Dear valued Clients & Associates
With the festive season fast approaching, we would like to take this opportunity to reflect on the past year.
Although we seldom hear the term Covid 19 these days, we still see the effects of the fallout from the pandemic. Deadly wars and devastating weather patterns played out in 2022 & 2023.
We saw multiple nations grapple with high inflation and as a result most federal/reserve banks had to increase interest rates to the highest levels seen in decades.
We saw our nation come together to back the Springboks who have once again given the world a taste of our “never say die” attitude, passion, and unity.
Like Dricus Du Plessis (The MMA Superstar from South Africa) wisely said “hulle weet nie wat ons weet nie” (they don’t know what we know).
Thank you BOKKE for giving us hope once again.
WE THANK YOU FOR YOUR CONTINUED SUPPORT. WE WOULD ALSO LIKE TO MAKE USE OF THIS OPPORTUNITY TO WELCOME ALL THE CLIENTS THAT JOINED OUR PRACTICE THIS YEAR.
GENERAL NEWS
We are extremely proud to announce that our colleague and administrator, Jana Pienaar, has passed all the required qualifications, class of business training and regulatory exams and is now fully qualified as a financial advisor. Well done, Jana!
It has become clear that WhatsApp has become an integral part of communication. Therefore, we have invested in technology that will allow us to incorporate WhatsApp in our Customer Relationship Management system (CRM). This way, we can easily capture messages, photos and videos in our database that are sent to us, making communication faster and easier for our clients.
Please note that email is still the preferred means of communication for requests relating to withdrawals, debit order date or banking details change, Will and beneficiary amendments and claim reporting. Whatsapp will be used to communicate important messages promptly to clients and clients can send claim related photos and other non-confidential information easier this way. This number will be monitored from Monday – Friday from 08:00 – 16:00.
If you would like to receive messages from our office via WhatsApp, please send a message containing your Name & Surname to the following number to be added to our WhatsApp database: 068 720 1813.
You are welcome to visit and like our Facebook page: www.facebook.com/tvzfinancialservices as we do share plenty of information on this platform. Please feel free to visit our website as well at www.tvzfin.co.za.
GIVING BACK
Our team was fortunate enough to be part of the Santa Shoebox initiative this year. We had such a great time filling and decorating boxes full of essential items and a few treats for underprivileged children.
“In 2006, the Santa Shoebox Project began with a modest 180 shoeboxes in Cape Town. Over the past 17 years it has blossomed, amassing an astonishing 1 152 587 shoebox donations. (Cape Argus, 03 Nov 2023)
Well done and thank you to the Santa Shoebox team for your efforts.
WILLS & ESTATE PLANNING
Liquidity is an important aspect of any
Estate to make provision forEstate and
transfer Fees.
With sufficient planning, liquidity shortages can be addressed before death.
Our relationship with Attorneys, Visagie Vos & Partners, have been longstanding for many years and together we have dealt with numerous late estates and death claims.
The regular review of your will is very important. It is also a standard discussion point on our Agenda with the Annual Review.
SHORT-TERM INSURANCE
2023 continued to be a very challenging year for the insurance industry. Severe weather patterns, increased hours of loadshedding, motor parts shortages and high inflation rates continue to put pressure on insurance companies. Since the start of the year, our office has handled just over 100 claims totalling a value of close to R2 million in payouts.
We are proud to announce that only around 5% of claims registered were rejected. Rejections were mostly due to items not being specified or damage resulted from wear & tear.
We urge clients to ensure that valuable items like cell phones & jewellery are specified on their policies.
This year there has been a significant increase in claims relating to storm & flooding damage and therefore we urge our clients to ensure gutters and waterways are clear of debris.
We would also like to highlight the following value-added products that has recently launched.
Motor Value4U – The global automotive industry is experiencing a myriad of challenges, such as supply-chain disruption, high inflation of new and second-hand vehicle prices. This has completely transformed the industry and are impacting every vehicle owner. With the price of new vehicles skyrocketing due to limited supply and increased interest rates, people are driving their vehicles for longer periods and want to keep them in the best condition. This is why OMinsure have launched their Motor Value4U offering to include the following cover at very competitive rates:
- Scratch and Dent – This service is available for new and used vehicles and covers those minor day-to-day accidental damages to the exterior and interior of the vehicle that the owner is not likely to claim for on the comprehensive policy as it might fall within the excess. This cover also includes 1 aircon re-gas per year and 1 battery replacement every 36 months.
- Tyre & Rim – It is well known that many of our roads are not in a good condition. Value4U Tyre & Rim cover assists when those road hazards catch the vehicle owner off guard and vehicle tyres, rims or mags are damaged. It takes care of those road hazard damages usually not covered by comprehensive car insurance. This cover includes 1 puncture repair per quarter and 1 wheel alignment per annum.
