diy investing - how to become your own financial adviser

8/18/2019 DIY Investing - How to Become Your Own Financial Adviser

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Investing

A publication by

How to become your own financial adviser

Do-It-Yourself


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ContentsIntroduction

Chapter 1 . Build on firm foundations

Chapter 2 . Simplify your investments

Chapter 3 . Make your own investment decisionsChapter 4 . Prepare for your retirement

Chapter 5 . When you should seek and pay for advice


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If you are disillusioned with the ‘advice’ you have received from offshore

financial salespeople in the past, or are simply looking for a way to manage

your finances effectively and at a low cost, then this guide is for you .

The day you discover that you are able to be your own financial adviser and

invest “DIY” will be truly life changing.

The fact is, most people, most of the time, are fully capable of successfullymanaging their finances, including things like investments and insurance,

without any involvement from a financial adviser. You only really need

financial advice if you have complex financial affairs or at certain times of

your life when you require specialist or expert knowledge – for example,

when you are approaching retirement.

A REAL adviser would tell you this, but the problem is that international

financial services is an industry full of salespeople, not true advisers. A

salesperson is most likely only going to tell you about products and then

sell you whichever one it is that makes THEM the most money …

Introduction

Reading this guide will change your life.


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During the day-to-day management of your financial affairs you really do

not need to pay for financial advice which is always expensive and may noteven be in your interests.

DIY investing is particularly useful if you are an internationally mobile

expatriate as, unfortunately, there are many product salespeople who target

people like you and who are in fact only looking to make a quick buck for

themselves from your money.

By learning how, and having the tools, to manage your finances yourself,

you can avoid coming into contact with these people and keep the profits

you make completely to yourself.

You may be thinking “I don’t know anything about finance” or “I don’t know

where to start”. In fact, the majority of your financial needs are not as

Rory GilbertManaging DirectorAES International

complicated as you may think. I'm confident thata little time getting to know the subject will pay

dividends and that you will quickly develop the

ability to make sensible, informed and rewarding

decisions.

With a little helping hand, you will soon be on

the path to financial success. I am sure you will

never look back.


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No one cares more about your financial success than you.

Do-It-Yourself Investing:How to become your own financial adviser

4 tremendous reasons to becomeyour own financial adviser

It will cost less. Most likely it will cost substantially less than

being sold a rotten product or investment you don’t need by afinancial salesperson. This means you could save tens of

thousands of pounds on unnecessary hidden which would

otherwise be lining someone else’s pockets

It is actually straightforward! Once you have the building blocks

in place, keeping on top of it is really no different to having

someone else looking after it. In fact, it can be much easier.

If you ever want advice, it is still available. Taking this route

doesn’t mean you can never get advice – it just means you only

pay for things you need and value.

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4


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Chapter 1

BUILDON

FIRMFOUNDATIONS


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The most important part of any financial adviser’s job is ensuring the

underlying financial health of a client’s finances is strong. Doing this is

actually quite simple. There are five main things you need to review:


Build on firm foundations

Your spending1

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3

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Your insurance

Your debt

Your bank account

Your Will


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Before you can begin to save or invest you

need to know how much you are spending,

where it is going and how much you can

reasonably save or invest each month.

Simply put, the key is to spend less than you

earn and save or invest the difference.


Your spending1

Your insurance2Depending on the stage at which you are in your life, you will want varyinglevels of insurance. If you are a home owner and are married or have

children, then you will want to make sure you have enough life insurance to

cover your mortgage should anything happen to you. You may also want to

ensure you have medical or serious illness cover in case you find yourself

unable to work and look after loved ones.

Many people do not have enough insurance and some have too much.

Review your insurance status and make sure you are neither paying for

cover needlessly, nor under-insured.


