Momentum Multiply

Momentum Multiply – There’s hope, no matter what.

Our worlds have changed and we quickly had to adapt to a new way of working, socialising and even doing our everyday mundane tasks like going to the shops. On the bright side, our hands have never been this clean. But even in the direst of situations, there’s hope. May we find hope, may we treasure the small things and may we stay safe and healthy.

Yours in wellness,

Other

HOW TO CHOOSE YOUR FINANCIAL ADVISOR

If you take a look at businesses today, it is all about budgets and targets, and achieving them by any means possible. To be honest, it is no different in the financial industry. It is a numbers game. The more cases you close, the more money you will make. Similar to any retail shop, really. The more people through your door, the more bread you can sell, the higher your profit.

There is a significant difference though – Financial Planners have their clients’ livelihoods in their hands.

How many financial advisors have you dealt with in your life? How many didn’t answer and/or return your calls? Just ignored your email when you were in need of assistance, needed to make a change, or take a payment holiday?

The Salesman

A salesman is only in it for the money, and you can spot them easily. They go door-to-door selling you a hoover or a policy. They are not concerned with what you need or how much you can afford. They are only trying to reach their quota. They do not offer solutions and do not educate.

If your Financial Planner’s goal is chasing money and wealth, there are some tell-tale signs from the start.

  1. Are they asking you about YOUR needs? (They really should)
  2. Are they telling you what you need, without taking your financial situation and financial goals into consideration? (They really shouldn’t)
  3. Are they trying to sell you the maximum number of products, at the highest price?

The above approach is often used when giving financial advice to clients – making all high earning products and services most appealing to close the deal. A Salesman will generally look at an upfront commission instead of a monthly commission. (Note, this is not ALWAYS the case – discuss your options with your financial advisor). Their focus moves away from the clients’ needs and is rather focused on the sale opportunity – don’t get fooled by the smooth-talking Salesman.   

The Financial Advisor

Any Financial Advisor worth his/her salt, is there to help their client with proper financial plans and strategies by giving financial advice. A first session with your advisor should start with a Financial Needs Analysis (find out what is a Financial Needs Analysis)

Based on the results of the FNA, the advisor should advise on smart financial strategies, investment planning, cash management, education, last will and testament and other areas to help the clients reach their financial objectives and goals.

By law, a financial advisor should review a client’s financial plan at least once per year.

The relationship between client and advisor must be built on trust. To achieve that, they must listen to you, care about you future and give the right advice, for the appropriate time in your life and financial situation. This will build a long and trusting relationship with one advisor where you grow together, and you are not purely a number on your Advisor’s monthly quota.

Let us take you for a coffee, and tell you more.

Article written by Johan Vermaak. Johan joined Momentum Irene in 2019 as a Financial Advisor.
Momentum Multiply

Momentum Multiply Lockdown Update

Level 4 lockdown has brought changes to the way we can get active. The good news is that more outdoor activity is allowed, which helps both your physical and mental wellbeing. Let’s talk about how your Active Dayz™ are now affected.

If you usually earn Active Dayz by logging 10 000 steps or 300 calories on your fitness device:
* Restricted physical activity is now allowed within your neighbourhood in a 5km radius.   
* You can earn your Active Dayz by jogging, walking, cycling or exercising at home.

If you usually earn Active Dayz by going to the gym or completing Parkruns:
* Since gyms and Parkruns are still closed, we will top up your Active Dayz for May so you
get at least as many Active Dayz as the average Active Dayz you earned based on gym
visits and Parkruns in the three-month period from December 2019 to February 2020.
* The adjustment will be up to a maximum of your average Active Dayz in the three-
month period from December 2019 to February 2020 and will be made at the beginning
of June.

 In both cases, we encourage you to get moving and stay active. Find what works best for you to log your physical activity and earn Active Dayz as we navigate through the levels of lockdown. If you’re heading outdoors, always follow the safety guidelines, practise physical distancing and wear a mask.

Make sure your fitness device or app is linked to your Multiply profile by clicking here. If you don’t have a device, you can download the FitVault app to track steps or the Strava app to log jogging, walking or cycling. Both apps are free and all you need is your mobile phone.

