Individual Consulting
Connect Issue 3 • 2026
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Hello As we celebrated and promoted Wills Month in September, we have dedicated this edition of our newsletter to all things Will and estate planning related. The adage, “where there is a Will, there is a way”, speaks volumes and highlights an important truth that should not be ignored. Did you know that only about 30% of South Africans have a valid Will? This means that around 70% die intestate, resulting in their assets being distributed according to a legislated formula rather
In this issue The first person you should tell when you’re terminally ill - Greg Bradfield How marriage and divorce affect your Will Jainal Narsai
than their personal wishes. As a result, their legacy may not benefit the people they intended it to.
Is your estate liquid?
For parents of minor children, the consequences can be even more significant. If they die without a valid Will, a child’s inheritance may be paid into
Is your estate plan protecting your children?
the State’s Guardian’s Fund, creating additional administrative complexity and potential delays.
Choosing the right guardian
There are many risks associated with poor estate planning and the absence of a valid, signed Will. Everything you have worked hard to build over your
Digital assets
lifetime could be distributed in a way that does not reflect your intentions. Quite simply, it is not a risk worth taking. Your Alexforbes adviser is ready to help ensure that your Will reflects your wishes and forms part of a comprehensive estate plan designed to protect the people and legacy that matter most to you.
Life partners and their rights to a deceased estate
The biggest inheritance you can give your children is time in the market - Greg Bradfield
Market commentary podcast
Enjoy the read. Economic and market update
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The first person you should tell when you’re terminally ill — and why almost nobody does By Greg Bradfield Wealth Manager, CFP® Most financial plans are built on hope – hope for long lives and long retirements, that children will grow up and become independent, that there will be enough time for investments to compound, businesses to mature and difficult decisions to resolve themselves gradually. A terminal diagnosis shatters that assumption in a single moment. What once stretched across decades suddenly collapses into months, sometimes weeks. Planning designed for growth must be reshaped for transfer. Structures built for a future self must now protect the people who will be left behind. When we imagine the end of life, we picture conversations, reconciliation and reflection with loved ones and friends. We imagine time to prepare loved ones emotionally but often people tell no one. Very few imagine the administrative consequences of death: frozen bank accounts, delayed pay-outs, outdated wills, offshore assets stuck in foreign legal processes and families searching for information. Most of this is preventable, but only if one critical conversation happens early enough. Not with an attorney, an executor or with family, but with your financial adviser. Yet advisers are often only informed after the funeral, when the opportunity has already passed. Grief is inevitable, but financial disorder is not.
When time collapses Every financial plan rests on the assumption that there will be time. Time for markets to recover, to review beneficiaries, to update a will and to restructure offshore assets “when things settle down”.
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A terminal diagnosis removes that time. The planning horizon contracts. Long-term strategies must deliver short-term certainty and assets intended to support the retiree now need to support a surviving spouse. Structures designed for tax efficiency over decades must now prioritise liquidity and access. Many people overestimate how ‘sorted’ their affairs really are. Having a will, life cover and investments do not guarantee a smooth outcome. A terminal diagnosis is not only a medical event. It is a financial pivot point, and when that is missed, the consequences fall on those left behind.
Why people stay silent The reluctance to tell a financial adviser is deeply human as they do not want pity or they want to protect their families from fear. They might need time to process the diagnosis or believe their affairs are already in order and that there will be time to deal with the details later. But silence is costly. A will could be outdated and beneficiaries no longer reflect reality. Retirement funds remain locked in structures that delay payouts. Offshore assets could have foreign probate and straightforward policies are contested. Families encounter the most difficult and emotional period of their lives without the financial certainty they need.
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What can be done in time The difference between telling an adviser early or too late can be the difference between an orderly estate and years of frustration.
There is a belief that meaningful financial planning is not possible once a terminal diagnosis is delivered. The opposite is often true and the remaining time can be a powerful planning window. An experienced adviser can simplify structures, redirect asset flows, secure liquidity, remove unnecessary delays and significantly reduce post-death administrative burden.
