IMAP Podcast Series - Independent Thought: Recent Episodes
IMAP
The Institute of Managed Account Professional's role (IMAP) is to be the industry organisation for advisers, managers, providers & businesses actively involved in offering or supporting Managed Accounts. Our goals are to assist managed account professionals by providing: - Information via news, email updates, website & articles- Education - through events, webinars, conferences, & podcast- Representation - to regulators such as ASIC and FASEA
Bert van Manen MP (Federal Member for Forde) & Pedro Marin Ramirez (Marin Wealth) discuss:
- The biggest inefficiencies in the financial advice process today
- Improving regulation around the creation of advice
- Legislation in response to The Quality of Advice Review
- What impact a new class of advisers might have (superannuation funds and insurance)
Hosted by Emily Barlow (Perpetual Private)
Julie Ballard (S&P Dow Jones Indices) and Tim Farrelly (Farrelly's Investment Strategies) discuss:
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Benchmarking managed accounts in Australia today
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Specific challenges facing advisers when reviewing managed account performance
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How can advisers approach benchmarking for portfolios with allocations to alternatives?
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How should advisers balance performance with risk management?
& more
Hosted by Emily Barlow (Perpetual Private)
Join Chad Hitzeman (GlobalX), David Wanis (Longwave Capital Partners) and Emily Barlow (Perpetual) discussing:
- Active vs passive
- Is passive and active black & white?
- The impact of ETFs
- Trends, what's here to stay?
Moderated by Emily Barlow.
Emily Barlow (Perpetual Private) & Glen Foster (Atrium) discuss risk management, including:
- How do you define risk?
- Are there risks you are more or less focussed on?
- How does this play through into portfolio construction?
- & more...
Join Emily Barlow (Perpetual Private) accompanied by Matt Walker (Dynamic Asset) and Alex Cousley (Russell Investments) for an interesting conversation on goal based investing.
- A personalised approach to managing wealth
- Implications on portfolio construction
- The market outlook
Join Emily Barlow (Perpetual Private) accompanied by Alex Ramsey (Infradebt), and Matt Macreadie (Income Asset Management Group) for an insightful discussion on fixed income investing. They explore:
- The pros and cons of direct investing versus funds and whether there is room for both approaches
- The role of green bonds and infrastructure debt
- How investors should be positioning the defensive part of their portfolio
- Areas investors should be avoiding at this point in the market cycle & more
Hosted by Emily Barlow (Perpetual Private), joined by Rowan Stewart (Aequitas) and Ben Drury (Baillie Gifford)
- Are equities overvalued and should investors be repositioning their portfolios?
- Does Growth face headwinds in a higher for longer interest rate environment?
- Is the magnificent 7 a bubble that’s about to burst?
Damon Riscalla who is National Head of Practice Development for Betashares discusses his insights about how to run the best advice practice.
- Changing with clients over time
- Developing a business plan that helps you
- Developing your niche/strengths
- Knowing when to let clients go
- Managing referrals well
Moderated by David McDonald, CFA of IMAP
James Kingston of Blackrock and Pedro Marin Ramirez, CFP of Marin Wealth discuss tomorrow's clients.
- Who are they?
- The rise in unexpected demographics
- What are the needs of these clients?
- How to connect with clients families for ongoing support.
- Social media and tomorrows clients
Moderated by David McDonald, CFA of IMAP
Craig Lazzara, CFA is Managing Director and Emeritus Global Head of the Index Investment Strategy Group at S&P Dow Jones Index based in the USA and spoke with IMAP during his time in Australia
- Craig spoke to S&P DJI research showing that index investors have an above-average chance of achieving above-average investment results.
- He debates his view that most active managers under-perform most of the time, with any out-performance tending to be temporary.
- The effect of transaction costs contributing to the net performance difficulties for active investment management
- The use of wider dispersion across assets as a way to measure the potential value of stock selection ability to construct an index-beating portfolio
Moderated by David McDonald, CFA of IMAP
Susan Chenoweth, PMESA - Head of Philanthropic Services and Lynda McKie CFP Senior Private Weath advisor from Elston (one of Australia's largest privately owned and operated financial services companies) talk about the reasons for Philanthropy increasingly being a topic of interest to clients :
- the reasons for the growing demand for assistance with Philanthropy
- identifying clients with interest in this area
- how and when to discuss Philanthropy with clients
- options to present
Moderated by David McDonald, CFA of IMAP
Will Riggall (Clime Investment Management) and Matthew Renken (James Street Advisors) discuss:
- The challenges of running investment management within a diversified financial services business
- Typical HNW clients and their needs
- How do investment objectives and needs of HNW differ from other clients?
