While my official retirement date is supposed to be 01 April 2018, I have decided that after 29 years in the business, I am able to leave it in the very capable hands of Thomas Foster, Victoria Roberts and their esteemed team of experts, and retire on 30 June 2017.
I have been in the financial services industry for 43 years and at the helm of Foster Wealth for 29 years.
Reflecting on the last 29 years has been a very interesting exercise. When I started the business there were 36 Unit Trust funds available to clients. There are now 2103 funds available that cover over 30 different categories of investments.
Another interesting fact is that while there is talk in the industry about investment being a long-term business, portfolio managers still hold shares for between 20 and 42 months on average. *
One wonders where the word long-term fits into this picture…
The other important milestone on my journey was the introduction of the financial advisory and intermediary services act, commonly known as FAIS, in 2014. This Act attempted to regulate the way financial advisors interact with their clients and the products they sold. The Act has been reasonably successful in achieving its aims but, honesty, integrity and loyalty to clients have in any event been the hallmarks of our business since inception in 1998.
My journey has been an interesting and challenging one but my general feeling is a sense that it has been a tremendous privilege to serve you as clients and an even bigger privilege to have been part of your lives. Many of my clients have been with me for nearly the whole of the journey and I am extremely grateful to you.
As said, I will be leaving you in capable hands. For your interest, I would mention that for the foreseeable future, I will still be a member of the investment committee, a Director of the company and of course a client.
I wish you all good health and everything of the best for the future.
Peter Foster February 2017
*UNIVERSITY OF PRETORIA