The window may be narrow, but it is not ineffective and urgency often brings clarity.
A real example of what early disclosure makes possible ‘Mark’ was 58 when he was diagnosed with advanced pancreatic cancer. Doctors spoke in months, not years.
He told very few people. He was private and determined not to be defined by his illness. But he made one call that mattered. He contacted his financial adviser. The conversation was brief and difficult, but it gave his adviser the time to help. Within weeks, Mark’s financial affairs were restructured — not for retirement, but for his family’s security. Discretionary assets that would have been frozen in the estate were transferred into his wife’s name, ensuring immediate access and avoiding unnecessary delays. His retirement annuity was converted into a living annuity with nominated beneficiaries, reducing the risk of lengthy trustee processes. An outdated will was rewritten to reflect his current family structure. Offshore cash that would have been subject to foreign probate was moved into a legacy structure designed for swift transfer. Life policies were pre-verified to avoid later disputes. Crucially, sufficient liquidity was secured so that his wife would not be cash-constrained in the weeks following his death.
Seven weeks later, Mark passed away. Funds were available to his wife within days. There were no disputes, no forced asset sales and no frantic searches for documentation. The estate administration progressed smoothly, and the offshore assets transferred exactly as intended. Later, his wife reflected on that period with quiet clarity: ‘He left me money, but the real gift was the absence of chaos.’
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The final act of care Financial planning is often framed as something for the future. At the end of life, it becomes something else entirely; it becomes an act of protection. It is not about returns or performance. It is about order, dignity and sparing loved ones unnecessary hardship at a time when they are least able to cope with complexity. Telling a financial adviser about a terminal diagnosis is not surrender. It is not administrative housekeeping. It is a deliberate decision to lead, even at the most difficult moment.
You may choose not to tell many people, and that is entirely your right. But do not let your adviser be the last to know.
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How marriage and divorce can affect your Will By Jainal Narsai Fiduciary Specialist - Alexforbes Fiduciary Services
Marriage and divorce can change what happens to your money, property and belongings when you die. That is why it is important to understand how your marriage is structured and to update your Will when your personal circumstances change.
In South Africa, there are three main ways couples can be married: in community of property, out of community of property with accrual, and out of community of property without accrual. Each option affects your estate differently, so it is useful to know what applies to you.
Marriage in community of property
Marriage out of community of property with accrual
Marriage out of community of property without accrual
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Marriage in community of property If you are married in community of property, you and your spouse share one joint estate. This means your assets and debts are combined. If one spouse dies, the surviving spouse is entitled to half of the joint estate because of the marriage. Some people think this means they do not need a Will. That is not true. Your Will still matters because it explains what should happen to your half of the joint estate after you die.
If there was no antenuptial contract before a customary marriage, the marriage is generally treated as in community of property. Changing this later usually requires a court application and the court must be satisfied that there are good reasons for the change and that creditors will not be unfairly affected.
Marriage out of community of property with accrual Many couples marry out of community of property with the accrual system. This means each spouse keeps ownership of their own assets during the marriage, but they share in the growth of their estates when the marriage ends through death or divorce. When one spouse dies, the growth in each spouse’s estate must be calculated before the estate can be shared. In simple terms, this means comparing what each person had at the start of the marriage with what they had at the end.
The spouse whose assets increased more will hand over assets to the spouse whose assets grew less. The starting values captured in the antenuptial contract are used in the calculation and these values can usually only be challenged for recognised legal reasons, such as fraud, misrepresentation, pressure or a genuine mistake. Make sure your ante nuptial contract is set up before the wedding and reflects both spouses’ assets correctly.
Marriage out of community of property without accrual If spouses marry out of community of property without accrual, their estates stay separate. Each person owns their own assets and is responsible for their own finances. This gives both spouses financial independence, but it also means a surviving spouse does not share in the growth of the other spouse’s estate.
