What Your Wealth Manager Should be Doing!

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1 What Yur Wealth Manager Shuld be Ding! Finding advisrs with the necessary expertise, resurces and systems t cnstruct, plan and manage prtflis t meet financial needs ver time can be a cmplex exercise. Advisrs must have the necessary investment discipline and expertise t deliver bjective, safe and efficient management f risk and return given yur financial and risk bjectives. Advisrs must have the resurces t fund the security, market and ecnmic research that underpins safe and bjective prtfli management. The advisr must have the systems and expertise needed t structure yur prtfli t meet yur financial needs nw and in the future, in a manner which prtects yur financial needs against significant stck market and ecnmic risk at all times. Yur advisr must add value? Wrking ut whether yur advisrs are delivering can be cmplex. Unfrtunately, significant expertise is needed t determine whether a prtfli is being managed prperly and in the client s best interests. Whatever yur advisr, whether they be yur insurance, estate planner, financial planner, accuntant r prtfli manager, they shuld really be basing their advise n yur ttal financial psitin. But, what yur advisr shuld be ding ften depends n what type f arrangement yu have with the advisr(s). If yu are using yur financial/investment advisr slely as smene wh is a surce f investment recmmendatins that yu decide fr inclusin within yur prtfli, then the advisr has little r n leeway t deliver a service. A relatinship that is based n prduct sales and transactins alne is nt ne that can be relied upn t manage financial assets and financial needs. If, hwever, yu depend n yur wealth and asset manager t make all decisins relating t the management f assets and financial needs, whether r nt this is within the cntext f an advisry (investrs need t be aware f regulatin f this relatinship) r discretinary relatinship, then this sectin details what yur wealth manager shuld really be ding. The sectin dealing with the initial meeting discusses the imprtance f infrmatin gathering and the level f infrmatin gathering needed. Risk assessment is part f infrmatin gathering and the initial meeting is the start f the educatin prcess. The reprt sectin discusses all aspects f yur financial psitin and issues relating t prtfli cnstructin planning and management that need t be cmmunicated t the client. The reprt prvided by yur advisr will als tell yu hw disciplined, structured and resurced yur service prvider is. 1

2 The review sectin discusses what a manager shuld be ding at each investment planning and asset management review. Nte, if yu are relying n yur investments t meet yur needs, r will be planning n ding s in the next 5 t 10 years, yur manager shuld be managing yur assets with regard t the size and timing f yur financial needs. Integratin: lks at integratin issues which are extremely imprtant where advisrs respnsible fr the client s needs and assets are nt wrking tgether. Retail standards: lks at minimum retail standards and discusses why a minimum is an insufficient standard. The prblem fr the investr is that many prtfli managers regard asset management and investment/financial planning as separate rles and the integratin cnsidered imprtant by TAMRIS des nt actually ccur. Withut a well structured service prcess, the necessary asset and liability management disciplines and the fcussed allcatin f sufficient resurces, yu cannt deliver. The dcument dealing with Ttal Asset, Life Cycle Wealth Management, held in the Educatin sectin f the site prvides additinal perspective. Initial Meeting Yur financial advisr needs t start ff with a full fact find t determine yur lng term financial prfile. A prtfli manager wh des nt d this persnally wuld need t btain this infrmatin frm smene wh has, in mst cases yur financial planner. If financial planning and asset management are carried ut separately, it is imprtant that the wrk carried ut by the tw is integrated. Infrmatin cllected by the financial planner shuld be used by the prtfli manage t cnstruct prtflis. All investment assets The advisr wuld need t find the size and dispsitin f all yur investments including yur cash depsits and any expected inheritances, bnuses, stck ptins etc. This wuld als include the dispsitin f yur defined cntributin pensin plans and RRSPs and/r RRIFs. It is imprtant that all prtfli cnstructin, planning and management, where assets are t be used t meet financial needs, take accunt f the dispsitin f all yur assets. If yu are nt handing all yur mney t ne advisr, at least ne f yur advisrs needs t be in cntrl and all yur advisrs aware f the verall asset allcatin decisin(s). All expenditure, incme and capital and all earnings and incme frm all surces Yur advisr needs t find ut yur current and planned future expenditure as well as yur current and expected future earnings. This shuld als include details f any defined benefit pensin plan, incme frm trusts r any ther surce f incme ther than incme frm yur investments. 2

