We sometimes underestimate how our childhood experiences influence our lives, careers and approach to money. Bashkar Rattan from Rattan Wealth and Fiduciary Consultants is no slouch when it comes to professional qualifications with a BCom in finance from UNISA and a diploma in financial planning from the University of the Free State (UFS). However, it was the character-building experience of growing up in a modest, single-income household with a fixed budget that likely shaped his career path. That, and an inspirational mother who was a banker, that made Rattan gravitate towards investments and insurance planning.
Running a successful practice takes more than book-smarts. The nuance of nurturing trust and human relationships goes a long way towards building respectful professionalism that not only builds equity over a lifetime but also a practice built through networks and endorsements by satisfied clients.
Rattan makes it an early priority to get to understand each client’s lifestyle and needs, and to set expectations and requirements from the beginning of the relationship. Availability is also key. Rattan and his team make themselves available for a quick call, WhatsApp or advice discussion without having to wait a week or months for an annual review. For Rattan, financial planning is always-on, and it is dynamic. One of his stated strengths is supplementing his knowledge with subject matter specialists who are available to assist with advice immediately, whether it be product and/or legislation.
We make what seems to be a daunting exercise as efficient as possible.
What do you believe is the most important thing that you do for clients?
We make what seems to be a daunting exercise as efficient as possible by simplifying processes and making sure we come up with a manageable plan that meets our clients’ needs. This means offering the best possible product solution with the widest coverage available, all within the parameters of their risk profile and required compliance. To achieve this, the most important thing we do for clients is to pay attention to their needs.
What are the biggest mistakes that you see clients make?
First it is spending on things that are wasteful and nonsensical, like flashy cars or designer-branded gear. Ego-driven spending and flashy, opulent lifestyles are stealing your own prosperity from your future self.
The second is more important – not saving for retirement! One of the biggest risks that we face as a population is that we’re living longer. With the daily advancement of healthcare technology, living longer increases the likelihood that we find ourselves needing old-age nursing care, which comes at a significant cost. This means a double financial burden: outliving our retirement capital at a time of increased expenditure. Starting to save early is the best advice I give you.
What are the biggest challenges you face in your role as a financial planner?
- Convincing the younger generation to save! As with all youngsters through time, they are very short-sighted when it comes to financial planning. They think they will never get old and put it off, but the march of time eventually creeps up on everyone.
- Seeking out poor advice, or even worse, acting on uninformed advice. Many “DIY” investors make uninformed financial decisions and are faced with behavioural biases when “investing”. Everyone seems to have an uncle or cousin (or worse, seen a TikTok influencer) with good tips. Rather seek out proven, professional advice.