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Build a minimum of three to six

months’ expenses in an immediate

access cash account to help cover

unexpected bills. For internationally

mobile expatriates such as yourself,

we recommend using an offshore

private bank. This will provide you

with a range of benefits – including

quick and easy access to cash in a

range of currencies, and the option to

invest, which we shall explore later in

this guide.

Debt can be a real drag on the overall

profitability of any financial strategy.

Keep short term borrowing, such as

personal loans, credit cards and

overdrafts, to a minimum as these

tend to be expensive. Make sure your

borrowing is under control. If you

don’t feel it is, then this needs to be

addressed immediately and before

you consider making any investments.

While reviewing your debt, it may be

worth checking to make sure you

have the best available mortgage as

rates change over time and you may

be able to negotiate better terms.

This could help save you money

which may be put to better use

elsewhere.

Your debt3 4 Your bank account

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Open an offshore private bank accountThe ABC rule for all expatriate financial planning is that ‘if you come from

country A and live in country B then you MUST bank in country C. There are

myriad benefits to opening an offshore private bank account – ranging from

increased security, convenience and service to tax mitigation, highly

competitive lending facilities and foreign exchange services (see The Expat

Guide to Offshore Banking ). We recommend opening an offshore private bank

account to all our international clients as we believe it is the cornerstone

from which a successful financial strategy is built.

Your Will5This is very important for expatriates, particularly if you have a spouse or

family. In some countries the rules over the distribution of assets when

someone dies are very archaic and could mean your immediate family is left

with nothing. In some countries, the local law can take precedence over any

arrangements you have. Make sure you have a very clear Will which has

been drawn up with the help of a solicitor and is registered in the countryin which you live.

Importantly, the offshoreprivate banking serviceoffered by AESInternational providesaccess to a very widerange of funds andinvestment strategies at

discounted costs.

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Chapter 2

SIMPLIFYYOURINVESTMENTS


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You may already have an investment portfolio with a mix of funds, shares

and other investments. If you have been an expatriate for some time you

may even have an offshore bond or regular savings contract with a

company like Generali International, RL360, Zurich International, Friends

Provident International or Royal Skandia (now called Old Mutual

International).


Simplify your investments

Firstly, there is nothing wrong with

these types of products in their place.

The problem is that it is very easy for

them to be used incorrectly by

offshore financial salespeople. Formore information on this, you can

read our special report, Insider

Secrets: How offshore financial

salespeople make money on your

investments .

If you do have a regular savings product or offshore bond, you may want to

review what the charges within this plan are and what effect this is having

on your investment performance. In many cases there are high exit charges

on the products and funds, so it may not make financial sense to break the

contract, but you may still be able to switch the funds into lower cost

alternatives or renegotiate some charges.

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You should also review your existing investments in the current market. We

generally recommend against using structured products and Unregulated

Collective Investment Schemes (UCIS), which can be complex and

specialised, and which can be higher risk.


If you have any structured products or UCIS funds in your investment

portfolio, consider exiting them if possible. In the case of structured

products you may not be able to exit the product and so may want to sell it

on a secondary market. This is certainly an occasion when some guidance or

advice from a qualified, professional financial adviser can really help.

It may be the case that this policy was set up by

a responsible financial adviser and that it is perfectly suitable for your needs.

“

“

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The next step is to open an offshore private

bank account. This is a low cost way of

consolidating your assets and being able to

easily manage your money.

An offshore private bank account will enable you

to manage your cash, investments and other

interests like mortgages, securely using online,

telephone and mobile banking. Holding your

assets in an offshore private bank account

means you can rest easy in the knowledge the

bulk of your money is safe and secure in a highly

regulated environment outside of the country in

which you are currently based.

For further information on the benefits of

offshore banking download our guide here.

The process of simplifying your investments may

seem complex and troublesome, but once you

have completed it you will be in a significantly

stronger position to continue building a

successful financial future. It really is imperative

that this is done first as having unstable

foundations can easily erode any future financial

gains and cause irreparable damage.


