Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth


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Burying key data

Equities, Alternative Assets and Offshore Assets, actively with a macro top-down approach with specific reference to share market crashes see Investment Approach par 9 for more info on our contrarian approach. We are independent DIMs discretionary investment managers. There are about of these types of professionals in South Africa that are sometimes referred to as boutique fund managers or DIMs discretionary investment managers.

These are graduate financial advisors with category II or IIA fund management licenses, the same as the fund management licenses of the fund managers of big institutions like Old Mutual, Liberty Life, Allan Gray, etc. There is however a vast difference between them and us. We do not manage funds in the true sense of the word in the same way as they manage funds and we do not see ourselves in the first instance as fund managers, although we are referred to as DIMs.

Many of these discretionary investment managers or boutique fund managers were previously employed as attorneys, accountants or engineers, who got involved with financial advice or fund management and eventually combined the two, in independent financial advisory practices. We believe that good financial advice cannot be given properly without professional investment management. Professional financial advice for a client consists of advice regarding their immediate, intermediate and retirement capital requirements.

The big fund managers see a crash rather as an opportunity to buy additional good quality shares, which are busy losing value. Investors who are investing in these types of funds usually find a few years after a crash, once markets have come back, that they are much better off than previously. These clients can make use of the mentioned style year in and year out. If this type of client for instance decides to retire or should need income or capital , the approximately R50 million in the Money Market will be used to produce income and will be more than enough to produce income, even at the low rate of the Money Market, similar to what the client has been used to.

This client will not easily get into a situation during a market crash, where he will need to draw income from these growth assets, as he has enough capital in interest related investments. However, if a client who needs all his investments in growth funds, should draw at any stage from his investments in growth funds during a market crash, so as to support his standard of living, he will eventually have a huge problem as he has dug into his capital.

The above mentioned approach can usually not be followed by clients who have assets of only R20 million or less, and whose various available assets or investments in growth funds are barely sufficient to maintain their standard of living. The majority of people in the middle income category experience this problem globally. A great percentage of people worldwide tend to live above their means, usually with too much debt. They do not save enough and usually get into a situation at retirement where they do not have enough capital on investment to generate an income that they have been used to.

Eventually they become dependant on the state or their children. It becomes necessary for these clients to invest all their assets in growth funds in order to generate an income that they have been used to. This becomes a proverbial catch 22 situation for the financial advisor. This investment approach does not attempt to time the market on a daily basis or even try to time market correction, but aims to time the big market crashes, which is possible if the funds under management are not excessively large.

The big fund managers like Old Mutual, Sanlam and Allan Gray, who manage amounts of more than R50 billion in value, cannot follow this active management style, not because they do not have the necessary skills, but merely because they are too big. You cannot cash in shares worth R50 billion within 24 hours without crashing the market even further, disadvantaging your own funds before you have cashed in everything. They usually do not manage via Fund of Funds, because of the expensive cost structure of a Fund of Funds once it becomes smaller than R50 million.

They therefore prefer to manage rather more risk profiles via wrap funds where smaller amounts of R10 million is allowed. People who are not high nett worth individuals and who are not making use of DIMs with a successful macro top-down approach, are usually advised by the advisors of the big companies to invest in medium to low risk growth funds the older they are, the lower the risk profile of the suggested investment. Unfortunately these clients usually get returns that are too low to build up capital for their retirement, or they get high returns with too much risk, which can, as mentioned, cause these clients major losses during share market crashes under circumstances where they need their capital or a portion of their capital.

To provide professional financial advice, which incorporates active fund management, is not cheap. Comm and Andries a B. Sc degree in Chemical Engineering. A wide combination of knowledge is ideal for active fund management. You will find that our advice is holistic, but also specific, which requires support personnel that are expensive. Therefore, we cannot service people in the lower income category. We believe that the additional 0.

According to our experience since , it is making a difference between someone that can retire early or at a higher standard of living or vice versa. We aim to bring talented people together and to harness their skills and expertise, so as to enable us to create something meaningful in other people's lives. Richard Branson of Virgin said : "Because starting a business is a huge amount of hard work, requiring a great deal of time, you had better enjoy it. When I started Virgin from a basement flat in West London, I did not set out to build a business empire.

I set out to create something I enjoyed that would pay the bills. There was no great plan or strategy". Our aim is to deliver a service that makes sense to us, and to be continually imaginative and innovative. Our firm belief is that people who work for us are our biggest asset. Unity is strength and therefore we aim towards a united force where each one feels they belong to a large family and feel proud and secure in that partnership. Building competent leadership qualities is high on our list of priorities. Outstanding leaders in any field have always been those who can listen well — not those who speak too much and thereby tend to impose their views on their personnel and also on outsiders.