Stay safe!

Momentum Multiply

Momentum Lockdown Update

3 Days in to lockdown level 4, we want to assure you that your rewards will keep coming, no matter what. We are pleased to let you know that the following benefits will be extended until 30 June.

Extra 3% in cashbacks – Get an extra 3% in cashbacks from Pick n Pay, Dis-Chem and Clicks on top of your normal cashbacks percentage. This will be applied to both in-store and online shopping. Please check directly with your nearest store for updated trading hours.

If you haven’t activated your benefits yet, click on the logo to find out how:

Weekly Wins – Get a Dis-Chem or Total voucher for your Weekly Wins treat. Wimpy vouchers are currently not available. The process to earn Weekly Wins and receive voucher codes remains the same.


The R25 voucher is valid for 14 days, can be used in-store or online. No change given.


The R25 voucher is valid for 14 days, can be used for fuel or the convenience store. No change given.

If you are giving the voucher code to the cashier in store, please take precautions when doing so. Rather read the code out to the cashier instead of giving them your phone to hold.

Yours in wellness
Johan Kleu
Executive Head: Multiply

Momentum Multiply

Multiply your money when you need it most

In these uncertain times, Multiply Money is one thing you can be sure of to get you through financially, with low risk, no monthly fees and instant access to your money.

Build up an emergency savings fund – by doing the things you already do.
The cashbacks you earn when you shop for essentials at our retail partners, Pick n Pay, Dis-Chem and Clicks are paid directly into your Multiply Money savings wallet. You can also deposit money from any South African bank account into your payment wallet, then transfer it to your savings wallet. The money in your savings wallet grows from the first cent with a great interest rate*.

If you need essentials, Multiply Money has got you covered.
Get easy, instant access to your money by making mobile payments at selected retailers, using your Multiply Money Card to shop for essentials in-store or online or transferring money to your HealthSaver account to pay for medical expenses or pet care at the vet.

It’s never too late to start saving for a rainy day.
Since you may be spending less money on non-essentials, set a savings goal on the Multiply Money app and try to save towards it during this time. Having something to work towards is a great way to stay upbeat and motivated.

The recent prime rate cuts may have also left you with extra cash that you can use to pay off your debt quicker or save in a low-risk savings vehicle – especially since the market is uncertain now – to build up an emergency fund

We encourage you to make the most out of Multiply Money during this time.


Watch this video to find out how
Financial Planning Jargon

Stop. Continue. Start.

Yes, we are experiencing a pandemic. For most of us it is the first of it sorts, and hopefully also the last. We know it is affecting each of us, as individuals, as families, groups, businesses. Worldwide, everyone is caught in the same situation and I believe the people who drive the economy will implement strategies to assist in keeping our heads above water until this crisis, that is touching all of our lives, is under control.

The scale of the upcoming change is currently too uncertain to even consider.

What is certain, is that this will change how we look at our lives, our priorities, our personal finances, and it will definitely change how business owners, CEO’s and investors look at their operations. It is in at a time like this where we have to take stock of what we have, what we need and what is wasteful.

STOP:

Panicking. It won’t change the outcome. Stay focused. Follow the rules. Stay at home. With depressions and recessions comes great opportunity. Think outside your box not to miss the next opportunity. This too shall pass.

Wasting. Rather reuse and recycle. I am not saying wash your bin liner out and use it again, but at least separate your glass, plastic and paper from the food scraps. (Wednesday 22 April is Global Earth day – keep an eye out for our post on Sustainable Ideas at home!)

My granddad use to make, what he called a “Stappie”. Whatever leftover meat there was from the previous day, he would mix in with scrambled egg! (At least he didn’t drink the raw egg, and follow that with a shot of brandy…)

CONTINUE:

In a state of panic, people would want to cut as many expenses as possible. Think about where you cut. Cancelling your business insurance can put your family and/or partners in an even bigger crisis, should anything happen to you. If you stopped payment on your bond, vehicle, credit cards, you will be leaving them with even bigger debt, and the chances of them losing everything, their house, education opportunities, food on the table – it all becomes a real threat.

