IFA Magazine Media information 2012

MEDIA PACK ■ 2011/2012

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MAR 2 0 11 ■ ISS UE

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■ ISSUE 4 S E P T 2 0 11

DA Y OF TH E M IF ID

CO MIN G SOO N SCR EEN NEA TO A R YOU

USA AF TE R TH E GR EA T W AV E

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JAPAN - IT ISN’ T OVE R YET

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don has of Lon .2bn) . Lloyd’s (£1 damage t it $1.95bn ensive t of the cos most exp ction the cos disaster will fourth stru said the making it the history. Con umption its ass in claims, astrophe in e risen on the efforts. l cat n hav ura ctio tors nat tru ted sec recons s, and rela benefit from vement mo e l dictabl the most they wil these pre are Beyond acturers who . Foreign long term ificant manuf it is the feel the impact ies with sign hit e been likely to uring compan plants hav but also se act nts ane nuf pla Jap ma y their own–most notabl ence on age to depend e the by dam ructur nce to not just ntry’s infrast g importa parts cou s endurinsupplier of key data an’ to the jor ic and ity. Jap ge electric nomy as a ma electron supply exchan sumer t eco world When the the otive, con has meant tha tors, Nokia, autom ed eral Mo to the ustries reopen week, Gen ind g been hit. like sin g have all proces panies followin ities for com nts or Toyota se equ ir chains efited from Japane me Instru nced the fall have ben ean Texas y experie panies e th Kor er com t two-da le, Sou net profit ros .

Yet oth bigges 1987 crash, examp lier s. For said its woe tor -year ear s since the 16%.

Mo Japan’ ndai year-on efiting from ng ker Hyu first quarter droppi l, ben age carma t rocked did wel in the by dam uake tha the by 46.5% exporters alsoJapan caused on leaks earthq ore in food iati e e tude 9.0 hit just bef rad food tim gni Som 11 s little ge of sea fleet and The ma March g trader down a shorta ional fishing on FridayTokyo, leavin nat closed Japan in effects to the Nikkei d by 16% t close onomic al economic k, act. The it plummete ec marke wee imp rm ng the but owi e to Longer-te ething for the glob the foll rer. That to assess on the day – le been abl pened % this sca erally som ome clea 7 crash. just 1.7 exchange reo It says that it has gen a disaster on 198 ster bec n But the ry when the le of the disa fall since the recove ck of eve est economy. ected. y sca the sho equity as the t two-da absorb third larg n initially exp bigges from the ly to ld world’s tha was the e story ster wou in the worse the sam y reacted calmdictably is still t the disa the It was pre impact med tha s, because initiall ned see ich tur it an’ t, just ich the ts, wh At firs effect on Jap ted for marke quake, but wh situation at accoun ment plant the ures for limitedmagafect zine... as the ern power today have a discern t three panicky ima nuclear ld ing financ st-hit pre P. Japan’s gov ’swou the firs ial and investm ee wor ster GD the thr se disa Fukush serious. In ng 5, ent profes sional ane t the of 199 k followi y index turned s 4% of Japestimated tha earthquake tilit the wee e d Japan’ t, y E estima days of , the VIX vola tes of the cost initiall than the Kob of t itBut believe the FTS that cos the damag before the quake disaster 46.6% and, said tha e have afford cost less s. been st since at had shown that ughdtoupwar c saving revise IMF also ng eno its wor s. were still optimi spiked estids to $300b manufacture and more and the ex saw stro rs stic about econom ls of dom ce Unit n, ific ind y was recent 29 month gen howev ic h leveeconom data ic growth; elli that indust er, has econom hig those given afterw Asia Pac y collapse for Int shown n just e if the rial nomisty and export ards showed deterioration Ecoactivit one-da decrea becaus ion dow %. s have a sharp the sed in sentiment. signifi ly, predict ts Pcantly Household confide . Indust also fell heavil to 1.4 kei felling rial production Accord by y - adding to rm effec 2011 GD the Nik monthake 1.6% its 15.3% businesses’ fears nce Mid-te that consumers ised re ? Well, pre-qu -on-month from Febru March rev a mo now , accord would ary to ing to the indust , from cutback on spendi are we still lost htlyreal sligthe ry ministry. ng. shock came in So where htly but it haspared with But Even those polls mid-M slig ay, when firstquarter GDP are now consid too optimistic, a. ster, com overed figures showe ered as the extent has rec since the disa er parts of Asi d an unexpected 0.9% annual of damage to manufacturin s and fall – the g sector and power than 8% 5% in oth winner e earthquake had the point being that the become more about grid has e clear hav only affected evident, and gains of still som ke. Insurers ntify weeks of that the last three electricity ration is now on the re are period. The EIU ing cards.

But the Japanese qua mpts to qua its 2011 GDP has now revise called for a volunt (The government has atte prediction downw d from the d as Japan ary 15% cut in ard to just 1%. consumption, losers general power The continuing but that might ly suffere bad not certain news has put be enough.) on business sentim a damper Yet it is not all ent, according Japan’s latest gloom and doom. to the natura Bank quarterly Tanka l disasters of Most now been re-rele n survey, which on GDP growth actually have a positive effect ased with contra has in the from before and long-te sting responses rm, as the impact reconstructio after the quake n efforts offset of . Responses given early For this reason , the EIU initial drops in output.

GDP estimate ly revised its 2012 upwar has1 in recent 29 weeks ds to 1.5% from 1.4%, and raised it again Jun e 201 to 2.1%.

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For today’s discerning financial and investment professional

JAPAN COM MENT

nth ther ass Last mo which nth, ano g events.