When we do speak, our words should be meaningful. We are always transparent. We will always answer all our clients' questions and tell them like it is. There is no investment black box that the client does not understand. Kanaan is managed by its main shareholders. Most of the personnel have invested their own funds in the same portfolios in which our clients' investments are invested.

We feel passionate about our company. We are intellectually curious and therefore also widely read. We manage our business flexibly. In other words, we adapt to changing circumstances continually in the same manner as we manage our funds. Kanaan will cap any fund under management if there is a possibility that the fund may become too big or inflexible in the foreseeable future. The personnel management of Kanaan, when recruiting an asset manager or analyst, is focused on the right temperament for investments.

The right temperament is one that allows a good manager to think differently and not to be influenced by the crowd. Having the ability to think differently also means that our managers can withstand the stress of underperforming and stick to our investment philosophy.

We tend to have a high level of conviction and this is usually reflected in a low number of funds in our portfolios.

We take bigger bets on fewer funds. While we are independent and often contrarian thinkers, we can also change our views if the evidence changes. We are looking for resilience, not stubbornness. We tend to have a long term focus and do not speculate on the short term. We understand the need to have patience and wait for the value of a sector or a fund to be unlocked. Doing less often results in earning more. We launch and manage only a few funds.

We have never launched funds that target the latest fad and we do not focus on short term returns. We are stewards of our funds and are opposite of salespersons, who are simply selling products. Performance, not profits, is what ultimately drives us. We aim to maintain high standards of education, integrity and professional excellence. For in depth information regarding this high standard, please either download our Code of Conduct or contact us to send it to you.

Kanaan Bci Balanced opened as a wrap fund on 1 August with the first investment of a certain Mr. JJ Meyer from Welkom. The balanced wrap fund started during Because of global financial uncertainty since the Credit Crunch Crash there has been a great need for diversification.

Not only diversification as far as asset classes are concerned but also diversification as far as main asset classes are concerned. Kanaan Asset Managers saw this need and decided to create a Hedge fund of fund within the main asset class, Alternative Assets. As hedge fund managers require a Category IIA license we also had to acquire our Category IIA license and the intention has been to pick hedge funds with various strategies.

Why do we combine financial advice with fund of fund management? Why not everybody can make use of the passive approach The above mentioned approach can usually not be followed by clients who have assets of only R20 million or less, and whose various available assets or investments in growth funds are barely sufficient to maintain their standard of living. The dangers of passive fund management People who are not high nett worth individuals and who are not making use of DIMs with a successful macro top-down approach, are usually advised by the advisors of the big companies to invest in medium to low risk growth funds the older they are, the lower the risk profile of the suggested investment.

Active fund management not cheap To provide professional financial advice, which incorporates active fund management, is not cheap. Thankful of what we are doing: We aim to bring talented people together and to harness their skills and expertise, so as to enable us to create something meaningful in other people's lives. To enjoy what we are doing: Richard Branson of Virgin said : "Because starting a business is a huge amount of hard work, requiring a great deal of time, you had better enjoy it.

To be innovative: Our aim is to deliver a service that makes sense to us, and to be continually imaginative and innovative.

Why financial services is the most difficult industry to market

To make a difference in the lives of employees: Our firm belief is that people who work for us are our biggest asset. To be a good leader: Building competent leadership qualities is high on our list of priorities. Integrity: We are always transparent. Aligning Interests: Kanaan is managed by its main shareholders. Passion: We feel passionate about our company. Flexibility: We manage our business flexibly. Temperament: The personnel management of Kanaan, when recruiting an asset manager or analyst, is focused on the right temperament for investments.

Flexible conviction: We tend to have a high level of conviction and this is usually reflected in a low number of funds in our portfolios. Long term focus: We tend to have a long term focus and do not speculate on the short term. Stewardship: We launch and manage only a few funds.

John De Goey

Kanaan Hedge FoF: Because of global financial uncertainty since the Credit Crunch Crash there has been a great need for diversification. Our Vision To be a national professional financial advisory business which focuses mainly on the needs of professionally qualified people. Our Mission To manage fund of funds on behalf of our clients with various risk profiles, within at least the three main asset classes, nl. Core Values Performance, not profits, is what ultimately drives us.

