investment advisory services: broker/dealer karl schwab, cfa ftn financial cmta conference april 22,...
TRANSCRIPT
![Page 1: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/1.jpg)
Investment Advisory Services:
Broker/Dealer
Karl Schwab, CFAFTN Financial
CMTA ConferenceApril 22, 2004
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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”
![Page 3: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/3.jpg)
Investment Goals
• Preservation of principal• Protect
• Taxpayers• Debt-holders
• Income Generation• Fund ongoing services• Cover debt service• Meet emergency needs
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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”
![Page 5: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/5.jpg)
Factors influencing investment decisions
• Current level of interest rates • Cash flow and budget requirements
• Risk tolerances
• Investment policy – state and local laws
• External Influences
![Page 6: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/6.jpg)
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”
![Page 7: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/7.jpg)
Choosing the relationship
• Active / Passive investment management
• Advisor “track record”
• Approval process and documentation
![Page 8: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/8.jpg)
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
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Broker / Dealer Direct Investment
Municipality
Broker / Dealer
Broker / Dealer Broker / Dealer
AdviceAdvice
Advice
Trade
Trade
Trade
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Choosing the relationship
• Market knowledge
• Product / Sector insight
• Closer to the market / can underwrite issues
• Independent of process
Broker / Dealer Direct Investment - Advantages
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Choosing the relationship
Broker / Dealer Direct Investment - Advantages
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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”
![Page 13: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/13.jpg)
Portfolio Management Tools
• Essential analytics• Online portfolio tools
Information to make the right decisions
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Portfolio Management Tools
Information to make the right decisions
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Portfolio Management Tools
Information to make the right decisions
![Page 16: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/16.jpg)
Portfolio Management Tools
Information to make the right decisions
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Portfolio Management Tools
Information to make the right decisions
• Essential analytics• Online portfolio access
• CMS Bondedge• Yieldbook• Bloomberg
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Portfolio Management Tools
• Essential analytics
• Portfolio accounting
Information to make the right decisions
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Portfolio Management Tools
Information to make the right decisions
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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
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Portfolio Management Tools
Strategies and Trade Ideas
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Portfolio Management Tools
• Economic Research • Government Agencies • Corporate Bonds
Investment Research – Industry Leaders
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Portfolio Management Tools
Investment Research
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Portfolio Management Tools
Investment Research
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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”
![Page 26: Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004](https://reader033.vdocuments.mx/reader033/viewer/2022051619/56649da75503460f94a93475/html5/thumbnails/26.jpg)
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
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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