3 A prper analysis f financial needs als includes details n all expected capital expenditure. Yu may replace yur car every 5 years, yu may plan t purchase a cttage, g n a big hliday, yu may have t pay a large tax bill, wish t purchase an verseas prperty, buy a business, pay fr yur children s weddings, pay dwn the mrtgage, renvate etc. Financial bjectives Yur primary advisr needs t find ut yur bjectives, what yu want t spend in retirement, any educatin expenses, when yu intend t retire, yur wishes fr yur estate and details f yur wills. They als need t find ut yur life insurance psitin, disability, lng term care, permanent health insurance and s n. In fact (where assets are t be used t meet financial needs) n prtfli shuld ever be cnstructed withut knwledge f the client s ttal financial psitin. A prtfli that has t meet yur financial needs ver time cannt be successfully structured, planned r managed withut this infrmatin. Mst retail knw yur client frms and risk assessment questinnaires will nly ask fr infrmatin regarding yur time frame fr investment and will nt g int the detail needed t prperly cnstruct a prtfli let alne manage it. The reasn, is that mst systems used d nt actually use financial needs t cnstruct prtflis. Mst "knw yur client" frms require the basic minimum infrmatin that rganisatins use t align a mdel prtfli ptin t each client.. Risk assessment As discussed in risk assessment, yur advisr needs t educate yu abut the basics f investment, abut their investment discipline, abut hw they will run yur mney and hw they will g abut managing the key investment risks. They need t assess yur attitudes t these risks and explain t yu the effects f these attitudes n the ability f yur prtfli t meet yur needs, risk preferences and financial bjectives. This first risk assessment shuld be preliminary and shuld nly be used t develp the investment planning and prtfli management reprt. After the client has read the reprt and/r has met t g ver this reprt, the risk assessment needs t be cnfirmed. A cpy f yur risk assessment shuld be given t yu! Client agreement All asset and wealth management agreements require a client agreement. Thse that have value are backed up by a strng, fcussed, prfessinal and ethical rganisatin and clear standards and expectatins f service. Mst imprtantly f all, the best agreement is ne based n the facts, bjectives and reasning f a cmprehensive investment planning and asset management reprt. 3

4 Suitability, the crnerstne f gd advice We all live in the same investment universe; we just ccupy different psitins within it. This investment universe hlds all asset classes with varying, risk, return and liquidity characteristics. Each asset class culd within reasn be included in any individual prtfli. Hwever, what defines the prprtin t be invested in each, is determined by the nature f risk and return at a pint in time and the nature f risk and return ver time, relative t the financial needs f the investr ver time. Effectively any investment is suitable, but suitability can nly truly be addressed by assessing the whle; that is the relatinship between an investr s ttal financial assets and ttal financial needs ver time. Depending n an advisr s investment disciplines, suitability will als be determined by valuatins, whether they be relative t ther securities and asset classes, r abslute. This sectin f the site defines the true cmpnents f suitability and the prerequisites f suitability. The five rules There are five dimensins r cmpnent rules that cmprise suitability. These are as fllws. 1. An investment (its psitin and allcatin within the prtfli) shuld relate t the size and timing f financial needs ver time and the amunt f capital available t meet thse financial needs (bth current and future dispsitin f capital). 2. An investment shuld relate t attitudes t risk and investment preferences: risk and perfrmance preferences will impact the psitin f an asset within a prtfli and the amunt f capital allcated. We all live in the same investment universe but ur risk preferences (in additin t ur financial needs) determine ur final psitin within it. 3. An investment must relate t all existing investments: in rder t recmmend an asset/security yu need t identify the allcatin gaps in the prtfli, and then relate these gaps t the security recmmended. 4. Furthly, and dependent n the prtfli and investment discipline being fllwed, the recmmendatin made must make sense given the market and ecnmic envirnment f the time and the risks the investment culd be expsed t ver time. 5. Suitability can nly be fully assessed with client interactin in the decisin making prcess. This als means that educatin and cmmunicatin regarding the basics f investment, the risks f investment, the manager s investment style and hw prtflis are cnstructed, planned and managed t meet financial needs ver time are key t agreeing suitability f transactins, prducts and recmmendatins. Withut cmmunicatin f where the advisr stands n the first fur rules f suitability, it is unlikely that a client is able t make an infrmed ex ante decisin abut transactins within an advisry relatinship and an infrmed ex pst assessment within a discretinary relatinship r abut the suitability f prtfli management structures within bth advisry and discretinary relatinships. Rule 1 relatinship with financial needs ver time If yur advisr des nt knw the dispsitin f all yur assets and the dispsitin f all knwn r likely needs, r the specific assets and specific needs related t the mandate at hand, he r she cannt fulfil rule 1. 4

5 Irrespective f the prcess r discipline used by an advisr, transactins need t pass a suitability test defining the prcess in which the structure, planning and management f assets meet financial needs as and when they arise while managing the risks and the csts f such a prcess. Since every investr has the right t knw the limitatins f the service they are receiving in this respect, advisrs and firms prmting wealth management services have a fiduciary respnsibility (quasi r therwise) t cmmunicate the prtfli cnstructin, planning and management prcess and its limitatins with regard t suitability. An rganisatin where the lgically inherent limitatins f a service are nt cmmunicated t a client, is taking a fiduciary r fiduciary type, especially when prmises f persnalisatin, custmisatin r risk management are made. Since the structure f the prtfli and hw it manages the risks t the ability t meet financial needs ver time is key t accmmdating risk aversin, the client als needs cmmunicatin f this discipline and t be able t assess their aversin t this risk. Rule 2 Relatinship with attitudes t risk and perfrmance preferences If the amunt that is allcated t each primary asset class and security is based n financial needs then each recmmended prtfli shuld be unique. Hwever, what may be the mst efficient asset allcatin f transactins fr the advising cmpany s assessment f the investment universe, based n their disciplines, may nt be ne which the investr feels cmfrtable with. Advisrs that d nt relate the structure, planning and management f assets t meet financial needs t all key risk factrs (liability, perfrmance/style and vlatility/aggressive/cnservative) will nt be able t address the suitability f the prtfli t the client s main risk preferences. As such the management f expectatins regarding these key risks cannt be effectively cnducted. This leaves the advising cmpany expsed t suitability risks, irrespective f whether the relatinship is advisry r discretinary. It als implies that the cmpany has taken respnsibility fr the management f this risk themselves, which implies a fiduciary duty twards this cmpnent f the prcess. Indeed this applies t any cmpnent f suitability which is nt explicitly explained t the client r managed by the advisr. It is therefre imprtant fr rganisatins where rule 1 is nt assessed, and where attitudes t the risks assciated with rule 1 are nt addressed, that they specifically explain that these risks are nt addressed within the cnstructin, planning and management f assets. This fiduciary r fiduciary type risk is particularly imprtant where investrs are depleting capital ver time, and where inapprpriate prtfli structures and csts will impact n the ability f the prpsed transactin slutin t meet needs and prtect against risks. Rule 3 Must relate t all existing investments All recmmendatins shuld take place within an asset allcatin framewrk determined by financial needs, risk preferences, the manager s investment style and valuatin/risk relatinships. The individual security selectin shuld relate t the recmmended asset allcatin and security selectin fr a given client return/yield/risk/liability prfile. The suitability f an investment can nly be viewed by its psitin within the prtfli, its affect n asset allcatin, valuatin and n risk and return ver time relative t financial needs. As discussed later the 5

