CEO editorial – August 2025

Gary Mockler
Group Chief Executive Officer

______________________________________________________________________________________________________________

The second half of 2025 has arrived with as much pace and unpredictability as the first.  Markets remain volatile, politics remains noisy, and investors continue to ask the same fundamental question: how do I position myself to reach my financial goals when the world around me refuses to sit still?

This quarter’s collection of articles is written with exactly that balance in mind – opportunity on the one hand, prudence on the other.

The rise of crypto as a potential component of mainstream portfolios has long hovered between hype and hesitation.  As our article points out, the shift from fringe experiment to regulated, institutionally recognised asset is real.  Bitcoin ETFs now trade in global markets, regulators have sharpened their frameworks, and liquidity is far deeper than a decade ago.  But volatility remains, and sensible exposure – if at all – needs to be measured, modest, and always aligned with personal financial goals rather than FOMO (fear of missing out).

Closer to home, the debate between Gauteng and the Western Cape is no longer only about lifestyle – it’s about economics.  While Gauteng still dominates in total GDP and tax revenue, the Western Cape has overtaken it in millionaire population, property market momentum, and international allure. Semigration continues to reshape both regions, and with it comes profound implications for wealth planning, property choices, and even retirement destinations.

Speaking of retirement, understanding annuities is a discipline in itself.  As our feature reminds, not all annuities are created equal. Living annuities, with-profit annuities, enhanced annuities, compulsory and voluntary structures – each comes with its own rules, risks, and potential rewards.  The jargon can be daunting, but the choices you make here will shape decades of retirement income. The guidance of a trusted adviser is not just useful, it is essential.

And then, the markets.  After a turbulent 2024, the year-to-date performance in 2025 has been kinder. Local equities are up almost 23%, resources have staged a remarkable rebound, and bonds have delivered double-digit returns. Globally, emerging markets outpaced developed ones, even as the US and China continue to spar over tariffs and trade.  Volatility remains the ever-present companion.  As we note in our commentary, patience is as much an asset as any stock or bond.

So, what unites these themes – crypto, semigration, annuities, and markets?  The reminder that no financial decision exists in isolation.  Your retirement income choices link directly to your investment strategy.  Your property decisions tie into your long-term liquidity needs.  Your appetite for alternative assets should be tested against your tolerance for volatility.  And every market swing needs to be contextualised within a disciplined, personalised financial plan.

At GTC, our job is not to predict which province will win the next wave of migration, which coin will hold its value, or which quarter will deliver the strongest market rally.  It is to provide context, structure, and perspective – to keep you anchored to your long-term objectives while the world shifts around you.

Enjoy this quarter’s Trendline.  As always, we welcome your reflections and conversations, because financial planning works best when it is shared and understood.