East, er mo kin Middle Anoth pt th-sha of ear oss the ia and Egy series trations acr in Tunis g demons ernments and leavin gov inoes led to dom ing e bbl lik ya wo falling we like Lib nth ers mo oth is re ly. Th ct of mo severe the effe look at groundly literal nts ng eve breaki anese - the Jap e uak earthq and i. tsunam

rthquake the ea ked Japan that rocbefore the st hit ju close market in tokyo.

What about the :47

A letter from the editor 28

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27/5/11

12:55:35

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debt?

1 12:55 The 27/5/1 recons truction costs have put the spotlight on the country’s public debt situation – at GDP it is alread over 200% of y the highest in the develo ped world. Japan is not Greece , it is not in danger of defaul ting (mainly

com

29

1 Jun e 201

the sense of uni seen shortly aftety the disaster ha r disintegrated. s

28

Japan’s prime minister Naoto Kan (right) is seeing open revolt from within his ruling Democratic party, calls to resign from his opponents and public opinio n damning his leadership qualities since the tragedy struck.

30

June 2011

Japan.indd 30

27/5/11 12:56:00

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IFAs are facing a new world which is changing not just because of a welter of regulatory reforms, both from London and from Brussels, but also because of the most challenging global environment we’ve had in half a century. IFA Magazine meets the need for information about this new world with equally challenging commentary, with good looks and good humour. Readers don’t browse our pages, they devour them.

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N E W S R E V I E W C O M M E N T A N A LY S I SN

... for today ’s disce rning

30

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High Street Banks Under Siege Johanna Aylin shares are

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Editorial Calendar 5/7/11 17:19:25

lied to has ral ors have rket of , invest ity ma tions US equ sis levels the attrac ent ce As the ancial cri uncem anno nd paying embra pre-fin failed to Since the divide rket. y ome. high largel er ma 2010, nd inc g, broad divide in August the buildin 2 and res now of QE have lagged pressu es to an end as the stocks onary ad com ati 2 infl as QE austerity ahe With al t fading suppor greater fisc of policy spect deficit, the pro up to its t tha es w US fac now a risk to sho is there l begin at ly wil Th the ral maturing. bull of that the ver, signs to say we is not is over. Ho s focused t gie y marke nt strate me wth ma invest capital gro most only on deliver the uity Eq ger urns. no lon sed tive ret be poi attrac plays may ck. e incom comeba unt a to mo

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n one of transitio has been l rket in ry in stocks ver, this bulnew we a ove ent rec record. Ho tioning to slower nsi on The rec d by ongest etly tra terise the str may be qui be charac atility. t t may her vol marke one tha ion and hig phase, iat apprec d, the lth price one han the hea On the ement in erest rov low int g imp nomy, ongoin US eco of the

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IFA Magazi ne is publishe ‘iFA Magazi d by The Wow ne’ Factory Publicat system without is a trademark of The ions Ltd., 45 Wow Factory prior permiss High appropriate, independent ion. All material has Publications Ltd. No partstreet, Charing, Kent TN27 been research and of 0Hu. Tel: +44 where necessacarefully checked forthis publication may be (0) reproduced 1233 713852. ©2011. accuracy, ry legal advice but no respons or stored in All rights reserve should be sought any d. before acting ibility can be accept printed or electron ic retrieval ed for on any informa tion contain inaccuracies. Wherev ed in this publica er tion.

ly s i ssN e w 5/7/11 17:19:19

d e M Sand onoM ent an invest HenryManageMus equity owing ec a sset ors’ new Merica’s sl rtunity. o st a inve ins why sual opp explars an unu offe

Looking out for the Little Gu y

Frederick Smyt his mind. Oh, he-Allinson can’t make yes he can. up Oh, no he can’t.

iewcom

:

40

Thinkers

Karl Marx historian, or – great economist, philo just another sopher, failed intell ectual?

IFA Magazine Full subscriptionis for professional advise rs only. details and www.ifama gazine.com eligibility criteria are

g? ig tHin oad next B er of riveorfraviva ’s A ic d r e un anager fund, o m f A I, – M ent rS II y

37

Guest Insight

And Finally.. .

ael Wilson

HigiHDenDs Div

Sybarites Uni

The IFA Ca lendar

Conference s, meetings... economic summits, race All the dates you daren’t miss.

Michael Wilso of the Finan n interviews the CEO cial which is workSkills Partnership, ing to bring young talent into the industry.

Luxury goods are outperform other secto ing every r says David of the consumer indus Nicholson. try, And you can thank wealt hy Asians for that.

54

The Complian ce Doctor

Ht

44

Horses

FSA Publica Our monthly tions listing of FSA consu publi

Lee Werrell of some of today CEI Compliance discu ’s most press sses ing issues.

65

Recruit tomorrow’s ing IFAs

Emma-Lou Montgome ry consu old book in pursuit of the lts a 170 year herd mentality.

hly what’s hot and what’s review of not.

agazine.com

ifamagazine .com

Only Fools and

24

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Pick of the Funds Nick Sudbury’s mont

56

28

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Contents.indd

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Ry

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Town versus Gown

Steve Bee expla ins why refuse the governmen we’d be daft to t’s easy mone y.

Obama ne eds a long-term strategy properly ca to lm the markets

COvER STO

Decision Tim

America’s governmen t debt has says Monica hit let it dama Woodley. But it would its legal ceiling, ge a gradu ally slowing be stupid to economy.

Is a traditional way to go? graduate degree still the Paul Clutton investigate s.