Divorce and your Will When people are going through a divorce, they often focus on the legal process and forget to update their Will. This can create serious problems, especially if an ex-spouse is still named as a beneficiary. South African law gives some protection for a short time after divorce. For three months after a divorce is finalised, the law generally treats the ex-spouse as if they died before you and if you pass away in
those three months, anything you left to your ex-spouse in your Will does not go to them. But this protection only lasts for three months. If you do not update your Will after that, your ex-spouse may still inherit if they are still named in the Will. The safest approach is to update your Will as soon as possible after a divorce.
Understanding how marriage, divorce and your chosen marital property regime affects your estate can help make sure your wishes are followed and your loved ones are protected. Life changes and your Will should change with it. Whether you are getting married, going through a divorce or simply reviewing your situation, keeping your estate plan up to date is one of the best ways to protect what matters most and leave your legacy to the people you choose.
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Is your estate liquid?
Estate planning is about more than simply deciding how your assets will be distributed. An effective estate plan should also ensure that sufficient cash is available to settle the costs and obligations that arise when an estate is administered. One of the most overlooked aspects of estate planning is estate liquidity. Liquidity refers to the availability of cash within an estate to pay debts, taxes, administration costs, and other expenses that become payable upon death. These liabilities must be settled before the remaining assets can be distributed to beneficiaries and an estate can be finalised. These costs may include:
Outstanding debts such as bonds, medical claims, credit cards, vehicle finance and personal loans
Master’s Office fees and advertising costs
Valuation and appraisal costs
Executor’s fees
Income tax
Bank charges
Capital gains tax (where applicable)
Property transfer costs
Rates and taxes
Bond cancellation costs
Estate duty (where applicable)
Trustee fees (where applicable)
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A liquidity problem often arises when an individual’s wealth is tied up in assets that cannot easily be converted into cash. For example, someone may own residential property, business interests, investments or motor vehicles. While these assets may have significant value, they may not provide immediate access to the cash required to settle the estate’s obligations.
If there is insufficient liquidity available, the executor may have no option but to sell assets to raise the necessary funds. This can result in delays in finalising the estate, additional stress for beneficiaries, and potential disputes regarding which assets should be sold. In some cases, assets may even have to be sold below market value to meet outstanding liabilities. For this reason, it is important to regularly review your estate plan and assess whether your estate has sufficient liquidity to cover these costs. Taking proactive steps today can help protect your assets, preserve your legacy, and reduce the financial burden placed on your loved ones during an already difficult time. Estate liquidity shortfalls create challenges in many estates. Liquidity can be provided through life policies, endowments, discretionary investments, bank accounts or indemnity cover where a monthly premium is paid to indemnify certain costs like the Executor’s fees at death.
For more information on estate liquidity, contact your financial adviser.
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Is your estate plan protecting your children? By Jainal Narsai Fiduciary Specialist - Alexforbes Fiduciary Services
Estate planning is about far more than deciding who will inherit your assets. For parents and guardians, it is about ensuring that the people who depend on you most today will continue to be protected and cared for if you are no longer there. None of us likes to contemplate our own mortality, but life is unpredictable. Every parent dreams of being present to witness important milestones in their children’s lives, from their first day at school to building a future of their own. Unfortunately, circumstances do not always allow us that opportunity.
One of the greatest gifts a parent can leave behind is the peace of mind that their children will be financially cared for even after their passing. An effective way to achieve this is through a testamentary trust. This is a trust that is created in terms of a person’s Will and only comes into existence upon their death.
In practice, a parent can include provisions in their Will directing that any inheritance intended for their minor children be transferred to a trust. The trust is then administered by appointed trustees who manage the assets and ensure they are used for the benefit of the children in accordance with the wishes outlined in the Will.
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Key benefits of a testamentary trust Protection of inherited assets until the children reach a suitable age and level of maturity.
