First for the professional personal financial adviser
30 APRIL 2026 R69.95 INCL VAT
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LIFE ANNUITIES They provide guaranteed lifetime income and stability for retirement planning. So why do clients still find life annuities confusing? Cover story + pg24-27
TRANSFORMATION IN THE ASSET MANAGEMENT INDUSTRY Inclusion, innovation, accountability and broader economic participation are essential for real transformation. Some industry players reveal their thoughts. Pg 6-7
FINANCIAL FREEDOM It’s essential for South Africans to build secure, independent futures. We investigate some areas where clients can find financial freedom. Pg8-9
FINANCIAL MANAGERS AND AI While AI is reshaping advisers’ workflows, enhancing efficiency and compliance, it can’t replace personal engagement. Pg10-14
AWARDS We reflect on the recent industry awards, and celebrate the winners. Pg15-19
CRYPTOCURRENCY An update on all things crypto, from new products to market volatility, regulation, education and adoption strategies.
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Pg28-30
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Why life annuities need a fresh conversation By Sandy Welch
Editor MoneyMarketing
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etirement planning changes along with the markets, legislation and new product design, but one truth has never changed: retirees need income security that will last for the rest of their lives. In a climate marked by geopolitical tension, volatile market swings and shifting interest rates, this need has only become more pronounced. For financial advisers, helping clients navigate that uncertainty requires a calm, evidence-based approach, especially when emotions rise alongside market noise. That foundation of income certainty is exactly where Deane Moore, CEO of Just SA, begins. “Pensioners need income security for their life… to cover the essential expenses,” he notes. “The discretionary spend is something else, but they need to be able to cover the essential spend.” And the most cost-effective way to secure that essential income, he argues, remains the traditional life annuity. Through the power of pooling longevity risk within insurers such as Just SA, retirees effectively access income priced on the average lifespan of a community rather than the uncertainty of their individual lifetimes. “If you say, I’m an island and I’m going to look after myself, you can’t count on dying in your mid-80s,” Moore explains. “You need to make sure you’ve got money to live to your mid-90s or even 100.” Yet, today’s retirees are confronting a very different environment. Balanced funds delivered two consecutive years of more than 20% returns, and then lost 10% in the first two weeks of March as war broke out in the Middle East. Long-term interest rates fell 4,5% over 2024/25, then rose 1% in a short space of time in March 2026. South Africa’s inflation rate fell to 3%, but is expected to rise above 3,5% with higher oil prices. When market performance is strong and annuity rates reduce, clients become unsure about the right time to secure guaranteed income. Many, understandably, wonder whether a lower annuity rate means they have ‘missed the moment’. Moore encourages advisers to shift that perspective. Retirees, he says, should focus on the overall income they can secure, not the rate in isolation. “People think they need to try and time this perfectly,” he explains. “But the amount of guaranteed income you can buy is far more stable than the markets. It drifts up and down, it doesn’t crash 20% overnight.” Usually, when markets rally and asset values increase, long-term interest rates fall and the cost of buying guaranteed
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income rises. Over time, these effects largely offset each other. The result for clients invested in a balanced fund is the amount of guaranteed income they can purchase with their available assets remains far steadier than most investors realise. This perspective becomes even more important during periods of global uncertainty. “Bank the rally,” Moore advises. “Don’t ride the rollercoaster. You certainly don’t want geopolitics to define your retirement.” The point is not political, it is practical. Letting short-term volatility steer long-term financial decisions has repeatedly led investors astray. For Moore, one message should anchor every adviser-client conversation: the value of guaranteed income has not changed. Peace of mind still matters. Securing the portion of income needed for essential expenses remains the most prudent path, regardless of market cycles. And for retirees, that peace of mind is worth more than another year of unpredictable market returns. Blending, behaviour and the new frontier If the first major shift in the annuity market was the growing availability of with-profit annuities, and the second was underwriting for enhanced income, the third, and perhaps most transformative, has been the arrival of blending. Introduced around 2017, blended strategies allow retirees to hold both a life annuity and a living annuity within a single structure. For advisers, this began opening doors that simply did not exist a decade ago. Continued on next page