I am looking for a financial adviser that is not tied to specific products. Basically I am looking for someone that will charge me by the hour and give me investment advice without trying to push products on me where he gets commission on sales. Can anyone recommend such a person?
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Recommend a Financial Adviser in CPT
- Thread starter JimmyRott
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Pitbull
Verboten
Look for a fees based broker instead of a commission based broker. Google might help with the distinction.
Found one in Pinelands:
http://ctorr.findanadvisor.co.za/
Thanks. However, I would like to execute trades myself on the JSE. I already have access to a trading platform and would just like someone knowledgeable to discuss future planning and certain tax implications with. The advisor you recommended seems to still be selling roducts for various different companies, due to this (I may be mistaken here) I would expect that his expertise would lie more in choosing various pre-made products that he already sells rather than tailoring advice based on my specific situation? Or am I misunderstanding something here?
Pitbull
Verboten
My apologies, didn't know it was trading related. Thought you needed investment advice regarding policies and investments. I can't help you there. Best would be to speak to an experienced trader as opposed to some kind of broker. Investment brokers mainly deal with Linked investments and group schemes.
Pitbull
Verboten
I prefer this approach tbh. They get paid a professional fee like a lawyer. And they have no vested interest in what you choose to and who you invest with.
I can help you out. I'm an independent CFP® (CERTIFIED FINANCIAL PLANNER) and Tax Practitioner based in Cape Town. I give my clients the option of fee or commission based cost structures - whichever suits you best. PM me if interested.
Thanks. This seems to be more like what I am looking for. Will contact him.
silverfoxrox
Well-Known Member
No offense intended, but the very fact that you do offer some commission-based products makes me think that you will have a bias towards pushing a client to them, even if they pay with a fee.
rietrot
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I think this is exactly what he didn't want. Someone pushing the same products or 'their' products.
My initial post said nothing about products, and when it does come to products I'm independent. It seems like he doesn't want products anyway - he wants advice so he can do things himself.
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the eskimo
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Most CFPs or financial advisers are not the best people to ask for investment advice if you are a person who already has a trading platform and will execute trades for yourself.
You would probably need a specialist in investments and tax for your specific requirements.
Sadly, my personal and professional experience is that most FAs and CFPs (although CFPs less so than generic FAs) don't know much about the more complex issues some people face. All they can do is advise you to buy life product A or invest in Unit Trust B or assist to complete a simple tax return C.
You would probably need a specialist in investments and tax for your specific requirements.
Sadly, my personal and professional experience is that most FAs and CFPs (although CFPs less so than generic FAs) don't know much about the more complex issues some people face. All they can do is advise you to buy life product A or invest in Unit Trust B or assist to complete a simple tax return C.
Yeah, exactly. I am sure I do not want any of those products other than an RA.
A relative recommended this guy http://mafiabuzz.co.za/. The website is shockingly bad, but if everything stated is true it looks like it may be a good option. The courses also seem to be quite popular. Anyone have any experience with him?
I originally thought it more likely that I could help OP in my capacity as a tax professional. If you have any tax questions with regards to your investment plans feel free to ask here free of charge..
Billy
Expert Member
Why not look at the Standard Bank Online trading courses and seminars. They are very good, from beginner to advanced.
Thanks vash. One particular thing I am interested in is the structure and tax implications on offshore funds. I have seen certain ETFs and funds available that provide offshore exposure. Some are denominated in ZAR and some are denominated in USD. Considering that your returns on the ZAR denominated funds will be dependent on two factors being the performance of the fund/stocks and the value of the rand, will I be charged tax on both gains? If yes, is this also applicable to USD denominated funds?
Basically, I am trying to understand the pros and cons off ZAR vs USD denominated offshore funds.
Since ETF's are classified as collective investment schemes, CGT rules will apply when withdrawing funds regardless of how long you've held the investments. Capital gains tax in both cases will be determined by proceeds minus base cost. With ZAR denominated funds, the growth is dependant on performance of underlying investments and currency fluctuations - both of these factors will determine the NAV price and therefor your capital gains will include both. With USD denominated funds the NAV price is based only on performance but you're going to be left in the same position because you need to declare the rand value of the investments when calculating your proceeds and base cost for the purpose of capital gains, therefore currency fluctuations factor into your gains.
The primary difference between the two types of funds is that while they can both be invested in the same underlying assets, the ZAR fund is domiciled in SA meaning your money never actually leaves the country even though it's invested in foreign assets. On the other hand you actually have to move your cash offshore and into USD to invest in the USD denominated portfolio. This has exchange control implications which can be additional admin especially you plan to invest more than R1million. On top of that the minimum sum required for investments is normally higher and you can only invest a max of R10mil per year.
It can be beneficial to actually have your money moved offshore if you expect you might like to keep the funds overseas, in a bank account or alternative investment after you withdraw from the ETF. If you plan to bring the cash straight back to SA then ZAR fund might be better for you since you still get the same benefit if the rand depreciates. Either way, as a SA resident for tax purposes you'll be taxed on assets worldwide so for CGT purposes it makes no difference if the funds are domiciled locally or offshore.
The primary difference between the two types of funds is that while they can both be invested in the same underlying assets, the ZAR fund is domiciled in SA meaning your money never actually leaves the country even though it's invested in foreign assets. On the other hand you actually have to move your cash offshore and into USD to invest in the USD denominated portfolio. This has exchange control implications which can be additional admin especially you plan to invest more than R1million. On top of that the minimum sum required for investments is normally higher and you can only invest a max of R10mil per year.
It can be beneficial to actually have your money moved offshore if you expect you might like to keep the funds overseas, in a bank account or alternative investment after you withdraw from the ETF. If you plan to bring the cash straight back to SA then ZAR fund might be better for you since you still get the same benefit if the rand depreciates. Either way, as a SA resident for tax purposes you'll be taxed on assets worldwide so for CGT purposes it makes no difference if the funds are domiciled locally or offshore.