How to Preserve Generational Wealth with Holistic Financial Planning – Overberg’s Claire Moorhouse

Traditional financial planning focuses on investments, pensions, tax or insurance and aims to optimise the individual components to achieve financial goals. In contrast, holistic financial planning takes a more comprehensive and strategic approach. In this interview with Biznews, Claire Moorhouse, a wealth Manager at Overberg Asset Management outlines the benefits of holistic financial planning and how a personal long-term financial roadmap could be created which incorporates wealth creation, wealth protection and estate planning. Moorhouse says traditionally intergenerational financial planning has been seen as making preparations for when you die, but a more modern approach is to act while they’re still here to protect their families and their legacy. She says It is important to be aware of your tax residence status as well as that of your beneficiaries. As many South Africans have externalised their funds, a situs tax could be imposed in the US and the UK on assets located in their jurisdiction. Moorhouse highlights a the possibility that you could be over-insured and reveals that the younger income earners in South Africa are overwhelmingly open about financial planning.