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A Fin24 user wants to know how to sell some of his Satrix investments. He writes:
I have some money invested in a spread of Satrix products. Should I need to sell some of my investment, how do I go about it?
Jason Garner, management consultant of financial advisory company Acsis, responds:
The straightforward answer is to complete an investment redemption form for the specified investment that you would like to redeem, specifying the amount of the redemption and submit this to the product provider, together with banking details.
Once submitted, this should typically take two to five working days for the money to reflect in the nominated bank account.
However, the bigger questions should rather be:
1. Why are you redeeming the funds?
2. What has changed in your financial plan to warrant the early redemption?
3. What are the implications of cashing in your investment now in relation to your bigger investment goals, as well as your original financial plan?
The answers to these questions should take into account the original goals you wanted to achieve with the investment, as well as the time horizon and the tax consequences of redeeming the investment earlier than possibly anticipated, on your ability to achieve your financial goal.
By understanding the consequences of the changes that you are making to your existing plan, you can deal with what is necessary to ensure that you are still reaching your future financial goals, whatever they may be.
Before you redeem, do consult a financial planner. As your personal situation and the external environment changes over time, a financial planner can help you define the lifestyle you want to achieve and then devise a personal, step-by-step plan to get there.
He/she will be able to advise and assist you on your financial journey and empower you to make the right choices along the way.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
I have some money invested in a spread of Satrix products. Should I need to sell some of my investment, how do I go about it?
Jason Garner, management consultant of financial advisory company Acsis, responds:
The straightforward answer is to complete an investment redemption form for the specified investment that you would like to redeem, specifying the amount of the redemption and submit this to the product provider, together with banking details.
Once submitted, this should typically take two to five working days for the money to reflect in the nominated bank account.
However, the bigger questions should rather be:
1. Why are you redeeming the funds?
2. What has changed in your financial plan to warrant the early redemption?
3. What are the implications of cashing in your investment now in relation to your bigger investment goals, as well as your original financial plan?
The answers to these questions should take into account the original goals you wanted to achieve with the investment, as well as the time horizon and the tax consequences of redeeming the investment earlier than possibly anticipated, on your ability to achieve your financial goal.
By understanding the consequences of the changes that you are making to your existing plan, you can deal with what is necessary to ensure that you are still reaching your future financial goals, whatever they may be.
Before you redeem, do consult a financial planner. As your personal situation and the external environment changes over time, a financial planner can help you define the lifestyle you want to achieve and then devise a personal, step-by-step plan to get there.
He/she will be able to advise and assist you on your financial journey and empower you to make the right choices along the way.
- Fin24
Do you have a pressing financial question? Post it on our Money Clinic section and we will get an expert to answer your query.
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