6 Knw Yur Client frm des nt actually prvide a structure fr the management f assets and needs. It is a transactin prfile whlly inapprpriate fr the prper management f assets and financial needs. The nly time a brker shuld be recmmending a single transactin is where the client is in a transactin relatinship. Such a relatinship shuld nly exist where the client has knwingly taken full respnsibility fr the management f their assets. Rule 4 Must relate t current risk/return relatinships in the market place Rule 4 is dependent n a firm s r advisr s wrldview f market and ecnmic relatinships: mdern prtfli thery wuld argue that yu d nt need t pay attentin t issues f valuatin since markets are always efficient pricing assets, whereas mre fundamental value based investment disciplines wuld state therwise. Financial, market and ecnmic events f the last 10 t 15 yeas wuld suggest that markets are nt efficient enugh t rely n them fr efficient pricing f assets. If suitability relates t the management f risks likely t affect the ability f assets t meet financial needs ver time, then the initial investment decisin is imprtant. The current valuatin f an asset is material t the suitability f the asset and the management f expectatins. It is nt enugh t say that an asset is high risk/high return (in terms f cmmunicating its expected risk/return prfile), since it shuld be clear that valuatin is an imprtant factr in assessing risk at a pint in time. Mst risk statements d nt cver the current valuatin risk material t understanding the investment decisin. Whether yu are in an advisry r discretinary relatinship the initial investment decisin is material and bth discretinary managers shuld g thrugh the same risk assessment prcess with regard t this risk and need t disclse the prcess in which these risks are assessed and managed. Rules 5 Suitability and educatin If a client has nt been educated ver the prtfli cnstructin, planning and management prcess used by the advisr and cannt relate this t the management f their financial bjectives, it is unlikely that they can realistically have accepted the recmmendatin. If a client has nt been educated ver the basics f investment r the risks f investment, then the advisr is taking discretin ver the suitability f an investment and the resulting transactin recmmendatin irrespective f the client relatinship, whether it be advisry r discretinary. Educatin and cmmunicatin is imprtant in terms f determining where in the universe the client is in relatinship t the investment advisr. Cmmunicatin (reprting) is imprtant in cnfirming the ratinale fr all material decisins and fr cmmunicating the ratinale fr the management f the prtfli and the attendant risks f the strategy. Quite hw an investr is bund t accept the risks f an investment transactin withut clear and frmal cmmunicatin is f enrmus cncern. Investments shuld nt be cnsidered nly as transactins unless the client has specifically requested and self initiated a transactin request and has cnfirmed respnsibility fr the suitability cmpnents. Further infrmatin n the cmmunicatin prcess (reprting, educatin, risk assessment) can be fund n the TAMRIS web site. Respnsibility and suitability in the transactin envirnment The nly time a transactin can be clearly assessed as a stand alne transactin shuld be when an experienced and sphisticated investr uses his r her investment advisr t slicit a security r a trade 6

7 idea. In this sense, the individual investr is assumed t have taken full respnsibility fr the cnsequences f the transactin and fr all issues f suitability. Individual investrs wh d nt have the expertise t be initiating transactin decisins, but d, are als taking respnsibility fr issues f suitability and relieving their investment advisrs f their fiduciary/fiduciary type duty. Investrs relying n their investment advisr fr advice, and are inexperienced in investment must nte that it is imprtant that they d nt start initiating transactin decisins. Althugh, making sure yu actually have a prper mandate and agreement as t hw the accunt will be managed is an imprtant prerequisite. In terms f suitability, nce an individual investr starts t initiate their wn transactin decisins they may negatively impact the prtfli cnstructin, planning and management framewrk instituted by their advisr. Individual investrs withut the necessary expertise are ging t be making trades that d nt meet the rules f suitability and that will vilate the structure f the prtfli. An advisr shuld nt be held respnsible fr this, althugh they shuld be respnsible fr infrming the individual f the risks they are taking. The current knw yur client frm is mre r less apprpriate fr transactins initiated by the individual investr. It is imprtant that the mandate fr the advice and the framewrk in which the relatinship will be carried ut is agreed in advance s that issues f respnsibility, suitability, duty f care and fiduciary duty are cvered. Tw types f transactin What is als imprtant t understand is that there are tw types f transactin within the wider envirns f suitability. There is the transactin between securities designed t reduce risk and r enhance return and there is the transactin initiated by the relatinship between financial needs and assets. An investr can initiate the secnd type f transactin withut vilating their mandate r the advisr s fiduciary duty twards them as lng as it is the manager that makes the transactin decisin. Fr example, I need t spend C$30,000 in tw years time, please prvide me with the capital at the time. It is imprtant t realise that whatever the relatinship mandate, advisry r discretinary, where the client is reliant n the advice f the advisr that the advisr will be initiating the recmmendatin and the reasns fr the recmmendatin. Because f this it is therefre imprtant that suitability lies behind all decisins irrespective f the mandate (advisry r discretinary). The prerequisites f suitability An rganisatin must have the necessary expertise, investment discipline, resurces, business and services prcesses and systems needed t deliver persnalised wealth management in rder t be able t deliver suitability. If an advisr is are recmmending an asset class r security as part f a wealth management service slutin but des nt knw hw t value it, manage it, r incrprate it within a prtfli suitable t client financial needs and risk preferences, then he r she may be acting negligently and risks being in breach f an implicit fiduciary/fiduciary type duty. 7

