Past Events
Here are the details of past IMAP events
You can view videos of these events on IMAP's YouTube channel or on the video library on on this website.
Please contact IMAP on contactus@imap.asn.au for more information
Tuesday 22nd August MDA Forum (Sydney - at Centric Wealth offices)
Thursday 24th August 2017 (Melbourne) at AJ Gallagher offices
ASIC Update
IMAP, with support from a number of MDA Providers, has been meeting with ASIC about the practical difficulties of implementing the changes to the MDA regulations. The Forum was briefed on our progress on:
· External MDA Adviser authorisations
· Unregistered Schemes held in MDA's
· Simplifying the MDA documentation requrements
· Review of SOAs by MDA Providers
Special Forum Topic PI Insurers - Putting Your Best Foot Forward
The forum helped prepare MDA providers for what are becoming increasingly difficult professional indemnity (PI) renewals. MDA providers will learn how to demonstrate a strong narrative to PI insurers to ensure they get the most advantageous terms. Being able to differentiate your operating model from high risk operations can make a significant impact on the PI terms available to you.
With the ASIC MDA Class Order becoming effective 1 October 2017, insurers will be considering the potential for any significant changes to how MDA Providers operate and whether there are consequences for PI insurance rates.
Our expert speakers also considered scenarios that may have the potential to drag MDA Providers in the challenging retail regulatory environment, where adapting to new regulations and a readiness to respond to any issues as they develop is critical.
What happens if?
- breach reporting obligations are triggered (caution: over volunteer v head in the sand)
- systemic issues are evident
- ASIC seeks rectification
Insurance considerations
- new activities require a strong narrative
- you need to take insurers on your managed accounts (IMA, SMA or MDA) journey
- how well your organisation's risk are presented can make all the difference
- the long term impact of any claim/incident history can be mitigated by improved risk management
Insight and expert commentary was provided by financial services legal specialist Cain Jackson of Wotton + Kearney
and PI insurance specialists Mike Herron and Stephen Hughes from AJ Gallagher
14th August 2017 Dealer Investment Forum - Video Conference Sydney/Melbourne/Brisbane
IMAP’s Dealer Investment Forum is a community of interest for dealer group researchers and investment teams and independent researchers that provides a chance to listen to experts and those in other advice practices on the practical issues involved in implementing managed accounts in your advice business, plus the opportunity to share the insights of other professionals.
Josh Persky from BlackRock described how BlackRock use risk analytics tools in monitoring & managing multiple risk parameters within their Australian managed account portfolios, and
Jonathan Bayes, CIO of Prime Financial Group, a leading Melbourne based advisory business, talked about the practicalities of adopting managed accounts into their advice process
28 July 2017 Responsible Manager Masterclass
Many AFS Licensees have already or are thinking about how managed accounts – SMAs or MDA’s – will change their advice processes. Whether it’s as a standalone advice provider or as an MDA provider, there are a lot of obligations that Responsible Managers need to understand and incorporate into their business to meet ASIC's requirements.
For advice businesses who have been relying on the LMDA no action position, the next 12 months will involve major changes to their business operating model, and potentially their AFSL.
This Masterclass helped current and potential Responsible Managers to understand their general obligations and responsibilities as well as the specific requirements for businesses offering MDA services.
Attendees learnt about:
- Financial Services Regime
- Responsible Manager Roles and Responsibilities
- Specific MDA Obligations
- Obligations of AFS Licensees
- Workbook - You'll receive a comprehensive workbook and a sample checklist for key tasks
The Masterclass was led by two people with outstanding experience in developing and operating MDA services.
Claire Wivell Plater LLB. is managing director and owner of law firm, The Fold Legal
Toby Potter, Chair of IMAP, the Institute of Managed Account Professionals
6 CPD points apply for attendance
24 July 2017 Portfolio Management Conference
Click on the heading above to go to Presentations and videos from this conference
‘Portfolio management: through the managed account lens' is about turning investment philosophy and principles into cost effective portfolios that work for real life investors.
More than 200 people attended the event including over 100 advisers
This IMAP event was supported by industry specialists speaking on all aspects of the managed account portfolio management process, including:
- managed accounts: why they are the fastest growing sector in the Wealth Industry
- how to implement market forecasts within a managed account portfolios
- turning investment return expectations into portfolio construction
- listed investment options in managed accounts - factor based ETFs, active ETFs, XTBs etc
- establishing and running a successful investment committee
NOTE More information on this event including presentations and videos can be viewed here
10 July 2017 Webinar - identifying skill, conviction and risks when using concentrated Global equity portfolios in the managed account environment
Historically in Australia only institutions, HNW clients (via private banks) and Family Offices have typically enjoyed the benefit of having direct ownership and control of their overseas shares with Global Managed Accounts. But with platforms and sophisticated trading platforms harnessing the latest technology the broader advisory market now has the same opportunity.
Fund managers are currently offering their high conviction, Global investment portfolios as direct equity holdings or via a managed fund through an SMA environment. This reflects the increasing sophistication of investors that are fed up paying active fees for index-like performance. Though investors currently enjoy greater choice than any time before, it's also harder to keep up with the increasing variety of options.