Provision for maintenance and everyday living costs, helping to ensure continuity and stability in a child’s life.
Professional management of funds by trustees who are legally required to act in the best interests of the beneficiaries.
Protection against mismanagement or misuse of inherited assets by ensuring funds are applied for the benefit of the children.
Financial provision for education, including school fees, university costs, books and related expenses.
A testamentary trust offers several important advantages:
Flexibility to address changing needs as children grow and their circumstances evolve. Avoidance of inheritances being paid into the Guardian’s Fund, which may not always align with a parent’s specific wishes and objectives.
Coverage of medical expenses and healthcare needs as circumstances arise.
Trustees will often work closely with the children’s legal guardian and financial adviser to assess both current and future needs. This may include anticipated education costs, accommodation, medical requirements, extracurricular activities, and general living expenses. The trust assets can then be invested appropriately to provide long-term financial support and growth for the children.
A lasting legacy of care
Act today
When a parent passes away, the emotional and financial impact on a family can be significant. During such a difficult time, children should not have to face uncertainty about how their education, healthcare or daily needs will be funded.
Estate planning is not only about protecting assets. It is about protecting the people you love most. If you have minor children or dependants, now is the ideal time to review your Will and consider whether a testamentary trust should form part of your estate planning strategy.
Many parents spend years building wealth and making sacrifices for their children’s future. Without proper estate planning, those efforts may not achieve the outcome they intended. A testamentary trust helps ensure that your legacy is not simply the assets you leave behind, but the opportunities, security, and support those assets provide to your children long after you are gone. It is important to remember that a testamentary trust can only be created through a properly drafted Will. Without a valid Will, the opportunity to establish this valuable protection may be lost.
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Speak to your financial adviser or fiduciary specialist to review your estate plan and determine whether a testamentary trust is appropriate for your family's circumstances.
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Choosing the right guardian
For many parents life centres on providing for and protecting their children. They plan for their education, healthcare and future opportunities, often putting their own needs aside to ensure that their children and loved ones are cared for and supported. For parents, the question of who would care for their children is a particularly important consideration. Choosing a guardian is one of the most significant decisions a parent can make. A guardian is the person who will assume responsibility for the care, upbringing, and well-being of a minor child should both parents pass away before the child reaches the age of 18. Many people naturally assume that a close family member will step into this role. While relatives are often the first people considered, the most most suitable guardian may not be the closest relative. Selecting a guardian requires careful thought and consideration of factors such as:
The individual’s age and health.
Their ability to provide a stable and supportive home environment.
Their values, beliefs, and approach to parenting.
Their relationship with the children.
Their willingness and ability to take on the responsibility.
Their emotional and financial stability.
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Most importantly, parents should have an open conversation with the person they are considering. Being named as a guardian carries significant responsibility, and the person chosen should fully understand and willingly accept what the role may require. While many people associate a Will with the distribution of assets and wealth, it can also serve another important purpose, nominating a guardian for minor children. By recording your wishes in a valid Will, you provide clear guidance about who you would like to care for your children if you are no longer there to do so yourself. Without these instructions, family members may be left to make difficult decisions during an already emotional time. This can create uncertainty, place unnecessary stress on loved ones, and in some cases lead to disagreements about who should take responsibility for the children’s care. One of the greatest gifts you can leave your children is not only a financial legacy but also the comfort of knowing they will be cared for by people you trust and who will support them when they need it most. So, take a moment and ask yourself: If you were no longer here tomorrow, would your children have the protection, stability, and guidance they need? One simple conversation with your financial adviser and one properly drafted will could provide peace of mind.
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Digital assets
Did you
know?
If your executor cannot locate your original will, your estate could face unnecessary delays and, in some cases, could even be administered in terms of the Intestate Succession Act.