8 Suitability cnclusin Suitability is a framewrk, nt a transactin. It is unlikely that a client culd ever fully ratify suitability withut knwledge f the ratinale fr the transactin and structure in which the risks and returns f the investment are managed. In this sense even an advisry relatinship is perating with discretin ver the framewrk gverning suitability. It is als unlikely that a client wh has nt been prperly educated abut the cnstructin, planning and management prcess will be able t understand whether smething is suitable r nt and therefre is unlikely t be able t mitigate unsuitable r inapprpriate advice successfully. Since it is the respnsibility f all advisrs, whether they be discretinary r advisry, t ensure that all transactins and structures are suitable, even a discretinary relatinship shuld have structures develped by interactin with the client. In fact we need t assess the true nature f suitability in rder t fully understand the respnsibility that all advisrs are taking and, the duty f care they are respnsible fr prviding. Mst clients are vulnerable in the face f the cmplex wrld f prtfli persnalisatin. Suitability is a crnerstne f all prtfli management. It is where the management f assets meets the management f financial needs and where the apprach and discipline f the manager is tailred t the risk and perfrmance preferences f the individual. KYC Minimum industry standards The Canadian industry s minimum standards are defined by the knw yur client frm. The ther minimum industry standard is that n advice/recmmendatin need be in writing, althugh all trades need t be cnfirmed in writing. TAMRIS cnsiders this frm t be insufficient t determine the suitability f an investment and incapable f prperly cnstructing, planning and managing assets t meet financial needs ver time. Much f this sectin is taken frm the TAMRIS reprt n Suitability, Minimum Standards and Fiduciary duty in the Canadian Financial Services Industry. Knw Yur Client frm The standard industry Knw Yur Client frm as exemplified by the Mutual Fund Dealers Knw Yur Client frm stipulates that nly the fllwing are needed befre advice can be given. Individuals may als nt realise that yu d nt actually need t sign this frm in rder t validate its use within the rganisatin. In fact, yu d nt even need t receive a cpy f it. Investment knwledge; extensive, mderate, nne. Risk tlerance; lw, medium, high Time Hrizn; 1 t 3, 4 t 5, 6 t 9, 10 plus Investment Objective; incme, grwth (shrt/lng term), balanced. 8

9 Individual incme Husehld net wrth Des the Knw Yur Client frm cllect the infrmatin needed t satisfy suitability requirements as stated in sectin 2 f the TAMRIS Special Reprt n Suitability, Minimum Standards & Fiduciary Respnsibility N!!!!!!!!!!!!!! The KYC was nly ever intended t assess the suitability f individual transactins and nt the suitability f a prtfli r the suitability f a transactin within a prtfli. Indeed, this presumptin is supprted by securities case law. Investment knwledge As discussed in suitability and educatin (sectin 2.6 f the TAMRIS Special Reprt), merely asking a client s investment knwledge is insufficient t cmmunicate the necessary infrmatin needed t establish suitability within the wider cntext. Merely asking the extent f an individual s investment knwledge is sufficient t assess whether a client wh is initiating a transactin request, and wh may nt rely n their advisr t assess suitability, has the expertise needed t initiate the transactin; althugh, even here, investment advisrs can effect client initiated transactins that are nt suitable within the parameters f the KYC. Risk tlerance A general statement f risk tlerance is insufficient t assess suitability in the wider cntext. Indeed many investrs make an assessment f their risk aversin based n their perceived need fr security; hw a prtfli is structured, planned and managed t meet financial needs ver time and hw that prtfli is designed t manage significant risks is key t the individual s ability t assess their attitudes t risk. Fr suitability t be cnfirmed, investrs need educatin ver the basics f investment and f the advisr s investment discipline and risk management prcess. If the risk assessment prcess des nt educate the client ver the risks likely t impact the ability f their prtfli t meet their financial needs ver time, then lgically, it is unlikely that the recmmendatins can be prven t be suitable. In this case, there are tw cnclusins. The first is that the KYC can nly be used t assess the efficacy f a transactin n a transactin by transactin basis by smene wh understands risk and wh is initiating the transactin request. Secndly, where a KYC is used fr clients wh are relying n their advisrs fr their expertise t prvide a prtfli slutin, the advisr is taking a fiduciary respnsibility with regard t the prvisin f a wealth management slutin. Mrever, if the risk assessment prcess des nt assess all the key risks likely t impact n the ability f the prtfli t meet financial needs as well as the perfrmance risks f an investment style, then the advisr will have failed t prperly satisfy their fiduciary duty. Mst risk assessments fail t educate the client ver risk, fail t prperly assess risk and fail t prvide the client with a meaningful illustratin f the impact f their risk preferences. 9

