passive investment

The Seven Roles of an Advisor

Posted on 12/05/2015. Filed under: A step by step approach to producing a financial plan, academic approach to investing, Active v Passive, arithmetic of active management, asset allocation, cash flow based modelling, cfp. chartered financial planner, Cheshire, chris wicks cfp, ChrisWicksCFP, Efficient Markets, Evidence Based Investment, Factors of investment, financial planning, hidden costs of investment, Increased ISA Allowances, Index Investing, ineffectiveness of active fund management, investment, lack of predictability, Lessons from past financial crises, Market timing, passive investment | Tags: , , , , , , , , , , , , |

What is a financial advisor for? One view is that advisors have unique insights into market direction that give their clients an advantage. But of the many roles a professional advisor should play, soothsayer is not one of them.

The truth is that no-one knows what will happen next in investment markets. And if anyone really did have a working crystal ball, it is unlikely they would be plying their trade as an advisor, a broker, an analyst or a financial journalist.

Some folk may still think an advisor’s role is to deliver them market-beating returns year after year. Generally, those are the same people who believe good advice equates to making accurate forecasts.

But in reality, the value a professional advisor brings is not dependent on the state of markets. Indeed, their value can be even more evident when volatility, and emotions, are running high.

The best of this new breed play multiple and nuanced roles with their clients, beginning with the needs, risk appetites and circumstances of each individual and irrespective of what is going on in the world.

None of these roles involves making forecasts about markets or economies. Instead, the roles combine technical expertise with an understanding of how money issues intersect with the rest of people’s complex lives.

Indeed, there are at least seven hats an advisor can wear to help clients without ever once having to look into a crystal ball:

The expert: Now, more than ever, investors need advisors who can provide client-centred expertise in assessing the state of their finances and developing risk-aware strategies to help them meet their goals.

The independent voice: The global financial turmoil of recent years demonstrated the value of an independent and objective voice in a world full of product pushers and salespeople.

The listener: The emotions triggered by financial uncertainty are real. A good advisor will listen to clients’ fears, tease out the issues driving those feelings and provide practical long-term answers.

The teacher: Getting beyond the fear-and-flight phase often is just a matter of teaching investors about risk and return, diversification, the role of asset allocation and the virtue of discipline.

The architect: Once these lessons are understood, the advisor becomes an architect, building a long-term wealth management strategy that matches each person’s risk appetites and lifetime goals.

The coach: Even when the strategy is in place, doubts and fears inevitably will arise. The advisor at this point becomes a coach, reinforcing first principles and keeping the client on track.

The guardian: Beyond these experiences is a long-term role for the advisor as a kind of lighthouse keeper, scanning the horizon for issues that may affect the client and keeping them informed.
These are just seven valuable roles an advisor can play in understanding and responding to clients’ whole-of-life needs that are a world away from the old notions of selling product off the shelf or making forecasts.

For instance, a person may first seek out an advisor purely because of their role as an expert. But once those credentials are established, the main value of the advisor in the client’s eyes may be as an independent voice.

Knowing the advisor is independent—and not plugging product—can lead the client to trust the advisor as a listener or a sounding board, as someone to whom they can share their greatest hopes and fears.

From this point, the listener can become the teacher, the architect, the coach and ultimately the guardian. Just as people’s needs and circumstances change over time, so the nature of the advice service evolves.

These are all valuable roles in their own right and none is dependent on forces outside the control of the advisor or client, such as the state of the investment markets or the point of the economic cycle.

However you characterise these various roles, good financial advice ultimately is defined by the patient building of a long-term relationship founded on the values of trust and independence and knowledge of each individual.

Now, how can you put a price on that?

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Top 10 Investment Guidelines

Posted on 24/02/2015. Filed under: academic approach to investing, Active v Passive, arithmetic of active management, asset allocation, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, Dimensional, Efficient Markets, Evidence Based Investment, Factors of investment, financial planning, hidden costs of investment, Index Investing, ineffectiveness of active fund management, investment, lack of predictability, Lessons from past financial crises, Market timing, passive investment, Sale, Sources of financial advice, TER, UK investor compensation, William F Sharpe |

The media would have you believe that a successful investment experience comes from picking stocks, timing your entry and exit points, making accurate predictions and outguessing the market. Is there a better way?

