I attended the CFPCM professionals' conference on 12th June 2014 at Chesford Grange - a very worthwhile day: varied, challenging and fast moving, writes Jane Wheeler FIFP CFPCM.
The day started with three technical sessions. The first was on the principles and theory of 'smart passive' or 'smart beta'. It was very interesting to learn how the practice of passive investment
is evolving with ever increasing complexity and to hear about the steep increase of numbers of IFP members who have adopted the 'passive' approach. The session left us in no doubt about the levels of concentration expected for the day.
Our second session was around DB pension considerations for high earners in both public sector and private DB schemes. We learned how we could easily demonstrate the value of membership of schemes such as NHSSS even despite the recent changes in contribution and benefit bases. Equally, taking annual allowance and lifetime allowance considerations together for high earners in DB schemes, there may be a genuine advantage in transfer out in the approach to retirement age. Lots to think about!
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Mark Cherrill's thought provoking session on risk and sustainable rates of portfolio withdrawal triggered a lively debate on the safe level of assumptions for future real growth. Can we ignore the experience of the recent past with greater correlation in performance of bonds and equities when building assumptions for the future?
In the practice management session, Kevin Deamer CFPCM shared with us KMD's planning process and documentation - which is impressive. He also shared techniques for client communication, including the use of monopoly money. I applaud them for their imagination, the work they have put into it and generosity in sharing it with us.
Professor Palmer led us in a session on the scale and power of philanthropy which will hopefully encourage more of us to consider this in our day to day work.
As always, it was great to have the chance to catch up with old friends and make new ones and to share ideas with like-minded folk. If you missed it and you have the chance to go next time, I recommend it.
