Financial wellness
GTC’s Private Client Wealth Management provides bespoke financial planning advice to you and incorporates the investment account of your retirement fund as well as the insured benefits that you are covered for.
How to create a financial plan
GTC’s Private Client Wealth Management provides bespoke financial planning advice to you and incorporates the investment account of your retirement fund as well as the insured benefits that you are covered for.
Using TrueNorth, GTC’s proprietary financial planning software, a range of parameters are mapped out and all of the investments and assets that you elect to consider, including your retirement fund, are actuarily calculated, providing you with a specific and detailed projection and risk analysis assessment.
You can undertake this process on your own or you can do so with the professional assistance of one of GTC’s MAPS (Member Advice Portal Support) team. At your request you can engage in a personal, one-on-one engagement, developing your personalised Financial Wellness plan.
A holistic Financial Wellness plan consists of far more than just growth orientated investments. You should consider risk as a separate component. Within this you should think of risk as being your own ability to continue working and providing, and accordingly you should consider your requirements in terms of life insurance, disability insurance and healthcare. You should think of those benefits which are already provided as part of your retirement fund together with all other financial provisions that you need to supplement this for your own account.
Risk should also be considered in terms of protecting against loss of your assets aside from your own wellbeing. This will include short-term insurance on your personal assets, vehicles, and house.
Risk includes insuring that your hard-won assets are distributed fairly upon your death in the most tax efficient manner. Ensuring that you have a well drafted will and a well-managed estate are important considerations for managing this risk.
Tax driven compulsory investments
Your financial wellness will almost always be made up of a selection of products which are made available to you through your participation in a company sponsored retirement fund, as well as those products you elect – and pay for – in your personal capacity.
A maximum of 27.5% of your taxable remuneration can be invested in a tax efficient manner, either by you or by your company, into pension and provident funds. These are defined as compulsory investments.
Not only investments have some favourable tax consequences. Your life insurance and disability protection, structured through your retirement fund, can be organised so that it too has favourable tax benefits for you.
Discretionary personal investments
Whilst compulsory investments have maximum contributions, as regards tax deductibility, in your personal capacity you may invest as much as you like, wherever you like. These investments are defined as discretionary.
MAPS team
Altertude – the client engagement interface which combines all GTC’s various products and services for the benefit of each fund member – is facilitated by a team of professional, accredited financial advisors within GTC.
The personnel within the Member Advice Portal Support (MAPS) team are all experienced planners, each of whom has the unique additional discipline of being knowledgeable about retirement fund rules, group risk and tax structures, including the specific dispensation that applies to the in-fund options.
Majority of the team members have extensive retirement fund benefit consulting experience. All are uniquely positioned to provide the single point of unified financial advice that GTC so strongly advocates, merging a client’s retirement fund benefits with the personalised planning that will always be unique to each investor.
Within the MAPS team are specialists in all sectors that make up a holistic financial wellness programme. These disciplines include retirement funds, discretionary investing, risk insurance, short-term insurance, wills, estate planning, healthcare, and tax. True North – GTC’s technology based financial wellness toolkit – is the cornerstone of this complex interface.
The option of whether to access TrueNorth privately or to engage with the assistance of a MAPS consultant in the pursuit of financial wellness, remains available.
These MAPS team members remain available to guide you through Altertude and all its components, from on-boarding as a new GTC client, to realising the fruits of many years of careful and meticulous planning, into retirement – as well providing guidance with many of the additional eventualities which life throws at you along the way.