It’s true that some people do get lucky by making bets on certain stocks and sectors or getting in or out at the right time or correctly guessing movements in interest rates or currencies. But depending on luck is simply not a sustainable strategy.

The alternative approach to investment may not sound as exciting, but is also a lot less work. It essentially means reducing as far as possible the influence of fortune, taking a long-term view and starting with your own needs and risk appetite.

Of course, risk can never be completely eliminated and there are no guarantees about anything in life. But you can increase your chances of a successful investment experience if you keep these 10 guidelines in mind:

Let the market work for you. Prices of securities in competitive financial markets represent the collective judgment of millions of investors based on current information. So, instead of second guessing the market, work with it.

Investment is not speculation. What is promoted in the media as investment is often just speculation. It’s about making short-term and concentrated bets. Few people succeed this way, particularly after you take fees into account.

Take a long-term view. Over time, capital markets provide a positive rate of return. As an investor risking your capital, you have a right to the share of that wealth. But keep in mind, the return is not there every day, month or year.

Consider the drivers of returns. Differences in returns are explained by certain dimensions identified by academic research as pervasive, persistent and robust. So it makes sense to build portfolios around these.

Practise smart diversification. A sound portfolio doesn’t just capture reliable sources of expected return. It reduces unnecessary risks like holding too few stocks, sectors or countries. Diversification helps to overcome that.

Avoid market timing. You never know which markets will be the best performers from year to year. Being well diversified means you’re positioned to capture the returns whenever and wherever they appear.

Manage your emotions. People who let their emotions dictate their decisions can end up buying at the top when greed is dominant and selling at the bottom when fear takes over. The alternative is to remain realistic.

Look beyond the headlines. The media is by necessity focused on the short term. This can give you a distorted impression of the market. Keep up with the news by all means, but you don’t have to act on it.

Keep costs low. Day to day moves in the market are temporary, but costs are permanent. Over time, they can put a real dent in your wealth plans. That’s why it makes sense to be mindful of fees and expenses.

Focus on what you can control. You have no control over the markets, but in consultation with advisor acting in your interests you can create a low-cost, diversified portfolio that matches your needs and risk tolerance.

That’s the whole story in a nutshell. Investment is really not that complicated. In fact, the more complicated that people make it sound the more you should be sceptical.

The truth is markets are so competitive that you can save yourself much time, trouble and expense by letting them work for you. That means structuring a portfolio across the broad dimensions of return, being mindful of cost and focusing on your own needs and circumstances, not what the media is trying to sell you.

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10 good reasons to pay into a pension before April

Posted on 09/01/2015. Filed under: Annuities, cash flow based modelling, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, CIMP, COMP, early retirement, Executive Pension, Executive Penson, financial planning, Financial Planning, Higher Rate Pension Relief Restricted, Higher Rate Pension Tax Relief Restricted, investment, Open Market Option, passive investment, pension protection fund, pension tax relief, Pension Transfer Options, pensions v isas, personal pensions, Retirement Options, retirement planning, Sale, Section 32 Buy-Out, Sources of financial advice, SSAS, stakeholder pensions, state pension, tax free cash |

There are less than three months to go before the new pension freedom becomes reality. With the legislation now in place, the run up to April is time to start planning in earnest to ensure you make the most of your pension savings.

To help, here are 10 reasons why you may wish to boost your pension pots before the tax year end.

1. Immediate access to savings for the over 55s

The new flexibility from April will mean that those over 55 will have the same access to their pension savings as they do to any other investments. And with the combination of tax relief and tax free cash, pensions will outperform ISAs on a like for like basis for the vast majority of savers. So people at or over this age should consider maximising their pension contributions ahead of saving through other investments.

2. Boost SIPP funds now before accessing the new flexibility

Anyone looking to take advantage of the new income flexibility may want to consider boosting their fund before April. Anyone accessing the new flexibility from the 6 April will find their annual allowance slashed to £10,000.
But remember that the reduced £10,000 annual allowance only applies for those who have accessed the new flexibility. Anyone in capped drawdown before April, or who only takes their tax free cash after April, will retain a £40,000 annual allowance.

