted consumers in the world. Debt and indebtedness seem to be the norm. Of course, there’s healthy debt like a mortgage bond for your home or debt that is sometimes necessary, such as vehicle finance. However, if you are using credit to finance a lifestyle you cannot afford –such as clothing, luxury items, or your social life – then you have unhealthy debt. This becomes a drain on your income and financial health. Remember that paying for something on credit is forking out two, sometimes three times the actual cost. Having savings in place becomes ineffective if you are using more of your hard-earned money every month to service debt.

4. You have FOMO (the fear of missing out)

When markets go up, people with FOMO want to buy in. When markets go down, they sell out. You want high returns, but when negative returns happen, you switch investments or sell. You will end up buying into the market when it is expensive and selling when it is

cheap. This behaviour literally destroys your savings. FOMO investors are also more likely to buy into “trend” investments such as cryptocurrencies, non-fungible tokens (NFTs), forex and unregistered assets, which promise returns well above those expected from banks and investment providers. These returns are so attractive that we often do not see the risks associated with them. Unfortunately, many of these avenues have led to tremendous losses suffered by investors.

5. You ignore the magic ingredient – time Investing is a long-term pursuit. We tend to want instant gratification and want results today. However, money takes time to grow. The more time you give your investments, the more your money grows. For example, saving R500 every month for 10 years can grow to about R100 000. Five years after that, it can more than double to over R200 000. This example illustrates the “magic” of compound interest, and you only see its benefits in the long term. No market condition is permanent, and you will not benefit from a market recovery if you sell out when markets fall. Much like becoming physically fit, becoming financially fit needs time and consistency. However, if you stick to your long-term plan, designed for you by your adviser, it arguably is much easier.

This article first appeared in Glacier Insights.

INFORMATION

click on the links to visit the website

with financial education, give you more information on savings and investments,

if you have a consumer complaint or a complaint against a financial services provider

FINANCIAL EDUCATION

Financial Sector Conduct Authority MyMoney Learning Series https://www.fscamymoney.co.za

South African Savings Institute #WaysToSave https://waystosave.co.za/

OMBUDSMAN & REGULATORS

Ombudsman for Banking Services

ShareCall: 0860 800 900 or phone: 011 712 1800

Email: info@obssa.co.za www.obssa.co.za

CONSUMER ISSUES

National Consumer Commission

Toll-free: 0860 003 600 or phone: 012 428 7000

Email: complaints@thencc.org.za www.thencc.gov.za

Consumer Goods and Services Ombud ShareCall: 0860 000 272

Email: info@cgso.org.za www.cgso.org.za

Credit Ombud

MaxiCall: 0861 662 837 or phone: 011 781 6431

Email: ombud@creditombud.org.za www.creditombud.org.za

National Credit Regulator

ShareCall: 0860 627 627 or phone: 011 554 2600

Email: complaints@ncr.org.za or (debt counselling) dccomplaints@ncr.org.za www.ncr.org.za

FINANCIAL ADVICE

Ombud for Financial Services Providers phone: 012 470 9080 or 012 762 5000

Email: info@faisombud.co.za www.faisombud.co.za

INVESTMENTS

Financial Sector Conduct Authority ShareCall 0800 110 443 or 0800 202 087 info@fsca.co.za www.fsca.co.za

LIFE INSURANCE

Ombudsman for Long-term Insurance ShareCall 0860 103 236 or phone: 021 657 5000

Email: info@ombud.co.za www.ombud.co.za

MEDICAL SCHEMES

Council for Medical Schemes MaxiCall: 0861 123 267

Email: complaints@medicalschemes.com or information@medicalschemes.com www.medicalschemes.com

RETIREMENT FUNDS

Pension Funds Adjudicator

ShareCall: 0860 662 837 or phone: 012 346 1738

Email: enquiries@pfa.org.za www.pfa.org.za

SHORT-TERM INSURANCE

Ombudsman for Short-term Insurance ShareCall 0860 726 890 or phone: 011 726 8900

Email: info@osti.co.za www.osti.co.za

TAX

Tax Ombud

ShareCall: 0800 662 837 or phone: 012 431 9105

Email: complaints@taxombud.gov.za www.taxombud.gov.za

PROFESSIONAL ORGANISATIONS

Fiduciary Institute of Southern Africa (FISA) phone: 082 449 2569

Email: secretariat@fisa.net.za www.fisa.net.za

Financial Planning Institute of South Africa (FPI) Phone: 011 470 6000

Email: info@fpi.co.za www.fpi.co.za

South African Institute of Tax Professionals (SAIT) Phone: 012 941 0400

Email: info@thesait.org.za www.thesait.org.za

FINANCIAL DATA

For the latest financial market indicators, go to https://www.iol.co.za/businessreport/market-indicators

For the latest quarterly unit trust performance, go to https://www.iol.co.za/ personal-finance/collective-investments

To look up performance of a particular unit trust fund go to https://www.iol.co.za/ personal-finance/fund-look-up