Opes Wealth

Opes Wealth A Small Boutique Financial Planning Practice looking after High Net Worth Individuals & Families.

Stock markets are pumping with The JSE All Share Index as well as the S&P500 hitting record highs yesterday!!The bulls a...
27/09/2024

Stock markets are pumping with The JSE All Share Index as well as the S&P500 hitting record highs yesterday!!

The bulls are running and the data supports further increases before an inevitable correction.

How far will it go…?

As I am sure you are well aware by now the Two-Pot Retirement Fund system goes live at midnight on the 1st of September ...
30/08/2024

As I am sure you are well aware by now the Two-Pot Retirement Fund system goes live at midnight on the 1st of September 2024, so Monday could be a very interesting and possibly busy day for all of us.

I have had the opportunity to discuss this with most of my Corporate Clients and I am sure that most of you have a fair to good understanding of how the system is going to work.

I have also addressed staff members so that hopefully they have a clear understanding of how the system is going to work, what their options are as well as timeframes and potential hiccups.

In the lead up to Monday I thought that I just jot down some key points in order to communicate with any staff members who might have any questions (mainly around withdrawals) for you or your colleagues:

* Every service provider (Liberty, Momentum, Sanlam, Allan Gray, etc) will have their own intended service level agreement in which to process any withdrawals.
* This is only a guideline as the will be factors that are outside of their control (SARS) which could cause delays.
* The Seeding Capital which will get the Savings Pot under way is 10% of the Vested Pot to a MAXIMUM of R30 000.00 (There are members expecting more).
* Members can do 1 withdrawal per year.
* Members will pay income tax on their withdrawal.
* The service provider (Liberty, Momentum, etc) have to apply to SARS for a Tax Directive prior to making payments.
* The Financial Services Industry is expecting huge delays in the issuing of Tax Directives by SARS, please bear this in mind and communicate this to members.

I expect that next week we will be able to request new Member Benefit Statements (MBS) from providers which will show the Vested, Unvested and Savings Pots on the MBS. I am happy to assist by requesting these, and going through them individually with staff members. I have already committed to doing this for two of my corporate clients.

Please let me know if I can help in any way!



Photo from https://www.taste-africa.com/ (so good!!) 😊

Last night a client of ours was having dinner, and choked on a piece of steak. She couldn’t breathe and the restaurant c...
30/08/2024

Last night a client of ours was having dinner, and choked on a piece of steak. She couldn’t breathe and the restaurant called First Responders and she was taken by ambulance to the Emergency Room of the nearest hospital.

Fortunately she is ok and the story ends well, HOWEVER… The medical scheme and option that she is on does not cover the Emergency Room unless she got booked in to hospital and the ambulance is not covered either.

Fortunately for her (a pensioner) she has Gap Cover which has an Emergency Benefit, so the financial impact of a scary, possibly life threatening event will be minimised.

Have you checked if you are covered for events such as this?
Do you have Gap Cover, which has become vital in South Africa?

Drop us a message if we need to discuss this further.

We have had some very strange and interesting scenarios that have landed on our desks over the last few weeks and it has...
02/08/2024

We have had some very strange and interesting scenarios that have landed on our desks over the last few weeks and it has prompted me to write this post.

It is critical to bear in mind that the Master of the High Court only accepts the ORIGINAL SIGNED Will when a deceased estate is reported.

The Master will not accept scanned or photocopied Wills. If the original cannot be produced, one of following options are available, namely: 
 
Your beneficiaries will need to apply to the High Court to have the copy declared as the original. This is an arduous and costly process (anywhere from R60 000 – R100 000) and there is no guarantee that the application will be successful, or

A previous outdated signed original Will may be accepted, not reflecting your last wishes. If there is no previous Will, then you will be deemed to have died intestate (your intended beneficiaries might not inherit).

The above mentioned may lead to financial implications for loved ones, delays in the administration process and could also potentially cause family feuds.