Don’t Look a Gif

Tony Merli

alex.sullivan@

Newsrev

35

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News

All the big storie what we say, s that affect do and think .

L! Michael bemoans the Wilson faulty past of banking accord.

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CONTENT s

07.11

Editor: Mich Art Director:

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profe ssiona

f e a t u r e s regulars

u TO r s

Neil Crossley for The Guar writes Independen dian,The t, The Finan Times and cial The Daily Telegraph, mainly on technology , business, media affair s and TV. David Nicho lson writes on business, scientific andtechnical, for The Finan financial Times, The cial Wall Street Journal, The Times, The Sunday Guardian, The Observer and GQ. Emma-Lou Montgome ry, the former editor of Moneywise , has an impressive recor and broadcast d of print journ alism including editor at Interactive -in-chief She is a quali Investor. investment fied adviser.

Nick Sudbury is an experience d financial journalist and who has work investor a fund mana ed both as consultant. ger and as a He chartered accouis also a ntant.

Paul Clutto n, Professional Director of Ltd, specia Recruitment lises services recru in financial is a regular itment and contributor to many publi cation s on emerging HR legislation.

Monica Wood editor at the ley, senior Intelligence Economist Unit. She has previously on Money Manaworked gement, Investment Adviser and Investment Week.

Editorial Advis ory board: Paul Wilso n, and Nicola Mark Pullinger Mould

Publishing

financ ial and invest ment

MEDIA PACK ■ 2011/2012

CONTrib

mag azine

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There will also be news, comment, analysis and topical features relating to the IFA world plus regulars - IFA Diary, Compliance Doctor, Sweet FSA, Thinkers and Editor’s Soap Box.

Market Review

Guest Insight

Inside Track

Dec 11

Global Income

Commerzbank

Prudential

Feb 12

Property

Aberdeen Asset

Mar 12

Structured Products

Apr 12

Technology

Feature

Fund Review

Pension consultancy

Sell or buy IFA Business

ETF’s

Henderson

Websites for IFA’s

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May 12

Emerging Markets

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iPad & Smartphone

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Jun 12

Pensions

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Aug 12

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Standard Life Investment

Schroders

Social Media

Outsourcing Investment

Emerging Markets

Sep 12

Gold

Henderson

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Platform Charge

Education

Multi-Manager

Oct 12

USA

JP Morgan

Aberdeen Trust

Selecting a Platform

Sport Sponsorship

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Nov 12

Japan

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Standard Life Investment

CPD

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Optimal Income

Dec 12

Alternative Investment

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Platforms: Where to Now?

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The publisher reserves right to remove/change/amend without notice.

N E W S R E V I E W C O M M E N T A N A LY S I S

mag azine

... for today ’s disce rning

financ ial and invest ment

profe ssiona

l

Features Picture: Rex

www.i fama

gazin e.com

osborNe’s decisioNs might actually have ma peNsioNs ev de eN trickier fo iNdividuals r to Navigate.

have the luxur y of Evolve Finan to make. Jason Witco mbe, direct or rule only impa cial Planning says: “The cts the well age 75 population off. If we take as a the UK date of retire whole, annuity purch ase on ment is pretty much the only the option.”

Tax and

Income Draw

dow

will die befor e they reach life expectancy the age of 75.

Average years for men at age 65 is currently a further 19 and another - and both 22 years for figures are women likely it’s not unrea listic to think to increase. Indeed, more in retire about 25 years ment - and or no annuity that time migh durin with that in t mean no regular incom g mind e! So, and guaranteed , is it safe to ditch the secure income from an annuity?

Of course, some finan that it’s not even a decisi cial advisers argue on most indiv iduals ever www.i fama

gazin e.com

And then we ns get onto the still pretty tax issues, fiendish. Unde which are an individual r the has taken any present rules, if pension fund, benefits from whether as their sum, and if income or a they cash lump they may still have not bought an annuity, then be liable for a tax charg e on death.

And what moves up from a charge! This April , the rate to 55% for all 35% for anyone under 75 at death age groups. improveme Well, at least nt on the 82% that’s an levied on the charge that used over-75s. And money will it looks as thougto be also be ring-f h the enced again tax. But it’s st inheritance prom so-called QROP pted a new wave of interest in citizens retiri S pensions, which allow ng British of the UK and abroad to switch their pensions out into more benev olent jurisd ictions.

But we still haven’t got issue of incom down to the e new flexibility drawdowns. Will Osbor ne’s really mean pensioners that are in some situa better off? Well, tions, mayb e.

