As a wealth manager, we have noticed an increase in prospective clients coming to us in these first weeks of 2020 asking us to consider ESG “do no harm” issues. These are focused around the environment when constructing portfolios. The level of inquiry has been quite noticeable.
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Hamilton Wealth Partners in conjunction with Gresham are proud to host Dr Geoff Raby AO, Chairman and Founder of Geoff Raby and Associates & Australia’s Ambassador to China from 2007 to 2011.
We will be hosting the Breakfast at Kooyong Lawn Tennis Club on Thursday 12th March 2020.
Geoff Raby is Chairman and Founder of Geoff Raby and Associates, a Beijing-based corporate advisory firm providing strategic advice and analysis on China. He is an Independent Non-executive Director of Yancoal (ASX/HKSX : YAL) and OcenaGold (TSX/ASX : OGC) and was also on the Board of Fortescue Metals Group (2011 -2017).
He was Australian Ambassador to China (2007 – 11), DFAT Deputy Secretary responsible for North Asia and for Trade Negotiations (2003 – 07), APEC Ambassador 2002-03, and Ambassador to the WTO (1998 – 2001). He was Head of the Trade Policy Issues Division at the OECD (1993 – 95) in Paris and Head of DFAT’s Trade Negotiations Division (1995 – 98). He founded and led DFAT’s East Asia Analytical Unit (1991 – 93).
He also Chairs a number of not-for-profit organisations in Australia.
We have purchased physical gold for these clients and they have the additional cost of storage.
There is an alternative as dicussed in this article, where we are quoted.
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The timing of this conference was significant in that the Phase One agreement between China and the United States over the tariff agreement has now been signed.
They also discuss the debate over Listed Investment Companies (LICs) and Listed Investment Trusts (LITs), which continued in January.
Hamilton Wealth Partners have been described in the press as “vocal critics” of these structures. We are! And we have and will never offer them to clients whilst they are structured as they are.
Last month, we attended the UBS Global China Conference in Shanghai, China.
Timing was significant in that the Phase One agreement between China and the United States over the tariff agreement has now been signed.
We also discuss the debate over Listed Investment Companies (LICs) and Listed Investment Trusts (LITs), which continued in January.
Hamilton Wealth Partners have been described in the press as “vocal critics” of these structures. We are! And we have and will never offer them to clients whilst they are structured as they are.
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What about sustainability of markets this century? There were many times through the second decade of the 21st century that we heard about how “fragile” the recovery was — how “benign” growth is — or even “sell now as a sharp correction is around the corner”. Yet in reality, the opportunity cost of having held cash over an allocation to risk-based assets in line with your risk profile was costly during the 2010s.
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In a move set to send shockwaves through the financial services industry, Mr Frydenberg has directed Treasury to hold a four-week consultation on the merits of the commissions, known as “stamping fees”, paid by fund managers, for selling their newly floated listed investment entities.
Several high-profile fund managers and financial advisers have called for the government to fix the loophole, including Magellan Financial Group’s Hamish Douglass, PM Capital’s Paul Moore, Will Hamilton and Koda Capital’s Paul Heath.
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With over 3300 attendees from around the world, the gathering provided a range of great insights — not only for China but also the broader global markets outlook for 2020.
Timing was also significant in that the Phase One agreement between China and the US over the tariff agreement has now been signed.
In looking at global markets, the broad consensus from presenters was that 2020 will see modest growth as we continue in the longest economic recovery after World War II. Ahead of the US election, many presenters saw the status quo continuing, with the Federal Reserve set to continue on hold. There is a consensus that risks are increasing with rates at record lows, but modestly.
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Chris Joye in his column has represented our view well quoting Will Hamilton, “we are paid by our clients through an advice fee, for the work that we do for them. The stamping or selling fee reverses this back on to the advisor pushing product on behalf of a fund manager as they are being paid this selling fee by the fund manager. In this way, the structure is fundamentally flawed”.
We are not a lone voice by any means on this view and other great firms have been very outspoken and leading on this issue.
As an industry, the financial advice sector is confronted by change. The industry is very much in two camps on LICs and those that accept a stamping or selling fee from fund managers, against those that charge clients simply an advice fee for conflict free advice.
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