“Passing on to our children all we can is a human instinct,” says Nigel Green, CEO of deVere Group, a well-known international financial consultancy. “To do this, it is imperative to start planning when you reach your earning peak, or when you can afford to put more aside, which for many is in their thirties.”
He notes that many of their clients in their thirties are now prioritising estate planning alongside retirement and other financial planning.
Green attributes this to the fact that the third decade is a time in a person’s life when they have, or are starting, a family and realise the need to prepare to leave a decent legacy to their children.
Here in South Africa, the company’s regional head, Greg Stockton, comments: “Traditionally, people in their 60s sought advice on the subject of estate planning, but an increasing number of young people are now looking ahead, requesting advice on estate planning.”
He attributes the recent spike in interest in financial planning by younger people to a year of economic turmoil in our country, the increased cost of living and the fluctuating Rand.
“People are increasingly aware that a stable financial future is not a given. It is important to secure the future for you and your family. Enhanced access to information facilitates planning,” Stockton adds.
According to Stockton, South Africans should consider an international investment option. “In the United Kingdom, 46% of investors choose to invest abroad in order to properly diversify their portfolios. But it’s our experience that not as many South Africans are aware of their options for international investment. We have seen good returns through investment in the United States, UK or Continental European stock markets and currencies, which are likely to prove stronger than the Rand in the long term,” he said.
“Be it property, stock market investments, family heirlooms, or any other major assets, it is important to ensure there is a plan in place to provide for those you leave behind.” He welcomes the trend that seems to suggest that more young people are taking concrete action to secure their financial future through proper planning, at an age when they still have time to make these plans a reality.
Greg Stockton is deVere Group‘s Regional Head of Africa. Being part of worlds largest financial advisory for 13 years was an incredible experience. He was fortunate enough to travel widely in his many roles within the company and learned from the most talented advisors and managers in the industry. “I try to instill this knowledge and experience in all those I now work with. Everyday I am privileged to work with fantastic clients and incredible staff and I strive to make a difference in everyone I meet,” he says. Follow @deVereGroup and @Stockton_Greg on Twitter, find Greg Stockton on Linked In and like the deVere Group on Facebook