- HNW objectives: ESG, income, use of alts
- Managing the compromise between efficiency and high service requirements
- The interaction between the investment team and advisers
Moderated by David McDonald (IMAP)
Alex Ventelon (Morgan Stanley) discusses:
- Interest rates: are RBA and Fed finished. Have they gone too far - is recession likely
- Can inflation return to target soon or are we in for an extended period of 3-4% inflation (or higher)
- Asset allocation views at present
- Domestic vs international exposure in equities and bonds
- Expected returns for portfolios over the next few years
Moderated by David Mcdonald (IMAP)
Jenny Mulders - Chair of the IMAP Regulatory Group (Source Services), Jesse Vermiglio (Holley Nethercote) and Simon Carrodus (Hamilton Locke) from IMAPs Regulatory Group discuss:
**- Different obligations for different managed account structures
- Complaints management
- Target Market Determinations (TMDs)
Moderated by David McDonald, CFA - IMAP**
Charles Hamieh & Greg Pease (Clearbridge) discuss:
- If inflation does peak, what's the impact on infrastructure strategies?
- How infrastructure performs under different economic environments
- Dividend growth
- ESG implications
Moderated by David McDonald (IMAP)
Steve Hiscock of SG Hiscock discusses
- Why active management works. What is active and what is passive?
- The role of ETFs and their increasing popularity
- The rise of new methods of investing
- The role of financial advisors and asset consultants and how this has changed
- Have client needs changed?
- Residential property and the sharp rise in interest rates
- Property sector - is it the end of the office?
- & more
Dr Shane Oliver - Head of Investment Strategy and Economics and Chief Economist, AMP Investments discusses:
High inflation and its aftermath, how it affects expectations and the challenge of getting interest rates back down, along with lags in monetary policy impacts.
Whether the RBA and other central banks have done enough is a judgement call. Upcoming retail sales and jobs data are critical in this.
Presented by;
Kieran Rooney, Evergreen Asset Management
Leon de Wet, Elston Asset Management
Marcus Bogdan, Blackmore Capital
Victor Huang, Milliman
Moderated by David McDonald, CFA IMAP
Presented by;
Kieran Rooney, Evergreen Asset Management
Leon de Wet, Elston Asset Management
Marcus Bogdan, Blackmore Capital
Victor Huang, Milliman
Moderated by David McDonald, CFA IMAP
Highlights - What will it take to serve retail investors in 2023
Featuring:
James Freeman, Philo Capital Advisers
Nick Mitchell, Mason Stevens
Steven Tang, Zenith Investment Partners
Rick Di Cristoforo, Morningstar
David McDonald, IMAP
- What is your value proposition for different groups of clients and how to create a sustainable service option
- Technology to implement your proposition and communicate efficiently with clients
- ESG: what are client preferences and how can advisors become comfortable in discussing ESG with clients.
- Ethical thinking in dealing with clients
- Geopolitics: handling client concerns
- Communicating with clients around volatility and appropriate actions or need to not make changes if not appropriate
Andrew Garrett, CFA of Perpetual Private and David McDonald, CFA of IMAP discuss
- Perpetual's views on current macro-economic and market issues
- Inflation, interest rates and geopolitics
- Views on key asset classes. Equities v Bonds, alternatives. Offshore v domestic assets.
- Volatility - is it expected to continue?
- Client communication with an emphasis on coping with volatility
Matthew Strotton of Real Asset Management discusses;
- Targeting the healthcare and essential services retail sectors
- Investing here in contrast to other asset classes
- Investment opportunities & considerations
- Approaching investment in the sector
Moderated by David McDonald, CFA of IMAP
Dan Miles of Innova Asset Management and Nat Web of Dobbrick Financial Services discuss;
- Recent market volatility and outlook
- Approaches to risk management
- What works for clients and the value of education
- Benefits of managed accounts and using external investment experts
Moderated by David McDonald, CFA of IMAP
Angela Ashton of Evergreen Consultants and Diana Mousina of AMP discuss
- Global and local inflation outlook
- Economic growth: Are we in for a recession, stagflation or neither
- The impact of growth and inflation on real assets
- What is worst outcome for real assets?
- Which real asset sub classes offer inflation protection and how?
- Liquidity issues and access to real assets for managed accounts
- The impact of covid and work from home on office property
Isaac Poole of Oreana Portfolio Advisory & Monik Kotecha of Insync discuss the following points
- Demographic and generational trends in China and Asia
- Implications for portfolio construction
- Changes in Asia over past decade and whether geographic allocation is still valid
- How to achieve exposure - directly or indirectly
- Sector specific issues
- Implications of Asian trends for global growth
Lukasz de Pourbaix of Lonsec Investment Solutions & Hamish Fitzsimons of Alliance Bernstein discuss the following points
- How are you changing portfolios in response to rising inflation and interest rates?
- Now that bond yields are over 3% are you reconsidering adding to fixed income in portfolios?
- What other asset classes do you like in this environment?
