Offering advisor alpha to clients

first_img Best Practices To Evaluate and Trade ETFs – Insights from an ETF provider hand holding a megaphone samuraitop/123RF How ETF investors are unique — and why it matters to advisors “We have to […] scale not just our choice of securities, but our portfolio design and the way we balance portfolios,” said Westmacott, as well as cash management, client communication and financial planning. “All these wrap up to be the total client experience.”The problem is these things are susceptible to noise, or tracking error.Noise must be managed because clients want to know they’re receiving a similar level of service to other clients in similar situations, said Westmacott.For securities selection, using ETFs is a way to cut the noise, he said—specifically advisor tracking error. For example, he said advisors are affected by such things as when they last ate, whether they’re late for an important meeting or whether they had lunch with a favourite fund salesperson.Beyond security selection, cutting noise increasingly means relying on algorithms, he said, referencing a Harvard Business Review article. As formal rules, algorithms reduce the noise problem in decision making.“The high-level viewpoint here is not that ETFs are coming, but that algorithms are coming,” said Westmacott. Using algorithms effectively allows advisors to focus on client goals, he said.Westmacott also considered portfolio withdrawal rates, asking whether a standard withdrawal rate is the best that algorithms have to offer clients. As an alternative, he uses a dynamic spending rule (the technical term is ARVA), whereby the withdrawal rate varies based on portfolio value, mortality and real interest rates.The result: “You’re transferring some of the asset volatility to income volatility,” he said. “You’re asking the client to tolerate some variability in their annual income.”Clients buy in to the process, accepting ongoing guidance—on budgeting, for example — instead of focusing on products, he said. “A key part of this process is to shift the conversation from assets to income.”At the same time, advisors must be sensitive to changes in client circumstances that alter income needs. (To reduce income volatility, asset liability management can be employed using bond ETFs to match future liability — that is, income.)Using a client example, he showed how a variable withdrawal rate reduces the risk of having insufficient funds over a client’s retirement years and makes portfolio outcomes more predictable.For more on managing withdrawal risk, see Westmacott’s paper, “Management of Withdrawal Risk Through Optimal Life Cycle Asset Allocation” co-authoured with University of Waterloo academics. Keywords ETFs Facebook LinkedIn Twitter How ETFs fit into a hybrid advice model Related news Advisors who shift away from stock-picking must create value from a client perspective. How to do that was recently discussed by Graham Westmacott, a portfolio manager at PWL Capital in Waterloo, Ont. He spoke at the ETF Summit presented by Advisor’s Edge and Investment Executive last week.Westmacott said focusing on advisor alpha means meeting clients’ goals, not beating the market. To do that efficiently requires mass customization, which comes with its own challenges. ETF Summit agenda Why attend our ETF Summit Share this article and your comments with peers on social media Michelle Schriver last_img read more

Housing Minister Pleased With Joint Venture Project

first_imgHousing Minister Pleased With Joint Venture Project UncategorizedJanuary 13, 2008 RelatedHousing Minister Pleased With Joint Venture Project RelatedHousing Minister Pleased With Joint Venture Project FacebookTwitterWhatsAppEmail Minister of Water and Housing, Dr. Horace Chang, has said he is pleased with the outcome of a joint venture agreement between the Government and New Era Homes, which is providing almost 1,000 middle income housing solutions in Portmore, St. Catherine. Under the joint venture programme, the land is owned by the individual developer and financing is done through different agencies, including the National Housing Trust (NHT). Government involvement could allow beneficiaries to realise savings of up to 20 per cent. However, beneficiaries are restricted from selling the house under 10 years or they will incur a penalty.Speaking with JIS News following a tour of the development recently, Minister Chang said the project had met the standards mandated by government, adding that the project was part of government’s thrust to provide some 15,000 homes per year. He emphasised that to achieve this goal, the joint venture facility would have to be utilised.The development includes two and three bedroom units and town houses utilizing a gated cluster concept. “This is a nice development; the quality is good; the layout, the management, the cluster concept is really people and community-friendly. They’ve put in the facilities, including a small commercial area, a nice playing field; they’re using a lot of solar and the space is good,” he said.Dr. Chang pointed out that the houses were designed to meet the needs of young professionals, and that there was good value for money in the project.The Minister said he was concerned about the rising costs of housing units and that the government would be looking at the contributing factors. “We’re really concerned that inflation on real estate is growing fast and therefore house prices are going up.There is a great demand and the supply is short and we have to find ways of ensuring that the demand is met,” he noted.Dr. Chang stressed that the possibility of manufacturing more of the inputs locally would have to be explored, to reduce the basic cost of units.center_img RelatedHousing Minister Pleased With Joint Venture Project Advertisementslast_img read more