I set up an offshore bankaccount when I first movedoverseas in 2005. AlthoughI still keep a local accountboth at home and in the

country in which I amresident - my offshoreaccount forms thefoundation upon which myfamily's finances arebuilt. Here I keep ouraccrued capital in a taxefficient environment andmake use of the low costinvestment solutions and

facilities such asmortgages. Even thoughmany senior financialprofessionals I know usethe exact same structurethemselves they keep it asecret. .. My view is that allexpats should have thehelp to get them to theright basic structure uponwhich to build their wealth.

INSIDER SECRETSWhat does afinancialprofessional do?

Sam Instone

CEO, AES International

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Chapter 3

MAKEYOUR OWN

INVESTMENTDECISIONS


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Here are the 6 staples of investing:


Make your own investment decisions

Don’t let returns get eroded – keep costs down1

2

3

4

5

6

Understand your risk profile and what risk means

Know your investment horizon

Active or passive?

Asset allocation and diversification

Review your portfolio


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By DIY investing you can

make investing more

effective as your costs can be

lower, if you know how. This is

because you can bypass the

often hefty commissions

levied by product vendors in

the international market.


Don’t let returns get eroded – keep costs down

1

To make investing even more cost effective and therefore profitable, AES

International has negotiated savings of up to 5.25% on a wide selection ofinternational funds and offshore investments.

Over a period of time, the reduced costs means your investment performs

better. The compounded effects of these savings can have a staggering

effect on the amount of money you make over the lifetime of an

investment. Albert Einstein called this effect the eighth wonder of the

world!

You can also save money by investing in lower cost or passive funds as

explained in point four below.


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Understand your riskprofile and what riskmeans

2

Among the many considerations that relate to risk,

there are two that stand out; that your investments

may fall in value or that your investments do not

grow quickly enough to meet your needs.

A professional advisercan help you understandrisk and how much youmay or may not need totake in order to achieve

your life objectives.

This process is calledcashflow planning and is

a detailed way to project some assumptions abouthow your future maylook in financial terms.

If you are unable to stomach any fall in the value of your investments, then you

may be better sticking to saving in a cash account. If this is the case, then ensure

you have a decent rate of interest on the account. You may struggle to meet yourfinancial objectives, but your capital will be secure.

If you are happy to invest in funds, then you need to decide how aggressive you

want to be with your investment strategy.


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ASSET CLASSES EXPLAINED

EQUITIESThese are the most commonly traded of all asset classes and are the shares ofcompanies listed on a stock exchange. The value of a share will go up anddown depending on the popularity of a company on any given day. These arethe most volatile (as in their value fluctuates the most) of all asset classes.

FIXED INTEREST OR BONDSThe simplest way to explain a bond is to think of it as debt. A big company orgovernment will issue bonds to investors in order to raise money. The bonditself is a promise to repay a certain amount of money on a certain date in the

future. These are less risky than equities as there is a promise to repay from thecompany. They can still fall in value though or become worthless if a companyloses value or fails.

CASH AND MONEY MARKET FUNDSCash is the least risky asset class, although it still carries some risk such asbeing eroded by inflation or even being held by an insecure institution. Thereare what are known as “money -market funds” which trade in cash or cashequivalent assets. The funds are low risk, low reward and simply seek tomaintain the value of an investor’s cash.

If you are a more aggressive investor, are saving for the long term and are

prepared to see some potential short term falls in the value of your

investments in exchange for the potential for bigger long term gains, then

you should have a comparatively high equity exposure in your portfolio.

If you are less aggressive (more risk averse) and are not prepared to accept

the potential for short term falls in the value of your investments and are

happy to see smaller long term gains, then you should include more lower

risk assets such as cash and bonds in your portfolio.


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Know your investment horizon3Understanding your investment horizon is an essential part of constructing

your portfolio and feeds into all aspects of the decision-making process.

