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Business Financial Planning

The importance of professional business financial planning cannot be understated. The impact that the business shareholding will have on the value of a person’s personal estate is often underestimated. It is because of this impact on the personal estate that a business owner’s business financial planning should always be taken care of first. When the value of a business is protected in the personal estate of a person, and the continuity of the business is protected, the personal estate and financial planning of the individual follows.

Business financial planning has many spheres, but the main aspects are as follows:

Contingent Liability

Most businesses need financial assistance in the form of credit to survive. This can include many different types of debt, but surety is mostly required with large capital loans to the business. The business owners sign personal surety, and in the event of death of the shareholder, the relevant financial institution may recall the loan, or attach the personal estate of the business owner.

The Contingent Liability solution aims to protect the personal estate of the business owner in the event that he/she passes away or becomes disabled.

Buy and Sell Agreement

If there is no buy and sell agreement in place, the death or disability of a shareholder can create a nightmare for both the remaining shareholders and/or the estate of the deceased owner. The value of the shareholding will be claimed from the business by the executor, and this can create capital and cash flow problems for the business and remaining shareholders. The implementation of a buy and sell agreement will alleviate this stress by ensuring that there is a practical solution to ensure the seamless continuity of the business.

Loan Account Protection

Loans to a business are often a decreasing (real value) asset. It usually does not earn interest or increase in value. It is therefore a dormant asset. Oftentimes it remains unrecoverable in the case of the death or disability of the shareholder simply because a business might not have the available capital to repay the loan account.

Loan Account Protection aims to alleviate the capital and cash flow impact on a business in the case of the death or disability of a shareholder.

Key Person Assurance

The employees are one of the most important assets in a business. Some of them may have a set of skills or a knowledge of the company that can have a massive impact on the ability of the business to function. As a result, should one or more of these employees die or become disabled, it will have a massive impact. This impact could be in revenue or sales, efficiency, or even the cost of replacing that person. The seamless continuity of the business therefore relies heavily on a solution and the  ability to replace these persons without it having a negative impact.

Employee Benefits

Individuals in South Africa are under enormous pressure to retire successfully. Individuals simply have to save more for their retirement. By providing a retirement fund, a business can contribute to the financial success of their employees. There are also many retirement tax reforms that have been implemented recently, and it will empower employees to make correct decisions by keeping them up to date with these changes.

By providing risk benefits to the employees, a business can provide a benefit that employees are very often not likely to do themselves. As with retirement fund benefits, the risk benefits that are available to employees have improved significantly. The quality of the risk definitions as well as the type of available benefits have improved. It is very important to ensure that the risk benefits that are provided are structured correctly with regards to tax implications.

Personal Financial Planning

The various elements of Personal Financial Planning and advice should never be viewed in isolation, since all of these elements are influenced by one another.

I advise on Personal Financial Planning in a holistic way, and I understand that all these elements are linked, which means that I provide solutions that are tailor-made for my clients.

Personal financial planning has many spheres, but the main aspects are as follows:

Estate Planning (Wealth Management)

An in-depth estate plan is the backbone of successful Wealth Management. An estate analysis will give a client the opportunity to have an up to date view of his financial position at his or his spouse’s death, and will put him in a position to plan the way forward.  This will ensure that his dependents are provided for and his wealth managed according to his wishes.

My Wealth Management advice process is centered on the estate plan and this process adds hugely to the value of the advice that I offer. I use the latest technology and financial planning systems which ensure that my advice is up to date and relevant.

It is critical that any financial plan is reviewed often, and as a result the estate plan must be kept up to date and revised yearly.

Retirement Planning

Retirement planning is often seen as something that will be attended to somewhere far in the future. However, the truth is that the sooner you start planning and saving for your retirement, the better you will be prepared for it.

Many clients, irrespective of their age, do not think about the risks involved at retirement, nor do they appreciate the benefit of saving over long periods of time. I do an in-depth retirement plan, so that the client may understand what will happen to their retirement savings in future.  Adhering to this plan, will enable him to retire free of financial stress.

