What are your financial goals?
Most of us have financial goals, but many of us lack the time or interest, and sometimes the knowledge, to make our money work for us and our families in the long term.
Veritas Wealth works with them to clearly define their goals and develop flexible financial plans.
How to identify your goals?
Veritas Wealth specialises in Lifestyle Financial Planning. This is a process driven by you. It enables us to understand who you are, your personal circumstances and responsibilities, and where you would like to go. Our aim is to help you to take control of your money and to maximise your financial capacity to achieve your personal goals and those of your family.
Our Client Profiles
This is how we could help you:
Seasoned businessman on the verge of retirement
Carrying their bucket list of things they wanted to do in retirement but concerned that they had not saved enough, Ron and Rita van Zyl turned to Veritas Wealth to plot and plan the best way to fulfill their dreams.
I have worked for the past 30 years as a senior manager at a successful exporting business. Rita, my wife, started a small gardening business when our boys left home. In retirement, one of our dreams is to explore Africa.
The year before I retired I was referred to Veritas. I was concerned that we had not saved enough over the years to enable us to live our dreams. I was not looking forward to meeting with them. We started the meeting by completing a few short exercises in order for Veritas to understand us better. Then we discussed our specific needs, as well as our lifestyle goals. We looked at our ‘bucket list’ and our plans to retire to our holiday home on the coast.
Veritas’ wisdom around retirement was remarkable. They continued to ask us to visualise retirement past the bucket list. They got us to really think about life in retirement and seemed to understand the big issues we needed to consider.
We realised it was important to stay connected to people and remain active in retirement, but we also wanted to live in a quiet seaside town. We worked through the figures of going on one overseas trip a year to see our grandchildren. We discussed the need to plan for the sale of the family home at some point to free up capital. Emotionally, this was a major decision for us.
We now meet with them once a year to discuss our circumstances and update the plan. Where necessary, changes are made and figures are updated. Our children are also involved in the review process and our eldest son has on occasion attended meetings. Part of the meeting is always spent discussing our next family holiday abroad. We feel in control of our financial affairs and are glad to have a financial adviser that really understands our needs, shares their wisdom and puts our interests first.
Veritas not only understands our money matters, but also our family circumstances, and what is important to us.
Business & family man with a demanding schedule
Tom had accumulated a great deal of cash through his hard work but much of it was idling in a money market account. With support from Veritas Wealth, his money is now working for him to achieve long-term security for his family.
I am the CEO of a large listed company with a national footprint. I earn very well and also receive a substantial bonus every year. I am an accountant by training, and fully appreciate the importance of having a sound financial plan in place. But I work incredibly hard, my hours are long, and there is very little time left for me to devote to myself, my family and our money matters.
Despite being busier than ever, I decided I had to take the plunge and I’ve spent the past two years working with Veritas to simplify my financial affairs. Veritas has helped me to get rid of insurance products and policies I no longer need, I save money in a tax efficient manner and if I pass away unexpectedly, my family will be taken care of.
Through the Veritas financial planning process, I have realised that I am a wealthy man. I still do not have the time to enjoy that wealth. I know that I can retire any time I want, but choose to continue with my career as this is important to me and fulfils me.
Before I met Veritas, I used to sit with vast sums of money in a money market account. I would hate to know the opportunity cost of not having the time to get things in place. One year I remember the market ran by 25% and I was sitting in cash!
In short, Veritas gets it done for you! They helped me set up trust structures and develop a sound investment strategy – from my company retirement fund to my local and offshore investments. They are like my personal trainer. I can go to the gym on my own and train, but when I go with them I get so much more out of that time. It is always worth the effort!
Whilst Veritas assists and continues to provide me with ongoing advice, the most important thing for me is that I remain in control. I am able to do this now, in half the amount of time it would otherwise have taken me. With my input, Veritas put a financial plan in place that covers my investment strategies, estate planning, income tax planning and risk planning. This means that I now have peace of mind and know that I am making the fruits of my labour work as hard as possible for me.
Widow who now finds herself head of the family
When Emma’s husband suddenly passed away, she was able to recover and take control of her life. He had involved her closely in his financial planning sessions with Veritas Wealth and she now has a trusted advisor to lean on.
When my husband, John, approached Veritas about financial planning, he involved me from the start. I attended the annual review meetings he had with them and eventually became quite interested in the financial affairs of our family. However, I never really took charge. This all changed when John was tragically killed in a car accident and I was forced to take over the financial reigns.
