SAIFAA NOTES ON THE DEFAULT OPTIONS TO BE CONSIDERED BY FINANCIAL ADVISORS ON BEHALF OF CLIENTS
There is a SAIFAA Advisory Principle that should be followed, namely; it is in the best interest of all Clients to engage with a SAIFAA Member to ensure a “comprehensive, holistic and ongoing” analysis and advisory process that includes all assets and liabilities and not just the default amount within the Retirement Funds!
One of the realities of the Client/Member Post-Retirement Journey is that the “choice of the Living, Life and Hybrid Annuity option at Retirement” is not a “once only decision” in that as the Client(s)/Fund Members who, with a SAIFAA Member who is part of the Unique & SA First Post Retirement Planning Program (PRPC), will need and be required to continually have access to an ever changing advice and guidance program as old age circumstances change and dictate over many years!
One of the many examples of this reality of the “continually being required to implement an ever changing advice and guidance program” is the subject of “Powers of Attorney (POA)” that will be terminated by the forced appointment of a Curator with the substantial Legal Costs and the possible ‘cancellation’ of many well planned Long-Term Investment Strategies being a major problem, such as, when Dementia etc arrives!
SOUTH AFRICAN INDEPENDENT FINANCIAL ADVISORS ASSOCIATION
SAIFAA – A Key Voice of the Independent Financial Advisor with the Public, the Industry, the Regulators and the Media
Working out how to provide a sustainable income from your retirement savings is “the nastiest, hardest problem in finance”,
says William Sharpe, the man who won the Nobel Prize for economics for a theory on how to match investment gains with risk.
“Is your Clients Money your Client or is the Client your Client”
“The Financial Adviser who is only a Financial Adviser is not a Financial Adviser”