10 Time hrizns Time hrizns are rarely singular and are mre likely t be multiple and relative. All transactins impact n the risk/return relatinship f all assets and n the relatinship between all assets and all financial needs. Fr this reasn, service prcesses that rely n singular time frames cannt manage the suitability f the transactin. Only the individual that can break dwn their needs and bjectives int multiple time frames and multiple individual allcatins per time frame (meaning they will have needed t carry ut a cmplex asset and liability analysis), can initiate transactins n a transactin by transactin basis. Because f this, the knw yur client frm has little r n relatinship with the fundamental precepts f suitability and is an inapprpriate fundatin fr delivering wealth management slutins that need t address the ttal prtfli management prblem. Investment bjective The investment bjective apprach nted in the KYC is at best an antiquated apprach t selecting brad prtfli ptins. It prvides n infrmatin abut the size and timing f financial needs ver time and hence n infrmatin as t the actual structure f the prtfli needed t meet actual needs. The bjective f the client can nly be determined by the relatinship between financial needs ver time and the size and dispsitin f assets ver time. Brad bjectives, while smetimes useful fr delivering brad mdel prtfli ptins, are ttally unsuitable fr defining the suitability f individual security transactins. Likewise, brad, fixed, mdel prtfli ptins are inefficient in prviding persnalised slutins. Unless an advisr has knwledge f the dispsitin f all assets and all financial needs it is impssible t wrk ut frm a brad bjective just what asset class and specific security the individual is deficient in. Additinally and, lgically, if the advisr des have an idea f dispsitin f assets and needs ver time, withut written cmmunicatin f the ratinale fr the allcatin and the asset class, security selectin is actually a discretinary decisin; if ne assumes that suitability is the framewrk and the transactin merely an allcatin within it. As with many f the ther cmpnents f the KYC, the nly way the investment bjective can wrk n an individual security transactin is fr the client t take respnsibility fr the ratinale and reasn. Perversely, this implies that the investr has significant ability t structure, plan and manage allcatin, which is far frm the truth. Individual incme/husehld net wrth Bth imprtant pieces f infrmatin, yet the KYC ttally ignres the imprtance f finding ut the size and dispsitin f financial assets (key t wrking ut where the gaps are in the prtfli structure and what t buy and/r sell) and the actual financial utgings key t determining the relatinship between assets and financial needs. Why d minimum standards exist, what are their bjectives? Within a transactin led industry, minimum standards were designed t prvide structure t the prcess in which transactins were recmmended. They were nt designed t prvide minimum standards fr the delivery f transactins within a prtfli cnstructin capable f managing the ability f assets t meet financial needs ver time. As such, they d nt cver suitability fr individuals relying in their advisr fr their expertise in crafting wealth management slutins. 10

11 Is the bjective f a transactin industry t prvide ttal wealth management slutins? N, it is nt! Is it pssible t raise standards within a transactin driven industry s that transactins are suitable t financial needs, reflect ttal assets and the relatinship between assets and financial needs and risk preferences? N, it is nt! The nly way yu can d it is t change the bjective f a transactin driven industry. This is difficult if regulatin is still fcussed n managing a transactin led prcess and, the arbitratin and legal system ne which assesses the parameters f a transactin driven framewrk in determining fault. At the present mment in time minimum standards are imprtant because they keep the status qu in check. It is debatable whether the industry culd actually mve t a service led business prcess that wuld be demanded by raising the minimum standards gverning suitability f advice. While it is in the industry s interest t keep standards at a minimum, if legal precedent were t start lking at wider standards gverning suitability, current minimum standards culd becme a liability. Cnclusin KYC The Knw Yur Client frm is an archaic frm apprpriate t a transactin driven industry. While it may still be apprpriate fr basic client initiated trades, it is clearly inapprpriate fr individuals lking fr financial advice. What makes the KYC f greater relevance is the extent t which it is used t determine fault in arbitratin and within the legal system. One culd cnclude that the industry and thse charged with plicing the industry have little r n understanding f suitability and errneusly cnsider the KYC t fulfil basic suitability requirements. By keeping minimum standards, is the industry in breach f its fiduciary duty? If the service it is prviding is belw the service it is capable f prviding, given its resurces and expertise, if the individual investr relies, in gd faith, n the industry t manage their assets and needs, and the industry accepts this trust, knwingly, then by keeping standards lw it is cnsciusly in breach f its fiduciary duty t the individual investr. Yes. Reprting If yu want t make sure that yur wealth and/r asset manager has a gd grip n yur affairs and, that yur prtfli is indeed structured t meet yur financial needs and risk preferences, yu will need a cmprehensive reprt. Cmprehensive means that it will need t address everything that has a material impact n the structure, planning and management f the prtfli and justificatin f the recmmendatins, strategy and decisins. A reprt lets yu knw that the advisr has discipline and structure,...lets yu knw what they are ding and why, 11