3. IHT sheltering

The new death benefit rules will make pensions an extremely tax efficient way of passing on wealth to family members – there’s typically no IHT payable and the possibility of passing on funds to any family members free of tax for deaths before age 75.
You may want to consider moving savings which would otherwise be subject to IHT into your pension to shelter funds from IHT and benefit from tax free investment returns. And provided you are not in serious ill-health at the time, any savings will be immediately outside your estate, with no need to wait 7 years to be free of IHT.

4. Get personal tax relief at top rates

For those who are higher or additional rate tax payers this year, but are uncertain of their income levels next year, a pension contribution now will secure tax relief at their higher marginal rates.

Typically, this may affect employees whose remuneration fluctuates with profit related bonuses, or self-employed individuals who have perhaps had a good year this year, but aren’t confident of repeating it in the next. Flexing the carry forward and PIP rules* gives scope for some to pay up to £230,000 tax efficiently in 2014/15.
For example, an additional rate taxpayer this year, who feared their income may dip to below £150,000 next year, could potentially save up to an extra £5,000 on their tax bill if they had scope to pay £100,000 now.

* Contact me if you don’t know what this is.

5. Pay employer contributions before corporation tax relief drops further

Corporation tax rates are set to fall to 20% in 2015. Companies may want to consider bringing forward pension funding plans to benefit from tax relief at the higher rate. Payments should be made before the end of the current business year, while rates are at their highest. For the current financial year, the main rate is 21%. This drops to 20% for the financial year starting 1st April 2015.

6. Don’t miss out on £50,000 allowances from 2011/12 & 2012/13

Carry forward for 2011/12 & 2012/13 will still be based on a £50,000 allowance. But as each year passes, the £40,000 allowance dilutes what can be paid. Up to £190,000 can be paid to pensions for this tax year without triggering an annual allowance tax charge. By 2017/18, this will drop to £160,000 – if the allowance stays at £40,000. And don’t ignore the risk of further cuts.

7. Use next year’s allowance now

Some may be willing and able to pay more than their 2014/15 allowance in the current tax year – even after using up all their unused allowance from the three carry forward years. To achieve this, they can maximise payments against their 2014/15 annual allowance, close their 14/15 PIP early, and pay an extra £40,000 in this tax year (in respect of the 2015/16 PIP). This might be good advice for a individuals with particularly high income for 2014/15 who want to make the biggest contribution they can with 45% tax relief. Or perhaps the payment could come from a company who has had a particularly good year and wants to reward directors and senior employees, reducing their corporation tax bill.

8. Recover personal allowances

Pension contributions reduce an individual’s taxable income. So they’re a great way to reinstate the personal allowance. For a higher rate taxpayer with taxable income of between £100,000 and £120,000, an individual contribution that reduces taxable income to £100,000 would achieve an effective rate of tax relief at 60%. For higher incomes, or larger contributions, the effective rate will fall somewhere between 40% and 60%.

9. Avoid the child benefit tax charge

An individual pension contribution can ensure that the value of child benefit is saved for the family, rather than being lost to the child benefit tax charge. And it might be as simple as redirecting existing pension saving from the lower earning partner to the other. The child benefit, worth £2,475 to a family with three kids, is cancelled out by the tax charge if the taxable income of the highest earner exceeds £60,000. There’s no tax charge if the highest earner has income of £50,000 or less. As a pension contribution reduces income for this purpose, the tax charge can be avoided. The combination of higher rate tax relief on the contribution plus the child benefit tax charge saved can lead to effective rates of tax relief as high as 64% for a family with three children.

10. Sacrifice bonus for employer pension contribution

March and April is typically the time of year when many companies pay annual bonuses. Sacrificing a bonus for an employer pension contribution before the tax year end can bring several positive outcomes.
The employer and employee NI savings made could be used to boost pension funding, giving more in the pension pot for every £1 lost from take-home pay. And the employee’s taxable income is reduced, potentially recovering personal allowance or avoiding the child benefit tax charge.

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Who would predict the price of oil?