If you have a short investment horizon – that is you want access to the cash

you plan to invest within three to five years – you may want to consider

using funds which invest in low risk assets such as UK government bonds

(known as gilts) or other highly rated bonds. You may even want to consider

simply keeping it in cash.

To invest effectively though, you really should have an investment horizon

of at least five years, preferably longer, during which time the cash you

invest is not required. By investing over a longer period you can increase

the likely returns you will get substantially.

By understanding your investment horizon you will be better able to map

your portfolio with your goals and long term objectives.


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Active or passive?4There are two ways which funds are managed – actively and passively.

Passively managed funds (which include index

tracking funds and exchange traded funds

(ETFs)) aim to track the performance of a

particular index, such as the FTSE 100 in the

UK or the S&P 500 in the US.

The funds do this in one of two ways – either

by investing in shares in each stock that make

up the index they are tracking, or through the

use of complex financial instruments to mirror

the performance of the index.

These funds will never perform better than an

index, but nor should they perform badly when

the index is rising.

Actively managed funds , as the name suggests,

are those in which the fund manager actively

tries to cherry-pick the best investments for

the fund and beat a benchmark.

There are arguments for using both types of

fund.


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The main case for investing in anactively managed fund is that a good

fund manager should be able to

outperform an index and therefore

an index tracking fund. Remember

that with an index tracking fund it

will only ever be as good as theindex it is following. Therefore the

potential returns using an actively

managed fund could be much higher.

With actively managed funds, the

extra work and analysis involved

means investors will have to paymore in the way of charges, with

annual management charges

averaging around 1.5%. There is also

typically an initial charge of around

5.25% as well as further underlying

costs – such as those for trading – which mean the actual cost (known

as a Total Expense Ratio) is usually

between 1% to 3% per annum.

There are two main benefits ofusing an index tracking fund .

The first is that it removes the risk

of choosing a bad active fund

manager – not all active fund

managers are good and many will

pick the wrong stocks at the wrongtimes and will therefore not deliver

good returns.

The second and most important

reason is cost. Passively managed

funds will charge substantially less

than an actively managed fund,with typical fees ranging from

0.07% to 0.85% per year.

There is an ever increasing amount of evidence available which indicates that

passive investment returns more money to investors than active.

Passive Active


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Asset allocation & diversification5Asset allocation is a major driver

of returns over the long term. For

example, portfolios with a higher

exposure to equities will

outperform those with a lower

exposure to equities over the

long term.

When you make a choice to invest in a certain country or market segment

through an investment fund, you are relying on that economy or part of the

market to grow. Even a very good investment manager will not necessarily

be able to protect you against a wholesale fall in the value of that country

or market segment’s shares. This is why it is important to build a diversified

investment portfolio.

Do not put all your eggs in one basket – invest across a number of different

assets, sectors, countries and market segments. There is no way to invest

and insulate yourself entirely from stock market downturns, but in this way

you can avoid making huge losses if just one area of the market falls.

Diversification also means you are more likely to benefit when different

markets increase in value as you are more likely to be invested in them.

In addition to getting the asset mix right, you

also need to ensure you properly diversify your

portfolio.


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Review your portfolio6You should personally review your portfolio of investments at least

annually. As part of your review, consider whether the portfolio is still on

target to meet your objectives – you may need to make it more or less

aggressive if you don’t feel it is on track.

You may also want to refresh your fund selection if you feel market

conditions have changed or the portfolio is not performing as you would

like. Pay particular attention to those funds which are performing either

very badly or very well. Consider whether you think they will continue on

that trajectory and whether you think it is time to choose another fund.

How to choose fundsThere are literally thousands of funds available so

it can be difficult to know where to start. At AES

International we have a centralised investment

team which spends hundreds of hours researching

the best active and passive managers so investorscan benefit from best of breed solutions which they feel are right for them.

Part of this is called our White List which contains the funds that we

ourselves like to invest our own money in. We have secured substantial

discounts on the costs for the funds on this list and we pass these discounts

through to our clients.


