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IOL News
3 days ago
- Business
- IOL News
Your investment, retirement, and insurance questions answered
PSG answers the investment, retirement, and insurance questions. Image: Freepik With industries and trends changing rapidly, I often feel tempted to change my investment strategy (specifically the portion of shares that I've invested in). Can you advise me on how to navigate these "hypes" and remain committed to my financial plan? Alexi Coutsoudis, Wealth Adviser, PSG Wealth, Umhlanga Ridge In today's fast-paced, always-connected world, the sheer volume of investment news and social media commentary can be overwhelming. This constant stream of information and success stories often fuels the urge to adjust investment strategies in response to the latest winners. However, staying focused is essential to preserving your long-term financial plan, as yesterday's winners can become tomorrow's losers. Warren Buffett put it best: 'To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework.' One of the most effective ways to manage the pressure of 'investment FOMO' is to recognise a key truth: individual stock selection has far less impact on long-term portfolio performance than your overall asset allocation does. In other words, how much you invest in equities matters far more to long-term performance than which specific shares you pick. Even with a few standout stocks, consistently outperforming the market is rare. What's more damaging to long-term returns is being underexposed to equities altogether. That's why your focus should be on aligning your portfolio with your risk tolerance and long-term goals, rather than being tempted to chase the next big thing. Finally, one of the most powerful defences against emotional decision-making is getting caught up in the hype is working with a Certified Financial Planner®. A trusted adviser offers objective guidance, helping you filter out noise and stay committed to your strategy — even when headlines suggest otherwise. Market trends come and go, but a disciplined, well-structured plan is what builds lasting wealth. I am currently working full-time and would like to use a portion of my salary to invest in starting my own business, but I also need to keep paying rent and other living expenses. Do you have advice for how I can achieve this and remain financially stable? Dulcie Weyks, Financial Adviser, PSG Wealth, Waterkloof Starting your own business while working full-time is a smart way to lower financial risk, but it takes planning to stay on track. Begin by understanding your monthly budget. Make sure your essential expenses — rent, groceries, transport, and debt repayments are covered. Then calculate how much of your remaining income you can safely set aside for your business without affecting your day-to-day living. Open a separate account for your business savings and contribute to it regularly. Even a small monthly amount can grow over time and give you a solid starting base. A study by the Kauffman Foundation found that nearly 65% of successful entrepreneurs launched their businesses while still employed, proving that steady progress can pay off. Start small. Choose a business idea with low upfront costs — like a service or online offering — that you can manage in your spare time. This approach keeps your risk low and allows you to test your idea before investing more. It's also wise to build an emergency fund with at least three months' worth of living expenses. This safety net gives you breathing room if the unexpected happens or income is tight for a while. Use your evenings and weekends to build your business gradually. As it grows, you can reinvest profits rather than taking on debt. With a steady income, a clear plan, and the discipline to build step by step, it's entirely possible to start a business without putting your financial stability at risk. I've just started a new job and I'm finally able to start putting additional money away towards my retirement. What do I need to be aware of to maximise my strategy? Kim Wheeler, Wealth Manager, PSG Wealth, Northcliff Only around 6% of South Africans can afford to retire when they hit retirement age. Think of it this way: for every R4,500 to R5,000 per month of income (after tax) you will need for your retirement, you are going to have to have invested R1 million, and then still hope you do not outlive your funds. This is why it is always good to start working on making your retirement secure early in your career. The earlier you start, the better. After all, the 8th wonder of the world is the power of compound interest! But it is never too late. In South Africa, there are several advantages to contributing to a retirement fund: A deduction of up to 27.5% of your taxable income (capped to a maximum of R350,000 per annum) in respect of your contributions is allowed, which reduces your taxable income – so this earns you tax relief. The growth in the investment is not taxed. On retirement, the first R550,000 of all cash lump sums you take is tax-free. Retirement funds fall outside of your estate, so when you die, your heirs can benefit without the burdens of estate duty and executors' fees. Remember that if your retirement fund is your only source of retirement income, you will need to take