The real Malema and his VBS-funded splurging www. The same even goes for gold and precious metals. Just like diamonds, bitcoins are hyped by those who control it, and the media does the rest. Trump administration designates China a currency manipulator www. The human contribution was about 0. In fact, the cryptocurrency is pummeling them so badly it's not even funny anymore. Did the Chairman forget that? Now it looks like he is on his way to add ano. Fellow starstruck billionaire Sir Richard Branson plans to actually travel there.

Next month. Considering that Warren Buffett is a long-term investor and not a trader, Sun might actually be successful. Aren't delirious Democrats now accusing Team Obama of treason? Norway was the actual example he used. Steve Hilton: Mueller revealed his true self - a partisan establishment swamp lawyer www. It wasn't the rule of law. It was a smear. US economy proves it is robust and thriving, liberal 'sugar high' predictions are wrong again www. US economy grows by 3. Germany: Dead Economy Walking www. And the trends for those two things have been in decline for over a year.

The DA treating Zille with disdain may backfire in elections citizen. And, unlike Zuma, she remains untaint. Ocasio-Cortez and freshman allies amass power, creating problems for Pelosi and party www. Britain's hopes of a trade deal with America just suffered a big blow edition. Offshore diversification: a long-term strategy, not a kneejerk reaction www. Trump plays State of the Union chicken with Nancy Pelosi www. Father of index funds, Vanguard founder John Bogle dies aged 89 www. He was a pioneer who went about acting on his vision and upending the investment industry for years to come.

How SA hedge funds lost their shine www. High court rules that Zuma responsible for own legal costs citizen. Leaked document shows the 5 ways land expropriation without compensation businesstech. SA economy gets up on one knee with unaccustomed GDP growth www. Ruperts quietly get on with land reform, offering township title-deeds www. Will the rand surprise us? Your guide to medical aid and insurance costs www. Dealing with delistings www. Amazon, Alphabet in cloud arms race as traditional growth wobbles www.

But as with everything, you always need to read between the lines and there are some interest figures below on the amount of Capex Naspers heeds Ramaphosa investment call, injects R4. Warning: Cyril Ramaphosa is whistling in the graveyard of the SA economy www. Is Tito Mboweni the much needed counter to recent populist push?

Two weeks into the job, there was not much he could have changed with regards to the figures. Are you investing enough for your future? We may just have reached our lowest ebb. Mboweni may just be the guy to get his government out of the mess it created for itself. The age of Zuma is officially over…. The real question is what would Britain get out of it?

Roubini predicted a recession in , , , and He was wrong four years in a row. So, in , his prediction appears to be finally coming true. Well, a stopped clock is correct twice each day and as Banerji says, "Roubi. Marc Thiessen: Trump could be the most honest president in modern history www. For better or worse, since taking office Trump has done exactly what he promised he would do.

President Donald Trump's winning streak edition. Especially considering the appalling record of African nations which have adopted socialist economic policies. This could be a very positive electoral move for the party and open up a new line of attack against the ANC. Summons for Zuma to be in court in April www. Sources close to the case disclosed to News24 that Zuma will appear in court on April 6. Zuma received R1-million cash bribe to keep minister — Report mybroadband. The City Press reported that Zuma is being investigated by the Hawks for accepting the bribe to keep Agriculture, Forestry a.

Moyane — who has faced serious allegations of maladministratio. Ultimately, the Lightning network targets ramping this up to a few million transactions per second, making it much faster. Easy on renewal euphoria — first reconfigure the State — Hamilton www. No barbless hooks for Ramaphosa in Zexit deal — Judith February www. Amazon's automated grocery store of the future opens Monday www. Leaked secret list of those favoured — Pressly www.

A War Trump Won www. Zimbabwe rejoices! Robert Mugabe resigns, ends 37 years of tyrannical rule www. SA business employs 6. Will the ANC ever wake up to this reality? Mugabe resign or get humiliated: Mnangagwa www. Zim: Choosing between the devil and Lucifer www. Since it works on a peer-to-peer network, users can buy and sell coins and secure and perpetuate the system without any government or central ban.

Instead, a fall guy spends some token time in prison and emerges, limping, to tee-off again. Is this more of the same? Panicking ANC - Beating up yourself www. Bitcoin bounty hunters: Stellenbosch tech firm cracks down on content pirates www. Buffett calls pessimists about United States 'out of their mind' www. See you in court www.