To make intelligent choices, questions to ask include – “What checklist and tools should you use to select managers?”. “What issues are important to consider when blending different manager's together within your clients’ portfolios?”
Presenters
Nigel Douglas - Chief Executive Officer (CEO) at Douglas Funds Consulting Pty Ltd which is an independent research firm that undertakes customised fund and client specific research projects as well as investment committee and non-executive director roles. Mr Douglas has over 30 years financial markets experience with high level expertise in investment manager research, asset allocation and macroeconomics.
Alex Haynes, Head of Distribution - Peters MacGregor Capital Management. Alex has over 19 years' experience in the financial services industry. He has worked at BT Financial Group, Credit Suisse Asset Management and more recently as Head of Business Development at Aberdeen Asset Management. Alex holds a Bachelor of Business from the Australian Catholic University, Graduate Diploma from the Securities Institute and has studied more recently at the INSEAD (Singapore).
8th June 2017 MDA Forum - Maximising your business valuation (at Macquarie Bank in Melbourne)
also held 25th May 2017 ( at Nikko Asset Management in Sydney)
“How do Investment Bankers Value Wealth Management Businesses?”
We all want our businesses to be more valuable so that when we finally realise the value we’ve created, it’s a bigger rather than a smaller number.
Vaughan Webber, Director Equity Capital Markets at Bell Potter discussed:
· What do you have to do in your business to make it more valuable?
· When is listing a realistic option?
· What would an acquirer be looking for if you were planning to sell to them?
9th May 2017 Manager Due Diligence sponsored by OneVue
Making sure the next van Eyk Blueprint isn’t in your Group’s Portfolios
As Advisory businesses become more involved in portfolio construction though their use of managed accounts, the risks are rising. Reputation risk, legal risk, client loss and significant management distraction all become issues when an investment turns sour.
Most portfolio managers and Investment Committees pay overwhelming attention to investment issues but operational risk should rank as highly because – for Australian investors – poor manager process has been a significant source of loss.
Learn about Operational Due Diligence – A vital role in Managed Account Portfolio Construction
· What DD should Portfolio Managers be undertaking?
· What should be covered in a DD review?
· How do Australian managers stack up?
· How to integrate DD into a portfolio construction
Chris Addy, CEO and founder of Castle Hall, a leading company involved in Manager Due Diligence presented this webinar exclusively for IMAP subscribers, and if you are involved in portfolio construction or considering implementing a managed account service within your advice practice this is one webinar you will want to watch.
11th April 2017 MDA Providers Forum
This event addresed the subject of how ASIC are implementing the changes to the MDA CLass order.
With the assistance of Foundation Sponsor HUB24, the MDA Providers’ Forum focused on the special and unique interests of MDA Providers.
ASIC updated the Class Order in September 2016. and these changes come into effect on 1 October 2017. The changes are subtle but potentially have quite a significant effect on how businesses should be operated.
Claire Wivell Plater, The Fold Legal, an MDA specialist delivered insights on the likely impact of these changes.
IMAP received excellent feedback on this event in terms of relevance, usefulness and presentation.
8th March 2017 IOOF Webinar - Using Managed Accounts for investments that are difficult to reach for individual clients
Even the best advisers can find it difficult to take advantage of all the excellent investment opportunities that would be appropriate for their clients.
Issues can arise because:
- Investments require rapid responses, such as IPOs
- Advisers lack the time or background to research and understand many new opportunities in depth
- Some asset classes need to be held in small amounts making the order execution cost ineffective at individual client levels
- Advisers cannot implement tactical or dynamic allocations across their clients as quickly as markets can adjust
- Trading complexity is hard to manage on a client by client basis
Managed Accounts offer a way in which a wider range of investments can be professionally reviewed and portfolios can capture shorter term opportunities.
These can include:
· Being able to accept IPO allocations with certainty
· Incorporating more esoteric asset classes such as infrastructure in cost effective ways
· Alternative exposures to provide portfolio diversification
· Short exposures to hedge portfolios from market downturn
· Holding stocks on international exchanges
This IMAP Webinar explored the opportunities to use managed account portfolios to capture specific investment opportunities will be explored using three examples – IPOs, ETFs and international direct holdings.
Paul Saliba – Head of Portfolio Construction IOOF Research chaired the discussion and brought the Advisers’ perspective to the discussion
Hugh Williams– co-founding Managing Director of Pitt Street Real Estate Partners which is the real estate Investment Manager for URB - an upcoming Listed Investment Company IPO
Peter Harper– Head of Capital Markets- Betashares discussed alternative exposures for diversification, hedging portfolios and capturing tactical opportunities in portfolios
Jason Entwistle– Director Strategic Development Hub24 talked about how international equity managed portfolios have opened up new investment perspectives that were previously not practical for individual advisers.