Marc h 2011

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on gs ratio a e/earnin the pric looks like t 50 and ing with 8. It men to $1,8 engage still flirt back up rules of tsie was t the normal le yet. the Foo for a whi tent tha bat por com grim hors de le might be timesca s y short in tsie Trip the ver e The Foo , let’s recap on more than 15% g a littl ugh tsie lost revivin First, tho ror. The Foo , before Eurofirst hor August FTSE of this to 26th and the t counting the weeks ended, the six (No th e . mon 19% ld hav a horrific o, which wou estor.) bit as the ded by eur inv skid ing 300 ken sterling in the of a wea n worse for a erm fall p which effects gs eve t short-t slum . made thin second nasties by the 2008 months ged, the ten only nowled io in four That’s ly ack t a man in e portfol ade – bea versal last dec off the averag the fact say, tha tching s, was truth uni tly It is a Austen didn’t e must be wa many took 35% s, perhap constan e e re ominou d, wise people those weeks. fortun closely. Lik Mo as Jan a is of d ing goo gol tty sion ival dur e in re were w that ce pre t posses that the kick-start a rev $5 billion stak wed tal tha lion pri ibe to the vie me bul a to less the scr to be allo bought trying , I sub gely use ter place. It Buffett and demanded ieved a deal others tive but lar a Warren ach rld a bet Americ leaders and Portugal a decora ke the wo nds, it doesn’t Bank of e taxes. EU ma ece e divide it isn’t a mor doesn’t get Gre Barack Obama to pay produc would and nt to more s) that doesn’t ployment, Preside ing Congress way – (of sort em mire, and ld. by gett create ment any ebody out of the al disaster ral debt thresho invest som fisc n that proper fede ped ugh atio erve the esca cul y eno s raising eral Res of a spe feel panick . the Fed US interest rate on agree on l t nanke, and else wil re than I did Ben Ber be known tha ple of years, mo ificant ative to pay let it it’s sign t a cou quantit t in an, of n why leas t is irm at rise e d bou Cha for men Which ings hav months stay low hinted at a thir t the govern g would 18 gold hold tha ust he ntially, own bonds, usin3” that my 40% in the last ETFs 26th Aug aning, esse m ies of its l platinu uary. . (Me value by g that “QE back ntit ing sica bein qua eas t phy k er ing since Jan of heels to The poin buy bac and my ng pow s someth would de 30% pair d money. ntities spendi interest rate inte There’s does have ma wing a clean ld. ing rs newly-m ase large qua the wor depress t estment reholde rele Thus sho k market in while also nsive inv n the mos would pany sha in Street ld make com ress the dollar.) every stoc ng when a defe September, eve most into Ma wou ld dep US which badly wro , as we got into from the world’s ing to ugh it wou – all of - yet. The l fail ts even tho r’s that. And nouncemen ities were stil at most. worked happy, pro this has Standard & Poo ng, hor two of eat e aut or l upb rati But non focused on t financiamore than a day nhill again. triple A ut eminen ment’s remain abo mood ssly dow mood for govern facing markets lift the t it was relentle e that the ade of thebts are now sur s will be able y possibl itivism by the downgr ber After tha entirel ngs pos wing dou o Club mem a course de rati sunny and gro y have Eur It is of ent gra over into case we ma lack r some ds at ir investmA. There’s a whethe sell fun e flipped which le onto the re and will hav read this. In ber out the to hang er mind a trip Septem time you ortunity to get the start of y was in nev ine. com at all, by opp ma gaz es. But t anybod golden www.IFA spiked eed tha tom pric rock-bot e few signs ind buy. Gold had

N EL WILSO MICHA NS UP THE H SUMMOL BALL, WHIC E A ST RY E GON C TO HAV SEEMS ELY CLOUDY STRANG

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28

Well, it was a it was quite revolution of a sort - and a lasted. When nice thought too, while it stood up to Chancellor George Osbo deliver last Budget, he June’s emer rne made the gency headlines announce with ment the widely-ha that he was finally his endin ted rules requ g compulsor iring the y annuitisat ion of pens when an indiv ions idual reach es the age of 75.

In one fell swoop , out 75 year age Complicated rule, but also went not just the secured pensi the ‘alternativ One important on’ system ely element of which had really work compulsory the ending never ed very well annuities at of anyw 70% tax charg 75 is frees up indiv e on transfer ay. Out went the iduals to choos the fact that it benefits that lump sum death buy an annu went with them ity at all. Supp e whether or not to inheritance . And out went stress that, orters of the tax on pensi if the change on benefits, expected, havin individual dies earlie too. r than It certainly g never bough they’ll be free made for good headlines. to leave their t an annuity, newspaper “The their estate they trumpeted end of the annuity trap!” for the benefi pension fund in t of their loved Osborne’s ‘gift’ . But, nine months on, ones.

But, as Bamf is ord says, the as bright and to pensioners still lookin whether to decision on shiny as it g buy did then? be taken lightl an annuity is not one that should y. “The tough Hardly. The to those who truth, unfor est decisions pensions are can afford to tunately, is will apply still in a mess funds uncry leave their that just as . As advisors, that stallised in pension well as our retire be everything clients do. And we know are still right for these indiv ment. Timing will annuities there at the weighing up of Osborne’s heart of the the [relative] iduals - and so will arguments problem. One benefits befor benefits of for scrapping annuitisation tax-free death e age 75 or compulsory is higher rate large withd over their finan that it gives individual incom rawa ls under the e s control cial futures.

Flexible Incom tax on But just ment He’s got a point e rules.” ion the . Figures show today, only that, even around 12% Marc h 2011 of men curre ntly aged 60

l suMMa r

For today’s discerning financial and investment professional

word ‘pension’ to most peopl reaction. The e younger ones and watch their older ones are more likely look bored; the slight ly panicky as to look down they right this essential struggle to get to grips with but absurdly complex subje ct.

Sadly, finan cial advisers that the chang are telling es have done us the perceived little to help complexity with of pension and annuities. plann Osborne’s decisiIndeed, in terms of comp ing lexity, pensions even ons might actually have trickier for made individuals to navigate.

In one sense a positive busin , of course, that has given IFAs ess opportunity director of . As Niki Cleal the Pensions , Policy Instit need for advic ute, e deal with the and information to help says, the complicated saver picture has and fragmented s never been savings great role there for information er. “There is a real , communica advising peopl tion and e for them.” And as to what is the best course action Mart in Bamf director at financial plann ord, the managing agrees: “The ers new rules from Informed Choice, improveme nt on the curre April [2011] are an will still be nt situation, too complex but they for retirement to truly under most people reaching stand and evalu without the assistance ate of a profession al adviser.”