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Top 5 tips for choosing funds and

building a successful portfolioDON’T SELECT ON PAST PERFORMANCE. Past performance is

never a guide to future returns. In some cases, the best

performing fund one year, will be the worst performing the

next.

DO LOOK AT COSTS. Using low cost funds, like passive funds,can add real value as less of your return is being swallowed by

fees. This is particularly true in “mature” markets such as

Europe and the US, where actively managed funds often

struggle to beat average returns.

DO LIMIT THE AMOUNT YOU INVEST IN EACH FUND. Do not be

tempted to put all your money, or even half, in one

undiversified fund. Spread the risk.

DIVERSIFY. Choose funds which invest in different sectors and

different areas of the world. If you are investing some of your

portfolio in higher risk or less well developed markets, like

Asia or Latin America, this is where an active manager with

local knowledge can potentially be a good choice.

AVOID HIGHLY SPECIALISED FUNDS. Funds which invest in just

one thing, such as retirement care homes or agriculture stocks,

can be risky. Getting your asset mix right is much more

important than trying to pick a winning asset class – leave that

to the fund managers and traders.

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5


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Chapter 4

PREPAREFOR YOUR

RETIREMENT


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Prepare for your retirementYou are probably already preparing for your retirement by paying into acompany or personal pension scheme. As you set out to take full control

over your finances, you should also spend some time reviewing where you

are up to with your retirement provisions.

The most important part of successful pension planning is to set goals. Set

yourself a target you would like to have when you retire – if this is very far

off, it may be easier to set an annual or monthly saving target. You should

try to save around 15% of your annual income.

You may also want to consolidate any old schemes into one. As we go

through life it is not unusual to pay into numerous different schemes as we

move jobs. It may make sense to consolidate these into one place, such as a

Self Invested Personal Pension (SIPP) or Qualifying Recognised Overseas

Pension Scheme (QROPS).


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Another thing to consider is where your money is invested. As discussed inchapter three, you may need to adjust the amount of risk you are taking in

order to reach your retirement goals. If you are many years or decades from

retirement, think about increasing your equity exposure as this is likely to

generate you higher returns over the long term. You will want to reduce this

risk as you near retirement.

When you do reach retirement we suggest you do seek advice from a

professional, qualified financial adviser. It is one of the few times in your

life when paying for advice is the best thing to do and can make a

significant, positive difference to your life.


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Chapter 5

WHEN YOUSHOULD TAKE

FINANCIALADVICE

(and how to pay for it)


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There are times in your life when taking financial advice from a professional,

fully qualified adviser is the right thing to do.

As an expatriate, your financial affairs can become complex, as there are

usually many more options available to you than if you were based in your

home country, particularly around tax and estate planning.There are also some more technical choices to be made around your pension

– both in terms of how and where you save and what you do at the point you

retire.

It is at times like these when it makes sense to consult a qualified financial

adviser who will be able to explain your options to you and guide you

towards a solution which is right for you.

If you choose to consult an AES International financial adviser you have the

option of paying by a fee rather than through commission which is built into

the product and which can eat away at future returns.


When you should take financial advice

(and how to pay for it)


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Ensuring you have the right banking and financial structures in place

to face major life events such as having children, moving country or

buying additional property.

Help your planning and investing for retirement. Reviewing existing

pensions and investment arrangements.

Advice on options at retirement. Maximising your retirement benefits

and flexibility.

Help in overhauling 'messy and disorganised' portfolios that are in

multiple locations.

Investing a lump sum released from other assets e.g. the sale of a

property or business, or reducing cash holdings.

A review of an underperforming portfolio/investment from an existing

IFA or wealth manager – particularly focusing on charges, asset

allocation and risk.

You no longer wish to manage your own investments – maybe you lackthe time, interest or confidence to keep making your own decisions.