An area that is often overlooked is what happens to your digital assets. Digital assets include any accounts, records, or information that exist electronically, including: Social media profiles such as Facebook, Instagram, LinkedIn and X
Cloud storage services Industry surveys reveal that only 28% of South Africans have a valid Will, and, of those, only 39% have informed their executor where the original document is kept. This is one of the key reasons why Wills Month (September) exists: to encourage South Africans not only to draft a Will, but also to ensure that their estate planning arrangements are practical and effective when they are needed most. Thankfully, increased awareness has led to a greater appreciation of the importance of having a valid Will.
28% of South Africans have a valid Will
39%
Digital photographs and videos
Loyalty and reward programme accounts
Cryptocurrency and digital wallets
Digital assets form part of your estate, just like any other asset. The challenge is often not whether these assets can be inherited, but whether they can be identified and accessed after death. While some of these assets may have financial value, others may hold sentimental value for loved ones.
have informed their executor where the original document is kept
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Fortunately, planning for digital assets does not need to be complicated. It is prudent to maintain a record of your digital footprint, including:
Social media profiles
Subscription services
We encourage you to compile a life file that contains all the necessary information for your estate, including a list of your digital assets and how to access these assets, as these are becoming an increasingly important part of a person’s overall estate. It is important not to include passwords in your Will, as the information could become accessible during the estate administration process. Instead, this information should be stored securely, and you should ensure that a trusted individual or your executor knows how it can be accessed. Speak to your adviser about how to make a life file. Click here to access a digital Life File Index.
Online businesses
Digital wallets and cryptocurrency holdings
Many digital platforms allow users to nominate legacy contacts or provide instructions regarding the management of accounts after death. Reviewing these and including this information in the life file forms an important part of a comprehensive estate plan. Digital assets will become an ever more common aspect of estates as the world continues to advance. Modern technologies and innovative solutions may be developed to assist with the management and succession of these assets but for now, take a few simple steps to identify, record, and securely store information relating to your digital assets.
An up to date Life File can help ensure that your digital assets can be located and managed efficiently when the time comes.
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Life partners and their rights to a deceased estate Having a valid and up-to-date Will remains one of the most important steps an individual can take to ensure that their wishes are carried out and that their loved ones are protected after their passing. While the legal requirements for a valid Will have not changed, there have been significant developments in other areas of the law in recent years that may impact the way estates are administered. These developments could affect the Will you already have in place or influence the estate planning decisions you make going forward.
One of the major developments occurred in Bwanya v Master of the High Court and Others 2022 (3) SA 250 (CC). The Constitutional Court’s judgment significantly expanded the legal protection for surviving partners in permanent heterosexual life partnerships. The court held that certain provisions of the Intestate Succession Act 81 of 1987 and the Maintenance of Surviving Spouses Act 27 of 1990 were unconstitutional because they unfairly excluded surviving life partners from benefits available to married spouses.
Prior to this judgment, an unmarried life partner generally had no right to inherit from a deceased partner’s estate where there was no Will, nor could they claim maintenance from the estate under the Maintenance of Surviving Spouses Act. The Constitutional Court found this position to be unconstitutional where the parties were in a permanent life partnership in which they had undertaken reciprocal duties of support.
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As a result, surviving life partners who can prove that they were in a permanent relationship similar to a marriage, and that they provided mutual support to one another, may now be entitled to:
Inherit from a deceased partner’s estate if the deceased died without a valid Will.
Claim reasonable maintenance from the deceased’s estate where they are unable to adequately support themselves.
It is important to note that these rights are not automatic. A surviving partner must be able to prove the existence of a permanent life partnership and reciprocal duties of support. Simply living together for an extended period will not necessarily be sufficient. Evidence that may assist in proving such a relationship includes shared finances, joint ownership of property, cohabitation, proof of mutual financial support, and recognition of the relationship by family and friends. Life partners who have been excluded from a Will or under the Intestate Succession Act 81 of 1987 could now claim against the estate in terms of the Maintenance of Surviving Spouses Act.