into consideration that you will pay tax on your income at your marginal tax rate. So, it is always advisable to have some 'discretionary' money set aside to top up your income or to meet unforeseen expenses. A qualified financial adviser can help you draw up a retirement plan tailored to your needs. I haven't started saving for my long-term goals. What's the best strategy for a 10-year investment? Kobie Kritzinger, Wealth Adviser, PSG Wealth, Menlyn Congratulations on taking the first step to start saving towards your long-term goals. Given that you have not started saving yet, you might have to play catch-up and allocate a bigger portion of your budget towards your investment. This means you may have to make some lifestyle sacrifices. The other commitment you have to make is an emotional commitment. Investors underestimate the risk posed by inflation on investments over the long term. There is a perceived sense of safety in having your money in a bank account earning interest. Interest is a wolf in sheep's clothing, because it is taxed and cannot beat inflation over the long term. Growth assets such as local and international equities are the only assets that can beat inflation over the long term. I like to refer to equities as the 'hard-working' money. Your behaviour during the different market cycles will determine the success of your investment, meaning that if you make emotional decisions, it could affect your investment. A qualified and experienced financial adviser can craft an investment plan tailor-made to your unique circumstances and help you stay the course and achieve success. I recently heard about the concept of 'duty of care' regarding car insurance. In the context of car keys, which we often hand over to multiple people in our normal daily interactions, how does this work? Ryno de Kock, Head: Distribution, PSG Insure Duty of care is a legal obligation that all insured parties must take reasonable care to protect their insured assets. There are many situations where you may unknowingly neglect your 'duty of care' requirement when it comes to safeguarding car keys as many of us may find ourselves in situations where we hand over our keys to third parties. While in most cases, it might be handed over to trusted parties, we need to exercise caution in certain situations. Some examples include: The car wash A quick trip to the car wash includes handing keys over without knowing where they are being stored, leaving your vehicle vulnerable to theft. Keep in mind that criminals may attempt to claim your keys without your knowledge by pretending to work for the carwash you are leaving your vehicle at. It is your responsibility to prioritise the safety of your vehicle. It's always best to choose a reputable car wash with clear security measures and protocols in place. Airport parking Leaving your car at the airport for a long period is convenient, but if your arrangement involves handing over the keys for valet or repositioning services, there's a risk of damage or even theft. Before you travel, speak to your adviser to make sure you're covered for any unexpected incidents. Ultimately, ensure you have comprehensive cover in place. Reach out to one of our qualified advisers for more information. PERSONAL FINANCE
Cision Canada
5 days ago
- Business
- Cision Canada
New Members and Re-appointments to FSRA Board of Directors Français
TORONTO, May 29, 2025 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA), is pleased to announce the appointment of two new members to its Board of Directors, as well as the re-appointment of three existing members. Steve Geist and Douglas E. Turnbull join FSRA's Board of Directors for a two-year term, effective May 1, 2025. In addition, current members Joanne De Laurentiis (Chair), Peggy McCallum and Lucie Tedesco have been re-appointed to FSRA's Board of Directors. New Members Steve Geist is a seasoned financial services executive with more than 30 years of leadership experience. He previously held senior executive roles at CIBC Wealth Management and as CEO of CIBC Asset Management. He currently serves as Vice Chair and Director of the Ontario Financing Authority, and a member of the Board of Directors at Quinte Health and Chair of the Canada Life Investment Management Independent Review Committee. Mr. Geist holds a BBA from Wilfrid Laurier University. His professional qualifications include a Chartered Professional Accountant (CPA) designation with a distinction of Fellow (FCPA/FCA) from the Chartered Professional Accountants of Canada, an ICD.D designation and Certified Financial Planner designation. Douglas E. Turnbull Douglas E. Turnbull is a distinguished leader with deep expertise in investment banking, debt capital markets, advisory and credit rating businesses. He is the recently retired Vice Chairman and Country Head (Canada) of Morningstar DBRS Ltd. and has held other leadership roles at TD Securities, BMO Nesbitt Burns, Gordon Capital, and RBC Dominion Securities (including its predecessor, A.E. Ames & Co.). Mr. Turnbull is currently the Non-Executive Vice Chairman of Morningstar Canada and serves on several boards and advisory committees, including board member of Elexicon Corporation, Chairman of the Board of Directors of The Canadian Ditchley Foundation and a member of the Advisory