- Extended Warranty – Covers a range of components (including engine, transmission, aircon, steering, etc) and can help to offset those unexpected costs of fixing or replacing parts in the event of sudden and unforeseen mechanical breakdown or electrical failure, which can be very expensive. Value4U Extended Warranty prolongs the car’s life, potentially increasing its resale value. Perfect if the owner is planning to keep the vehicle for longer!
Please contact us if you would like more information.
We would also like to assure you that we remain committed to offer our clients comprehensive cover with esteemed insurers, alongside excellent personal service at competitive and reasonable prices. Every single premium increase is scrutinized in detail and negotiated before it is sent to our clients.
With renewal, please read the insurance summary and our recommendations carefully and feel free to contact us with any enquiries.
For any after-hours enquiries/ emergencies or for assistance/ claims during the festive season when our offices will be closed, the following numbers can be contacted.
OM Insure
Tel: 0860 247 365 Claims, Emergencies, Swiftcare, Roadside assistance, Home assistance and Medical
emergencies.
Tel: 0860 637 373 General Enquiries like adding or removing items to your policy and all other changes.
Santam
Tel: 0860 505 911 Claims, Emergencies, Roadside assistance, Home assistance and Medical
emergencies.
Tel: 0860 726 826 General Enquiries like adding or removing items to your policy and all other changes.
RETIREMENT
A recent survey conducted by debt rescue on 1900 participants found that 40% of South Africans are more afraid of retirement than death, while 59% admitted to being completely unprepared for retirement.
There is a myriad of ways to save for retirement, it does not just involve RA’s, Pension & Provident funds. However, contributions to these products are tax deductible which is a welcome incentive.
It is therefore very important to sit with your financial advisor to compile a retirement plan that suits your individual needs.
When it comes to retirement and severance packages, it is very important to understand the tax implications and process of each available option.
Over the past 29 years we have assisted numerous clients retire from a variety of retirement funds, each with their own procedures.
The experience gained over the past 29 years has helped us develop contacts and standard procedures for several pension/provident funds, ensuring the process is efficient and as quick as possible.
Feel free to contact us if you or a colleague might require guidance in terms of retirement/severance in the coming months.
Welcome to all our new pensioners and best of luck with this new stage of life.
TAX
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We are first & foremost Financial Planners. Tax submissions are done to compliment the advice provided. We can therefore submit tax assessments, but we cannot guarantee or escalate refund payments or amend any standard policy of SARS. At the end of 2022 SARS began incurring penalties to non-compliant tax payers who had one or more tax years outstanding. SARS managed to rake in one million more non-provisional taxpayers submitting returns than last year (6 million). According to SARS (Businesstech 08 Nov 2023) 88% of returns were processed online via the eFiling and MobiApp platforms; 93% of returns were processed in five seconds; 79% of refunds were processed in 72 hours, and more than R29 billion has already been paid in refunds. The Auto-Assessment process is also increasing, with four million taxpayers receiving assessments already calculated in the current year, up from three million last year. Annually, we assist approximately 250 clients with tax submissions. Thank you Janneri for all the effort with tax submissions and continuously ensuring that tax returns are completed as effectively and timeously as possible. If any personal information changes, please contact us in good time to be able to disclose the correct information. Banking details are very difficult to change after a submission and delays the process. |
COMPLIANCE
We are pleased & proud to announce that all our compliance functions and systems are up to date. We received a 100% rating on all compliance reports and were awarded Masthead’s seal of approval for 2023.
This year there was a specific focus on “knowing your client” and ensuring the client knows who we are. This is to ensure FICA compliance and alignment with the Conduct of Financial Institutions (COFI) bill that is aimed to be finalized by 2026.
By knowing our client, we can provide personalized financial plans that is catered toward their individual needs.
By knowing who we are, the client can rest assured that their portfolios are managed by a trusted team with an established track record.
We pride ourselves in the fact that most of our new clients are referred from existing ones and looking at our client base, most clients can be linked to one another.
Thank you for not only entrusting us with your portfolios, but also trusting us with your family, colleagues, and friends. We are grateful for each & every referral. Thank you Masthead for your continued guidance and support.
CLOSING STATEMENT
We are extremely thankful to each client for your continued support.
Our success is determined solely on the support of our clients.
Congratulations to everyone who achieved their goals this year, completing their studies or receiving an achievement award.
To our Product Providers, Admin Team, Consultants, thank you very much for your support during 2023.
Please note our office will close on 14 December 2023 and reopen on Monday 8 January 2024.
Merry Christmas and best wishes for the New Year! Travel safely and enjoy this special time with your loved ones.