Report: Office market won’t return to glory until 2025

first_imgShare on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink TagsCommercial Real EstateCushman & Wakefield Share via Shortlinkcenter_img The analysis predicts that office vacancies across the world will continue upward (iStock)The office market won’t reach pre-Covid levels until 2025, a brokerage report has found.The analysis by Cushman and Wakefield predicts that office vacancies across the world will continue upward, reaching 15.6 percent in 2022, Bloomberg reported. About 95.8 million square feet of space will become vacant in the next two years.Before the coronavirus, the world’s average office vacancy rate was 10.9 percent, according to the report. After employees spent months working remotely, adjusting their living spaces to work from home, there has been limited enthusiasm for returning to the office, despite appeals from business leaders and New York City landlords to bring employees back.The brokerage report sees U.S. office rents falling 6.5 percent next year and 2.3 percent in 2022. The vacancy rate will continue to rise, but job gains will resume in 2021.Despite the grim outlook for the office sector, office workers will still fare better than those in the service industry, it forecasts.In Europe, rents are predicted to fall 7.8 percent next year and 1.7 percent in 2022, but the vacancy rate is expected to top out at 10.5 percent. Office-job losses in Europe will also not be as pronounced as in the U.S.Office rents in Greater China, where the pandemic began, will fall 8 percent this year and 5.2 percent in 2021, but will pick up after that. Office vacancy rates will linger at about 25 percent until 2024, when job growth will raise demand for office space, according to the report. [Bloomberg] — Georgia Kromrei  last_img read more

Mauricio Pochettino ‘imprisoned’ at Tottenham Hotspur and he’s given his word

first_imgMauricio Pochettino took charge at Tottenham Hotspur in 2014 and barring his first season at the club, he has helped them finish in the top three ever since. His impressive work at the north London club has not gone unnoticed and Monday’s edition of Spanish newspaper Marca has a story about the former Southampton manager, alongside their widely covered interview.The 46-year-old is yet to win silverware in his coaching career and is hoping to end his drought in his fifth season with Spurs.That is what differentiates his current employer and Manchester City, Chelsea, Manchester United and Arsenal, who have won trophies since he took charge of the English capital club.It’s claimed that the lack of success has not stopped Pochettino from drawing attention from top clubs across Europe as Real Madrid were keen on making him Zinedine Zidane’s successor, before appointing Julen Lopetegui.The approach from the Champions League winners came a week after he signed a five-year deal with the Premier League side, which has made him ‘imprisoned’ at Tottenham, mainly because he has given his word to club chairman, Daniel Levy.With Jose Mourinho’s future at Manchester United being uncertain, Pochettino could be one of the candidates running for the Old Trafford job.Marca didn’t make took much of an effort to talk up Pochettino to Madrid, despite Lopetegui’s rocky start, which likely has at least something to do with the feeling he’s ‘imprisoned’.by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksTrending TodayForge of Empires – Free Online GameIf You Like to Play, this Strategy Game is AddictiveForge of Empires – Free Online GameUndoRaid: Shadow Legends | Free DownloadEven Non-Gamers Are Obsessed With This RPG Game (It’s Worth Installing!)Raid: Shadow Legends | Free DownloadUndoDating.comThe Most Handsome Men In Hong Kong On This Dating SiteDating.comUndoKeto减肥1個簡單的妙招一夜「融化」腹部贅肉(今晚試試)Keto减肥UndoTheTopFiveVPNEnjoy Netflix Now Without Any RestrictionsTheTopFiveVPNUndoCNBC InternationalSingapore’s Freelancers Find New Income During the Coronavirus Pandemic.CNBC InternationalUndoStanChart by CNBC CatalystDigitization in Banks Is No Longer About Efficiency, but Business Resilience. Don’t Get Left Behind.StanChart by CNBC CatalystUndoInstant Voice TranslatorGenius Japanese Invention Allows You To Instantly Speak 43 LanguagesInstant Voice TranslatorUndoPerfect-Dating.comReveal Tung Chung As The Best City to Date for Love & RomancePerfect-Dating.comUndolast_img read more

