Find the right local SA financial advisor now!

When should I ask the for the advice of a Financial adviser?

Article by listed financial adviser - Old mutual financial planner from Cape Town:   MAGDALENA BOSMAN

Life stages and Financial planning

Single and starting out

When staring out the following needs might be your priority.

  • Buying your first car
  • Moving into your first apartment
  • Going on holiday

You should consider expected events such as disability and illness.
You do not want to be a burden to your parents should this happen.

Single and established

In this stage you might be thinking of getting married, The question here is.. Do I have a financial plan and is it up to date?

Life cover and disability cover is now getting important.
This is also the stage where you should start thinking of retirement.


The joining of  two lives is joyous. it is also nerve wrecking. There are a number of adjustments couples have to make when thinking and planning of two.

In this stage you may need financial protection as spouses now depend on each other for support.

In merging 2 households and perhaps 2 careers, there are choices couples may need to make. These incomes may be needed to be protected against unexpected death, disability or illness.

Family Life

A family's financial needs  will grow and change over time. You may need steps to manage finances and protect your assets and lifestyle against changes in life or health.

Children are the future., We need to plan for their future and protect it.

Education costs become very important for primary, secondary and tertiary levels. The most tax and cost effective method of saving for these expenses need to be explored.


Not all happily couples live happily ever after. Some marriages fail.  Divorce is unfortunately very real for many people. Couples face the difficult task of separating emotionally and financially.
It is time to consider your financial situation and put a plan in place to take care of your needs. The joint financial plan now has to be separated.

Your main concerns might be the impact of disability and ill health.

Who will look after you?

If you were to die, what about the maintenance payments?

Protection benefits needs to be revisited.
Retirement and savings plans needs to be revised in the light of the divorce settlement.

Deep in Debt

Clients who are deep in debt desperately need the assistance of a Financial Adviser
A appropriate debt consolidation product needs to be considered.

Empty nest

At this stage the children have left home. Suddenly there are extra money due to reduced living expenses
Some investments may be paying out. This is the stage that you needs a Financial Adviser

Retirement planning becomes an urgent issue. this is the last chance you will get to make up for the gaps in your retirement plan.


The challenge here is to manage your assets so that they last as long as your expected lifespan.

Life Assurance still plays an important role.

Investing funds to generate an income in the most tax efficient way is critical.

Estate planning and finding the best solutions to avoid paying unnecessary estate duty will prevent the unwanted sale of assets that are earmarked for the clients heirs.

Article by listed financial adviser - Cape town based Old mutual financial planner:   MAGDALENA BOSMAN