TENET MASTERCLASS ONE 2018 Total CPD: 4 hours structured & 40 minutes unstructured

Transcription

1 8.45am 9.15am Arrival, Coffee & Breakfast Sandwiches 9.15am 9.30am 9.30am 10.00am 10.00am 10.05am 10.05am 10.35am 10.35am 10.40am Welcome & Introduction Tenet Business Development Team A Dynamic Approach to Delivering Real Return Cornelian Asset Managers Cornelian Asset Managers Creating your Centralised Retirement Proposition (CRP) Quilter Cheviot Quilter Cheviot N/A un un 10.40am 11.10am Refreshments 11.10am 11.40pm 11.40pm 11.45pm 11.45pm 12.15pm 12.15pm 12.20pm 12.20pm 12.50pm 12.50pm 12.55pm Ageing Population and Financial Services Just Just Adding Value with Active Management BMO Global Asset Management BMO Global Asset Management Maxed Out on Pensions, ISA Full, What s Next? Sanlam Sanlam un un un 12.55pm 1.25pm Lunch & Refreshments 1.25pm 1.55pm 1.55pm 2.00pm 2.00pm 2.30pm 2.30pm 2.35pm 2.35pm 3.05pm 3.05pm 3.10pm What Keeps Us Awake at Night? Fidelity International Fidelity International Alternative Investment Strategies for a Modern Retirement Portfolio Octopus Investments Octopus Investments Taking Care of Your Clients Estate Planning Needs Ingenious Ingenious un un un 3.10pm Close & Departure

2 SESSION PROFILES: A Dynamic Approach to Delivering Real Return Presented by Cornelian Asset Managers Investors today face the challenge of both preserving and increasing their wealth (i.e. generating a real return in the face of inflation), whilst also managing volatility. This presentation will focus on the investment solution component of the centralised investment proposition used to achieve these objectives. Clearly, flexibility is essential in order to mitigate the risks of inflation, interest rate rises and volatility, amongst other factors in this multi-speed world. Specifically, we will examine the merits of using a number of other asset classes in combination with the traditional equity/bond mix, to achieve end investor goals and mitigate these risks. These may include infrastructure, private equity, commodities, property, absolute return and specialist fixed income. The benefits may include inflation protection, decreasing interest rate sensitivity, natural hedging and diversification. Within each asset class we will also discuss the benefits of taking a flexible approach to achieving this asset class exposure. For example, the use of active and passive investments, and direct or indirect exposure. Learning objectives: By the end of the session the delegate will: Understand the benefits of using asset classes other than equity and traditional fixed income as part of an investment solution Have learnt the ways in which exposure to these asset classes can mitigate risk and improve diversification Be able to identify different methods of gaining exposure to these asset classes Creating your Centralised Retirement Proposition (CRP) Presented by Quilter Cheviot An ever increasing number of retirement roads now seem to lead to flexible access drawdown (FAD). It follows therefore that there should also be an increased reliance on a portfolio of asset-backed investments to deliver a reliable income over a lengthy period. But how to calculate this period? Longevity, inflation and market returns are the three variables that make this calculation very difficult. Before the Pension Schemes Act, we had a safety-first philosophy that protected retirees from themselves and advisers from the risk that their advice could lead to clients either having to reduce their spending significantly in retirement, or worse, actually running out of money. However, this safety-first retirement advice philosophy is no longer sufficient because the variables have become ever more complex, making the future both unknown and unknowable. As an industry therefore, we are adopting a probability-based methodology. Adopting a probability based methodology brings new questions for the adviser. Quilter Cheviot will take a look at some of the aspects that they believe advisers need to be thinking about as they adopt probability driven methodologies. We will discuss the merits of developing a Centralised Retirement Proposition for your business as well as the importance of being able to provide clients with a clear road map through retirement, including the importance of assessing capacity for loss and a reexamination of Bengen s 4% rule for a safe withdrawal rate.