12 ...allws yu t check whether the infrmatin they have is crrect, whether yu are in agreement with their basic apprach and,...if yu have any questins, prvides yu with a framewrk in which t ask them. A cmprehensive plan is impssible t prvide cst effectively withut integrated systems that can manage the cmplex relatinships between the risk and return f assets and the size and timing f yur financial needs ver time. Cmprehensive plans are impssible t prvide withut a structured service prcess. It is als impssible t prvide if yur prtfli manager des nt incrprate investment planning disciplines int prtfli structure. N reprt, r a pr reprt, equals pr cmmunicatin, can lead t mismanagement f expectatins and ptential fr significant prblems dwn the rad. If TAMRIS was an individual, these are things that it wuld want t knw befre it invested with anybdy and it wuld want t make sure that its advisr was in cntrl f all these issues! It is imprtant t nte that an investment planning and asset management reprt is an investment reprt based n an individual's persnal financial needs, bjectives and risk preferences. A cmprehensive reprt significantly reduces the time that needs t be spent n managing yur assets and financial needs. Nt nly are all issues dealt with in advance, but because f the instituted planning and structure, changes t bjectives and needs can be easily and bjectively made. Systems that manage the integratin between assets and financial needs d all the wrk. Even large changes financial needs and/r changes in market and security values can be adjusted fr within secnds. Implementatin, taxatin and charges Implementatin strategy shuld be detailed enugh t reflect the plans, strategy and respnsibilities f the advisr, as shuld the tax and transactin cst cnsequences f change. A summary f all asset and wealth management charges shuld als be detailed within the reprt t cnfirm the basis n which the prtfli will be managed. The manager shuld state their attitudes twards taxatin, hw their strategies will aim t minimise this and when significant taxatin arises as a result f recmmendatins and transactins that these be justified. Fr example, there may be sme very large allcatins t securities with very large accumulated capital gains. The risks f retaining these investments may be mre than the taxatin csts f realisatin. It shuld als state hw the individual s attitudes twards taxatin and registratin f investments will affect their investment strategy. Indeed if the advisr is taking ver a prtfli which has never been prperly managed, this will be an imprtant sectin and will ccupy much f the advisr s time in terms f managing the transitin f the prtfli. Planning this transitin will be imprtant and this will need t be cmmunicated t the client. 12

13 Investrs need t understand that taxatin is a fact f life and that managers need t fcus primarily n valuatin, risk and return when managing investments. Tax cnsideratins, thugh imprtant, shuld be secndary issues unless the client wishes t place them at the fre. An investment with large accumulated gains is mre likely t represent a larger part f a prtfli as well as a mre highly valued part f a prtfli. Selling an investment which is ver valued and buying an under valued investment reduces risk and increases the ptential fr future gains. The tax cnsequences f taking n a new prtfli shuld always be cmmunicated t the client befre change is made and where a prtfli is managed n a discretinary basis, tax due frm sales shuld always be reprted t the client. Investrs shuld nt have t wait fr their accuntant t tell them what they we in capital gains tax. Prtfli Structure The reprt shuld explain why the advisr has selected the recmmended asset allcatin. Why is this imprtant? The management f a client s financial needs and assets are brught tgether within a prtfli structure. The prtfli structure cmbines the management f the asset allcatin needed t secure financial needs bth nw and in the future and the management f asset allcatin t manage risk and return. The reasn fr the recmmended prtfli structure between lw risk assets and equities shuld therefre be prvided, as shuld any allcatin due t the transitinal nature f the prtfli. There are in fact a number f pssible cmpnents f asset allcatin. There is the basic structure needed t manage financial needs. There is the allcatin f the cmpnents f the basic structure that wuld be recmmended by the advisr. There is the allcatin that the advisr wuld recmmend fr a mre aggressive r a mre cnservative investr. Transitinal means that the initial recmmended allcatin may actually be different frm the intended recmmended allcatin. Markets may be t high t invest all available funds, there may be an excess allcatin in an illiquid asset which cannt be immediately sld etc. Future capital may be earmarked t bring the prtfli t its recmmended allcatin and therefre transactin csts and ther realisatin risks can be avided. Prtfli planning may envisage a change in allcatin as retirement draws near. It culd be that savings frm incme will be sufficient t right the prtfli imbalance, in which case it wuld nt make sense t make immediate cstly changes. Imprtantly cmments regarding prtfli structure shuld relate t verall asset allcatin as well as the allcatin f individual prtflis. Fr example, while the pensin prtfli and the persnal prtfli may be run as separate prtflis, their asset allcatins shuld be cmbined t cme up with ne representative f the client's ttal financial needs, risk aversins and their interactin with the advisrs wn investment discipline. 13

