i nvestment a dvisory s ervices: b roker/ d ealer
DESCRIPTION
I nvestment A dvisory S ervices: B roker/ D ealer. CMTA Conference April 22, 2004. Karl Schwab, CFA FTN Financial. Discussion Topics. Investment goals Factors influencing investment decisions Choosing the relationship Portfolio management tools What to expect from your “advisor”. - PowerPoint PPT PresentationTRANSCRIPT
Investment Advisory Services:
Broker/Dealer
Karl Schwab, CFAFTN Financial
CMTA ConferenceApril 22, 2004
Discussion Topics
1. Investment goals
2. Factors influencing investment decisions
3. Choosing the relationship
4. Portfolio management tools
5. What to expect from your “advisor”
Investment Goals
• Preservation of principal• Protect
• Taxpayers• Debt-holders
• Income Generation• Fund ongoing services• Cover debt service• Meet emergency needs
Discussion Topics
1. Investment goals
2. Factors influencing investment decisions
3. Choosing the relationship
4. Portfolio management tools
5. What to expect from your “advisor”
Factors influencing investment decisions
• Current level of interest rates • Cash flow and budget requirements
• Risk tolerances
• Investment policy – state and local laws
• External Influences
Discussion Topics
1. Investment goals
2. Factors influencing investment decisions
3. Choosing the relationship
4. Portfolio management tools
5. What to expect from your “advisor”
Choosing the relationship
• Active / Passive investment management
• Advisor “track record”
• Approval process and documentation
Choosing the relationship
• Pay as you go
• Sector specific research and information
• Strategies, ideas, and trade execution
• Compete for your transactions
Broker / Dealer Direct Investment - Defined
Broker / Dealer Direct Investment
Municipality
Broker / Dealer
Broker / Dealer Broker / Dealer
AdviceAdvice
Advice
Trade
Trade
Trade
Choosing the relationship
• Market knowledge
• Product / Sector insight
• Closer to the market / can underwrite issues
• Independent of process
Broker / Dealer Direct Investment - Advantages
Choosing the relationship
Broker / Dealer Direct Investment - Advantages
Discussion Topics
1. Investment goals
2. Factors influencing investment decisions
3. Choosing the relationship
4. Portfolio management tools
5. What to expect from your “advisor”
Portfolio Management Tools
• Essential analytics• Online portfolio tools
Information to make the right decisions
Portfolio Management Tools
Information to make the right decisions
Portfolio Management Tools
Information to make the right decisions
Portfolio Management Tools
Information to make the right decisions
Portfolio Management Tools
Information to make the right decisions
• Essential analytics• Online portfolio access
• CMS Bondedge• Yieldbook• Bloomberg
Portfolio Management Tools
• Essential analytics
• Portfolio accounting
Information to make the right decisions
Portfolio Management Tools
Information to make the right decisions
Portfolio Management Tools
• Tailored to the objectives of the municipality
• Based on the current portfolio structure
• Both strategic and tactical trade ideas
Strategies and Trade Ideas
Portfolio Management Tools
Strategies and Trade Ideas
Portfolio Management Tools
• Economic Research • Government Agencies • Corporate Bonds
Investment Research – Industry Leaders
Portfolio Management Tools
Investment Research
Portfolio Management Tools
Investment Research
Discussion Topics
1. Investment goals
2. Factors influencing investment decisions
3. Choosing the relationship
4. Portfolio management tools
5. What to expect from your “advisor”
What to expect from your advisor relationship
• Quality coverage based on needs• Proven Firm with knowledgeable representatives
• Trade execution for quality ideas & service• Customized Agency underwriting• Market making leadership in Agency debt
Broker / Dealer Direct Investment
What to expect from your advisor relationship
• Access to customized analytics and reporting
• Distribution of research and information flow• Access to Economist and Analyst
Broker / Dealer Direct Investment