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Hugo van Zyl CA(SA) TEP MTP(SA) is well-known for his expertise in cross-border tax and financial planning.  It is no surprise that his colleagues refer to him as “ask Hue’Gle” when all other resources fail.  His track record speaks for itself.

In this episode, we get into the nitty-gritty of the changes to the so-called "expat tax" in South Africa.  With the new changes already enacted into law, the implementation of the new changes has been deferred until 1 March 2020.  Many expats have not considered the impact this will have on them.  Financial Advisors are just as confused in many cases and are at a loss when having to point their clients in the right direction.

Some of the aspects we discuss include:

• Does cross-border tax and exchange control only apply to certain groups or individuals;
• Is it a requirement to give up your South African citizenship or to give up your South African passport when you immigrate;
• Section 10(1)(o)(ii) of the Income Tax Act change - the new R1m exemption on foreign employment income cap explained and who it applies to;
• How much of the foreign tax paid can be used as a credit against tax payable in South Africa;
• Financial Emigration - myth or solution;
• Who can use the 330-day rule;
• Double Tax Treaties - the big solution;
• Exit Tax payable on immigration and how much it is for different entities;
• The UAE and its treaty in detail;
• We answer 7 questions from our listeners
  1. What should financial advisors consider and what questions should they ask clients living and working abroad;
  2. Trustees of a trust who emigrate - what are the considerations;
  3. What should young professionals consider when moving abroad;
  4. What happens to tax already paid in the foreign country;
  5. What are the options for a person currently working in Zambia who is planning to retire in the next 3 years;
  6. What should a person do who works in Saudi Arabia, but their spouse is still living in South Africa;
  7. Foreign Investment Allowances;

We also discuss Circular 4 of 2014 that caters for life and living annuities to be paid directly to a foreign bank account if the Annuitant has a foreign FICA address.  Such payments will not affect the person's discretionary travel allowance nor their R10m annual allowance.

Minutes after the interview, SARS issued an FAQ document that confirms everything we discussed in the interview.  You can download it here.

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We recently presented a webinar on "7 powerful habits to build a legendary financial services practice".

In this episode, we share 3 of these habits.  This is not about how long it takes to form or change a habit but about practical actions and steps you can take to attain the success you aspire to.

The habits required to build your practice is vastly different from the habits already successful people practice.

Listen to the end where we share important information and how you can earn CPD for this webinar.  Enjoy the episode.

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The biggest challenge (and frustration) for any FSP of any size is to manage commissions, ongoing fees, and other revenue.  Each product provider has its own unique format for commission statements and even what they call different commissions.  Commissions come in, commissions go out.  Managing splits to advisors in the FSP or referral fees to outside professionals is a nightmare for most.

Managing the FSP's finances is critical.  Whether you are an independent working alone or whether you run an FSP with multiple advisors, each with their own unique agreement, a system to manage it all is a must.

Today we talk to Johan Vosloo, founder, and CEO of Commspace.  We talk about how Commspace came about and their early day challenges.  

Johan shares what makes Commspace unique and how they offer their White Glove Onboarding process to every new client and only once the client is happy then they start paying for the service.

We also discuss the use of technology in general and the importance of integration.

If you've been wondering how you can take control of your commission chaos or whether there are solutions available to manage and analyse commission... then this is the episode to listen to.

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atWork was the first cloud-based CRM system for Financial Advisers.  The software was developed for the first time in 1998, long before the cloud became a thing and when users struggled with dial-up modems and the cost of making a call instead of the data they used.

In this episode, we talk with Trevor Stacey, Director: Business Development for atWork to learn everything about the software and why they became so popular.

We discuss the humble beginnings and the growth they went through over the years.  Two and half years ago they embarked on a re-write of the entire system, culminating in version 6 of the software that will launch later in 2019.

The new enhancements and configurability of version 6 take the software's competitiveness to a new level.  And with over 7 000 users, they have no shortage in people helping to share their story and value offering.

Trevor tells us about their recent expansion internationally and how it came about and we talk in detail about their client portal functionality.

We also discuss the license fee structures and the training and support they provide to users.

If you are interested in talking to atWork or to book a demo, you can contact them on the information below:

Website                              www.atwork.co.za

atWORK                              [email protected]

atWORK                              0861 289675

LinkedIn                              www.linkedin.com/in/trevorstacey/ 

Email                                   [email protected]

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Much has transpired in the last 6 weeks as the first CPD cycle came to an end on 31 May 2019.

In this episode, we talk about what happened when the 2-month exemption was announced, Francois's Linkedin post that went viral and the comment that made the lightbulb go on.

We discuss why CPD was introduced and why it plays a crucial role.