Posted on 06/12/2014. Filed under: A step by step approach to producing a financial plan, academic approach to investing, Active v Passive, Altrincham, arithmetic of active management, asset allocation, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, Dimensional, Efficient Markets, Evidence Based Investment, Factors of investment, financial planning, hidden costs of investment, Increased ISA Allowances, Index Investing, ineffectiveness of active fund management, investment, lack of predictability, Lessons from past financial crises, Market timing, passive investment, Professor Kenneth French, PTR, Retirement Options, retirement planning, Sources of financial advice, William F Sharpe | Tags: , , , , , , , , , , , , , , , |

The price of crude oil has fallen around 40 per cent since a recent peak in June this year. This has a profound effect on economies and markets around the world as the cost of manufacturing and transporting goods falls along with oil producers’ income and the currencies of oil-rich countries.
The theory goes that consumer spending will rise because people have more disposable income; that inflation will fall as the price of goods eases; and that companies with high energy bills will become more profitable. If lower prices hold, the effect might become political and environmental as the balance of world power shifts from oil exporters to oil importers, and the impetus to develop cheaper clean energy wanes. Oil seeps so deep into the global economy you might think that to be a successful investor you need to have an accurate view on its price and its impact on asset prices. But you would be wrong.

No-one with an opinion about oil knows whether their view is right or wrong, and only the changing price will confirm which they are. Market prices are a fair reflection of the balance of opinion because they are created by many buyers and sellers agreeing on individual transactions. As an investor you can take a view of whether that balance – that price – is right but, like all other people with an opinion, you have no way of knowing whether you are right or wrong until the price moves.

Knowing this, it seems irrational to take a view (or a risk) on something so random as the direction of the oil price. In fact, why would one take a view on anything related to the changing price of oil; the US economy, for example; or the price of Shell; or Deutsche Post; or anything else?
The rational approach is to let capital markets run their course and to have a sufficiently diversified portfolio that allows you to relax in the knowledge that, over time, you will benefit from the wealth-generating power of your investments as a whole; without risking your wealth on a prediction that might go one way or the other.

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Temporary Transfer Relaxation for pensions carrying higher tax free cash or early retirement age

Posted on 22/11/2014. Filed under: A step by step approach to producing a financial plan, cash flow based modelling, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, CIMP, COMP, early retirement, EPP, Executive Pension, Executive Penson, financial planning, investment, Open Market Option, passive investment, pension protection fund, pension tax relief, Pension Transfer Options, pensions v isas, personal pensions, Retirement Options, retirement planning, Sale, Section 32 Buy-Out, Sources of financial advice, SSAS, stakeholder pensions, state pension, tax free cash |

Formerly pension scheme members with schemes carrying a higher entitlement to tax free cash or an early retirement age would loose these when transferring to a new plan, unless at least one other member of the same scheme transferred with them at the same time, to the same scheme. For schemes without any other members, such as section 32 plans, one person EPPs or assigned policies, this meant that the option to preserve protections when transferring to personal pensions was not available.

However, solo transfers are now permissible, as long as the following criteria are met:

• The transfer must fully extinguish all rights within the current plan
• The transfer must be made in a single transaction
• The transfer must be completed before 6 April 2015
• The new plan must be fully crystallised (including any other rights held within the new plan) before 6 October 2015
• Benefits are payable from age 55 (unless a protected retirement age is available).

As the transfer must be completed before 6 April, the investor would also have the choice to set up a capped drawdown arrangement, should they wish to retain the higher annual allowance. It should also be noted that any GMP benefits will be lost on transfer.

So what does this mean?

Pension scheme members who have held off transferring their benefits due to a potential loss of tax free cash or because they will loose the ability to retire early may now make an individual transfer to a new plan without loosing the enhanced benefits.

Who does this affect?

• Sports people and members of professions who were previously entitled to early retirement ages
• Members of occupational defined contribution pension schemes such as Executive Pensions, Small Self Administered Schemes (SSAS), Contracted Out and Contracted In Money Purchase Schemes (COMPs and CIMPS)
• Those who have transferred their benefits to a Section 32 Buy-Out

This is a complex area and advice from a pensions specialist should always be taken before implementing any transactions.

