Meet Xolisa Funani, one of our esteemed Private Wealth Managers.

Whether it is your first investment or you are ready to retire, Xolisa offers his clients a bespoke financial planning experience, matched to their unique needs.

NFB  Private Wealth Management

NFB Private Wealth Management

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Meet Xolisa Funani, one of our esteemed Private Wealth Managers.

Why do you love being a Wealth Manager?

Managing one’s wealth can be a daunting task. It’s often a multi-faceted process that requires extensive knowledge, discipline, and resources. The reality is that most of us don’t have the time and/or skills to manage our money effectively.

I love my job because I get to help people manage their wealth in a manner that directly and positively impacts the quality of their lives. If that’s not a higher calling, then I don’t know what is!

What should most people focus on when managing their wealth?

The society we live in today idolises the consumption of things; buying designer clothing and luxury cars signals “success”. And while everyone has the right to purchase what they want, we should all practice more restraint when it comes to how we buy.

More specifically, I think instant gratification is one of the most damaging dynamics for personal wealth creation. It’s a worldwide phenomenon. Instead of thinking deeply about what really makes us happy, we spend money we don’t have on things that impart only fleeting, surface satisfaction.

One of the best ways to protect against spending money irresponsibly is to have a wealth management plan in place. Such a plan should begin with the end in mind, outlining the bigger life goals you hope to achieve, like when you hope to be financially free, or which university you want your children to attend.

Once you know what you’re aiming for, work with a financial advisor or wealth manager to put the systems and structures in place that’ll help you reach those goals. A good plan will make you think more carefully about what you spend money on, and drastically improve your chances of living a life free from financial insecurity and disappointment.

If you were a client, what would you look for in a Wealth Manager?

I know it’s cliché, but really good wealth managers are passionate about what they do. How do you separate the pretenders from the authentic wealth managers? I think the following questions, posed to the wealth manager, should be quite revealing:

  1. Why do you like being a wealth manager?
  2. Which areas of financial planning are you least strong in? (red flag if they say none)
  3. What courses or additional learning are you currently doing to further your knowledge?
  4. How much of your remuneration is commission based versus ongoing advisory fees?
  5. What would you change about the wealth management industry as it stands today?

Accessibility and a strong support team are two other important pillars that you should look for when appointing a financial advisor or wealth manager.

Why did you choose to work at NFB Private Wealth Management?

NFB Private Wealth Management forms part of a larger group that has been in existence for over 35 years, servicing clients across the country and around the world. The longevity of the group is evidence of their perpetual commitment to place the care and success of their clients at the centre of everything they do.    

While the opportunity to learn from the best and the potential for personal growth both attracted me to NFB Private Wealth Management, it’s being part of an organisation that prioritises something bigger than the individual – the improvement of the lives of others – that really makes working here satisfying.

What advice would you give your younger self?

Put saving first. When you’re young it’s so easy to spend everything, you earn because the day when you can no longer work seems so far off. But the simple maths behind the power of compounding means that forgoing saving early on makes your life exponentially more difficult later on. I would tell myself to speak with elders who started saving late to get real life examples of the dangers of doing so.

That said, I would remind myself, at any age, that money saved not spent is an action that will enable me to live the life I want as I get older, whether that’s travelling more or improving my golf swing (two of my favourite hobbies right now).

Tell us something your clients might not know about you.

I’m afraid of heights. But, as I’ve come to learn during my career and life, fears must be faced to make room for growth. I have been toying with the idea of bungee jumping for years. And now seems like as good a time as any to put in down on paper – 2021 will be the year I face my fear of heights. Sho!

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