In many cases clients have the perception that their current pension fund or retirement annuity will provide sufficient capital at retirement, or that their business or primary residence will provide the necessary retirement funding capital. Unfortunately this is not always the case, since the value of retirement funding that is required to provide properly for their retirement needs, is more often than not, underestimated.

The Wealth Management process ensures that a client is aware of not only his/her current situation with regards to their finances, but also what the end goal is and how to get there. This creates a situation where all parties concerned are not only in agreement, but become partners in this process.

Proper retirement planning does not only take Retirement Annuities, Pension funds, etc. into account, but also other assets that might be able to provide either a capital sum at retirement, or a passive income. Using all available information, including future investment possibilities, I advise my clients on the best route forward.

Investment Planning

It is of utmost importance that clients understand the various elements that determine not only the type of investment we recommend, but also the expected return they may receive.

The type of investment that I recommend will be influenced by the client’s unique personality, his circumstances, and most importantly, his requirements. It is critical that he not only understands the investment vehicle in its entirety, but also commit to the investment outcome and its requirements.

I understand that decisions regarding my client’s finances are both a systematic one, as well as an emotional one. It is for this reason that I focus my efforts on the client’s unique profile, to ensure that all aspects combine and commit to the Wealth Management process.

At SchonbergTrust, we have access to all major role players and product providers in the South African financial market. I am therefore able to provide my clients with the best and up to date solutions. We provide an on-going service to them that makes available information about market trends and information relevant to their situation and solution. Our service enables our clients to have regular contact with us and ensures that they understand their investment portfolio. The importance of regular feedback and review of the entire Wealth Management solution is critical.

It is critical to manage down costs and to ensure that the relevant investment vehicle is tax efficient in order to generate the best possible return. I am completely transparent in all my dealings with my clients to enable them to make informed and clear decisions.

Wills and Trust Planning

The use of trusts has long been a method of advice in respect of estate planning. I can provide an audit of a client’s existing trust, as well as advice on and assistance with the use and setting up of new trust structures.

The Estate Planning process rests heavily on the potential use of trusts, as well as the validity of a client’s will. An in-depth estate plan must always include a review of a current will and if necessary, a new will must be drafted.

I provide the service of the drafting of a will free of charge to my clients, as I believe that it is critical to the success of any estate planning process.

Wessel-BothaAbout: Personal

I am a Certified Financial Planner® with more than 10 years' experience in various positions in the financial planning industry.

I am also Director at SchonbergTrust Financial Brokers. My specialties are Estate Planning, Wealth- planning and management and Retirement planning for individuals as well as comprehensive business and financial planning for businesses (and I have 3 Post-Graduate Diplomas to this effect).

Philosophy ~ I believe financial advice is different for each person. Every individual or business needs a plan which caters to their specific requirements. I strive to understand my clients’ unique needs and circumstances to ensure that I provide advice that is best suited to them. 

Empowering any client with the necessary knowledge and insight is something that is crucial in the way I work. The financial planning industry is a minefield of information, and it is critical that a client understands exactly why a specific solution is implemented and how that plan will benefit him or her.

Schonberg-transp

About: Professional

SchonbergTrust is an independent financial advisory and wealth management company.

Having been established in 1985, the business is one of the best-known financial advisory practices in Cape Town. We specialise in Wealth Management for individuals and businesses, and our dedicated team of Financial Advisers (all of whom are CFP® qualified) and administrative staff have specialist knowledge in all areas of the financial planning process. This reflects directly in the service we provide to each and every client.

SchonbergTrust's category 2 investment licence shows that our investment expertise has been acknowledged by the Financial Services Board, and allows us to be more pro-active in our investment approach.

Associations

Together with SchonbergTrust, I pride myself in being an independent Wealth Manager. What this means for you as a client is that I have no inherent responsibility to any financial services company and the advice I provide is 100% independent and client-focused. The advice I provide is based on your unique circumstances and requirements, and it is not structured to fit within the restrictions of a specific financial services company.

As a group we have product and advice associations with almost all leading financial institutions.

Contact Me

Phone +27 (21) 914 1047

Fax +27 (86) 611 5482

Email wessel @ schon.co.za

Ground Floor, Canal Edge 1, Tyger Waterfront, Carl Cronje Ln/Dr,  Bellville, 7530

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