3 We ll examine the importance of the sequence of returns on the effective provision of income and wrap up with some thoughts on documenting your plan for your client in a Withdrawal Policy Statement what that should contain and how it will help you to keep your clients retirement plans on track. Learning objectives: By the end of the session the delegate will understand: A CRP is in addition to your CIP: Not just a case of just adding more income funds Capacity for loss is key: while attitude to risk is a subjective concept, capacity for loss is a financial matter of fact The order of encashment will lead to greater success: probability, longevity and residual The importance of a Withdrawal Policy Statement (WPS) in keeping plans documented and on track How DFMs can be a core component of any CRP: Quilter Cheviot can help and support your pension advice service Ageing Population and Financial Services Presented by Just For many clients, their view of retirement may be a decision that is made when they want to stop working. This will normally consist of replacing earned income with that of retirement income in the form of a guaranteed income for life, provided by an annuity or flexible drawdown. We know this not to be the case. For many individuals retirement has the real possibility of lasting longer than ever before, with life expectancy at an all-time high and a 1 in 5 chance for people alive today to live until 100. This being the case, we want to take some time to consider the retirement journey and some of the potential issues that may arise along the way. Over the course of this session we will consider the issue of longevity, declining physical and mental health and some of the products used by the later stages of retirement such as equity release and long term care funding, all of which may be a consideration for your clients over a retirement journey of potentially 45 years. Learning objectives: By the end of the session the delegate will: Understand the complexities of Longevity Consider the four key areas of vulnerability set out in the FCA occasional paper 31 Understand growth in the later life lending sector Consider the potential of care funding Adding Value with Active Management Presented by BMO Global Asset Management Over the last decade we have seen a dramatic rush into passive investment, but is this really the straightforward solution many believe it to be, or is there more to them than meets the eye? We will look at the evolution of passives, what exposure you re actually getting, the impact of costs and the danger of closet active trackers. We will also look into the unprecedented market conditions that we have had over this period and investigate the environments that favour different types of investment approach and discuss whether we are at a turning point of the markets.

4 In the end, we will as ask the question: Are Passives on their own ultimately the best way to deliver performance to your clients? and then consider the benefits of blending them with some truly active funds. Learning objectives: By the end of the session the delegate will be able to: Appreciate the evolution of passives and how we got to where we are now Recognise the impact of cost on returns in an advised environment Understand what exposure your clients actually get from various passive instruments Identify asset classes that may or may not be best suited for active or passive solutions Demonstrate the benefits of selecting truly active funds and blending with passives Maxed Out on Pensions, ISA Full, What s Next? Presented by Sanlam With the recent changes in pensions and tax legislation, along with the different tax allowances available, keeping up to date with how these impact on both personal and corporate clients is essential. This is especially true when making recommendations on which investment wrappers are most suitable from a holistic financial planning point of view. After pensions and ISAs have been maximised, the question becomes, what s next? Which are better, collectives or investment bonds? Each have their own merits and while the advice you give is tailored to your client s personal circumstances and aims, what are the key factors we need to keep in mind when we formulate our recommendations? In the session Sanlam will be covering the following: An overview of the key factors to consider when advising on investment bonds and collectives. How the changes in the dividend allowance could affect your recommendations. What to bear in mind when making investment recommendations to corporate clients. Using the information collated from research conducted jointly with Cicero Research into the investment bond marketplace, what are advisers looking for? Learning objectives: By the end of the session the delegate will be able to: Describe the key factors to consider when looking at investment bonds and collectives Demonstrate knowledge of the taxation legislation and how this will impact your clients Understand the difference between retail and corporate clients tax positions when making recommendations Analyse the bond market research and what this could mean for your clients What Keeps Us Awake at Night? Presented by Fidelity International 46% of respondents to a recent survey of fund managers by Bank of America Merrill Lynch consider equity markets to be overvalued, the highest number since the survey began in the mid-1990s. Bond values also appear under threat with central banks seemingly determined to tighten policy. With markets therefore appearing on the cusp of change, you could face a few sleepless nights. But by understanding the underlying drivers, it may be possible to avert such concerns.