Board for the Toronto Global Forum. Mr. Turnbull holds a BA from Western University and an ICD.D designation from the University of Toronto Rotman School of Management. "Steve and Douglas each bring a wealth of knowledge and leadership to the FSRA board. Their extensive experience in financial services will be invaluable as FSRA continues to mature and implement important strategic priorities in this uncertain global economy," said Joanne De Laurentiis, Chair of FSRA's Board of Directors. "I look forward to working alongside them to better protect consumers and strengthen public confidence in the financial services sector." Re-appointed members Joanne De Laurentiis ' term as Chair has been extended by six months, effective June 28, 2025. Her continued leadership will be instrumental in guiding the board's strategic direction and supporting FSRA's initiatives. Peggy McCallum has been re-appointed for a three-year term, effective May 18, 2025. With her extensive expertise in pension and benefits governance, risk management, administration and investment, she will continue to provide valuable insight to the board. Lucie Tedesco has been re-appointed for a three-year term, effective July 13, 2025. Her significant experience across banking, insurance, payments, external complaint bodies, market conduct, consumer protection and regulatory technology will remain a key asset to the board. For biographical information on all Board Members, please visit our governance page. FOR MEDIA INQUIRIES: Ashley Legassic Sr. Media Relations and Digital Officer Financial Services Regulatory Authority C: 647-719-8426 Email: [email protected]
Yahoo
5 days ago
- Business
- Yahoo
New Members and Re-appointments to FSRA Board of Directors
TORONTO, May 29, 2025 /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA), is pleased to announce the appointment of two new members to its Board of Directors, as well as the re-appointment of three existing members. Steve Geist and Douglas E. Turnbull join FSRA's Board of Directors for a two-year term, effective May 1, 2025. In addition, current members Joanne De Laurentiis (Chair), Peggy McCallum and Lucie Tedesco have been re-appointed to FSRA's Board of Directors. New Members Steve Geist Steve Geist is a seasoned financial services executive with more than 30 years of leadership experience. He previously held senior executive roles at CIBC Wealth Management and as CEO of CIBC Asset Management. He currently serves as Vice Chair and Director of the Ontario Financing Authority, and a member of the Board of Directors at Quinte Health and Chair of the Canada Life Investment Management Independent Review Committee. Mr. Geist holds a BBA from Wilfrid Laurier University. His professional qualifications include a Chartered Professional Accountant (CPA) designation with a distinction of Fellow (FCPA/FCA) from the Chartered Professional Accountants of Canada, an ICD.D designation and Certified Financial Planner designation. Douglas E. Turnbull Douglas E. Turnbull is a distinguished leader with deep expertise in investment banking, debt capital markets, advisory and credit rating businesses. He is the recently retired Vice Chairman and Country Head (Canada) of Morningstar DBRS Ltd. and has held other leadership roles at TD Securities, BMO Nesbitt Burns, Gordon Capital, and RBC Dominion Securities (including its predecessor, A.E. Ames & Co.). Mr. Turnbull is currently the Non-Executive Vice Chairman of Morningstar Canada and serves on several boards and advisory committees, including board member of Elexicon Corporation, Chairman of the Board of Directors of The Canadian Ditchley Foundation and a member of the Advisory Board for the Toronto Global Forum. Mr. Turnbull holds a BA from Western University and an ICD.D designation from the University of Toronto Rotman School of Management. "Steve and Douglas each bring a wealth of knowledge and leadership to the FSRA board. Their extensive experience in financial services will be invaluable as FSRA continues to mature and implement important strategic priorities in this uncertain global economy," said Joanne De Laurentiis, Chair of FSRA's Board of Directors. "I look forward to working alongside them to better protect consumers and strengthen public confidence in the financial services sector." Re-appointed members Joanne De Laurentiis' term as Chair has been extended by six months, effective June 28, 2025. Her continued leadership will be instrumental in guiding the board's strategic direction and supporting FSRA's initiatives. Peggy McCallum has been re-appointed for a three-year term, effective May 18, 2025. With her extensive expertise in pension and benefits governance, risk management, administration and investment, she will continue to provide valuable insight to the board. Lucie Tedesco has been re-appointed for a three-year term, effective July 13, 2025. Her significant experience across banking, insurance, payments, external complaint bodies, market conduct, consumer protection and regulatory technology will remain a key asset to the board. Learn more: For biographical information on all Board Members, please visit our governance page. FOR MEDIA INQUIRIES: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-05-2025
- Business
- Yahoo
What is a "Certified Financial Therapist?"