Questionable Business?? (The TRUTH About Founder of Little Pink Houses of America)

Absa heads for the exit. GuptaCurse www. It has taken a long time for many KPMG clients to absorb the enormity of the crimes the global consultancy has committed against South Africa — but the penny is finally starting to drop. How world sees SA: McKinsey reputation shatters in graft crisis. But they had better sit up and take note that public sentiment. He also possesses the cool head which comes from decades of his disciplined thought process which involves deep interrogation of evidence before reaching conclusions.

What do Bitcoin and tulips have in common? If Motlanthe wriggles, can you imagine what a Zuptoid would do? Disgraced Bell Pottinger collapses into administration amid dramatic implosion www. Chris Hattingh: Twin peaks; twin fallacies — a conservative R4. Within a hour period, bitcoin price recorded a Emigrating to Australia may be easier than you think www. This visa is one of the most desirable for those wishing to emigrate Down Under. Eskom take note: Solar plants already powering entire Northern Cape www.

Curious case of a R33bn trade in a UAE-linked cryptocurrency www. The transactions used South African Rands, and took place on a very small and. Mark Ingham: Tencent hits it out the park, but have doubts around Naspers www. Was Zuma behind the secret ballot? Deadline looms for undeclared offshore assets www. A magnificent fightback gets the Lions into the Super Rugby final www. Be warned: Hugo Chavez wannabe Julius Malema ramps up racial rhetoric www.

But, as ever, costs and fees are always critical when it comes t. A tale of many cities: Street-smart international property investments www. Especially those who have recovered from difficult periods. Magnus Heystek is one of them. A talented journalist turned financial advisor, he has been pulled through the bushes backwards by forme.

Drinking more coffee leads to a longer life, two studies say edition. Blockchain too slow for banks, warns top blockchain firm www. The Capture Of Gwede Mantashe www. Somebody needs to put it to use. Broken heart syndrome kills journo Suna Venter amid threats, intimidation www. Meet the Robin Hood of medical scheme rip-offs: Clawing back big sums — for a modest fee www. He can do it for less than R, all in. Pence confident Supreme Court will uphold Trump's travel ban www. Former finance minister Nene never heard from Zuma since being axed www.

Super computers can now teach humans: How Google Go is transforming life as we know it www. These include the likelihood that super computers will be able to identify patterns that can be used in the prevention and treatment of diseases like cancer. Smoking gun emails blow open shameless Zupta state capture, UAE exit plan www. He was brutal. He accused Brown, the Eskom board and senior executives of being part of a "conspiracy" to capture Eskom for the benefit of a few, adding "that's the reality.

Amazon dominating in smart speaker race www. WEFAfricaMugabe's presence causes anger www. He is often pictured sleeping at most of these international events, a sign that his body and mind needs rest. His place is now by the fireside with his grandchildren. Businessman Graham Power, who has supporte. Mogoeng: Be prepared to die for the rule of law city-press. Zuptas left in a bind? Court sets aside nuclear deal with Russia, other countries www.

Rex van Schalkwyk: New hate speech law is cynical political ploy to demonise white people www. Far more serious was the scandalous command-in-suspension of Julius Malema, when he invoked his own authority to call upon his devotees not to slaught. Mauritians, meanwhil. Angus Buchan — How you prepare for 1.

A staggering 1. Zuma's birthday from hell www. The dark side of Earth: Nasa releases the clearest images yet of our glittering planet at night www. The maps reveal how human settlements have shaped the planet and lit up the darkness. House of Cards: Ntlemeza gets the axe but his troubles are far from over www. South Africa's Downgrade Is a Sideshow www. The rand weakened. The wider threat still overlooked — all roads lead to Communism… www.

Zuma fires Gordhan mybroadband. Trevor Manuel: Zuma has no moral compass mg. Rapturous applause as Motlanthe repeats Kathrada's call for Zuma to step down mg.

Taking a stand for standards

Embattled Gordhan honoured with standing ovation at Kathrada funeral mg. The officials would keep their seats in parliament and possibly support or abstain from a vote. The appointment of Brian Molefe into government and Nkosazana. Maimane: Be very afraid SA! Zuma, his gang are targeting judiciary www. Evidence has mounted over the past year of a concerted plan to take control of state assets for personal benefit. Rian Malan on Zille tweet: SA wounds too raw for colonial truth. When Jillian York, a year-old American activist, was on vacation in February, she received an unexpected text.