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The press was full of ‘pension bank account’ stories in October. Will it be that simple?

Posted on 12/11/2014. Filed under: A step by step approach to producing a financial plan, Altrincham, Annuities, cash flow based modelling, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, early retirement, financial planning, Lessons from past financial crises, Open Market Option, passive investment, pension tax relief, Pension Transfer Options, pensions v isas, personal pensions, Retirement Options, retirement planning, Sale, Sources of financial advice, stakeholder pensions, state pension, tax free cash |

The Taxation of Pensions Bill, which will put most of the Budget 2014 pension changes into law, was published in mid-October. It contained few surprises, not least because it had been issued in draft in August, along with detailed explanatory notes. Nevertheless, the Treasury pumped out a press release and the media duly splashed the (old) news.

The emphasis in the press coverage was, to quote the Treasury release “Under the new tax rules, individuals will have the flexibility of taking a series of lump sums from their pension fund, with 25% of each payment tax free and 75% taxed at their marginal rate, without having to enter into a drawdown policy.” It was this reform which prompted the talk of using pensions as bank accounts. However, things may not be quite that simple in practice:

• The new rules do not apply to final salary pension schemes, which may only provide a scheme pension and a pension commencement lump sum.

• It is already possible to make this type of 25% tax free/75% taxable withdrawal under the flexible drawdown provisions introduced in 2011. This has not proved very popular.

• The new rules are meant to come into effect on 6 April 2015, but they are not mandatory, so some pension providers may choose not to offer them. It seems likely that many occupational money purchase schemes will avoid any changes, as they were never designed to make payments out – that was the job of the annuity provider. Similarly many insurance companies may not be willing to offer flexibility on older generations of pension plan – just as some do not currently offer drawdown.

• The short timescale has been criticised by the pensions industry. Systems and administrative changes can only be finalised once the Bill has become law and that will be perilously close to April, making it difficult for providers to bring in the changes from day one.

• If you are able to take a large lump from your pension, the tax consequences could be most unwelcome. For example, drawing out £100,000 would mean adding £75,000 to your taxable income – enough to guarantee you pay at least some higher rate tax, regardless of your income, and quite possibly sufficient to mean the loss of all or part of your personal allowance. No wonder the Treasury expects to increase tax revenue as a result of the reforms.

• Ironically another of the pension reforms, reducing the tax on lump sum death benefits, could mean you are best advised to leave your pension untouched and draw monies from elsewhere.

The new pension tax regime will present many opportunities and pitfalls, not all of which are immediately apparent. Do make sure you ask for our advice before taking any action.

The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice. The value of investments can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

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Beware of the hidden risks of low-risk investing

Posted on 22/10/2014. Filed under: A step by step approach to producing a financial plan, academic approach to investing, Active v Passive, arithmetic of active management, asset allocation, cash flow based modelling, cfp. chartered financial planner, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, Evidence Based Investment, investment, Lessons from past financial crises, passive investment, retirement planning, Sale, Sources of financial advice, Uncategorized, William F Sharpe |

Beware of the hidden risks of low-risk investing.

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Beware of the hidden risks of low-risk investing

Posted on 22/10/2014. Filed under: A step by step approach to producing a financial plan, academic approach to investing, Active v Passive, asset allocation, cash flow based modelling, Cheshire, chris wicks, chris wicks cfp, ChrisWicksCFP, Evidence Based Investment, financial planning, Index Investing, ineffectiveness of active fund management, investment, lack of predictability, Lessons from past financial crises, passive investment, Sale, Sources of financial advice, TER, William F Sharpe |

Most investors recognize and understand the risks involved when investing. However, during times of extreme market decline, even the toughest investors’ risk tolerance is tested. Such dramatic downturns can force many to limit their risk exposure. But, regardless of market highs and lows, investors really need to maintain perspective and proper risk to pursue their long-term financial goals.

“Low risk” investments help protect one from a decline in the overall stock market, but might leave one exposed to other risks not seen on the surface.

Risk #1: Inflation cutting your real return
After subtracting taxes and inflation, the return one receives from a low-risk investment may not be enough to remain ahead of inflation.