Still Too

Politica

NothiNg u p my sleev es

is george serious ab eNdiNg theout aNNuity tra Emma-Lou p? montgomE clears aw ry the smoke ay mirrors. aNd

, (CAPE) gs ratio e e/earnin tak sted pric ratios so as to ten ically adju s p/e the last to his cycl ctively rework uences over g reading. effe nary infl which ke soberin omic of inflatio ulations ma of 13 on gs. l and econ account of a p/e , his calc talk al politica the heart of thin eed And ind the glob h– ller, t to years. nce in the trut ly ing to Shi of confide e that goes righ Accord way from ssly since ear enc a long still compet nnings...

P500 is rising relentle ough that’s the S& n Underpi erpinnings aren’tWell, it’s bee to 21. Alth that we saw Those s und to be?

44 he says, is now closer About de out busines absurd as the 14 low ust the y’re ma ely the 2009 and er than the to again But sur perilous as the the end of Aug 8.2 - a lthi f as big ths ago. Applied e By a lot hea still hal mor n to just rages. really as d question. a mon it’s 0, dow ws goo ave was in 200 eighteen ulation sho r annual Footsie that’s a hit only calc be had ut 14 ove recent o on the that it Shiller were to have 10 to abo figures are p/e rati lower than its E, the panies the FTS CAPE e. ation from ity com ought to e good 35% averag appreci Both of these electric which m est gs, sam -ter and mod Oil, gas 5 times earnin buy. It was the S&P was e period. n the long her tha ely the sam for bar m a screaming tes, where the ntly hig the 18t? significa made the the United Sta third down on would me Firs mbo? It’s rs in a ll We Bla re mumbo-ju of 13 – ny US investo ed. pattern Who Sha PE ratios just sn’t exactly reassu on a p/e ma ther fairly valu which trading CA at doe whe se was ld it t sho rke dering SkyAre tho e, but ing gold 19 thre say their ma ld is pon n. y possibl st on buy ds, too entirel when the wor recessio d by still insi y bon normally e ble-dip treasur on negative markets at a tim ding for a dou ls, compounde in Yet the g stocks. And te y’re all selves leve hea t ema the re e idin deb we’ l stal avo sinc our g public are all , politica bars and doubly bizarre to be asking rocketin s in Europe wth in China ht being is nes we oug ’t grow -which os we’re evasive and slowing gro ld that can So maybe y low p/e rati as they seem?

A s. a wor yields. ver ve the US ctre of ectation d. Most r those attracti the spe our exp the kin ally as whethe the raising honour hing of are actu dering ugh to rse, not is, which quoted even pon and pre-1990 and fast eno , of cou ling bas today’s ple are es it, They are ted on a trai suring Some peo een ourselv to cheap cred if quo mea But . re are d betw os we’ lances , addicte t we’d t r’s profits p/e rati ns that resemb ndebted tha ely mea inst the last yea perception tha te ks er-i ctiv (Ov ban d effe bie lly Japan. es aga esprea corpora n with zom t if we were rea all share pricin the fairly wid is likely to hit dened ths, the And bus bur n mon ld es.) declare slowdow next twelve we bui ined. h ourselv have to al GDP the ugh wit underm ay’s be eno the glob wth badly in to est hon bound gro into tod ns are profits profits gassumptioorrow’s lower more soberin all the a much ding tom Try divi e and you get share pric ic - picture. list a and rea of course, , There is, ard p/es ing forw h wit s are turn problem that they’re ’s e investor cyclically t’s a, som and tha ry analyst Shiller’s dilemm re ive. Eve with this nomist Robert PE). of futu subject Faced (CA an eco ual view e a s ratio individ duc to Americ price/earning d will pro d uste trends figure. So, face adj e t 1 differen dilemma, som ber 201 the Sep tem with this are turning to ert rs investo omist Rob an econ e specifically Americ , and mor Shiller

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It seems page abo like only yes terday the pho ut how Aug that we ust ne great glo and disapp is no longer were reflect ing on a safe before bal panic of ear into the this month wid it 1987 sta to that Leh finally wen rt rum e blue yonder turn off t crit . Didn’t also Aug man Bros fina ical in Oct bling in July and Aug the obe ust 192 lly lost 9 when ust all hop r? Wasn’t it Ind e of in Aug the Dow ust 200 been déjà eed it was. And first hea rescue? And 8 wa ded for setback vu all over aga this summer the pre sn’t it , as of cipice and the the last decadein, with what’s Yogi Berra ? would hav FTSE Eur probab . The Foo ly been ofirst 300 tsie lost the seco e said, it’s At one mor skid e nd point the ded by just 8, a horrific than 16% in the biggest whi Foo 19%. Ouc four wee anythin ch is about as tsie price/ea rnings g ks, h. ratio dro Even ene less than a full low as you’re like pped to or therea rgy stocks hav -blown war situ ly to get in e been on p/es ation. them a bouts, which wou of no-brain even tho er for the ld seem to makfive ugh aren’t wor some of tho long term. And e se p/e rati for reason th the paper os probab they’re s we’ ly ll conside prin surely still r on Pag ted on, some new a powerful e 16, the logic re’s investm ents whi for laying dow So n le they’re might be take courage. cheap.

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Have you / would you act on something you have read in the magazine?

The Sw iss ce ntral bank

gave some anno comf un pegg cing tha ort to the ed at t the euro welco Swissi by Sfr1.2 retrea med in Bru to the eu e was to be a da t from ref ssels, Zuric ro. Althoug uge-c ma h’s im h analy gingly urr sts’ fea strong ency sta plied itself run ga tus rs tha for t Sw ve rise after bond ced to to s in ord buy up itzerland migh fai er to suppo ling Europ t find rt its parity ean .