Cash flow planning so you can begin to get control of your expenditure

and an idea of how to plan for your future.

Investing an inheritance OR inheritance tax planning.

Reducing administrative hassle and to strip out costs.


Top 10 reasons for choosingindependent professional advice1

2

3

4

5

6

7

8

9

10


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...they are unsure if they would benefit from

one-to one advice. In response to this we

developed X-Ray. This gives you the

opportunity to get a free, detailed technical

analysis of your existing investments to

review without obligation and in your own

time. You can also discuss your needs and

the services we offer in a free telephone

consultation.


People often tell us …

I am convinced that people should only pay for

things that they need and value. The RIGHT adviser

can be invaluable in helping you identify, achieve

and maintain your desired lifestyle without ever

running out of money, whatever happens. They

should help you understand your wealth – to help

you accumulate it, manage it, protect it, and most

importantly, ENJOY IT! Choosing the wrong adviser

can be a disaster for you and your family. That's

why we help you to work out how to run your money

yourself, and to decide if and when good, trusted,

expert advice might be what you need.

“

“Rory GilbertManaging DirectorAES International

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Unfortunately, the international market is littered with offshore financial

salespeople who make it their hunting ground looking for people like you

to exploit entirely for their own gains.

They are often charming and charismatic individuals who wear sharp suits

and drive flashy cars. They will use this charm to offload very expensive and

unnecessary products on people like you; products which could ultimately

destroy your finances.

What’s worse, once you realise the products are not what you thought they

were and your money is being eaten away by hidden charges (they will

likely claim the advice is “free” or that they are paid by the product

provider), they will be nowhere to be found, having moved on to their next

victim.When you do need financial advice, make sure you choose a fully qualified

adviser. Check their credentials and that of their firm. Don’t be afraid to

really quiz them on their qualifications – ask for copies of their certificates.

If they are a high quality, qualified adviser they will not mind and will

respect your diligence. If they are not, then hopefully they will be put off by

your inquisitiveness.


A word on choosing a financial adviser


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Before you take the reins as your own financial adviser, you may want a

little help identifying what financial goals are important to you and

assistance in constructing a plan which will help you reach those goals.


What next ?

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Unfortunately, the international market is littered with offshore financial

salespeople who make it their hunting ground looking for people like you

to exploit entirely for their own gains.

They are often charming and charismatic individuals who wear sharp suits

and drive flashy cars. They will use this charm to offload very expensive andunnecessary products on people like you; products which could ultimately

destroy your finances.

What’s worse, once you realise the products are not what you thought they

were and your money is being eaten away by hidden charges (they will

likely claim the advice is “free” or that they are paid by the product

provider), they will be nowhere to be found, having moved on to their next

victim.

When you do need financial advice, make sure you choose a fully qualified

adviser. Check their credentials and that of their firm. Don’t be afraid to

really quiz them on their qualifications – ask for copies of their certificates.

If they are a high quality, qualified adviser they will not mind and will

respect your diligence. If they are not, then hopefully they will be put off by

your inquisitiveness.

To find out more about how to choose a financial adviser and what makes a

good one read our guide here…

Blurb about AES International here taken from another guide………

A word on choosing a financial adviser

Our Offices

Serving our clients from 10 offices and36 jurisdictions across Europe and theMiddle East

Our Expertise

International InvestmentInternational PensionsNon Domicile UK Resident PlanningFinancial PlanningExpatriate Financial PlanningInternational Estate PlanningInvestment ManagementOffshore Private BankingCredit and LendingInsurance

IMPORTANT NOTE:This guide aims to provide general information on DIY Investing. It is a short and simplified summaryof a complex subject, so please do not make any decisions based solely on the contents of this guide. Whether or notinvestments are appropriate to you will depend on many factors, including your individual needs and circumstances. Fora personalised recommendation, please contact AES International or request the free portfolio ‘X -ray report’.

diy investing - how to become your own financial adviser

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