5 march 7 march
in association with
construction 8 ce s
e e d
Client Centric Portfolio Construction –
For professional Financial Planners and specialist investment advisers
‣ Asset Allocation - in theory and practice
‣ Managing client expectations of portfolio performance
‣ Matching portfolios to client risk tolerance
‣ Portfolio review and rebalancing
‣ Tax strategy for better portfolios
‣ Portfolio Construction tools - too clever by half?
register online at www.dealersgroup.co.uk
8.45 Registration CLIENT CENTRIC PORTFOLIO CONSTRUCTION
9.20 11.10 12.10
Opening Remarks From The Chair Managing Client Expectations Feeding Investor Psychology
Of Portfolio Performance Into Client Portfolios
ASSET ALLOCATION IN Matching the clients’ expectations to Risk tolerance, risk capacity and risk
THEORY AND PRACTICE what we can deliver as ﬁnancial planners
is essential to oﬀering a high quality
needed as fundamental building blocks
of a client-centric portfolio
service. Doing this eﬀectively starts with
Over 200,000 client questionnaires on
9.30 educating the client about investment
risk tolerance have been completed
markets and their own ﬁnancial needs.
by FinaMetrica users since 1997. New
The Evolution Of Asset Allocation Properly done, this means the adviser
research drawn from this database
Theory: Is Modern Portfolio is just as valuable to the client in a bear
will be presented at the conference,
Theory Out Of Date? market as in a bull market.
oﬀering new insights into retail investor
▸ Markowitz – the ﬁrst clear ▸ What we control and what we don’t psychology and investor behaviour.
framework for rational investment ▸ Communicating this to clients and ▸ providing a defensible base that
decision making reaﬃrming the service proposition enables clients to determine how
▸ Reviewing risk and return trade-oﬀs, ▸ Strategies for better client education their diﬀerent ﬁnancial risk tolerances
and the beneﬁts of diversiﬁcation ▸ Constructing portfolios to match will impact on their ﬁnancial plan
▸ Challenges of information requirements client expectations ▸ showing how to map risk tolerance
for eﬀective diversiﬁcation ian shipway, director of investments, scores to portfolios based on their
▸ Avoiding the trap of over-reliance on thinc wealth management exposure to risky assets
historical performance Ian is a well-recognised personality as a former President ▸ Developing compliant business
of the Institute of Financial Planning, and a respected
▸ Consequent misallocation of assets leader of the ﬁnancial planning industry. He has 20 years processes through risk tolerance analysis
of experience in the provision of ﬁnancial advice to high net
– some examples worth individuals. ▸ exploring how the ﬁduciary planning
▸ Does mean-variance analysis add any debate is part of Baby Boomers
insight? How should asset allocations penchant for control
be set? ▸ Focusing on client understanding and
dr susan gosling, head of capital Managing Client Expectations II helping clients take responsibility for
markets research, mlc investment their own ﬁnancial plans
management Here we take another perspective on
how to ensure clients understand the paul resnik, co-founder & director,
After commencing her career in London and working as an ﬁnametrica ltd
economic adviser to the government of the day, Susan has portfolio construction process, and
gathered over 20 years experience in Australia developing Paul Resnik has had a long and illustrious career in ﬁnancial
and running investment management businesses. She is the value of the service oﬀered by planning in Australia, where FinaMetrica was originally
highly regarded as an excellent presenter who can bridge the professional investment advisers. developed as a risk proﬁling tool for retail investors.
gap between the institutional and private wealth markets.
▸ How do you make the risk and return
trade-oﬀ intelligible to your clients? 12.45
▸ How the right benchmarks build trust
through transparency Panel Session
Presenters Discuss The Major
Private Client ▸ How to make your clients buy into an
investment process rather than past
Themes Of The Conference:
Asset Allocation In Practice
performance. ▸ How do we best present portfolio
▸ Case Study: Asset Allocation in Practice construction advice to our clients?
matthew n hunt, investment manager
▸ Examining a real-life example of & branch principal, prospect wealth ▸ What exactly is the adviser’s role as a
multi-asset class diversiﬁcation management
ﬁduciary? How can he ensure greater
▸ Optimising the eﬃciency of the risk/ Matthew formed Prospect following a long and successful
career in investment management with over 15 years as
compliance in this role?
return proﬁle using skewness and a CIO and 25 years total experience in the ﬁeld. Focused ▸ Are advisers taking undue risks when
kurtosis measures, and monte carlo on delivering excellence for private clients, Matthew’s
presentation provides some key tips to manage your clients’ oﬀering professional investment
simulations expectations. management services? Should this be
▸ e role of structured products and outsourced?
leverage in a modern portfolio ▸ For those advisers who want to be
▸ A look at asset class diversiﬁcation in investment specialists, how can they
the hedge fund arena ensure compliance and mitigate the
jeremy smilig, ubs wealth management risk of their advice?
peter smith, mlc
jeremy smilig, ubs wealth management
ian shipway, investment director, thinc
paul resnik, co-founder & director,
1.15 Lunch 3.15 4.40
Using Separately Managed Clever Tools?