When John initially suggested that I join him at the meetings, I could think of many things I would rather have been doing! In hindsight I am so thankful that he involved me. Not only did I get a sound understanding of our family’s financial affairs, but it also gave me the opportunity to get to know the people that held my security in their hands.
I only really experienced the value of my initial involvement when a good friend of mine also found herself unexpectedly widowed. Unlike me, Sally had no idea of the state of their financial affairs. She did not know their advisors and felt bewildered and insecure. She also had to wait 18 months while the bank wound up her husband’s estate. In my case, this was done with Veritas and their associates within 6 months.
Of course the grief of losing a partner is overwhelming, but being in charge of our financial matters and the support I got from a known and trusted team, empowered me and enabled me to carry on with my life in a way that John would have wanted.
Professional medical practitioner
Thando had sporadically invested here and there, but a health scare made him think harder about his own and his family’s future. He and his wife have worked with Veritas Wealth to develop a comprehensive financial plan that they regularly review.
I am a successful professional medical practitioner. I love what I do and am very committed to my practice. However, it demands long working hours and a lot of reading/ studying to ensure that I am up to date with the latest developments in my profession. The precious little time I have left, I spend with my family.
Last year, I had a minor health scare and my wife, Sibongile, started becoming increasingly concerned about the negative impact my long hours and pressurised work environment is having on my health. I began thinking about how my family would be taken care of in the event of something happening to me.
Over the years, policy sellers and investment professionals had contacted me and although I had taken out risk cover and made certain investments, I could not remember the details of the terms and amounts. A colleague told me about Veritas and Sibongile and I decided to approach them.
We realised that I had too much life cover, but too little income protection. I was not saving in a tax efficient manner and the underlying investments had not been reviewed in years. In summary, we were throwing money away month after month because we never had a comprehensive financial plan that addressed our overall needs.
Through this process we realised that there would come a time that I would be able to reduce my hours and spend more time with my family. It also became apparent that Sibongile has been concerned for some time about my health. Veritas encouraged the conversation and then helped us both understand how we can adjust my career and still continue to live the lifestyle we have grown accustomed to.
We now meet regularly with Veritas and they deal directly with my tax practitioner which is one less thing for me to have to worry about. It is part of their service to make sure that the structures for tax planning and estate planning are in place and that investments are made accordingly.
Sibongile and I now both feel much more in control of our financial affairs. It feels great to finally be working towards something concrete and to know that I can slow down, instead of feeling somewhat overworked and overwhelmed!
Self-employed family man
Peter’s business and personal finances had become so entangled that he was risking his source of income and his family’s future. Veritas Wealth has helped him to prepare for “the day my ship comes in”.
I am an engineer by training and run a very successful business that I started from scratch. I earn a decent salary from the business. I hate ‘brokers’ but I knew that I needed to diversify my assets. I have a big home loan which funds much of the working capital in my business. Like all entrepreneurs, I believed that my business was worth a lot more than what someone else would pay for it.
When I met with Veritas, we discussed ‘the day my ship comes in’. We chatted about the risk of me personally carrying all the business liability in my home loan. Then we discussed a succession plan for the business in the event that something should happen to me. We also touched on what other forms of savings I was making outside of the business.
Veritas drew four circles. It was a light bulb moment for me! One small circle represented too much debt = lifestyle (house, car, boat etc.) The second small circle represented a lifetime asset (retirement funds, cash, shares, unit trusts) that I can live on when I stop working. The third was a much larger circle, that represented the business (salary, dividends, stock and share price). The fourth circle was non-existent and represented surplus assets, that I simply didn’t have!
When I saw this picture, I realised that at the age of 42, I now have to, over time, transfer the size of my business assets to my lifestyle and lifetime assets. To start with, I need to get my lifestyle assets (house and cars) out of debt. The business needs to carry these debts itself. I also realise that my business is not worth much to anyone without me, and as a result, my family carries a great financial risk.
Veritas pointed out that I need to start transferring assets away from the business as the profits are produced, so that I can build up another fund to live off once I retire. They also made me realise that I have never saved in a tax efficient manner and am paying an excessive amount of tax to SARS.
From our conversations together, I realised that not every entrepreneur’s ‘ship comes in’. I need to plan around this worst case scenario. I also realise that it’s not all about the business. I need to put my family’s needs before the business and realise……it’s all about us!