7th February 2017 How to Deliver on Your Portfolio Promises – Portfolio Construction in Managed Accounts
This webinar on portfolio construction is designed for advisers and dealer group researchers. What differences should delaer group and advisers be aware of when constructing client portfolios utilising managed accounts versus traditional managed funds?
Managed Account portfolios can be much more client specific than multi asset class funds but tend to follow standard asset allocation models across whole dealer groups. Single sector portfolios included in a “whole of portfolio” managed account can also allow a much more individual approach than is possible in a managed fund that might otherwise be very similar.
This webinar will feature two very experienced portfolio managers discussing the issues from an Asset Allocation and single Sector perspective.
Dominic McCormick Head of Investment Strategy / Portfolio Manager - Select Funds
Theo Maas, Global Portfolio Manager, Arnhem Investment Management
Asset Allocation
• What can asset allocation achieve?
• Dynamic vs tactical asset allocation
• Who should be making the asset allocation decisions ?
• Managed accounts vs adviser developed portfolios – are there any material differences?
• Incorporating client investments
Portfolio construction in a single sector
• What are portfolio managers trying to achieve?
• How different are Managed Account portfolios from managed funds?
• Are there constraints that apply when the clients will be holding securities in their own account?
• Are there transactions a portfolio manager cannot undertake on Managed Accounts that they could do in a managed fund?
15th November 2016 IOOF Webinar Using bonds through a Separately Managed Account to meet your clients’ income needs Webinar sponsored by IOOF
Presented by Alwyn Hung, Portfolio Manager - Fixed Income, Mason Stevens
In this low growth environment where managed fund distributions are not guaranteed and difficult to measure and the potential for rate rises to create capital losses is high, an alternative investment strategy may be required in order to meet client financial objectives, where capital stability and certainty of cash flows is paramount.
This webinar provided information about direct ownership of a bond portfolio and how it can be an available and cost effective way to gain exposure to fixed income. It covered:
- alternative and cost effective fixed income solutions.
- knowledge about differentiating the structural risks and benefits between managed funds and direct investing.
- understanding about how bonds work within a Separately Managed Account.
- the right (and simple) fixed income solution to meet your clients’ goals based on their life stage.
All attendees received a copy the Mason Stevens Whitepaper: Distinguishing Risks between Managed Funds and Direct Ownership – a look at fixed income.
October 2016 IMAP ASIC MDA Legislative Instrument Briefing Video conference Event Sydney/Melbourne
ASIC personnel provided a briefing on the nature and intent of the changes to the MDA regulations.
Toby Potter, IMAP Chairman gave an introduction followed by a presentation from ASIC’s Tony Christie explaining timing and intent of the changes .
Claire Wivell Plater, The Fold Legal then provided her view on the commercial consequences of the changes at the Sydney venue.
David Court and Matthew Twomey from Holley Nethercote provided their view on the commercial consequences of the changes at event in Melbourne.
Both events were held at Macquarie Bank's offices with the appreciation of IMAP.
IMAP August 2016 Roadshow - Sydney, Melbourne, Brisbane
IMAP, the Managed Account industry representative for advisers and organisations had a great turnout from our 4,000 subscribers in all three cities for a full day of practical and informative sessions on what you need to know as a dealer principal or adviser who is using or considering a transition to Managed accounts.
Key topics
1. Latest views from ASIC on the financial advice industry
A focus on areas for the year ahead including an update on the MDA Class OrderThis panel session will provide insights on their experience with running managed accounts, including portfolio construction, the types of investments used in their portfolios and benefits to their business.
2. Portfolio construction in managed accounts
- Learn about the type of asset classes used to structure managed account portfolios from dealer groups running established managed account solutions.
- Gain insights from these dealer groups on running well structured and efficient managed account portfolios.
3. Designing your financial planning firm's managed account service for success
We identify critical design decisions and typical choices; What sort of flexibility are platforms providing to assist planners?; Dealers / Principals relate how their managed account design decisions support their business strategy.
4.Revenue and pricing issues for managed accounts
- Adviser and AFS licensee lenses on managed account revenue
- How the incremental cost of managed accounts get funded
- Conflicts and conflicted remuneration
- Restructuring pricing to earn investment management revenue; Aligning role, competencies and value in pricing
15th June 2016 OneVue Adviser Webinar "Lessons we Learned"
This webinar addressed the subject of "Lessons we learned from tailoring a Managed Accounts program"
Adrian Rowley from Watershed Group and Adam Seccombe from Implemented Portfolios gave their respective insights into the do's and dont's for Advisers when running your own managed accounts program for clients based on their own considerable experience.
Adrian Rowley is Portfolio Manager within the Investment Team at Watershed with over 15 years experience in Portfolio Management
Adam Seccombe is the Chief Executive of Implemented Portfolios, an ETF and Managed Accounts provider.
"Robo advice + Disruption + block chain strategies and other disruption trends"
She was a co-founder of Grail partners in 2005. Grail has worked on over 250 strategic transactions involving asset management businesses.
Aside from advising companies, Darlene had 25 years working in US financial services industry strategic marketing, product design and the implementation of innovative service strategies with emphasis on outsourcing and technology
