PPS launches financial planning for the wealthy
The organisation, based on the concept of mutuality, offers its members a full range of financial products, from insurance and investments to a medical scheme and retirement products. It uniquely also offers members an annual profit-share allocation through its PPS Profit Share Account.
The new wealth advisory service, which will have offices in Johannesburg, Cape Town and Durban, is aimed at clients who have R5million or more in net investable assets and an annual income of at least R2m a year.
PPS Wealth Advisory will be led by Linda Sherlock, executive head: wealth and business development.
Mzwandile Mtshali, executive of PPS Advisory Services and Enablement, who spearheaded the initiative, says: “Together with Linda’s team of 12 seasoned certified financial planner professionals and wealth management experts, all with tenures of between five and 20 years’ experience, we are well positioned to lead with advice.”
The service is aimed at the established, senior and retired professional market segments.
Although this market may benefit from lower insurance premiums because it has a lower risk profile than the broader population, life expectancy is longer, meaning provision must be made for a longer retirement.
Until now, PPS has used a network of PPS-employed financial advisers and independent PPS-accredited brokers to distribute its products. Although this suite of products will still be available through its established distribution channels, PPS Wealth Advisory will offer additional bespoke products and solutions.
Sherlock says the most popular services that high-net-worth individuals seek from wealth managers include bespoke investment strategies, tax advice for local and foreign jurisdictions, estate planning, stockbroking and wealth protection strategies.
She says: “The immediate focus for PPS Wealth Advisory will be delivering services to members with regard to offshore investments, business assurance of professional practices and retirement planning needs. Naturally, we look forward to engaging new members who qualify for PPS membership and fall into the high-net-worth category.
“At PPS we have a deep understanding of the expectations of graduate professionals and high-net-worth individuals when it comes to the complexities of managing their financial portfolios.”