14 Whether r nt yur advisr reprts this infrmatin t yu, it shuld frm an integral part f the prtfli cnstructin, prtfli planning and prtfli management prcess. Every advisr has t cnstruct a prtfli t meet yur needs if that is yur bjective. Every advisr shuld have their wn preferred allcatin and their wn preferred allcatin fr each type f investment bjective. Because every investr has a different attitude t risk, it is therefre nly lgical that an advisr shuld be able t adjust the recmmended allcatin t accunt fr risk aversin. Additinal reprting Mdelling Where mdelling has been used t assess the ability f assets t meet financial needs ver time, the risk and return assumptins need t be shwn and the methd in which they were generated need t be explained. Asset Allcatin It is cmmn practise amngst mst retail asset management peratins t prvide prjected prtfli returns. Where these are used t generate the asset allcatin, they need t be included within the reprting structure. Hwever, it is imprtant that where these are prvided that the way they were generated is als explained. Strategy Current investment strategy, ecnmic and/r market valuatin analysis f all markets, cmpnents and sectrs t which prtflis are directly expsed shuld als be prvided. Cmplex investment planning issues It is nt just current financial needs, but future financial needs that impact n the recmmended structure f the prtfli. Yur reprt needs t deal with hw the prtfli and the prtfli's planning will cpe with these issues. The fllwing are number f cmplex issues. In retirement, sme individuals will be drawing n bth persnal prtflis and pensin investments (RRIFSs) in Canada. Hw much yu take frm either will affect the investment strategy and asset allcatin f these prtflis. When yu draw frm yur RRIFs and hw much yu draw will affect the structure f yur persnal investments. Estate planning issues may als affect the strategy and structure f the prtfli. D yu really have an estate planning prblem. It may be that yur planned expenditure and financial bjectives will deplete much f yur estate. 14

15 Yu may want t be able t transfer capital nw t yur beneficiaries. Hw much is it safe fr yu t give withut affecting yur future financial security? Other areas f discussin culd invlve the impact f a sale f a business r decisins t cntinue earning via cnsultancy fllwing retirement. If yu intend t be earning after retiring, this can radically affect the structure f the prtfli that yu need bth nw and in the future. Yu may be cncerned abut the cst f paying fr health care as yu age. D yu really need an insurance plicy if yur assets are capable f cvering the csts? All these issues need t be reslved and decided befre a prtfli can be cnstructed since they all impact n the ability f assets t meet financial needs ver time and, the timing, structure and strategy f asset allcatin decisins. In fact, a prtfli needs t be planned well in advance f future needs. A well disciplined prtfli structure will start t take int cnsideratin changing financial needs ften as far away as 8 t 10 years, gradually adjusting structure thrugh a client's incme and capital inflws r taking advantage f extreme valuatins t realise capital fr restructuring. N prtfli shuld be a hstage t current events. Many asset managers cnsider these issues t be financial planning issues. In fact, because asset allcatin is significantly affected by the inflws t and utflws frm a prtfli as well as their size and timing, they need t be assessed within an asset management cntext. Unfrtunately this lng neglect f these issues has left many withut the necessary disciplines, structures and sftware t manage these cmplex relatinships. A manager's ability t take these int cnsideratin within the prtfli structure, planning and management will be reflected in their reprting. Asset allcatin vehicles Whatever the allcatin vehicles used, the advisr shuld be able t justify the reasns fr the use f their chsen asset allcatin instrument, whether it be a direct equity r an indirect actively managed fund r index investment. High expense ratis n certain WRAP accunts need t be fully assessed and explained here. If the advisr des nt have a ratinale as t why their apprach is an ptimum medium fr the investment f yur capital they are mre likely t be selling prducts than managing mney. There are indeed sme prducts that can never be justified yet are sld quite actively within the industry. Managers f direct equities will ften state that mutual funds are the pr cusin f asset management. In fact, the mst efficient vehicle fr the delivery f asset management is a mutual fund structure. A manager can fcus n the investments they want t buy withut having t deal with large numbers f individual prtflis which detract frm stck selectin and management, they can deal mre cst effectively and the firm can allcate its best managers t selecting and managing these investments. Indeed, mst firms wh have a disciplined stck selectin apprach will wrk ff a recmmended stck list and mst prtflis will be directly related t a mdel prtfli structure. 15

16 Where mutual funds becme inefficient is where a) the csts are t high due t excessive cmmissins n purchase and egregius trailer fees, b) where the managers using the mutual fund lack the expertise t use them apprpriately and c) where the prtflis cnstructed are incapable f prviding the persnalisatin needed. Prvided yu have the necessary expertise and ability and resurces, direct equities can be cheaper, althugh nt necessarily cheaper than n lad funds with n trailer fees and, can be effectively used t prvide persnalisatin. Used prperly, cllective investments, such as mutual funds and exchange traded funds, can be just as effective and efficient as direct equity investments. Lk at Warren Buffet, his expertise is sld via what is effectively a mutual fund. In the wrng hands, bth direct equities and mutual funds can be extremely bad vehicles. Existing investments Analysis f existing prtfli N change shuld ever be recmmended t an existing prtfli withut first prviding an analysis f the allcatin, investments and the risk and return prfile f the existing prtfli, as well as its apprpriateness t the individual s financial needs and risk preferences. If the advisr cannt justify a change n fundamentals then why shuld they be allwed t incur the csts f change n the individual s behalf? This is imprtant, because it shuld be extremely difficult t be able t justify the sale f all investments. Indeed, this sectin is just as imprtant fr the explanatin f the reasns fr retaining certain investments. Mutual funds are an imprtant case in pint. Mutual funds are essentially asset allcatin vehicles in that they are either allcating t a market in general, a specific area f a market and/r a particular investment style. Because f this, an advisr wh uses mutual funds t allcate investments shuld be able t retain a gd prtin f the existing investments. In fact, the primary reasn fr buying a mutual fund shuld be its asset allcatin and its style, nt its perfrmance. Because f this, an advisr needs t have an asset allcatin framewrk. All that they shuld use mutual funds (and ETFs) fr is t build up the asset allcatin. The asset allcatin shuld nly be changed as relative risks and relative valuatins change, which means the advisr needs investment discipline and asset management expertise. The main reasns fr selling an existing mutual fund are as fllws. Yu already have enugh larger cmpany/mid cap/smaller cmpany expsure and the fund is merely selling the ver weight psitin. Yu need significant additinal yield frm yur prtfli and the allcatin yu have des nt prvide sufficient yield. Nte that a marginal yield differential is nt sufficiently gd an argument since the additinal yield culd take years t cver the transactin csts. Nte that t high a yield is nt sufficient argument fr a sale fr an investr with n yield requirement because bth value and cntrarian styles, with higher yields, culd be apprpriate investments. 16

