Anyone considering taking early retirement at 60 should ensure that they will have enough income for the next 30 years or more, says Gavin Harvey, managing director of PW Harvey & Co.
The company, which has just moved to the “financial district” around Greenacres from Walmer, is one of the oldest in the country – having been founded by Percy William (PW) Harvey in 1896.
Gavin Harvey is the third generation to head up the company, having taken over from his father Gerald.
Over the past 20 years or so the company has seen the effects of longevity on the financial welfare of its clients.
Whereas people only had to plan for reaching 80, “you or your spouse will now live to 90 or more. That means that a professional who will have worked for less than 40 years after qualifying will now have to support themselves without a regular income for the next 30 years,” he says.
In response to the needs of people planning for retirement, or who are retired, PW Harvey has expanded its operations to provide a “full spectrum of financial services”.
“For some clients we even take responsibility for paying their monthly water and lights accounts,” he says.
This level of service was developed in response to the needs of retired people whose children are scattered around the world. “We help manage their finances on a day-to-day basis, and also while they are away visiting their children.
“In addition, we handle their short term insurance, their investments, their wills and their estates,” he says.
PW Harvey now manages assets of more than R1 Billion, and has clients throughout South Africa and the rest of the world.
The business continues to grow, which is the reason for the move to the new premises on the corner of Cape Road and Conyngham Street, says Harvey.
“We are also now much closer to all the major financial institutions in Nelson Mandela Bay. We work closely with a number of them,” he says.
The company will continue to focus on providing a “family service” to individuals and helping small businesses.
“We do more than provide accounting, taxation and investment services for small businesses,” he says.
The accounting/taxation division is headed up by René Williams, a Chartered Accountant.
Additional support for small business includes helping with management and funding challenges.