Watching and waiting

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We review how February’s market volatility has affected valuations across the asset classes. Equity valuations have improved significantly; credit has been surprisingly resilient; bond yields have moved closer to normal but have some scope further to fall; and the $A has moved closer to our fair value estimates.

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Central bankers called to action

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We expect major changes in monetary policy this year across the globe, including from the RBA. We now assume two raise rates in Australia in 2018. Markets are not fully positioned for hikes in Australia and Europe. These expectations are more aggressive than what is currently priced into markets.

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Lifetime Achievement Award

Congratulations Maxie!  Your Lewis Financial family is very proud of your achievements and so thrilled that you have been recognised for all the work you do.

This is the first time AMP has bestowed lifetime achievement awards, which in future will be awarded annually at the Summit.

Group Executive Advice and New Zealand, Jack Regan said it was important to recognise outstanding financial advisers and highlight the valuable role advisers play in their communities.

“Many of our advisers are very much pillars of their local communities,” Mr Regan said.

“By earning the respect of their peers and the thanks of their clients and communities these advisers help show the way forward for our profession,” Mr Regan said.

Mr Regan described how each of the financial advisers who had received an award had proved themselves by successfully guiding their clients and their practices over decades of change.

Max Lewis

Max gave up his career as a lawyer in the early 1980s to become a financial adviser, and was a pioneer of personalised financial plans when the practice was still in its infancy. He has served the community in the Blue Mountains west of Sydney for many years, both as an adviser and through his volunteer work with local schools and sports clubs.

Max has been active in advocating for better superannuation and pension legislation, and has been recognised for helping lobby for amendments to Retirement Income Stream Legislation through his representations to Federal Treasury over a number of years.

He has also been a contributor to the Cancer Council’s Pro Bono Program for cancer patients and their families in need of financial advice.

Credit:  AMP honours Lifetime Achievers at annual Advice Summit

The Outlook for 2018

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During 2017 the stars aligned with rising GDP and earnings, falling inflation and easy monetary policy. These effects will carry into 2018 but they will fade. The critical factors will be the pace of reform in China and whether inflation returns as an issue for central banks.

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Market Update – December 2017

View from the hill

Equities continued their appreciation over November with the MSCI World ex Australia Index up 3.2% on an unhedged basis and the domestic S&P/ASX 200 gaining 1.6%. Global growth remained the primary factor driving markets with many sentiment factors also contributing to market upside.

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