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15 July 2024anemptytextllineSouth Africans are struggling to save for retirement, prompting a shift to a two-pot system for retirement funds starting 1 September 2024. This system splits contributions into a savings pot and a retirement pot, with financial advisers playing a crucial role to secure their long-term financial well-being.
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10 July 2024anemptytextllineJune arrived with surprises from an interest rate cutting perspective. The European Central Bank (ECB) became the second major central bank to cut rates after the Bank of Canada (BoC). The Swiss National Bank (SNB) cut rates for the second consecutive time in June while sentiment over monetary policy easing remains mixed among major economies.
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9 July 2024anemptytextllineAI enhances business operations and client interactions, ensuring more face-to-face time with clients and better service delivery. It’s crucial to integrate AI thoughtfully, addressing ethical, legal, and practical considerations while maintaining the essential human touch in financial advising.
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8 July 2024anemptytextllineIn SA, real Gross Domestic Product (GDP) contracted marginally by 0.1% in Q1 2024, while the UK economy stalled in April due to wet weather. UK GDP was flat in April compared to the previous month, a slowdown from 0.4% in March.
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1 July 2024anemptytextllineNew rules are coming for financial advisors in South Africa. The CoFI Bill will make sure advisors put clients first and follow stricter guidelines. Networks can offer compliance support, financial backing, and new technology. By working together, advisors can turn this change into an opportunity.
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12 June 2024anemptytextllineGraduating marks the beginning of an exciting yet challenging phase where financial independence demands careful budgeting and responsibility. Prioritizing an emergency fund is crucial to cover unexpected expenses, followed by long-term investments such as tax-free savings accounts for future security.
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12 June 2024anemptytextllineIn SA, inflation moderated slightly from 5.3% y/y in March to 5.2% y/y in April, according to data from Statistics South Africa (Stats SA). The primary contributors to the April headline inflation rate were housing and utilities, food, and transport.
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12 June 2024anemptytextllineUS inflation slowed in April and was outpaced by the national wage figure. Japan’s April inflation also slowed, consistent with the trend in other major economies. In SA, President Cyril Ramaphosa signed the National Health Insurance (NHI) Bill into law in May, hoping to make healthcare affordable for all citizens. South African elections took place in May, resulting in the ANC losing its majority.