17 Yu are a cnservative investr and yur large cap/mid cap/smaller cmpany expsure is invested in higher risk investments and a mre cnservative allcatin is needed and vice versa fr an aggressive investr with t many defensive cnservative hldings. Yu have t much in ne market and funds need t be sld in ne and bught in anther. The fund is basically a mirrr f an index fund and yu culd get the same allcatin fr a much lwer cst thrugh an index investment. The nly instance where a like fr like transactin shuld take place is where there are clear grunds fr change based n pr discipline, lack f expertise and resurces backing the fund s as t place real cncerns ver its ability t add value and manage risk. Why are mutual funds sld inapprpriately? Because quite ften advisrs are tied t mdel prtflis held within a packaged slutin. Because the advisr des nt have a valuatin discipline and an asset allcatin framewrk t be able t incrprate existing investments. Because the advisr des nt have the expertise and resurces t research and mnitr investments. Because in rder t get the trailer fee they need t sell yur investment and buy anther. Because mst financial advisrs either d nt knw hw t manage an existing prtfli (recmmending is easy) r they d nt have a system capable f managing existing allcatins. Mst sftware systems that deliver prtfli management basically deliver recmmended prtflis. While the arguments needed t sell individual equities are slightly different, the advisr still needs t be able t justify his r her strategy in terms allcatin, valuatin and risk management. Imprtantly an advisr wh is selling mutual funds t buy equities has t justify the validity f their investment strategy and recmmendatins relative t the allcatin and the management f the existing mutual fund hldings. A mutual fund with n trailer fees is unlikely t be mre expensive than the average direct equity prtfli. Additinally, while the perfrmance f a mutual fund is accessible, the perfrmance f the average direct equity prtfli is nt. There is n pint in selling yur mutual funds if all yu are ging t get is the same type f investments, the same level f diversificatin and mre r less the same perfrmance. Recmmendatins Overall Prtfli The recmmendatins sectin shuld prvide at the very minimum a recmmended prtfli with specific allcatins t each investment, shwing the yield prvided and a supprting summary f the recmmended asset allcatin. This shuld be prvided whatever the management agreement, discretinary r advisry. If yur prtfli is being cnstructed, planned and managed t meet yur financial needs, then the investments have nt just been selected because they have a specific risk/return characteristic. They have als been selected because they have a rle an bjective and a timeframe. This is t meet yur financial needs as and when they arise. 17

18 This is particularly relevant fr lw risk investments, where the management f liquidity is paramunt. Lw risk prtfli Therefre the rle f each lw risk asset class r allcatin t a set f securities shuld be explained; cash, gvernment/prvincial fixed interest, crprate fixed interest, preferreds and internatinal bnds as well as specialist higher yield investments. Additinally an explanatin f the each type f investment shuld be prvided in either a supprting appendix r infrmatin package. If the prtfli hlds preferreds, these need t be explained, likewise crprate bnds and internatinal fixed interest investments. Infrmatin n transactin charges and csts shuld als be prvided. Equity Prtfli The equity recmmendatins shuld be accmpanied by a detailed explanatin f the verall equity strategy, the risks f the strategy, hw the strategy and allcatin will be affected by different market envirnments and, hw the allcatins t securities, market cmpnents and markets may change in respnse t changes in valuatin. Additinally, an explanatin f each security r fund and its ratinale fr inclusin needs t be prvided. Generic infrmatin n the type f investments used shuld als be prvided either in appendices r as part f an infrmatin package. Summary technical infrmatin such as the allcatin t markets, t market cap, t sectrs, Price/Earnings ratis and P/Es relative t the market, price t bk and relative t the market, dividend yield and relative t the market, as well as individual security standard deviatin (r ther statistical risk data) and prtfli relative t the market shuld als be prvided. What is the pint f all this? If the rganizatin is well disciplined, well rganized and its systems and asset management prcesses well structured, the infrmatin shuld be easily prvided. If they cannt deliver this infrmatin, it either means they are nt rganized but have it, r they d nt have it and are nt rganized r able. Prviding this infrmatin means that their actins are accuntable and justified. They have t think carefully abut their service, the management f yur assets, yur educatin and the management f yur expectatins. It is up t yu the individual investr, as t whether r nt yu want t read this infrmatin. But, yu need t be given the pprtunity. This is yur last chance befre yu invest. Detailed reprting prtects bth the investr and the advisr! If yu have accepted everything and everything has been explained and justified, the advisr cannt be held accuntable fr any actin r recmmendatin cnducted in accrdance with the agreed mandate. Likewise, a reprt prtects the client by making sure that the advisr fully justifies and explains what he r she is ding and why and that if they act utside the mandate that they be held accuntable. If there has been any misrepresentatin f the facts, then the reprt will als hld the advisr accuntable. 18

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