5 Whilst fund managers opinions matter, our annual adviser survey also identifies the key investment concerns of the advisory community as a whole. During our session we will consider some of these concerns for the year ahead, addressing the key issues that matter most to arm you with strategies to cope, as well as messages of reassurance you can use with clients. As is ever the case, change also brings opportunity. We will outline some of these opportunities and discuss some of the long term themes we believe will influence markets in ways most investors don t expect. One example of this is demographics, where we look beyond the widely recognised ageing population narrative and look at how localised quirks of demography can create unexpected investment opportunities. Most importantly, we hope you go home to a restful night s sleep! Learning objectives: By the end of this session, attendees will: Recognise the key investment concerns of the financial advisory community and their clients Understand how these concerns may be addressed and have ideas on how to prepare and reassure clients Be aware of the investment opportunities that could present themselves over the coming year Alternative Investment Strategies for a Modern Retirement Portfolio Presented by Octopus Investments This session, hosted by Octopus Investments, will look at some alternative planning ideas to help complement and enhance traditional retirement planning strategies. We ll take you through some of the common problems clients face both before and after retirement. For example, what can clients do if they have exceeded their lifetime allowance? What can clients do if their annual allowance has been capped? What about those that do not want to be exposed to further market volatility? Clients will need to be asking advisers to think beyond pensions and ISAs when helping them to build their retirement portfolios. This session will help you explore some potential solutions to these increasingly common issues, including: Introduction to venture capital trusts (VCTs). o The risks and benefits, and the types of investments VCTs make. o Planning ideas that use VCTs to complement traditional forms of retirement planning. o Octopus Titan VCT: backing Britain s brightest businesses. Exploring alternatives. o A look at asset-backed lending as an asset class. o The Innovative Finance ISA helping clients who are overweight in cash and cautious about stocks and shares. o Octopus Choice: an example of how a peer-to-peer solution is, key risks, benefits and considerations for advising in this area. How Octopus can help.

6 Learning Objectives: By the end of this session the delegate will: Have successfully gained a better understanding of some of the alternative solutions available to clients, when looking at options that could complement and enhance retirement planning Have increased their knowledge of Venture Capital Trusts and their structure; recognising what scenarios VCTs would be relevant for clients and appreciating the key risks and benefits of investing Broadly understand the peer-to-peer market, have a grasp of Octopus Choice and how this can be accessed through the new Innovative Finance ISA Taking Care of Your Clients Estate Planning Needs Presented by Ingenious Whilst most advisers are familiar with the headlines of Business Relief (BR), many mistakenly believe that it is too high risk for their clients, or that they do not look after clients who could benefit. In this session, Ingenious will briefly remind you of the lucrative opportunity to advise on estate planning business and the rules which enable assets to qualify for BR. Often, once advisers and their clients learn more about BR, they realise there are more palatable solutions than trusts for clients with an IHT liability, who may previously have resisted planning due to a reluctance to gift assets. Ingenious will run through a selection of client case studies to demonstrate the benefits of BR solutions. These will include planning for the elderly, for those clients with an LPA in force and for younger clients with an IHT liability, but for whom gifting is not of interest. Ingenious will conclude with a brief overview of their suite of BR qualifying solutions, including a service designed specifically for clients who have expressed concern about the costs of long term care, or are worried about losing access to funds which may be required for care. Learning objectives: By the end of this session the delegate will be able to: Articulate the high level rules which apply to qualify for Business Relief Understand how Business Relief solutions compare to other estate planning options Appreciate the application of Business Relief in a range of estate planning scenarios including: o Clients wishing to reduce their IHT liabilities without gifting assets; o Clients wishing to retain access to assets for potential care costs, whilst also wishing to reduce their IHT liabilities; and o Situations where an LPA is in force.