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to op en anno – a ve an exec un the mi rsion of the ution-on ced pla ly ns be dir ddle of 20 Elevate platform sys ec Instea tly avail 12. But rel tem – by ax as a d, the co able to co , it won’t mpan wh nsume clients ite-labe y pla rs. l ns The pla need on service for to run ly mi IFAs wh it nim ISAs an tform is d mu expecte al guida ose nce. tual fun d to sell ds to start only with.

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THE GENERATIO N

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CHANGING LIFE RETIREMENT EXP PATTERNS MEAN THAT EVOLVING, SAY ECTATIONS ARE S STEVE BEE

For today’s discerning financial and investment professional

Circulation and Demographics

Steve Bee, a well-kn own campaigning pensions activist, is the managing pensions partne r at Paradigm and the co-founder of www.jargonfre e pensions.co.u k www.IFAmag

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3

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1

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374 1432

Customer No Flags

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47

36

83

22

32

54

1,994 2,322 4,316 215

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THE BEE LI NE

98. kefeller John D Roc York. Died 1937 in Florida, aged New s by Born 1839 in railway friend r annoyed his – thus prompting when Rockefelle instead oil pipelines nes in investing in y books their own pipeli histor ing to the the build ned ard Oil them to start ard Oil promptly laid siege ing A life that span ator of the Stand oil industry ission origin Stand and comm r nse. ica’s its g respo d Amer The owne by withholdin monopolise revenue, s the rail companies eventually, starved of Company, which tieth century, was alway s for all left and twen efeller. This altogether business classe ercial well into the sold out to Rock of the He attended comm they obediently ally complete monopoly described confident type. ng out in the virtu s before starti had his own food him with a New York World of ten week he impudent, system. The in four years most cruel, distribution eight he had world. With 1880 as “the and within fastened in ess, ever Oil ene ard that busin poly Stand distribution supplying keros grasping mono there, then. oil refinery, e oil. pitiless, and rstatement built his first itute for whal ry.” No unde a cheap subst upon a count lamp oils as stic wells, ment efeller is power d 20,000 dome world’s A forced retire The young Rock Information ard Oil owne rivals 90% of the the warm-up.

By 1885 Stand g out his oil ing ne and over That was just miles of pipeli War years buyin bution network it was also alarm ore Civil 4,000 1890 the By distri spent capacity. ork. into the iron an ambitious oil refining g railway netw attempted entry conflict with rowin and planning an fast-g with rch’ direct new and legislators a ‘market resea brought it into And, as government based on the ding ly, he employed industry, which empire. in Most important to track the quickly expan n three egie’s steel a back seat I was vers ing Andrew Carn r sensibly took listen pist.to the news on efelle enough, withi nthro team of obser Rock , Sure phila the lex the radio ry comp outrage grew as a gentle other day about a new oil-rich Ohio. group that calls biggest refine led himself industry in report from the NAPF on itself the Baby r owned the 1897 and resty the state of Oil in 1870. the trend where Boomers - starte years Rockefelle our private e Standard pensionsyin by d the UK. The , which becam to nearl handsomely. thropy live off start work until at least some people didn’t point it was Philan paid in the world would was that ie they were in their n that he strategy had old tough we face a potential perso making on Earth. At the third decade If he had know g aspiration - thedisast Research and nal same time, increa for millions esserjust of – or, at least, begins ses in longev 100 – his lifelon have stayed in busin oil majors privateyears the declining , on schem Britons if our bly The dirty game one of five competing 40 pensi numbers of senesc ity proba by ining deaths es would don’t rivals rema was - meant that its deliver. ent all. But his I was ession Standard Oil squeezing out all their listening to all Depr reasonable expect many Boomers could have to spite them War, the it set about e this but what and World doubl a wonde ation to differe Ohio, First in of still being on ring anies proved to nt people hear when to see some of through the r era,kind allowing the planet the rail comp the years of their they get of news hitting of the Hitle persuading simultaneously ninth decade. them about pensio this c image. and the start t rates while acts’.

That’s not the t Baptist ns? tion of his publi Thea troubl usual freigh own ‘bulk contr n up to me, is that been devoue, it seems be the salva course, but there’s same for everyone, of unts for its causes, different had always generations ually broke it 50% disco have different Rockefeller educationalof us(now around that percei already enough consensus ls were event efeller shapes to our n d religious andlivesblack and wome will probab ved ‘shape’ to These rail carte bringing Rock ly want differe e for and had funde lives to mean legislators, he still Board nt things our one-si ation that today’s politic that generation’s Atlanta colleg fromral by angry state pute. But, undeterred, ze-fits-all including an Gene Educ the ians pensio c his cash politic have disre n But publi with c system al s capital to chang ge). .

Yearsoting into publi competitor ago, I suppose, e our pension Spelman Colle ary Commission (prom system, so as for buy out his you could say rch generacal Resea to take accoun the railroads continued to a whole of Britonsnew t of it.

