Page 44 - Waterfall City Dec 2024_Jan 2025

Waterfall City Finance

HOW TO CREATE

LASTING WEALTH

that spans generations

By Haydn Johns, Head of PSG Life and PSG Invest, PSG Wealth

“Creating lasting,
intergenerational wealth
starts with a thorough and
robust financial plan.”

C reating lasting wealth to pass includes the vital elements discussed

above, matching these objectives
down for generations to come
with the correct product and service
can seem an overwhelming
task. However, taking a step-
by-step approach to understand and offering is essential. Below are some
key considerations to weigh up when
plan for the various considerations choosing a provider to help you
holistically helps to make it achievable. implement your financial plan.

Start with a plan - Investment options
Creating lasting, intergenerational Consider whether your provider offers
wealth starts with a thorough and a range of investment funds that will
robust financial plan. This includes (but provide consistent performance and
isn’t limited to) the following: help you realise your savings goals,
• Asset allocation planning. Ensuring considering that your needs may
that your asset classes and allocations change over time.
match your risk tolerance and long- Haydn Johns, Head of PSG Life and PSG Invest
term goals is crucial to creating long- A range of traditional single-manager
term wealth. beneficiaries in a way that minimises unit trusts is a useful starting point, but
• Retirement income planning. You estate costs and tax liabilities. as these funds are managed by a single
must build a sufficient asset base • Tax efficiency. Understand how to fund manager (or management team),
to draw an income in retirement. use tax legislation to your advantage they may have shortcomings. Funds of
Being able to receive this income tax and minimise tax liability. funds are different in that they invest
efficiently is a crucial consideration. in various single-manager unit trust
• Estate planning. Contemplate how Choosing the right products funds. As a result, investing in a fund of
your assets are protected and how for your needs funds offers the following benefits:
they will be passed down to your After establishing a financial plan that • Greater diversification across asset

42 Waterfall City Issue 12 2024/Issue 1 2025