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HOW TO CHOOSE YOUR FINANCIAL ADVISOR

Momentum Irene

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

Momentum Irene

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

Momentum Irene

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

Momentum Irene

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.

Momentum Irene

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)?

Momentum Irene

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.

Short Term Insurance

Momentum Short Term Insurance – Covid-19 Questions

Momentum Irene
It has been a challenging 2 weeks for all South Africans, with the efforts to stop the spread of COVID-19 resulting in more severe measures being implemented, in particular the lockdown which will last from midnight on Thursday 26 March until midnight on Thursday 16 April 2020. We are fully supportive of the efforts taken by the South African Government to combat the COVID-19 pandemic.

As we all come to grips with what this means, we want to ensure that the impact of the lockdown is as little as possible on you.

Although many of our Momentum Short-term Insurance (MSTI) employees will be working remotely to flatten the disease curve and slow down the spread of the virus, we remain fully operational across all business areas. As a result of these measures you might be experiencing delays in service delivery and turn-around times. We once again apologise for any inconvenience caused and assure you of our continued commitment to strive for service excellence under the current circumstances.
Below you will find some frequently asked questions, as well as answers following the lockdown announced by the South African President this week.
1.How do I go about getting in contact with you regarding a query on my existing policy during the lockdown period?
We have enabled our operational teams to work remotely. You will be able to contact us for all your insurance needs. We might experience network quality issues with voice calls from time to time and therefore encourage you to make use of the self-service options on our website or mobile app. Simply go to momentum.co.za. You can also still contact us on the following share call number 086 000 6784 or alternatively send us an e-mail at: shorttermclientservice@momentum.co.za. Our call centre hours remain unchanged.
2.Due to the lockdown I will not be driving and I want to cancel my car cover for 21 days and take it up again when the lockdown is lifted?
It is our obligation, as a responsible insurer, to advise you that cancelling your insurance may not be a good idea as your assets remain at risk for any unforeseen event and a financial adviser should be consulted.
For example: even if their vehicle is parked at home it is still exposed to fire or theft.
Also, if your vehicle is financed a finance house will still require that such a vehicle remains comprehensively insured. It is also important to note that you might still have to use your vehicle to buy essentials such as groceries, and you will have no cover for accidental damage if you downgrade your cover to ‘limited’ or ‘third party only’ cover.

A ‘downscale’ option is certainly available however should be considered carefully. We do however understand that clients may be under strain financially and may find it difficult to afford an increase in premium once they change the cover back to comprehensive cover. In light of this, we have undertaken the following; if this change is done within the lockdown period and reverting to the original cover happens within 10 working days after the lifting of the lockdown restriction, we will keep premiums the same as what it was before the change, provided that there is no material change in the risk.
3.Are there any plans from MSTI’s side to assist clients that are financially affected by the pandemic?
In addition to the measures mentioned above, we are also providing clients with a unique once off opportunity between 1 April and 30 June 2020, to choose to receive an early payment for a portion of their accumulated Rewarder (no claims bonus) and/or their Safety Bonus.

We believe this will go a long way in boosting cash flow for many clients. Clients who have this option available, but do not need it may also choose to donate their payment to the Solidarity Fund to assist those in need during this period. If the early payment is selected on the Rewarder benefit, the no claims period will be reset. For the Safety Bonus, the accumulation period will remain the same, but no Safety Bonus will be paid after the next policy anniversary.