- Is it too late to sell long duration assets now or switch out of high growth managers?
- How do you see rising inflation impacting equity markets?
- What parts of the equity market do you prefer in an environment of rising rates and high inflation?
- What sectors do you see as potential offering inflation protection?
Simon Steele of Fiera Capital and Darren Beasley of Evidentia discuss the following points
- The impact of higher interest rates and inflation when selecting managers
- The concept of style adjusted alpha
- We've seen a switch from growth equities to value. Is this likely to be a short-lived phenomenon or could higher bond rates dampen the performance of high growth stocks?
- The search for protection against inflation in the current environment
- Ukraine and Russia and any impact on growth
- Predicting long-term profitability and success of individual companies
- Regional preferences within global equities and the importance of geographical exposure.
- The importance of valuation and short-term performance?
In this podcast Chris Ogilvie of Investblue and Paul Eitelman of Russell Investments will be discussing:
What are investors asking their adviser about?
What is the source of inflation – supply driven or labor market – which will prove significant in the long run?
How quickly will the Fed raise rates and what are they watching most closely?
How are investors reacting to rising interest rates?
How might market respond in 2022 to the current economic conditions?
What is the role of real assets in the portfolio?
What role do real asset play for Australian investors?
What are the implications of the Ukrainian conflict for investment markets?
Has the spike in energy prices accelerated the potential to include alternative energy sources in portfolios?
Moderated by David McDonald,CFA IMAP Investment Specialist
In this podcast John McIlroy of Crystal Wealth and Nicholas Ali of SuperConcepts will be discussing:
Who is starting SMSFs and what are their motivations?
Who is making the investment decisions once the SMSF is established?
Relation of the SMSF strategy to the mandate for the managed account portfolios
Incorporation of other assets into the way the portfolio is managed
Role of ESG in SMSF portfolios
Advantages of using managed accounts for SMSFs
What are main assets in SMSF and what is missing?
Moderated by David McDonald, IMAP Investment Specialist
In this podcast Tim Murphy of Morningstar and Stephen Furness of MGD Wealth will be discussing:
The events of 2021:
Which asset classes/sectors did well and which ones didn't perform?
The reversal in the value vs growth story and performance of the tech sector
What happened in fixed income given inflation fears and expectations of rate rises?
For January 2022:
How did markets perform?
What have been the main drivers for this performance?
What concerns and questions did your clients have?
Is the "correction" over or we can expect continued volatility?
For 2022:
What you are recommending for portfolio positioning?
What are your expectations for interest rates and inflation?
What are major questions and concerns that clients might have?
Moderated by David McDonald, IMAP Investment Specialist
Nick Kirrage, Co-head Schroders value team & Jonathan Ramsay, Director InvestSense discuss;
- What value investing means to them
- To what extent they use Growth and Value as inputs to their thinking about the amount invested in global equity markets
- Whether they have a target period to hold any particular investment
- Their view on inflation and
- Their view on the likely direction of rates in major markets
Moderated by Toby Potter, IMAP
In this podcast Angela Ashton of Evergreen Consultants and Rebecca Myatt of First Sentier Investors will be discussing:
- How ESG is integrated into the Responsible Listed Infrastructure fund
- The different approaches to ESG across managers and how they have changed over the years
- Why the UN Sustainable Development Goals are a natural "benchmark"
- Whether there has been an uptick in clients wanting ESG solutions
- Is net zero is achievable in listed infrastructure? What would that mean to portfolios and portfolio construction?
Moderated by Toby Potter, IMAP Chair
In this podcast Mathew Kaleel of Janus Henderson and Isaac Poole of Oreana Portfolio Advisory Services will be discussing:
- Alternative strategies and how Managed Account portfolio managers think about them
- The role of Alternatives in portfolios and the level of exposure appropriate in portfolios
- Whether Alternative strategies be thought of as part of the way of managing volatility or as a return generator
- Their short and medium term outlook for investment markets and how that colours their view of the use of Alternatives
Moderated by Toby Potter, IMAP Chair
Points that will be discussed in this podcast are:
· What are the key challenges in serving the NFP market?
· What are the differences between NFP and taking on an individual client?
· ESG or ethical considerations are obviously more likely to be significant. How do these tend to manifest in their requirements?
· What pointers do you have for advice practices that would like to develop a NFP component to their business?
IMAP in conjunction with BetaShares and Lonsec present the first Podcast in the Independent Thought series . In this Podcast Lukasz de Pourbaix (Lonsec) and Peter Harper (BetaShares) discuss
- What use is made of ETFs in managed account portfolios & is this changing as FUM in managed accounts grows?
- What issues can this give rise to?
- How are these issues addressed?
- What are the roles of the various participants in particular the issuer and market makers?
- What are the particular challenges of fixed interest ETFs?
- How can a portfolio manager efficiently switch between similar ETFs?