Capesure (Pty)Ltd

24/02/2014

Do You Need A Financial Advisor?

The profession of financial planning is relatively new in comparison to other crafts like law, accountancy, and medicine. If you chat to your grandparents, they will tell you that in their youth financial planning was not even a recognisable term. During and after the Second World War the depression made it virtually impossible for most people to make ends meet, let alone have surplus money to invest. Access to financial advisers was the domain of the super-rich.

Prior to 1945 financial planning was neither a term nor a concept with which people were familiar. Subsequent to World War II, the Depression hit and most people could barely survive, far less save their money

Once the world was on the road to recovery, investment and insurance was accessible to everybody. Unfortunately Insurance companies sold savings plans and life policies to people without educating their clients about what they were buying or considering their financial circumstances.

Fortunately, in the last 10 years stringent legislation has resulted in financial advisors becoming trained professionals who now provide best advice financial planning. Unfortunately the old legacy of distrust still lingers and some people still take the “money under the mattress” approach. The rejection of insurance company risk and investment products can seriously compromise an individual. Finding a good financial advisor can put to bed fears and misconceptions around insurance products and help you build your wealth.

There is a significant range of financial products and it is almost impossible to identify appropriate products for your needs without a professional’s assistance. Self- employed individuals have to take responsibility for their own insurance and investment needs but even for those who are fortunate enough to have a company sponsored plan, still have to strategise and ensure that their policies and investments sufficiently cover their risk and retirement objectives. Everyone could benefit from professional advice.

The onus is on you to be honest and up front when providing information to an advisor, so don’t leave out details like you blow R1000 per month at the casino. It is important to feel comfortable with the financial advisor you choose, since your relationship is likely to be a long-term one. If you are uncomfortable with the thought of using advisor every company that sells a product has a consultant employed to help you, so don’t be afraid to ask lots of questions.

21/11/2013

Become well-informed with easy-to-use calculators

MySmarts will help you to learn about the impact of your everyday financial decisions.
Click on https://www.momentum.co.za/for/you/my-momentum/register to register for Financial Wellness and optimise your finances.

14/11/2013

Budget and income statement creation for you and your family at the click of a button.

12/11/2013

Party season has begun… year-end functions, team events and early Christmas parties! If you are drinking, don’t drive. But that does not mean you can't enjoy yourself: call a friend of family member to get you home, or use our HomeDrive service. Take care of yourself and others on the road. .

06/11/2013

Why Momentum Health?

So you want to save money for unforeseen medical expenses. You want a savings account that will let you make a lump sum deposit, or maybe monthly debit order payments, or even stop contributing when you want to. Momentum’s HealthSaver account lets you do all that, and perfectly integrates with your medical aid to pay claims. Read more: http://bit.ly/1degE7u

31/10/2013

What gives you the shivers when you think of short-term insurance? Is it the thought of expensive premiums? Or does the thought of long quote processes haunt you?

Well you don’t have to be scared to try us out, we may well end up pleasantly surprising you!

30/10/2013

You will soon be able to submit your short-term insurance claims using our brand new client mobile app.

You will soon be able to submit your short-term insurance claims using our brand new client mobile app. It means less time on the phone and less time spent completing paperwork which, let's face it, no one ever likes doing.

Watch this space for the launch dates!

18/03/2013

Many employers land up with a hotchpotch of employee benefits that they and their employees do not really understand and, even worse, that their staff sometimes fail to appreciate.

27/02/2013

Don't get taken for a ride

26 February 2013


Buying a used car has its advantages. It’s less expensive than buying a new car, they are slower to depreciate and there is greater flexibility in cost and availability. However, purchasing a used vehicle comes with its own set of risks.

You have to trust the seller when they relay the car’s history to you, particularly if there is no service history booklet to accompany their claims. The car may have mechanical or structural problems, replacement parts may be hard to find and there’s every chance that the seller could misrepresent the car’s mileage, condition and any other factors such as the warranty.

Gary Ronald, head of public affairs at the Automobile Association of South Africa (AA) says he gets emails daily from people saying they’ve bought a car which they are not happy with and want to send it back. But this isn’t always possible. “Unfortunately, despite the introduction of the Consumer Protection Act the voetstoets clause still applies when it comes to private sales. However, if you buy from a dealership the CPA applies and they can’t sell you a car voetstoets,” says Ronald.