(1903), his SanitInstitute for Medition ously pressing heart g to saw pensions as a way The Boomers’ treadm his while simultane port discounts and sweet the of givin work. I’m sure own children, off ) tookillthe health) and are yet anoth trans Chicago not everyone ever the r University thingsally er different genera of course, r’s instinct for found further bulk way,edbut that’s saw (later Rockefelle virtu that their own childr kind. Rockefelle tched: by 1874, tion - just as million giftused reme ed him for kind of the way pensio be mber en will eventu deals of every portra unma levels. An $80 the press still to yed ns And the ally be to them. met upon a time. of scale were he once percep incorporation, Boomers’ childr But The general efficiencies wasone to every s tion that University. en Standard Oil’s out to it. dime alread people the and after y accept started work idea that startin second decade nickels irony. in their just four years land rivals had sold g work is somet men. A nice of life, stopped handing out that happens hing Cleve work halfway through their some very rich in your third all 26 of its seventh decade – including decade of life. of life, and looked the pipelines But unlike their in 1877, leave the planet came 59 to ship Monopolising paren 2011 ts, sometime early that ‘normal’ Octo ber beautiful friend might now mean they also accept in their eighth The end of a decade. Sort of starting work debt, and not three in with score years and ten, previous genera the clean financial slate that that kind of thing. tions took Now that was for granted. They om being told that never really agaz ine.c are they can expect real, obviously, www. IFAm to see most of but enough the years of their people bough ninth decade. t into the idea And indeed, many may well to make it possib see some of their le for our politic tenth decade’s years ians to build a pensio before they pop n system off. around that basic And they’ll be perception confident that own children of the ‘shape’ in turn their of our lives. decades out, while may well see their eleven th still enjoying But things life...

All three genera changed. The tions probably listene postwar genera d to the same tion radio broadcast that that followed I was tuned into. that But, like I said, first generation I wonder what -a each of them heard?

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Asia Pacifi a quality regio c nal fund with Leaders is a great exam is managed a large weigh ple by the highl ting in China of y is up 221.7 . It % since it was respected Angus Tullo ch, and it Indeed, this launched back year’s in December the end of Septe been pretty good 2003. too. In the mber it only 3 months to no mean feat gave back given that the benchmark10.1%, which was The fund’s was down 18.2% objective is growth by . to achieve investing in large and mid-c long-term capital Asia Pacifi c ex Japan ap stocks in region inclu £5.1 billion the ding Austr it has signifi alasia. At cant assets has opted for to deplo a holdings. That’ highly concentrated portfo y, but Tulloch s the advan lio of just 55 – a skilled tage of the regional mana mand while still achie ger can really back his convictions ate ving a fair degree of diver Tulloch curre sification. ntly has 35.5% with the next of his portfo largest weigh lio in China Asia at 20.9% tings , and Australasia being South East main secto at 17.6%. The rs are Finan three cials(25.4% Technology ), Infor (16.1%) and Telecoms (14.2% mation says that he is by concentrat erring on the defensive ). He side ing on comp power, stron anies with pricin g sustainabl g e cash flows and dividend yields growing .

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But all is the moment. ’s breast at of the pension saver difficult state obviously, the h to even think consumers, s it hard enoug why NEST economy make the future – which is g for by forcing their about savin a force for good, be to painful is going s. But the really s reluctant hand coming in for those client . problems are g retirement approachin who are now would have Or rather, who if things had able to retire e hoped to be A small gaggl differently. out d ng quite a worke issues are causi of unrelated wave of baby first the ss for a member bit of distre speaking as just got boomers. And, cohort who’s of the 1951 myself as count I lies his bus pass, . We near-wrink one of them fiscal right in the aren’t are caught our concerns crossfire, and h. clearly enoug being heard and these issues, The first of tant, impor s the most by no mean going that we’re all state is of course longer for our ised at to have to wait are being equal pensions, which by sexes age 66 for both t that I I’ll admi 2020. Now, one by the skin escaped that Septe mber

2011

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policies with their irreve rsible annual bonus es to ratchet up would help me my agreed, it wasn wealth. No, he ’t how the provi entirely clear ders arrive d at their “smoo thed” discre tiona annual paym ents, but they ry were hones t sorts of people who would of my teeth try to rob me. n’t . If I’d kept my mother waitin How wrong just a few more g for he I’d have had was. And how months to telling it my state pensi wait an extra year for is that the on at 66, not investment my younger 65. Whereas orthodoxy of sister, who 25 years will be turni 60 in a year’s ago has been ng time, (rightly) reckon on waitin is already having all but aband to g oned an extra two years payment. Altho IFAs, who rarely by for sell a the state pensi ugh, since her starting the with-profits line on plan these mine, she doesn was already five years for days. Now, ahead of ’t feel able to money in any if I’d had my complain too loudly. long-term losing other kind of Nor, indee strategy I could anyway. Peopl d, should any of us really have sold up, e’s taken my mone two years with lifespans are extending complain put it some y and every by where about passi more produ fitter, healt But the MVA hier and better ng decade, and I am effectively holds ctive. generation, fed than my to my fund’s so it parents’ head and snarl a gun than my paren won’t hurt me to work false move s: “One longe ts were able and the fund too, in that to. I am fortun r gets it.” So I’ve had to I have a job button my ate, with no natur lip and stay as long as my That would put. al age limits brain holds be bad enoug the with-profit manual labou out. But if I’d h, but some s providers of rer or a bus been a dirty. I had are playing different. The driver it would a particularly rather question of my own provi nasty brush how these peoplhave been going to find with der just before jobs in their (which was 66th year has e are widely enoug my scheduled my 60th birthday h discussed. not been that time.) retirement There’s real date at It was suppo anxiety here.

Without-Pro sed to have me a couple fits Policies contacted of months in advance to through the At the same run me various option time, many of us nearly-wri open market s – annuity also having types, to deal with options etc nklies are - but it simpl the legacy of that’s still being y didn’t.