Contact your financial adviser for more information and to discuss how this may affect your estate plan.
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The biggest inheritance you can give your children is time in the market By Greg Bradfield Wealth Manager, CFP®
Starting to invest early for your children can be more valuable than leaving them a larger inheritance later, because time is one of compounding’s greatest advantages. Small, regular contributions made over many years can produce outcomes that surprise even experienced investors. Every parent wants to leave their children something meaningful. Many spend years building wealth with the hope of one day leaving an inheritance. Yet the greatest financial gift may not be the money children receive later in life. It may be giving investments more time to grow while parents are still alive.
The retirement trap
A better question Rather than asking, ‘How much money can I leave my children?’, parents should ask, ‘How early can I put time to work for them?’ Time, not money, is the most valuable asset an investor will ever own.
Compounding rewards patience far more than it rewards size. A relatively modest monthly investment started when a child is born can ultimately become worth more than a much larger investment started 20 years later.
Every year I meet retirees who are afraid to enjoy the wealth they spent their entire working lives building. They cut back on their personal lifestyle activities, postpone holidays, drive older cars than they need to, delay replacing things around the house and quietly compromise their own retirement because they want to preserve as much capital as possible for their children. The intention is admirable, but the outcome often is not. By the time many inheritances are eventually received, the children are already in their 50s or 60s. They have built careers, bought homes, raised families and made most of the major financial decisions of their lives. The inheritance is appreciated, but its ability to change the course of their lives has largely disappeared.
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The mathematics of time Even making one contribution of R46 000 to a tax-free savings account when a child is born can grow to around R340 000 by the time they are 21, without adding a single cent further. If the child leaves the investment until they are 30 it increases to around R800 000. If the contribution were made only when the child turns 10 it grows to around R130 000 by age 21 if we assume a 10% yearly growth rate for all examples. Nothing changes except time.
0
1x
21
R46 000
30
R340 000
R800 000
10% 10
1x
21
R46 000
R130 000
10% Although inflation reduces purchasing power over time, that misses the point. The objective is not to predict exactly what those rands will buy decades from now. The objective is to harness decades of compounded growth so that education, a first property deposit, starting a business or simply financial independence becomes far more achievable than if nothing had been invested at all. Growth takes place in the child’s name, which may reduce the parent’s estate, and parents are not forced to preserve large amounts of retirement capital in the hope of leaving an inheritance.
Why structure matters Parents often underestimate how transformational early capital can be. A meaningful amount of money at age 25 can permanently alter the trajectory of someone’s life. The same amount inherited at retirement age is still appreciated, but its ability to create opportunities is far smaller. This is why financial planning should focus not only on the size of the inheritance but also on its timing. South African families have several effective structures available. For many families, a tax-free savings account can be an effective way to invest for the long term because it allows growth and returns to accumulate free of tax, subject to contribution limits. Other families may be better served through discretionary investments, trusts or a combination of investment vehicles.
There is no universal solution, but there is a universal principle: start early.
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Time changes risk The investment structure matters. Tax matters. Asset allocation matters. Perhaps most importantly, the investment horizon matters. When money is invested over generations, short-term market volatility becomes significantly less important.
Longer investment horizons generally allow investors to hold greater exposure to growth assets such as equities, which have historically delivered stronger long-term returns than cash despite inevitable periods of volatility. Time does not eliminate risk; it changes it.
The value of advice This is where professional financial advice becomes invaluable. A good adviser does not simply recommend an investment product. A good adviser helps families define what success looks like. Is the objective university fees, a first home, capital to start a business, or creating genuine intergenerational wealth?
Once those objectives are clear, the appropriate investment structures, tax strategies and investment approach can be designed. Many parents discover that achieving those goals requires far less monthly cash flow than they imagined – provided they start early enough.
The real legacy Parents should not feel guilty about enjoying the wealth they spent decades building. Financial independence in retirement is not selfish; it is what decades of disciplined saving were intended to achieve.
