It is not beyond the realms of possibility that the "prudent person" approach to playing it as safe as possible in portfolio construction might undergo a significant shift.

A recent survey found "an alarming 60 percent of clients did not know or were unable to answer if they were on track to meet their defined goals". Can yours?

Investment management has long been the backbone of financial planning. But is it the future for financial advisers? I think not.

New research found 78% of consumers care about being comfortable in the future - that alone tells us where the future is for advisers.

NZ FMA new CEO, Rob Everett, gave an interesting briefing by way of introduction. It contained a very strong warning for the short term, and an intriguing line of thinking for the longer term. Both focused on behaviour.

This Resources Kit is a deluge of videos, podcasts, and papers for all sessions of the jam-packed Symposium 2014 program so you can "attend" even if you weren't part of the 200-strong audience.

Three interrelated aspects of practically managing client portfolios - constructing portfolios using buckets, diversifying human capital, and the Withdrawal Policy Statement.

Our Symposium NZ 2014 faculty debated that the best way for practitioners to manage a client's primary risk of not meeting their objectives is to manage the long-term uncertainty of returns.

This paper and presentation argue that starting period equity valuations impact not just medium-term equity returns, but medium-term equity volatility and bond-equity correlations also.

This paper and presentation argue against the use of debt-weighted benchmarks for global bond managers, in favour of a better approach to setting an appropriate benchmark.

This paper and presentation argue that understanding what is going on under the bonnet at central banks is key to understanding what will drive markets, and how best to position portfolios.

Using risk factors in evaluating investments in the portfolio construction process can provide valuable information about the true drivers of performance.

There's some evidence that some managers can add (relatively) consistent value net of costs. Can we (or anyone) identify them?

Are the human and organisational barriers to being better investors insurmountable, or can we learn and improve our decision-making?

Typically, MPT has focused solely on how to invest within classes, not amongst them. But MPT continues to evolve.

Recorded at the recent Symposium 2014, this session examined the truth as to whether regulation makes markets more efficient or causes markets to produce lower returns.

In the wake of the GFC, the public's belief in the free market has taken a battering. But for all its flaws, capitalism remains the best way of creating prosperity.

This paper and presentation provide an introduction to the risk tolerance paradox, exploring the main reason it exists, and introducing risk management strategies that seek to solve the problem.

This paper and presentation argue that there are real sign-posts that clearly suggest that the US is off its knees and ready to surprise the world on the upside, with significant implications for markets and portfolios.

This paper and presentation argue that the bond market can offer compensation against rising rates through roll down and active management of forwards.

Central banks must complete the Great Unwind – removing ultra-easy monetary policies. The critical period for markets will come when the Fed lifts short-term rates (probably, but not necessarily, after tapering ends).

The majority of the world will see an improvement in economic growth this year. While equities remain the most attractive asset class, they will need a more nimble approach.

Graham Rich opened Symposium 2014 in his usual thought-provoking (and entertaining) way, highlighting key issues to consider over the jam-packed, marathon program.

Older adults are crossing the most challenging and complex frontier of their lives. To earn a role with them, financial advisers have to learn more about how older clients think and communicate.

As Glen Whitman argues, "What distinguishes good economic thinking from bad is recognition of the subtle, creative, and often unforeseen ways that people respond to incentives."

Studying economics these days, it is quite possible to get a degree without ever having come across the name of a single economist. This is a pity and it is not really appropriate to a social science.

There is an enormous power and prestige for a profession in doing public good. Done correctly, we will stand a good chance of earning more respect than politicians in future Reader's Digest polls.

An empirical study found that in advanced economies, the greatest factor that has increased the growth of government is the welfare state. Economists are highly sceptical about such transfers.

As investment advisers, we love to inundate prospective clients with data. But disseminating large amounts of data is actually counter productive.

Stein's law, a rule of thumb for politics, economics and business, is that "If something can't continue, it will stop." Here are four inevitable changes in the investing environment.

Fortunately, New Zealand consistently ranks near the top of international indices measuring economic freedom. But this also means that we might take it too much for granted.

Recently, I ran a session for a group of 20-years plus CFP veterans. What became evident was that their idea of using technology and engaging collaboratively with clients was very different to mine.

George W. Bush allegedly once said, "the problem with the French is that they don't have a word for entrepreneur." Indeed, most people have no idea what entrepreneurship really means.

A recent Australian study of how clients prefer to be communicated with from their financial advisers sheds some interesting light on the challenge.

While most financial advisers aspire to work with HNW clients, very few successfully do so with any scale or significance. Most advisers will have a few HNW clients, but all too few of them. Why?

In Shakespeare's Hamlet, Polonius's advice was "Neither a borrower nor a lender be For loan oft loses both itself and friend." In contrast, borrowing and lending between strangers makes the world a better place.

When meeting with a prospect for the first time, financial advisers should limit discussion about their background to 3 minutes and address the 4 key questions most prospects want answered.

What impact has the FMA's Guidance Note: Limited Personalised Advice published in December had on how advisers handle lower value clients?

It is through competition between wants and different ways of satisfying them, that markets create prosperity. In economic thinking, competition has two main functions.

Aside from CPD changes, the most distinct change in the new Code of Professional Conduct for AFAs is to prioritise the "client first" rule. We asked advisers what this means in day-to-day business.

Central banks stand at the apex of the banking confidence pyramid but cannot insulate the public from the consequences of collective fiscal and financial follies.

It is common knowledge that a trusted adviser has a far higher chance of selling products or services than one who is not trusted. However, what is meant by the word trust?

As competition in the financial advice business intensifies, advisers must focus on those activities that add the most value for clients.

Few economists are more famous than the commonly regarded founder of economics, Adam Smith. Over 238 years later, his ideas are still relevant.

When investment experts are in agreement, we should always ask what could go wrong with the consensus.

Communicating with clients is one of an adviser's most important responsibilities. In the modern world, the options of how to do this are many. What works?

If we're explaining a "norm" to clients that embeds a social proof, we should be using norms that show what is successful, not describing the commonality of failure!

The boom demographic joining Facebook is age 65+ at the moment. If retirees are flocking to social media channels, shouldn't you?

Many New Zealand financial advice firms need to fundamentally rejig their way of doing business, to improve client retention, drive down costs and improve the bottom line.

financialalert asked the heads of four financial adviser bodies about their plans for 2014, and what they will have on offer for advisers in the coming months.