Not treating customers fairly – SARS!

Something seriously dodgy is happening at SARS – just had the 3rd case of them rejecting an RA tax certificate as proof of contribution to an RA. They are insisting on proof of contributions (since inception). Shouldn’t be too difficult to obtain but so much additional work – and on what legal grounds?

Worse still is that they have applied the same ruling to pension and provident fund contributions and are insisting on proof of contributions to the fund – not that easy to get! And more costs to the tax payer.

And in a separate ruling, they went back to a 2014 tax return and outright declined the RA deduction – no reasons given and penalties imposed for underpayment of tax and outstanding interest. The call centre was clueless and the only possible reason they could offer was that the contribution was “too large”. Insanity! So it’s an objection and lots more cost to the client (who will win this one).

I will persist until I succeed!

I remember reading this quote when I started in the financial services industry about 22 years ago and came across it again recently…it’s a timely reminder as we try to make the industry better for our clients.

I was not delivered into this world into defeat, nor does failure course in my veins. I am not a sheep waiting to be prodded by my shepherd. I am a lion and I refuse to talk, to walk, to sleep with the sheep.

The slaughterhouse of failure is not my destiny.

I will persist until I succeed!

From the ancient scroll marked 111 in “The Greatest Salesman in the World” by Og Mandino, ironically!

A gilded cage is not the answer, Liberty and Discovery

I remember, just after 9/11, listening to Clem Sunter speak about the choices that America had in response to the events that had just unfolded. Essentially, they had two choices, and the choice they made would define their future.
Continue reading A gilded cage is not the answer, Liberty and Discovery

Old Mutual Invest Flexible Plan – stay far away!

Dear Old Mutual

If you are going to send me spam emails about your products then I have no issue reviewing and rating them! Please stop sending me unsolicited emails about your products! I don’t rate them and will not use or recommend them.

The Financial Coach
Continue reading Old Mutual Invest Flexible Plan – stay far away!

The great South African funeral-cover rip-off!

Can someone explain to me why funeral insurance is so expensive? It has got to be one of the biggest rip-offs and forms of institutionalised abuse of South Africans. I did some shopping around online Continue reading The great South African funeral-cover rip-off!

UT or share portfolio

There are many with strong opinions about the merits of a share portfolio versus a unit trust portfolio. Here’s another one (strong opinion) in favour of a unit trust portfolio.
Continue reading UT or share portfolio

Emotional beings

Let’s face it, we’re emotional beings (thankfully). We laugh at comedy and cry at tragedy. We give money more easily to beggars on cold and rainy days, or to mothers with young children than to single men on the side of the road. We buy things on sale (with money we don’t have) even though we don’t need them and yet we dump our investments when the markets go on sale.
Continue reading Emotional beings

Financial planning profession in SA – not yet, not even close!

For far too long now we have been talking about financial planning becoming a profession in SA…sadly, we are not even close yet because it still remains an industry dominated by the need to sell products and by the suppliers of those products.
Continue reading Financial planning profession in SA – not yet, not even close!

SARS – touching lives negatively

Just received a revised assessment from SARS for a client for the 2014 tax year, disallowing her retirement annuity contribution and thus resulting in a revised assessment and penalties!!!
Continue reading SARS – touching lives negatively

Simply…too expensive!

I got quite excited about the new insurance start-up, Simply, that I read about on Moneyweb recently https://www.moneyweb.co.za/mybusiness/fintech-start-up-targets-insurance-mass-market/ . Cover in the direct market and for “lower income” earners has been too expensive for too long. They also promise that the application process will be quick and simple. So welcome, Simply!
Continue reading Simply…too expensive!