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Thread: Asset Management/ Finance Startup

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    Asset Management/ Finance Startup

    Hi everyone,

    [I'm not sure if this post is in the correct section of the forum (please excuse my ignorance as I'm new), this seemed applicable, as its a general question]

    Okay so just as some background, I am a 26 year old B-com Graduate turned Entrepreneur, Ive been involved with a somewhat successful Civil Engineering/Construction company for the past few years and have accumulated a modest share portfolio. Investing has always been a particular interest/passion of mine and with comparative analysis to other equity funds mine has done exceptionally well.

    This has led me to the following Proposition; I want to start my own Asset Management Company.

    I'm obviously still in the dream stages of this plan but I have access to some high net-worth individuals (friends & Family) who are interested in doing business with me, the obstacles I face to this however include an inadequate understanding of the legislative background to implementing/starting and running a company like this. Ive done a feasibility analysis and with the amount of capital I can raise it is a realistic venture for me to undertake.

    I have faith in my business acumen and ability to bridge the shortfalls in my skill level, however, I need some advice on how to proceed/get started...
    The FSB is a quagmire of jargon and difficult to understand instructions but what I have come away with is that I need to do the following Regulatory Examinations for a level one qualification; exams 1&5 and then for the product specific exams I have no idea.?

    Has anyone been through this process and is able/willing to help?


    Regards,
    phil..

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    Good day,

    Surely there are some members in the Financial Services Industry, I would really appreciate some Advice (or if you can just point me in the right direction with regard to the correct literature)

    thanks

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by PCAdeJ View Post
    Surely there are some members in the Financial Services Industry
    There are indeed, but perhaps they don't visit TFSA daily - especially on weekends.

    I'll drop a pm to one member who comes to mind - perhaps they might be able to assist.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thumbs up

    Quote Originally Posted by Dave A View Post
    I'll drop a pm to one member who comes to mind - perhaps they might be able to assist.
    Thank you

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    Site Caretaker Dave A's Avatar
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    Well one of my "persons-that-came-to-mind" is out, and based on the comment, probably anyone else that is a registered financial services advisor too. Seems there are legal complications to giving you advice on this, forms and indemnities to be filled in etc.

    That Financial Services Act certainly comes with complications

    A case of legislation gone too far?
    The trouble with opportunity is it normally comes dressed up as work.

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    Quote Originally Posted by Dave A View Post

    \Seems there are legal complications to giving you advice on this, forms and indemnities to be filled in etc.

    Well thank you for taking the time and effort to help!


    Im not looking for a silver bullet here If someone could just point me in the right direction with regard to pertinent literature...

    Im going to be writing the Regulatory Exams in the next few months to become a Registered Financial Adviser anyway, I just know most people do it through the institutions they work for so they have guidance on what to do.. I was hoping someone could impart some of this. (not give me actionable Financial Advice)

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    Email problem Phil Cooper's Avatar
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    Hi

    You will need to get licenced under the FSB as a Financial Services Provider.

    You will, as mentioned, need to write the RE5 exams (as a Representative) and RE1 (As a key individual). You will need these before they will grant you the FSB licence....

    The Product Specific exams have - for the moment - been suspended, and nobody knows when and if they will be reinstated.

    If you would like to give me a call to discuss, feel free - will be happy to chat.

  8. Thanks given for this post:

    PCAdeJ (24-Mar-14)

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    Okay great thanks,
    that's pretty much in line with my thinking... Do you know where I could find any business model/plan templates/ examples? and or pertinent reading materiel on the subject?

    Quote Originally Posted by Phil Cooper View Post
    If you would like to give me a call to discuss, feel free - will be happy to chat.
    Again thanks, any advice would be welcome. There have actually been some major developments in this. An Investor has agreed to put in the Venture Capital required to get things started, he also has a shelf company with a valid tax clearance and all relevant company doc's (and very reasonable terms). But this has sped up my time frame considerably and obviously added an aspect of accountability I wasn't initially expecting.

    He wants to get started immediately as he thinks he has a good couple of stock picks;
    As it stands Ive been appointed as a 33.3rd Director, we're still in the process of setting up the bank account at which point he will transfer in R150k seed capital with the investment capital coming in later from two sources. I was thinking of using my own private broker (through Investec) to expedite the entire process while I bridge all the gaps in my knowledge base and apply for the FSB certification.

    We are still in the process of drafting the the Memorandum of Understanding and all the other agreements...Sso any advice in this regard or are any other considerations I might be overlooking?

    Regards,
    PCA de Jager

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    'n haastige hond verbrand sy mond ...

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