Siyasanga, please outline your career trajectory to this point.
I started my career in financial services about 20 years ago, working for two major insurance companies in various roles. My focus was primarily on customer experience, project management, operations and IT. Seven years ago, I joined Momentum, initially as Chief Operating Officer for our Momentum International business, which operates across the rest of Africa.
In that role, I oversaw operations, IT, marketing and customer experience. I also ran the project management office for a time, which naturally fell under operations and IT, particularly in areas like digital transformation and data management.
Just under two years ago, I transitioned to Momentum Corporate, where I serve as executive for member solutions. We provide solutions for members of retirement funds and employee benefit schemes. It’s a role I truly enjoy because I’m passionate about making employee benefits accessible to all employed South Africans. I’m also deeply committed to educating and empowering communities to make better financial choices – and this role allows me to do just that.
We focus on financial wellness, offering value-added services like employee assistance programmes, access to therapists and wellness coaches and pension-backed home loans. I also serve as CEO of pension-backed home loans, which is another avenue through which we help members unlock financial opportunities.
Legacy planning is about more than just assets; it’s about dignity.
How do you perceive the importance of understanding the benefits beyond just a will when it comes to legacy planning – especially in the South African context?
Legacy planning goes far beyond drafting a will. First and foremost, South Africans need to understand that they have the right to bequeath their assets as they wish. Unfortunately, many communities still believe that wills are only for the wealthy. That’s simply not true.
Wills are for everyone. It’s essential to understand how they work and to ensure that your assets are distributed according to your wishes – not left to be determined by intestate succession. Legacy planning is about more than just assets; it’s about dignity, care for loved ones and ensuring your wishes are fulfilled. It’s about the story you leave behind and how it’s managed.
Financial advisors are not just for the wealthy.
How should financial advisors help their clients be proactive about legacy planning?
Financial advisors often have strong, trusted relationships with their clients. That’s why they’re perfectly positioned to guide clients through legacy planning. The first step is ensuring that they have a valid and executable will.
It’s easy to focus on selling policies, but sometimes the conversation about having a valid will falls short. Advisors should make sure clients understand the importance of up-to-date beneficiary nominations for retirement benefits and how estate planning can be optimised from a tax perspective.
They should also help clients assess whether their estate has sufficient liquidity. Without it, executors may be forced to sell assets below market value just to settle debts. That’s not the legacy anyone wants to leave behind.
Please share your thoughts on the significance of regularly updating beneficiary nomination forms and how life changes may affect these decisions.
Updating beneficiary nomination forms is simple but often overlooked. Life gets busy or people don’t realise the impact of not keeping these forms current. Yet they’re crucial, especially for group life assurance benefits, because they dictate who receives insured benefits when you pass away.
These forms also help trustees identify your dependants when processing claims. Regulation 7C governs this process, and while trustees may not follow your nominations to the letter, having them in place speeds things up significantly.
Without nominations, trustees must conduct investigations – checking bank statements, identifying dependants and piecing together your financial relationships. It’s a lengthy process. That’s why it’s so important to update your beneficiaries regularly, especially after major life events like marriage, divorce, having children or starting a business. It’s usually a quick and easy update, and your advisor can help you through it.
What role do trustees play in ensuring that your retirement benefits are allocated fairly, and why is it important for financial planners to be aware of their responsibilities?
Trustees carry a significant responsibility. They must ensure that your retirement benefits are distributed fairly, with priority given to those who were financially dependent on you. For financial planners, it’s vital to ensure that trustees have accurate, up-to-date information about your dependants.
This helps prevent delays in the distribution of death benefits. Advisors should also educate clients about the time it may take to settle benefit payouts and ensure that surviving family members have access to liquid assets in the interim.
Managing expectations is key. If clients understand the process upfront, they’re less likely to become frustrated. Advisors should also ensure that estate planning includes provisions for immediate income, so families aren’t left struggling while waiting for the full payout.
Death doesn’t have an age.
Another important point: most people only start thinking about wills and estate planning as they approach retirement. But death doesn’t have an age. A 25-year-old entering the job market should already be thinking about these things. The moment you start working and accumulating assets, it’s time to speak to a financial advisor and begin planning your estate. You can always revisit and update it as your life evolves. As you know, in the world that we live in, anything can happen to anyone at any age.
It is possible to draw up your will online for free. The majority of South Africans need a basic will. They are either misinformed about the process, do not understand the necessity or avoid the topic.
Many people avoid talking about death. They generally do not want to face their finality. It’s either they think it’s expensive or it’s not their time – it’s uncomfortable and drawing up a will is often seen as expensive or unnecessary. But avoiding the conversation doesn’t make the need go away.
Some people think they don’t have anything to pass on. That’s where financial advisors come in. They can guide you through what you do have, and how to protect it. And let’s be clear: financial advisors are not just for the wealthy. They are accessible to everyone.
Meeting with an advisor doesn’t cost anything. And thanks to POPIA, all personal information and discussions are protected. Advisors are there to guide you, not to judge you. Ultimately, the decisions are yours, but it’s important to be informed and to know what’s available to you.
Estate planning may require a more complex discussion with a financial advisor.
