When you make an Off-Plan purchase, you are essentially buying a home that does not yet exist. There are quite a few details which need to be verified before you decide to go ahead. Continue reading
Store Branded Credit Card
A large SA supermarket is about to launch a Store Branded Credit Card.
Existing loyalty card holders are contacted by telephone, and after a short telephone call are invited to apply for a Credit Card. Sounds like a good deal! So why am I nervous?
Clients are often confused by the various grand job titles used by consultants. Here is a simple explanation of who is who in the zoo.
1. Does their business card display an insurance company logo?
If YES, they represent a single company and the product they sell comes from their employer. Continue reading
Earlier this year, we welcomed two new students from CPUT into the Northwood FinancialServices cc family.
This is Ayanda Shenzane’s recap of his internship thus far.
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Members in the financial planning and advisory industry have two different means of earning an income.
The industry standard – appropriated by most financial planners – is a commission-based model. With this, the financial consultant meets with the client, assesses the client’s needs requirement and then suggests and sells various policies to them. As the financial consultant works on a commission-based model, they will not earn an income in the event that no sale is made on behalf of the client. With this, there is a more aggressive approach to the selling of policies, and more often than not, the client will be heavily encouraged to buy a policy.
The Office of the Ombudsman for Long-Term Insurance is an independent body to which consumers can complain if they believe they have been treated unfairly by their insurer. In the latest annual report, it is stated that the Ombudsman had recovered R184.4 million in the form of lump sums for consumers from long-term insurance companies.
The Ombudsman said it had received 9,815 written requests for assistance – which is an increase of 6% from the previous year. Of these complaints, 5,018 were chargeable complaints, with 3,491 cases full cases finalised. Three in 29.8% cases were resolved in favour of the complainant.
Is all debt bad? To answer that question, we need to consider two concepts:
- What is the cost of debt?
- What is the reward to be gained as a result of that debt?
If you are prepared to enter into debt to purchase a pair of shoes valued at R10 000, the reward will be that you are the envy of many of your friends. Is this reward worth R10 000, plus interest on the debt? Continue reading
I have held a Private Banking account with a large South African bank for the past 24 years. Although this is an expensive account to have, I am provided with a Private Banker – which is one of the main benefits of private banking. However, after a long time of holding the account, I have come to the conclusion that for me, this is no longer good value for money.
My main concern is the overall lack of communication with my Private Banker. Whenever I try to phone her, I am met with a voicemail message which instructs me to contact her assistant. When trying to phone the assistant, who also doesn’t answer the phone, I am redirected again to the Call Centre. Here, after spending very long periods of time moving between the switchboard and related prompts, I am told to contact my Private Banker.
The cost of education in South Africa is at an alarming all-time high, and these rates are not showing any sign of decreasing in the near future. Budgeting for your child or children’s education is imperative, and need not be too much of an overwhelming task.
We suggest seeking the assistance and guidance from a trusted financial planner to set a long-term strategy in place through the use of carefully considered unit trust funds.
The meaning of the word ‘Ubuntu’ is deeply rooted in African philosophy and ideology. A Nguni term, ‘Ubuntu’ roughly translates to ‘human kindness’ and often encompasses greater aspects of humanity and human essence, largely in relation to other people.
At Northwood Financial Services cc, we use the word ‘ubuntu’ with our clients to describe a situation that develops when our extended family expects us to be kind, even if their demands are unaffordable.