Should you require advice in this regard or if you want to make use of this option please contact us on the following share call number 086 000 6784 or alternatively send us an e-mail at shorttermclientservice@momentum.co.za.
4.Will I still be rewarded for my drive-free Safe Dayz™?
You will automatically earn Safe Dayz™ during the lockdown period and be rewarded with a drive-free day when staying home and not traveling.
Claims
1.How do I go about reporting an incident during lockdown?
We have enabled our operational teams to work remotely. You will be able to contact us for all your insurance needs. We might experience network quality issues with voice calls from time to time and therefore encourage you to also make use of our mobile app and web functionality. Simply go momentum.co.za to report an incident. You can however still contact us on the following share call number 086 000 6784 or alternatively send an e-mail to shorttermclaims@momentum.co.za.
2.What process will you follow for assessments on new claims submitted during the lockdown period?
Upon claim registration, the claims consultant will talk you through the claims process and what you can expect during this period. Our processes will as far as possible remain unchanged.
3.What process will you follow in terms of indemnification after a valid incident:
Our process of indemnification remain the same however we have to advise that due to depleted stock and parts availability experienced by the majority of our service providers and motor body repairers we might offer alternative indemnification options. We will consider each case on its own merits.
4.Will 24/7 assistance (emergency assist) services still be offered?
We will continue to provide emergency services and our senior management team will continue to work with service providers to make sure we can provide these essential services.
5.What will happen if my vehicle is currently at panel beaters?
Our service providers have already started contacting clients where repairs have not yet commenced in order for these vehicles to be collected. Following the lift of the lockdown, new appointments for repairs will be made. Vehicles, where repairs are underway or in the instance where clients could not fetch their vehicles in time before the lockdown commenced, will be kept safe by the service providers until repairs can continue. All the affected clients will be informed accordingly by the service provider.
6.Will car hire be extended at no cost to the client for all motor claims still pending?
We have been working very hard to authorise as many claims as possible in the last couple of weeks, but in those cases where we were unable to do so, would have made contact with all clients who currently have rental vehicles. We will determine whether it is possible for clients to return the hired vehicle to be reissued when the lockdown is lifted. If this is not possible we will make alternative arrangements.
7.What happens in the case of a burst geyser, fire or burglary claim?
Our aim is to assist with all insurable events including emergency events and assess the damages as soon as possible. If the property is not habitable, alternative accommodation will be arranged for the household, subject to limits provided in our policy wording. Security will be deployed to the damaged property to safeguard the assets.
8.Will my business be covered for Business Interruption as result of COVID-19?
We regret to inform you that ‘Pandemics’ and ‘Epidemics’ do not form part of our insured perils under our Business Interruption cover.

What is covered under Business Interruption cover?

Financial loss suffered during the indemnity period following interruption of your business. The interruption must be as a result of a loss that gives rise to a valid claim for fire, office contents, buildings combined or electronic equipment, which you have insured with us. The interruption must be as a result of a loss that would give rise to a valid claim under these sections. The loss must also have occurred during the course of your business and at the business premises noted on the schedule.
9.In the event of an accident where my client cannot drive further, will the vehicle be towed?
We will continue to provide emergency service’s which includes towing. We have arranged for 24-hour storage yards during the lockdown period.
10.Will all insured items be covered under lockdown against looting, break-ins and destructions?
The same cover and cover conditions will apply as in the case before lockdown. It is advisable to consult your broker and/or policy wording and if necessary to re-assess your cover and sum insured. Also ensure that you have selected SASRIA cover in this instance.
11.What about the availability of HomeDrive during the lockdown period?
Please take note that our HomeDrive services will not continue during the lockdown period as this is not an essential service. Clients with existing bookings will be notified accordingly and bookings cancelled.
12.Will the Safety Alert functionality still be available during the lockdown period?
Our Safety Alert providers will operate as normal and this functionality will still be available during the lockdown period.
13.During this period I won’t be able to renew my vehicle licence – how will this be dealt with from a claims perspective?
We will continue to assess each claim on its own merits and rest assure that qualifying circumstances like this will most certainly be taken into account at claim stage.
We understand that these are uncertain and challenging times, but we are confident that we will successfully weather this storm. We are always stronger together!
We remain thankful for your continued support and understanding and would like to wish you good health and safety during these times.
Kind regards

Vickey Swanevelder
Head of Operations: Momentum Short-term Insurance