Short Term Insurance – this includes both life, vehicle, house and home content insurance. If something happens to you during this time, your family will not be taken care of, regardless of the fact that you paid your premiums for how many years. Burglaries and theft is still a reality.

START:

Donate. You have all the time in the world at the moment, get ready for your winter wardrobe, give your clutter to those that has never had the opportunity to gather clutter.

Incorporate technology in your business and day to day life. If you don’t know how, learn! Use everything that is available in our modern technological world.  Have you heard of Zoom? https://bit.ly/2XCYWHH

Google Meet? https://bit.ly/2Vvf3o3

Microsoft Teams? https://bit.ly/2wL8SUK

Get creative.

Revise old business strategies. Review how you run and preserve your business. You might just find ways to improve on systems and processes, things that you’ve never previously had time to do.

Marketing. If you are not advertising, start! Make sure that you are not forgotten when everyone return to the world outside of their homes. Business will most likely be slower than what you were used to. Be sure to get what there is to take.

Here are some great tips on how to advertise on Facebook:

https://bit.ly/3emq4Rj

Look at this time as a “pause” as far as your other financial obligations are concerned. Not a stop. Most financial institutions, like Momentum, offer Premium Holidays which will enable some temporary relief in your day to day living. Please contact your financial adviser, if you have not yet done, so to assist you. If you don’t have an assigned financial adviser, feel free to get in touch with us and we will do whatever we can to support you.

It is our responsibility as individuals to do our part. It is crucial that we, as a nation, comply with the strict regulations that were implemented and plan all new business developments around this.  

Nobody can say exactly what direction this ship will be steered. What we do know now is that if we don’t utilize and change with the current we will crash on the rocks. Together we will get through this storm, and see each other on the other side.

Wherever and whatever that might be.

Please stay safe.

Written by Henco van Loggerenberg. Henco joined Momentum Irene in 2019.

Financial Planning Jargon

Why a Financial Needs Analysis (FNA)?

Picture yourself going to a doctor, paying upwards from R500 for the consultation, and he merely looked at you, and gave you a prescription for chronic medication, upwards of R1 000 per month. He didn’t take your temperature, measured your blood pressure or asked about your symptoms. You would not feel confident that you made the right decision going to that specific doctor, and you would probably fork out another R500 for a second opinion.

With the above scenario in mind, ask yourself – why take a risk with your life, life savings and retirement with someone who doesn’t know anything about you?

Any Financial Planner worth his salt will never sell you a product, but a solution. The solution will be put together based on the information gathered from the FNA – Financial Needs Analysis.

A proper Financial Needs Analysis records a client’s goals and needs at a specific time, and provides a point of reference when the annual review of the client’s portfolio takes place. There is a skill involved in asking the right questions and understanding the client’s wishes and circumstances.

This provides the planner and the client with a point of reference to base amendments on, for example when a client gets married or has children. The FNA gives the Planner the opportunity to assist the client holistically by offering assistance on how to improve the structure of a budget or debt, provisions to be made for children’s education, the implication of a client’s will  in terms of provisions like guardianship and estate duty, retirement planning, future needs and goals and of course insurance to make provision for the unforeseen.

If you have not had a FNA done, chances of you finding yourself around a boardroom table,  or listening to the radio, overhearing a conversation about life insurance and retirement, and you realise you don’t know if you have enough. Perhaps you don’t even know how much you have. Or what you have. What is enough? Do you know the answer?

 In his book “Start with Why”, Simon Sinek wrote: “You don’t know what you don’t know; never was there a truer sentence ever spoken. The question is, knowing we don’t know everything, what’s the best way to learn more? 

The answer is ironically obvious: look outside. I’m not talking about some existential vantage point, I mean literally, look outside. Step away from your desk and do something, see something, read something or listen to something that has nothing to do with your work. Do something that has nothing to do with what you know”

Failing to plan is planning to fail, and herein is the value of a FNA and the right financial planner.

Written by Douw Steyn – Douw joined Momentum in 2018, and Momentum Irene in 2019. He holds a degree in B Com Business Management , and completed his Post Grad in Financial Planning.