With three an episode carpet. I count conveniently swept under provider instea weeks to go, I finall y phoned the d and was given decided, some myself among the lucky fund value a completely the ones who fifteen years quotation wrong ISA funds were ago, followed two by a correct weeks later likely to prove that my self-select value, togeth way forward er that with the stipul the annuity than the hideo a better financial ation quote they’d policies that us clutch of for only three given me was my with-profits weeks, and valid years ago. And adviser told me to buy that they could whether it nearly 25 would n’t say my ISAs have sure enough, in the last new year, when include a bonus. (It ten years roughly doubl was around any annual with-profits ed in value to be annou bonuses were policies have , while my nced. due ) But simply sat accumulate they still insist didn’t accep there, failin any annual ed that if I t this g to bonuses and cash them quote, it would rather vague and nonco in for fear of defying me to the inevitable Adjustmen shift my sched lapse and they’d autom mmittal t (MVA) that Market Value atically uled retirement will chop an off the policy age from 60 arm and a if I dare to I am, I hope, leg to 75. so much as an intelligent look at them couldn’t make That’s where being, but I . sense of that. the unfairness – and the weak the provider of the system seemed to be Especially since mark on those ness of the FSA – has same breat made its of us who don’t h that I could warning me in the to change our expect to pay MVA if I tried financial arran have much time left a hefty to cash in at adviser helpe gements. When my scheduled any time before d me so set retirement my up my perso plans back age. So were shifting the in the mid-1 nal pension goalposts by they 980s, put half my 15 years so themselves monthly instal he advised me to as another 15 policies and ments into years in which to give with an MVA the other half unit-l to ? would let me into with-profit inked but he could I called my IFA. He phonehit me down, he said, s. n’t get a straig d but the with- Neither ht answer either them, profits As it happe . ned, the to hold me to ransom like provider wasn’t plann Septe mber ing that, and all was 2011 well. www.I FAma

But if I’d been an average commitmen IFA client with t to a big the walls with with-profits I’d have been climb worry. It simpl ing that this kind y isn’t accep of a fog can about some still exist when table thing as impor tant as a pensi it’s all on.

Sex and

rate has had his lifetime’s completely calculation out of kilter s knocked – not becau have natur se annuity ally rates sad but unavo declined (which would have been idable) but Sensitivity becau taken a spann er to the mach se somebody has And so to the altered all ine and delibe bomb the gear ratios rately European Court shell announcement . And that’s very respectful from the really not a reward after annuities and about the gender equal a lifetime of what isation of premiums, migh prudent finan t have been the end of 2012 which come cial planning. s into force – thus inters When I starte at ecting d my self-e nicely with For the mome mploy RDR. pension plans in the nt, most of seems to be 1980s the comm ed personal the noise was that a coming from couple neede on wisdom young wome are objecting d £100,000 to be comfo n who to at retirement rtable. At an same car insur the prospect of payin annuity rate 10%, with a g the of maybe state pensi accident-prone ance premiums as their on coming that would more in as well, enable you that average male counterparts. (It’s to retire on that wasn’t female prem likely a joint incom too far short 30% - but that iums will go e of wage the national . Two years up male prem average ago, with annu fail to come iums will some by 7%, my mana down.) But ity rates neare how ger pretty encouraged attention can r soon the publi terms of £400, be expected c’s 000. But now, me to think in male annu to shift to the heading for with annuity ities fact 4.5% in the rates by maybe 20% of every sort will be chopp that wake of the Court’s prono to bring the ed European uncement, sums I’d something into line.

This is an actua closer to £600, presumably need rial nonsense. why female 000 to secur income. (I am, The reason annuities at e the of age 66 are smaller than inflation, some course, assuming close- same so much male ones is thing we’re to-zero longevity mean that women’s quite unlik ely to get.) better s the mone Is There a Mora longer than y has to last l Here? it would for around 20% Only that we males – about compared to shouldn’t be 16 years for 19 years, and young surpr males (2009 ignoring the ised if client clients in partic figures). By influence of s, pension provi biolog ular, look at the Court has ders with the bent the laws y on life expectancy, normally reser sort of enthu of mathemat Obviously, siasm ved for the ics. it isn’t hard catalogue of dentist’s chair reasons why to think of failings over . The society shoul the last two has been so adjustment d want to makeexcellent publi decades in the name that so irreversible c, and the wrong decisi of fairness. historically , that it’s quite ons Women have had shorter anybody at remarkable working caree least becau all can be persu how se they took rs, not six-figure sum aded to inves years raising. And those who worke off work for childas a pension. in a vehicle that’s as inflext a outs that reduc d often took So three cheer ible opts for NEST favour of their ed their pension contr But goodness . ibutions in husbands, knows, it’s steering the thought of who they still tough enoug as the right cours h e when you’v thirty years providers. That, main household e still got of working of course, is life ahead of longer a safe you’re in your no you. assumption If fifties or early . So they’re in a with no time sixties instea disad to adjust your d, position, certa vantaged starting at the mercy sails, you’re inly. of and the chang whatever the winds But the ing tides throw There’s got point here at you. to be a bette is r way. not simply that Strasbourg has gone all politically correc t on us, and to hell with the maths. It’s also that a man who has spent the last forty years building up a pension fund on Do you have the assumption a good reason for the Editor back onto his a certain annu of to jump soapbox? Not ity that he encou

“In the 80s was a coupthe wisdom £100,000 atle needed retirement to be comfort able.”

gazin e.com www.I FAma

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Septe mber 15/08/2011

1 FINAL.indd

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DA Y OF TH E M IF ID

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