Her friend Adam Harvey, another activist and researcher, had discovered photos of her in a US government database used to train facial-recognition algorithms, and wondered whether she knew about it. York, who works in Berlin for the Electronic Frontier Foundation, a digital rights non-profit group, did not. She was stunned to discover that the database contained nearly a dozen images of her, a mixture of photos and YouTube video stills, taken over a period of almost a decade.

When she dug into what the database was used for, it dawned on her that her face had helped to build systems used by the federal government to recognise faces of interest, including suspected criminals, terrorists and illegal aliens. Another half-dozen photos had been clipped from YouTube videos of York speaking at events, on topics including freedom of expression, digital privacy and security. Iarpa is a US government body that funds innovative research aimed at giving the US intelligence community a competitive advantage; Janus — named after the two-faced Roman god — is its facial-recognition initiative.

The dataset, which was compiled by a government subcontractor called Noblis, includes a total of 21, images of faces there are other body parts too , averaging six pictures and three videos per person, and is available on application to researchers in the field. Other subjects in the dataset include three EFF board members, an Al-Jazeera journalist, a technology futurist and writer, and at least three Middle Eastern political activists, including an Egyptian scientist who participated in the Tahrir Square protests in , the FT can confirm.

None of the people described above was aware of their inclusion in the database. The primary use of facial-recognition technology is in security and surveillance, whether by private companies such as retailers and events venues, or by public bodies such as police forces to track criminals. Governments increasingly use it to identify people for national and border security. The biggest technical obstacle to achieving accurate facial recognition thus far has been the inability of machines to identify human faces when they are only partially visible, shrouded in shadow or covered by clothing, as opposed to the high-resolution, front-facing portrait photos the computers were trained on.

To teach a machine how to better read and recognise a human face in these conditions, it has to be trained using hundreds of thousands of faces of all shapes, sizes, colours, ages and genders. The more natural, varied and unposed the faces are, the better they simulate real-life scenarios in which surveillance might take place, and the more accurate the resulting models for facial recognition. An American based in Berlin, he has spent years amassing more than face datasets and has identified some 5, academic papers that cite them. The images, we found, are used to train and benchmark algorithms that serve a variety of biometric-related purposes — recognising faces at passport control, crowd surveillance, automated driving, robotics, even emotion analysis for advertising.

Harvey has been investigating face datasets since The collection he has built up in that time comprises datasets that are readily accessible to researchers for academic and commercial purposes. By mapping out these biometric trade routes, he has started to slowly piece together the scale of distribution of faces, which may have contributed to commercial products and surveillance technologies without any explicit permission from the individuals in question. After studying engineering and photojournalism at Pennsylvania State University, he worked as a photographer at private events in New York.

You lose control of your data, you lose control of your narrative.

Why financial services is the most difficult industry to market - The Dubs

Over the following months, he plans to develop the search tool to allow people to type in their names and see if their faces have been used to train an artificial intelligence system in any part of the world. One of the first large-scale face databases was created by the US defence department in the s, by paying military personnel to pose for photographs in studios. By , researchers had started to realise that studio photos were too unrealistic to use as training sets, and that facial-recognition systems built on them would fail in the real world.

Here was a fount of face data that was varied, unrestricted and easy to come by. LFW has now become the most widely used facial recognition benchmark globally. Today, the default method if you need a training set is to go to search engines such as Google or Bing, or social networks such as Flickr and YouTube, where multimedia are often uploaded with a Creative Commons licence, and take what you need.

The speed and accuracy of the software has advanced thanks to recent strides in machine learning, the technology by which computers can learn to recognise specific objects — such as faces — by training on large datasets such as IJB-C. Our goal is to make it the most realistic unconstrained video surveillance facial recognition dataset in the world.

Because Boult was filming students in a public place although it is within the university , he says he did not need their permission as long as he does not know their identities, according to Colorado state law. The paper in which Boult introduced his dataset has been cited by six universities in Chile, Italy and the US and downloaded by at least four private companies based in Europe, China and the US, none of which seems to have published its work.

Funded partly by the US Army Research Office, it has become one of the most popular pedestrian recognition training sets, and has been cited by 96 institutions globally. Researchers used eight cameras to film students walking on campus, and notified them through posters placed around the perimeter of the surveilled area. Ergys Ristani, one of the authors, said the work had been approved by an institutional review board and, despite the signs, not a single student had asked to be excluded. From the video footage, it is unclear whether the students have seen the posters or are aware they are being filmed.

I think our government at least has a good mission.

Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth
Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth
Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth
Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth
Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth Professional Financial Advisor II: How the Financial Services Industry Hides the Ugly Truth

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