High School Basketball Uniforms 2013

first_imgAll Activity 175 ShlyKBMT Favourite Logos:Colorado Avalanche Denver Broncos Michigan WolverinesColorado Rockies 73 High School Basketball Uniforms 2013 73 Share on other sites ShlyKBMT AshlyVYPE 73 834 posts 266 posts 73 834 posts Sports Logo News Members Link to post 0 @wrenwag Posted January 21, 2013 Forums Home “Hail To The Victors” Followers 0 Link to post Share on other sites Members Share on other sites buckeye AshlyVYPE ShlyKBMT After the success of my high school football thread I felt like making a basketball one. Post your teams new looks or what they wear currently. LaPorte (TX) Bulldogs at Beaumont (TX) West Brook Bruins Share on other sites Followers 0 834 posts Sour Lake (TX) Hardin-Jefferson HawksSilsbee (TX) Tigers By LETSGOBLUEBEATMSU, January 21, 2013 in Sports Logo News 191 St Louis Cardinals 41 73 834 posts AshlyVYPE Houston (TX) Strake Jesuit Crusaders at Katy (TX) Seven Lakes Spartans Members 239 posts 73 0 0 73 228 Link to post 73 ShlyKBMT 73 ShlyKBMT High School Basketball Uniforms 2013 Share this post ShlyKBMT 73 Members Posted January 21, 2013 AshlyVYPE Posted January 22, 2013 9,294 posts 834 posts 2,983 posts ShlyKBMT Share this post ShlyKBMT 73 ShlyKBMT Fort Bend (TX) Travis Tigers vs Fort Bend (TX) Bush BroncosHouston (TX) Westside Wolves vs Houston (TX) Bellaire Cardinals Share on other sites 834 posts Link to post Posted January 21, 2013 834 posts Forums Home 73 Beaumont (TX) Central Jaguars at Nederland (TX) Bulldogs 73 73 Link to post Members AshlyVYPE Share this post Members ShlyKBMT Posted January 21, 2013 Lake Charles (LA) Washington-Marion Charging Indians vs Beaumont (TX) Central JaguarsNederland (TX) Bulldogs at Port Arthur (TX) Memorial Titans Derek 73 Share this post ShlyKBMT LETSGOBLUEBEATMSU 0 73 mattb6 73 Share this post Share this post LETSGOBLUEBEATMSU Sports Logos Riverdale Falcons (Mt. Blanchard, Ohio) 395 Sports Logos St Louis Cardinals Share this post Recommended Posts 41 ShlyKBMT ShlyKBMT 395 Posted January 21, 2013 Share this post ShlyKBMT SportsLogos.Net UC! 191 0 ShlyKBMT Members AshlyVYPE 0 73 73 Posted January 24, 2013 Share on other sites Go To Topic Listing Link to post Posted January 21, 2013 Members Posted January 24, 2013 Members I got to completely design these for small a local high school (Jasper, AR). A few things got slightly messed up in production, but I was pretty pleased with how they turned out.HomeRoadShooting Shirtnicely done, i love the black jersey and warmup shirt Posted January 24, 2013 Share on other sites Share this post Sour Lake (TX) Hardin-Jefferson Hawkswhy is the guy blocking his own team’s shot? Members AshlyVYPE Members I got to completely design these for small a local high school (Jasper, AR). A few things got slightly messed up in production, but I was pretty pleased with how they turned out.HomeRoadShooting Shirtcenter_img Share this post Location:Ohio 41 AshlyVYPE Share this post 73 Share on other sites 834 posts 289 Derek 228 Location:Columbus, Ohio 73 Beaumont (TX) Central Jaguars vs Beaumont (TX) Ozen Panthers (Kendrick Perkins old school) 0 ShlyKBMT 0 *Shameless plug*Here’s my alma-mater’s current set. Basically knock-off Nike SOD.Cardinal Stritch Catholic High School. The Cardinals. (Oregon, OH)They’re nice, I like them.And here is the greatest player we’ve ever seen play for us haha. Austin Adams. #21.He’s a 6’3″ small-forward. Can dunk from under the basket. Plays AAU, Ohio Gators.He’s been ranked as a top-5 small forward in Ohio.Only a sophomore too…And watch this. Nice little dunk in the end 0 Share this post Link to post mattb6 ShlyKBMT Posted January 22, 2013 0 Share on other sites 0 Posted January 24, 2013 Members Share on other sites Posted January 21, 2013 Members Share on other sites Share on other sites Share on other sites Share on other sites 73 Share on other sites 395 ShlyKBMT Nederland (TX) Bulldogs at my old school Port Neches-Groves (TX) Indians 73 175 73 Link to post 0 4,667 posts 175 Link to post Share this post Members 14er 677 SportsLogos.Net 834 posts 0 73 Link to post Link to post AshlyVYPE Link to post Share on other sites ShlyKBMT 73 LEWJ 0 All Activity 289 Link to post 1,371 posts Location:Ohio Share on other sites ShlyKBMT AshlyVYPE 73 73 191 AshlyVYPE High School Basketball Uniforms 2013 Sign in to follow this   73 289 Share this post Members 73 834 posts Location:Toledo, OH Longview (TX) LobosBeaumont (TX) Ozen Panthers vs Houston (TX) North Forest Bulldogs 834 posts Link to post Riverdale Falcons (Mt. Blanchard, Ohio)i think your boy’s coach was an assistant at my alma mater when i played. Share this post Share this post Share this post 0 Sign in to follow this   ShlyKBMT LEWJ 14er Posted January 22, 2013 Link to post 0 AshlyVYPE Beaumont (TX) Central Jaguars at Beaumont (TX) Ozen PanthersBeaumont (TX) Central Lady Jaguars at Beaumont (TX) Ozen Lady Panthers 73 228 677 ShlyKBMT Members 73 Posted January 21, 2013 Share this post 834 posts ShlyKBMT 1,621 posts 73 buckeye Sports Logo News 677 Posted January 21, 2013 Members Link to post 73 0 Link to post 73 0 Share this post Beaumont (TX) Central Lady Jaguars at Vidor (TX) Lady Pirates ShlyKBMT Posted January 22, 2013 Link to post Posted January 21, 2013 Share on other sites 0 Posted January 21, 2013 This topic is now closed to further replies. Link to post Share on other sites 73 Members Sour Lake (TX) Hardin-Jefferson Hawkswhy is the guy blocking his own team’s shot?Yeah not exactly sure what’s going on there…. 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