Consistency almost always beats complexity. Small, regular contributions made over many years can produce outcomes that surprise even experienced investors because compounding accelerates over time.
If your retirement plan depends on sacrificing your own quality of life so that your children receive an inheritance one day, it may be worth asking whether the strategy is solving the right problem.
That is why starting early is so valuable. Every year that passes without investing is a year that can never be recovered.
The greatest inheritance you can give your children is rarely the cheque they receive after your funeral. It is the decades you gave their investments to grow while you were still alive. The remarkable aspect of this philosophy is that it is accessible to ordinary families. It does not require exceptional wealth, perfect market timing or sophisticated investment products.
Conversely, every year gained gives capital another opportunity to work on behalf of the next generation. Families who begin planning while their children are still young often find themselves with more options later in life, greater financial flexibility and less pressure to preserve retirement assets solely for an eventual inheritance.
The question for parents is therefore not simply how much wealth to leave behind. It is whether they can give that wealth the one thing they can never replace later: time.
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Macroeconomic and market developments Global strategy (returns in US dollars) Global growth remains resilient despite geopolitical tensions and elevated oil prices, supported by strongerthan-expected growth in the eurozone, UK and Japan. Inflation risks are rising, prompting a more hawkish stance from major central banks. While inflation eased in the US and emerging markets, it accelerated in Europe, the UK and Japan, with trade tensions and climate risks adding pressure. Equity markets continued to perform well, driven by solid economic conditions, strong earnings and ongoing enthusiasm for AI-related investments. Emerging markets outperformed, while Europe lagged. Listed property and fixed income faced headwinds, as higher bond yields and interest-rate volatility weighed on returns. Fixed income posted modest gains, but concerns around government debt and long-term yields limited upside.
Watch the commentary here
South African strategy (returns in rands) Economic growth remains constrained, with manufacturing activity weakening further as soft demand, higher fuel costs and supply disruptions continue to weigh on business activity. Business confidence has stabilised but remains weak, with most firms still dissatisfied with current trading conditions, reflecting ongoing economic uncertainty. Inflation cooled more than expected, but persistent services inflation, rising oil prices and weather-related risks continue to support the case for a further interest rate increase. South African markets delivered mixed performance, with equities gaining on the back of stronger resource stocks, while financial and technology shares lagged amid policy and growth concerns. Fixed income achieved modest gains, supported by lower inflation, rand strength and steady investor demand, while inflation-linked bonds benefited from increased demand for inflation protection.
Outlook The IMF expects Global growth to slow in 2026 as higher energy prices and tighter financial conditions weigh on activity, although fiscal support and technology investment should provide some offset. A balanced investment approach remains appropriate, with selective reductions in defensive assets, broader market exposure and targeted allocations to opportunities created by lower oil prices. Portfolio resilience remains key, with continued allocations to gold, cash, low-volatility strategies and high-quality fixed income helping to manage uncertainty and protect against downside risks.
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5214-2026-10 • Getty images
Disclaimer: Please note that while care has been taken to ensure that the information provided in this article is correct, it represents an overview of the topic under discussion and as such does not constitute advice. While Alexforbes has made reasonable effort to ensure that the information contained herein is true and correct it will not be held liable in respect of any loss arising from reliance on the contents of this circular. We suggest that you contact your financial adviser before taking any decisions based on the information herein.
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Alexander Forbes Financial Services (Pty) Ltd is an authorised financial services provider (FSP 1177 and registration number 1969/018487/07), an approved retirement fund administrator (24/472) and an accredited Council for Medical Schemes organisation (ORG468). The following businesses are licensed financial services providers: Alexander Forbes Financial Planning Consultants (Pty) Ltd (FSP 31753 and registration number 1995/012764/07) Alexander Forbes Investments Limited (FSP711 and registration number 1997/000595/06)