Yesterday was D-day for us provisional tax payers to pay our bit for government funding. No further comment coming to mind here.
I joined a live ‘webinar’ on Wednesday this week. That is when you link in and listen to a live presentation with someone and where you also have the chance of posting questions live on the website for the speakers to see and respond to.
I listed to a director from Allan Gray talking about industry and regulatory change that will affect both corporate financial service companies like themselves and us Independent Financial Advisors. A few interesting points:
• More than 25% of IFAs around the world are considering leaving the industry due to regulation.
• Regulation is a big barrier to entry for new advisers. The average age of IFAs around the world is close to 60.
• Good independent financial advice is now more necessary than ever.
• We should keep our product offering simple, keep our service personal and be able to offer an element of Financial Coaching as well as advice.
• UK Household savings rates have gone down over the last while, but have increased in South Africa with a rising middle class. However, there are poor savings habits in our younger generations where we are below 2010 savings levels.