BEST PRACTICE Accounts To Rebalance Portfolios Or Too Clever By Half?
Separately Managed Accounts (SMAs) A critical look at portfolio construction
are an emerging product in the UK funds tools available to advisers
2.15 industry that promise to deliver cost Have you noticed that sometimes the
savings, greater transparency and value same tool with the same inputs will give
Adviser panel session to IFA businesses. We look at: diﬀerent results, depending on which
Best Practice Portfolio ▸ What is an SMA? website you are using? is session takes a
Construction For Retail Clients look at the tools and techniques available,
▸ Maintaining control or outsourcing
Our panel of leading Financial Planners portfolio construction and helps you decide what is valuable and
outline their contrasting views of what is a waste of time. We look at:
▸ Automating the management of
portfolio construction. We address: model portfolios ▸ e art and science of portfolio
▸ Benchmarking of funds – are we construction – MVO, stochastic
▸ Streamlining client management and
being misled? - How do we decide models and common sense,
which asset class benchmark is right ▸ Garbage in garbage out! Never truer
session introduced and moderated by
for a particular fund? john martin, sales director, præmium than for portfolio construction models.
▸ Insourcing vs Outsourcing of ▸ Who is doing the thinking here?
portfolio construction - What are 3.55 Coffee break ▸ Whose advice is it anyway?
the options and which is best for
▸ A common sense driven approach
ﬁnancial planning businesses?
– managing limitations and exploiting
▸ As advisers, should we be asset TAX TIPS value
allocating or picking the winning
funds and stocks for clients? Should
& TECHNICAL TOOLS ▸ Taming the tools for everyday use
behind the scenes, and creating
we be looking to the lowest cost
simple, client friendly outputs
4.10 tim hale, managing director, albion
▸ Is it Risk or Return? Our panel strategic
looks at the diﬀering options and Tax Wrappers And Your Portfolios
approaches. How should you allocate 5.10
▸ Changes in retirement – as people your assets between wrappers?
continue to work longer, how does ▸ Which wrapper you choose to hold Top Tips For Best Practice
the emphasis shift in their PC needs? your clients bonds in will depend Portfolio Construction
▸ A broader opportunity set – should on the clients wealth, age and other
Our panel of speakers from the day
an adviser recommend both active situational variables. e most
provide their 5 top tips each for
managers and indexation? How can eﬃcient use of wrappers in your
constructing and managing clients
advisers integrate indexing and active clients’ portfolios is not always as
investment? simple as it seems, and can make a
real diﬀerence to after-tax returns.
▸ Delivering asset allocation,
diversiﬁcation and portfolio speaker tbc 5.30 Drinks and Networking
maintenance solutions – what are
6.00 Close of Conference
the products advisers should be
john porteous, director, bdo stoy
hayward investment management
rob lockie, investment manager,
bloomsbury ﬁnancial planning
dennis hall, chartered ﬁnancial
planner & founder, yellowtail ﬁnancial
session introduced and moderated by
colin tipping, client director, barclays
global investors Event Resources & Blog
Dealers’ Group events provide delegates with a unique opportunity to access the
knowledge of our speaker panel via our event blogs, which are on our website and
professionally moderated by our blog editor. As well as providing downloads of event
papers and other resources deemed useful to attendees, we open our “Blog Q&A” one
week before the conference, and close one week afterwards. This gives delegates the
opportunity to put questions to speakers and other attendees in advance of the event as
well as afterwards, and adds great value to delegates attending our events.
registration portfolio construction
Enquiries and Registration YES, please register me for
Russell Morrow London 5 March, 2008 Manchester 7 March, 2008
Phone 01325 366411
Fax 01252 653542
Email early bird (before february 15, 2008)
firstname.lastname@example.org IFP member* Non IFP member* Service Provider
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c/o Morrow Consulting,
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Darlington DL3 7HD
IFP member* Non IFP member* Service Provider
£125 £150 £300
Venues * lower rates available to practising IFAs and investment advisers only, ie. those who
london service retail clients directly. Dealers’ Group reserves the right to decide eligibility for
Emirates Stadium the above registration rate categories.
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