We bust several myths that started to do the rounds, we clarify the exact requirements that must be adhered to and what FSPs and key individuals must have in place to prove that the requirements have been met.

Download the publications we talk about in the episode:

• FAIS Notice 40 of 2019 - Exemption announced
• Communication 2 of 2019 - Clarifying CPD requirements

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From the moment I met Henri le Grange, CFP® I was intrigued by the way they are building their practice, especially because it is inside a tied environment (not a franchise!) with a large well-known life assurance company.

In 2018 Henri entered the prestigious Financial Planner of the Year Competition and was one of the top five finalists.  We speak in depth about the competition, the lessons he learned and how they are using these lessons to better the practice.

A specific aspect that stood out is how they are building the practice around the practice itself and not around Henri or one of the other partners.  They extensively use Xplan in their business and we get Henri to share more about why they are using Xplan and the extent to which this is benefiting their practice.

Being situated in Kimberley, it was interesting to talk about how they get 95% of their clients, who sometimes have to drive 140 km, to have their meetings at the practice's office instead of going to see clients at their place of business or home.  Their approach to getting quality referrals instead of quantity is also interesting.

We end off the interview with Henri sharing some real pearls of wisdom.  Enjoy the episode!

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This is our tenth episode, but the first episode dedicated to talking about technology for financial advisers and planners.  Kirsty du Toit, CFP® together with Bennie Gouws, CFP®, Gary Winslow, CFP®, and Jonathan Brummer, CFA, CFP® recently started Work.That.Matters.

Their entire purpose is to help financial advisors have better conversations with clients.  Essentially, they are setting out to connect not only the head and the hands but also the heart. They believe that technology can be a critical enabler for this.  

They brought Asset-Map from America to South Africa.  Asset-Map is software-as-a-service (SaaS) that puts the client and the professional advisor on one page in a way that humans can actually understand.

We discuss the changing landscape, how technology has evolved and where technology is going.  We then discuss Asset-Map in detail and how it differs from the financial planning technology we have become accustomed to.

There is no "one system".  In future, practices will create their own technology stack that will enable them to achieve the outcomes they want and to run the practice in the way they want instead of trying to mold their practice around the software they use.

We also talk about what clients really want from Financial Advisors today.

We end off the episode with four questions Financial Advisors must ask and answer when evaluating financial planning software for their practice. 

If you are interested to learn more after listening to the episode:

Contact details: [email protected] or [email protected]

Website: www.workthatmatters.co.za

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Mduduzi Luthuli started Luthuli Capital, with his wife Trudy, two and a half years ago after he couldn't find the kind of wealth management job he envisioned.  He went through a horrendous ordeal in 2014 that strengthened his views, commitment and determination to become the best financial adviser and investment manager he can be to his clients.

Mduduzi managed to become a regular on both radio and television in this short space of time.  We delve deep into how he managed to do that and shares open-heartedly of how others can do it too.

We also talk about the importance of content creation and what to prepare yourself for when putting yourself and your brand out into the world of media.

He also uses social media and has a very interesting approach in how he learns to use social media and how to find guidance on what to do next and how to get better at social media.  He shares all of this in the podcast.

Mduduzi talks about being a Financial Therapist to clients and that the core function of a financial adviser is not creating strategies, determining asset allocation or finding the best opportunities.  It is translating the finance world into a meaningful language for the client and managing their behavior.

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Financial wellness is a topic we often discuss in relation to clients and consumers.  However, a challenge for many financial advisers, especially in the early days, is to manage their own finances while building a new practice and ensuring their own financial wellness.

Francois du Toit, CFP® discusses the first step that financial advisers can take to ensure financial wellness in their own lives.  He goes on to discuss good and bad debt for financial advisers, the "fake it 'till you make it" myth, the ramifications of financial unwellness on financial advisers, the two types of expenses and how it can help you make better money decisions, who financial advisers are taking advice from and he ends off with a solid strategy that will set financial advisers on the path of financial wellness.  From day one.

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Arno Burger, CFP® started his practice as a young, 25-year old in a flatlet at the back of his house in 1992.  His clear vision and strong work-ethic quickly got him to move to bigger offices.

In 1994 he started charging fees, and although it was by no means perfect, he pioneered the business model in South Africa in his own unique way.

We discuss what led him to make the change and the journey and learnings over the years and we get into detail about his model.  We discuss setting prices, something that is a challenge for most financial planners.

Arno discusses the structure of the business, FIDIUS, and their intentional approach to ensure clients do business with FIDIUS and not the individuals in the business.  We talk about the FIDIUS client experience, all the technology they employ and we get to know Arno a little better and find out how he gets away from the business when not working.