Risk #2: Limiting your portfolio’s growth potential
Beware, some portfolios with low-risk investments may be riskier than one realizes due to the limited growth potential of these investments.

Risk #3: Your income can drop when interest rates drop
If interest rates have dropped by the time a low-risk investment becomes due, one might have to reinvest at a lower rate of return, resulting in a lower yield each month.

A properly constructed portfolio with the correct balance between risk and return will mitigate the risks of market volatility. When deciding on how to invest, it is important for investors to take into account their personal attitude to risk and capacity for loss but also to understand the performance characteristics of different blends of equities and bonds and in particular, how their own portfolio might behave. This will ensure that when markets perform in a particular way, investors will appreciate that this is within the range of possible outcomes for their portfolio.

This is where an independent financial adviser can help by guiding investors to the correct choice of portfolio, which has the best chance of helping them achieve their goals. They can also help educate investors so that they better understand what to expect and encourage them to adopt a disciplined approach.

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What price for Brazil to win?

Posted on 05/06/2014. Filed under: academic approach to investing, Active v Passive, arithmetic of active management, asset allocation, chris wicks cfp, ChrisWicksCFP, Dimensional, Evidence Based Investment, Index Investing, ineffectiveness of active fund management, investment, lack of predictability, Lessons from past financial crises, passive investment |

Every four years, in the build-up to the World Cup, lots of people attempt to predict the results of the competition.

Economists at Goldman Sachs, one of the world’s biggest investment banks, suggest that Brazil is the overwhelming favourite with Argentina trailing a distant second. England has a 1.4 per cent chance of winning, according to the bank.

Stephen Hawking has used a scientific method to calculate that England’s best chances lie in a 4-3-3 formation, playing in temperate conditions, with a European referee, kicking off at 3pm. Even so, he also backs Brazil to win.

And who can forget Paul, the captive German octopus, who correctly predicted the results of all of Germany’s matches in the 2010 World Cup?

People go to great lengths to make credible predictions but it is rarely worth the effort because seldom are they accurate. A more meaningful alternative to making individual predictions is to use the aggregate of all the analysis expressed in book-makers odds. Brazil are currently 11/4 favourites.

We use this idea as the root of our investment philosophy. We do not believe it is possible to reliably predict future events and think it is a waste of money to attempt to do so. We assume that all the relevant information has been taken account of by other people and we trust the aggregate of all analysis.

That aggregate is expressed as the price of a security and is the most reliable expression of the company’s prospects and expected returns.

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Read between the (head) lines

Posted on 17/04/2014. Filed under: academic approach to investing, Active v Passive, asset allocation, chris wicks cfp, ChrisWicksCFP, Dimensional, Evidence Based Investment, financial planning, Index Investing, ineffectiveness of active fund management, investment, Lessons from past financial crises, passive investment |

Too often, money gets a bad press. Just in the past few weeks headlines have reported that “Yes, the stock market is rigged”[1] and “City watchdog to probe 30m financial products”[2]. At the same time, investigators are still looking into the alleged manipulation of foreign exchange rates and the rate that underpins most savings and mortgages.

It is hardly surprising that people are put off saving and investing when there are so many scandals. But it’s not all bad news: in fact, there are some very good news stories about money that will never make the headlines.
One of them is that many investors have doubled their investments in the past five years. They didn’t go to great lengths to pick the right funds, or devise a complex investment strategy. They could have spent more time digging a new flower border than poring over stock prices. All they did to achieve this great return was to hold a diverse and low-cost portfolio of global shares and stick with it.

These people have benefited from one of the most powerful wealth-generating machines in the world; the stock market. They ignored the Eurozone crisis and they ignored the lumpiness of the global economic recovery. Instead, they just sat back and watched the steady climb of their investments, while taking care not to give up any returns to bad timing or paying too much in fees and costs.

It might not sound exciting, and there are very few reporters in the world that would be interested in writing about it, but right now, all around us, are people easing their way to their financial goals.

1 http://www.msnbc.com/msnbc/yes-the-stock-market-rigged
2 http://www.bbc.co.uk/news/business-26780863

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