Try before you buy
To avoid buying a lemon (or defective car) you should ensure that it is mechanically and structurally sound before you buy it. You can do this several ways. You can have your vehicle checked by Dekra, which is the AA’s preferred partner for vehicle roadworthy tests. It does multi-point checks and technical examinations. A technical examination is Dekra’s most comprehensive test. It sets you back just over R1,400 but this could be worth it in the long run, particularly if it finds there are several problems with the car.

Alternatively, take along a panel be**er or mechanic that you trust when you are hunting for a car and you could save yourself some money if you can’t afford to take the car to an organisation like Dekra. You could also find out more about the car’s history from credit bureau Transunion, which offers a Car Value Report service for a once off R10 fee. It will give you the car’s history and will also tell you if you are paying a fair price for your vehicle. You can buy a Car Value Report here or call them on 0861 482 482.

“Find out if the dealer is willing to have the car tested,” says Ronald. “If the answer is ‘no’ then walk away from the deal. There are so many good deals out there you are bound to find the exact same make and model elsewhere. Note that a roadworthy doesn’t mean that the car is reliable, it just means it’s met with the minimum requirements of the Road Traffic Act.”

The affordability test
Before you buy a car (new or used) make sure that you can afford it. “We find a lot of the problems come from when people suffer from what we call ‘buyer’s remorse’. During the holidays thousands of cars were sold in South Africa and a lot of those cars are back with the dealerships when they suddenly realise that they can’t afford the repayments. A vehicle is a very expensive item and you have to plan properly,” says Johan van Vreden, Motor Industry Ombudsman (MIO).

Don’t forget the added expenses such as insurance and fuel. You have the monthly repayments to the bank and also the insurance premiums. Then there are the general costs of running this vehicle. Can you afford the fuel and the maintenance? "It’s these other things that people don’t take into consideration. Are there lots of spare parts readily available and enough distributors around? For some vehicles, it can be difficult to get hold of certain parts. Dealers should be able to tell you about the vehicle and whether spare parts are readily available," points out van Vreden.

The right to complain
If you feel you have been treated unfairly by a dealer or feel they have provided you with poor service it’s important that you try to resolve the issue with the dealer first says the Ombud. “The dealer cannot abdicate his responsibility. They have to look after the customer under the terms and conditions of the warranty. There is a service agreement between you and the dealer. I don’t think consumers understand what their rights are. Too often they don’t read the agreement and just get into the car and go,” says van Vreden. If you can’t resolve the issue with the dealer you can lodge a complaint with the MIO here.

Protect yourself
The AA provided Justmoney with the following tips to follow before you sign on the dotted line to buy your used car:

1. Always ask to see the car's paperwork and check the service record.

2. Pay for a mechanical check to be carried out.

3. Beware of dealers advertising as private sellers. Check that the address on the registration document is the same as the address where you saw the car. If you answer a private advert and say that you are ringing about the car and the person says "which car?" you may be talking to a dealer.

4. Always try to negotiate a lower price.

5. If you are not feeling totally sure and happy walk away. There are plenty of second-hand cars around.

6. Shop around for the best financial deal.

7. Set up a budget and stick to it.

05/02/2013

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06/11/2012

Finance & Insurance South Africa: read this Insurance article, share with your friends via email or social media, or print it out. If you have a MyBiz account, you may add your comments; share the article with your friends via Twitter, Facebook, LinkedIn, Google+ and other social media platforms; Bi...

26/10/2012

About 70% of SA women have no short-term insurance
A new study by payments company Visa has revealed over 70% of South African women own a savings account and an equal number do not have a short-term insurance product.
The survey from a sample of 2‚000 women across all income groups also found that only 27% looked for professional advice on financial matters while up to 10% of those in a relationship owned a secret bank account.

The study was meant to find out the attitudes of women towards financial matters and is believed by Visa to be the most comprehensive ever done so far in SA.

Visa country manager for South Africa‚ Mandy Lamb‚ said the report was an important one as it gave insights into how South African women approached money and flagged areas of concern and potential improvement.

"Increasingly it's women who have their hands on the purse strings. Even for traditionally 'male' purchases such as cars‚ women are having a greater say‚" Lamb said.

"We want the report to identify areas where women are putting themselves at financial risk so they are aware of the problems and can protect themselves accordingly. For instance‚ nearly 10% of women have no savings whatsoever. Naturally this is an alarming statistic and something that each woman needs to address‚" she said.

The survey captured the views of women about their finances - how they spend their money‚ what they spend their money on and how much they are willing to spend on certain items. The women surveyed had financial decision-making responsibilities in their households.