Financial Institutions

[Big_Bang]

Hi All

After working a few years, I've managed to accumulated a few assets (ie Units trusts, equities etc) and am planning to buy a apartment with family for investment purpose (rental and maybe sell it in a few years time).

In the past I would always manage my own assets but as the assets grow, added family involement and the limited time I have I've decided to get a trust and let experiance people help maintain all the assets. My questions now is:

- Is this a feasible idea? Is there other options to consider?
- What financial institutions to use that meet the following requirepmets:
* Reasonable Cost
* Good serivce and trustworthy. (ie would you let them manage your money??)

Currently the 2 institutions that I know of that provides this service is Sanlam and Old Mutual, but i'm new at this so don't know if they are any good.

Any suggestions will be greatly appreciated!

 

[OHNO]

Definately No

I have I've decided to get a trust and let experiance people help maintain all the assets. My questions now is:

- Is this a feasible idea? Is there other options to consider?

Hi Big Bang,

I can definately tell you it is a very BAD option. Two reasons.
1) With trusts, you seperate you assets away from you, to a trust. The trust then controls your assets. If you make a mistake here, you can lose your assets.
2) The fees are heavy, and ongoing. First to register the trust or trusts, then yearly trust fees, and you need book keeping and tax experts as well.

My advice, definately don't do this. Always remember, people out there, that you want to handle your finances, are not there for you, they are there for them, and if you feel it is to much effort to take the time to work on your own finances, then all of them will with a happy smile do it for you, and they will do it a way where they can make the most out of your money, for themselves.