The Value of Investment Conferences

I have worked in the financial services industry for well over 30 years now (yes, all my working career). From time to time, something happens that makes me look back at ‘how things used to be’.

The financial markets and the world used to be a lot simpler. There were several main local and global investment opportunities and diversification was easy – property, fixed interest and shares.  As with everything else, the world has sped up and become more complicated.

As professional financial advisers we are continually learning about new financial solutions, changes to the regulatory, economic and financial environments. It is our job to sift through the multitude of information sources, products, press releases, research reports, economic updates and work out what it all means.  We then need to apply this information and our knowledge to our clients personal sltuations.

Although we subscribe to and have access to a number of research providers (farrellys, The Pain Report, Lonsec and Morningstar), we still need to apply that information.  In addition, we have numerous offers each week to participate in online workshops, conference calls, briefings and we receive around 10 different newsletters from different sources each week.

Fortunately, in Australasia, we are privileged to have access to the Portfolio Construction Forum.  Established and operated by Graham Rich and Deidre Keown, this world leading forum provides education, conferences, research papers and accesses world leading thinkers and commentators.

At Moneyworks, attendance at at least one of the conferences is a key requisite for us.  Historically Peter and Carey have aimed to attend the February one day briefing in Sydney to set the scene for the next 12 months.  In recent years, Portfolio Construction has been running a New Zealand symposium in May each year.  This year, it really hit its stride, with an outstanding programme, really adding value to our knowledge, thinking processes.

Read more here

Moving Office - Virtual Office

Since 2002, Moneyworks have provided services to our clients from a lovely office at 23 Noni Street in Turangi.

Our advisers have spent much time travelling and 'on the road'. Since Moneyworks was established in 1997, we have communicated with our clients by email. Technology has always been a core part of the way that we work.

But, times change. As technology has become more advanced, we have realised that we don't all have to be based in one location.  Our Mortgage and Insurance specialist, Paul Swarbrick is based in Auckland.  

When Mereana (who has been with Moneyworks for 8 years) moved to the Hawkes Bay in late 2014 for family reasons, we started re-assessing our business model and how we work.  Karol (who has been with us for 10 years), was planning on moving to Taupo for personal reasons, and Carey and Peter are moving to live in Cambridge.

Rather than starting again with new people, we decided to harness the technology that now exists and turn ourselves into a 'virtual office'.  Our accountancy firm, beany.biz have been doing this for a number of years and were able to assist us.

We spent the first five months of this year working out how to do everything without seeing each other on a regular basis.  We think we have nailed it, but apologies for any communications that might have fallen through the gaps (we think there are only a couple, thanks for your patience.)  When the office building was sold, we needed to move everything.

We will be asking you in future if you would like us to share your Annual Review with you by Google Drive or Dropbox - which will ensure confidentiality.

It was a long two days of hauling files and office furniture into storage, giving items away to the local hospice and cleaning out the office. Thanks to Karol, Mereana and friends for their unstinting support and assistance on the Friday (in continual rain).


Part of the new virtual office was upgrading our website at www.moneyworks.co.nz.  It also involved buying more scanners, and printers, and upgrading our Client Relationship Management system, so that it is accessible anywhere.

Carey and Peter are building in Cambridge, so won't be moving until late 2016, but we have a Cambridge address as our registered office now.

All phone numbers, emails and postal addresses remain the same. 

Milford $1.5m Settlement with FMA

Milford Asset Management has been under investigation by the Financial Markets Authority (FMA) for alleged market manipulation. We advised our Membership Clients on 2nd April 2015.  Since this time, Milfords’ mandate from the NZ Superannuation Fund has been suspended, and the FMA investigation has been ongoing.
 
On Thursday 18th June, the FMA announced that a settlement had been reached with Milford in relation to a single traders ‘market manipulation’. This involved the payment of a $1.1 million fine to the Crown and $400,000 as contribution to the FMA’s costs during the investigation. The trader involved is on extended leave from Milford, and the settlement does not relate to that person.

The investigation was the first undertaken into a retail fund manager, and it is encouraging that a realistic business solution was reached with the settlement, rather than a lengthy process through the courts.  While it would be nice to have ‘case law’ for future situations, the longer there is uncertainty in the financial markets, the longer it takes to rebuild investor confidence in our financial markets.

Read More Here