Many financial professionals have a CFP (Certified Financial Planner) designation– but have you ever heard of a Certified Financial Therapist? Robert "Bob" Powell talks to Preston Cherry, Concurrent Wealth Management wealth advisor, to discuss the unique skillset of a Certified Financial Therapist and how they might be able to assist on your retirement journey. In the full episode of Decoding Retirement, Bob and Preston discuss his new book, his growth philosophy, and making tactical shifts in your portfolio to help smooth out any bumpy rides. Yahoo Finance's Decoding Retirement is hosted by Robert Powell, and produced by Dennis Golin. Find more episodes of Decoding Retirement at Thoughts? Questions? Fan mail? Email us at yfpodcasts@ This post was written by Dennis Golin. So, President, uh, you have a certified financial planner designation, as do I. But you also have another designation called the certified financial therapist. And the merging of these two uh, knowledge designations makes for, I think, a unique experience for you. Uh, tell us how you are able to sort of influence the perspective of people having a truly successful retirement, given those two designations. Yes, absolutely. You know, uh, people have to see themselves in their financial plan. And if they don't, then there's no stick-to-it stick-to-itness to the plan, right? And this is why it always goes back to the the people-centered process. And people like, "Oh, that's cliche. Uh, well, that doesn't mean anything." But you know what? If you don't, then people won't even start the plan, won't commit to a plan, won't enjoy the the prospering of the plan, right? And I always say, if folks can see their preferences, their life stage, which is points, right, their purpose, and then the their their financial plan will then prosper. All right? So, more peas, more alliteration. But if if folks can, uh, rarely are folks asked, you know, about themselves and to see themselves, investigate themselves, discover. And I get this question often, Bob, is, you know what? I've never been asked that. Or, you know, thank you for asking. Because then now, people see their their feelings turn into find the numbers of finances, and then now, you can flourish. Sign in to access your portfolio
Yahoo
01-05-2025
- Business
- Yahoo
This Is the Best $1,000 You Can Spend in Your 60s
Turning 60 doesn't mean slowing down. If anything, it means getting smarter about how you spend your money. Whether you're already retired or still grinding through your workdays, there's one way to spend $1,000 in your 60s that delivers way more value than a fancy gadget or a spur-of-the-moment trip. Read Next: Learn More: Here's how to make your future self (and maybe your wallet) a whole lot happier. The smartest $1,000 to spend in your 60s, according to Dennis Shirshikov, professor of finance at City University of New York and head of growth and engineering at Growth Limit, is what he referred to as a 'Retirement Clarity Package.' This combines three items into one: a long session with a fee-only financial advisor, a visit with a fiduciary estate planner and a budgeting retreat. 'I've witnessed this mix alter not only financial plans but lives,' he said. Check Out: Shirshikov observed that the majority of people in their 60s are either retired or engaged in retirement planning. But few have a truly coordinated strategy across investments, taxes, Social Security timing, insurance coverage and estate planning. He said paying a fee-only Certified Financial Planner (CFP) for a one-time session — perhaps $400 to $500 — can reveal thousands of dollars in future savings, from finding the best way to take tax withdrawals to delaying Social Security to maximize payouts. Rules change, and so do your assets, even if you already have a will, according to Shirshikov. One client he worked with hadn't reviewed their will in 14 years. They had married again and didn't know that their brokerage account beneficiaries hadn't updated to reflect this change in their wishes. He noted that one adjustment, casual and over coffee with an advisor, spared what might have been a giant family headache. Shirshikov recommended booking a weekend just for yourself (or with your spouse) at a local Airbnb or a quiet retreat to write what you really want in retirement. 'No technology; just a notebook and an agenda,' he said. Here are some questions to ask: Can I walk through a typical day in my life? What fears still linger? Shirshikov said clarity like this is the North Star when your advisor starts impacting your distributions, investments and even housing decisions. 'In this stage of life we think about money all too often in defensive terms — cutting expenses, eliminating risk, ensuring the future. But clarity is a provocation. So you stop reacting and you start designing,' he said. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth Source Dennis Shirshikov, Growth Limit This article originally appeared on This Is the Best $1,000 You Can Spend in Your 60s Sign in to access your portfolio