I have worked with Standard Bank Trust as well as several attorneys over the years and I have even drafted wills myself, but I am beginning to get concerned that if the ORIGINAL can’t be located that there might be an issue on hand. There are providers such as Standard Trust who provide a Wills safe custody service in which your signed original Will is held in a safe and secure location. Centralised storage has several advantages. It helps the family of the deceased to trace an original Will without difficulty or delay and prevents loss of the document. Every Will in custody is treated as confidential.

Please check that you have a copy of your Original Will (ink signature) and that it is stored safely, especially in the event of a fire or flooding.
Once you have located the will, please check that it is still in line with your wishes.

If you can’t find the original or if we need to make changes then please let us know.

Do you have kids?If you do then you’ve probably experienced the transition from them having toys that they absolutely LO...
31/07/2024

Do you have kids?

If you do then you’ve probably experienced the transition from them having toys that they absolutely LOVED and couldn’t live without to their “next best thing.”

I’m sure that this has lead to piles of old, unused and unwanted toys in your house.

Our daughter is 6 and at first we donated all of our unwanted toys, which we still do, but as she is getting older we started having conversations around money and what the things that she now wants cost so that she can get an understanding and a sense of money and the fact that one actually has to pay for things in the shop! 😂

I have now opened up a Youth Bank Account for her and we have started selling some of her old toys on Marketplace which then goes into her account so that she can buy new things with the proceeds.

These transactions have started teaching her the value of money, how shops and is making sales works as well as delayed gratification in that she has to wait until 3 items are sold before buying a new item as an example.

Is this something that you have done?
Is it something you would do if you haven’t already?

Let me know… 😊

“Financial Planning is an Art & not a Science.”At Opes Wealth we believe that even though we use formulas and equations ...
30/07/2024

“Financial Planning is an Art & not a Science.”

At Opes Wealth we believe that even though we use formulas and equations which are logical fairly rigid we are dealing with individuals and each person had a unique set of beliefs, circumstances, needs, wants, desires, goals, finances and the list goes on and as such there is no one solution that solves every need.

Do you have a VALID Will?I have an interesting scenario that landed on my desk a week or two ago and prompted me to writ...
20/06/2024

Do you have a VALID Will?

I have an interesting scenario that landed on my desk a week or two ago and prompted me to write this…

An old lady living in a small town in the countryside went to the bank to get her will drafted. The person who assisted her completed the application form and she signed it but as it turns out he never submitted the application in order for the will to be drafted.

The old lady passed away a few weeks ago and when her family went through her paperwork they could not find her will, so they reached out to her financial planner as well as the bank who explained that the application had never been submitted… 🤦🏻‍♂️

The intentions of the deceased are in contrast to the Law of Intestate Succession so what happens now?
Who inherits?
Can the family petition the Master of The High Court to have the application that was never submitted declared a will or notice of the deceased intentions?

To all the planners out there - ensure that your clients all have valid wills in place, and that the originals are in a safe place.

To all the clients - Do you have a valid will, do you know where it is??

If not, please get in touch and let’s see if i can help you!!

We have a deal!Let’s hope that this is a positive step for South Africa, markets, businesses and investors!
14/06/2024

We have a deal!
Let’s hope that this is a positive step for South Africa, markets, businesses and investors!

This week the South African Reserve Bank kept the current repo rate at 8.25% which results in the prime lending rate bei...
31/05/2024

This week the South African Reserve Bank kept the current repo rate at 8.25% which results in the prime lending rate being at 11.75%. This was widely expected.

We have revamped our website and we believe that it now more accurately reflects who we are, what we do and who we do it...
09/04/2024

We have revamped our website and we believe that it now more accurately reflects who we are, what we do and who we do it for!
Please go and have a look at www.opeswealth.co.za and feel free to get in touch if you would like to see if we can assist you!

Eid Mubarak to all of our Muslim clients and friends!
09/04/2024

Eid Mubarak to all of our Muslim clients and friends!

Address

Cape Town
7708

Opening Hours

Monday 09:00 - 17:00
Tuesday 09:00 - 17:00
Wednesday 09:00 - 17:00
Thursday 09:00 - 17:00
Friday 09:00 - 17:00

Telephone

+27823782123

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