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PPS enters Wealth Advisory market exclusively for graduate professional members

Professional Provident Society (PPS) has introduced PPS Wealth Advisory, a boutique wealth management distribution channel exclusively for sophisticated or high net worth qualifying graduate professional members, their families and their businesses.
PPS Advisory Services has identified within their premium brand solutions, a unique group of professionals who have created family wealth that require a different type of relationship, service and support.

“As the only diversified financial services company in South Africa operating under the ethos of mutuality, our legacy of 79 years together with our exclusive focus on providing intelligent financial solutions for graduate professionals differentiates PPS from other players,” says Mzwandile Mtshali, Executive of PPS Advisory Services and Enablement.

Mutuality anchors PPS uniquely to contribute to accelerating wealth opportunities for high net worth professionals seeking to create, protect and grow their family and business legacy.

PPS Wealth Advisory’s criteria for clients is R5 million in net investable assets of which personal income in excess of R2 million a year is required. The balance of accessible finance could include share ownership schemes, inheritance, equity, investments or property holdings (excluding primary residences).

PPS Wealth Advisory will be led by Linda Sherlock, Executive Head: Wealth and Business Development, who brings significant expertise in the wealth market to the table.

“Together with her team of 12 seasoned CFP qualified professionals and wealth management experts all with tenures of between 5 to 20 years’ experience we are well positioned to lead with advice,” he adds.

“Our strategy is based on accelerating wealth for our high net-worth professionals amongst the established, senior and retired professional market segments,” says Linda Sherlock.

The most popular services that high net worth individuals seek from wealth managers include bespoke investment strategies, tax advisory for local and foreign jurisdictions, estate planning, stockbroking and wealth protection strategies.

“The immediate focus for PPS Wealth Advisory will be delivering the new wealth proposition and services to members with regard to: offshore investments, business assurance of professional practices and retirement planning needs. Naturally we look forward to engaging new members who qualify for PPS membership and fall into the high net worth individual category.”

“At PPS we have a deep understanding of expectations of the graduate professional and high net worth individuals when it comes to the complexities of managing their financial portfolios, the personal relationship they desire and the high service ethos they require,” she says.

The role of the wealth manager is critical in providing a single point of relationship ownership that delivers seamless service and high quality, high touch advice-led strategic plans through financial and business planning for local and international market strategies.

A report by New World Wealth shows that the postgraduate professional wealth segment consists of more than 30% of the South African wealth population. Qualifications in the legal, finance, economics and accounting professions ranked highest at 57% representation with more than 64% at Director and CEO/MD level.

According to AfrAsia Bank South Africa Wealth Report 2019, US$ 649 billion in private wealth is held by people living in South Africa of which there are 39 200 South Africans with net assets of US$1 million or more and 2 070 South Africans with net assets of US$10 million or more.

Investment behaviour has shown that while there is a shift to the self-service investment model as a result of digital disruption, the serious investments take place on a highly personalised, relationship basis due to the complexities of diversified financial portfolios.

About PPS

PPS has more than 150 000 members who enjoy access to a comprehensive suite of financial and healthcare products that are specifically tailored to meet the needs of graduate professionals.

PPS is the largest South African company of its kind, exclusively for graduate professionals, that still embraces an ethos of mutuality, which means that it exists solely for the benefit of its members. Members receive profit allocations based on the qualifying life risk products they hold with PPS. Thus, PPS members with qualifying products could share in the profits of PPS Insurance, PPS Investments, PPS Short-Term Insurance and PPS Healthcare Administrators via annual allocations to the unique PPS Profit-Share Account. In addition, the more products members hold across these PPS businesses, the larger their percentage of earnings through the PPS Cross-Holdings Profit-Share Booster.

PPS membership provides access to the following tried, tested and trusted products and services: PPS Life Insurance, PPS Short-Term Insurance, PPS Financial Advisory, PPS Investments and Profmed Medical Scheme. Visit www.pps.co.za for more information.

PPS is a Licensed Insurer and Financial Services Provider.