Part 8. Financial security for all…………fixing the broken system.

Uncategorized Apr 23, 2019
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Part 7. Financial security for all: a bean counter to the rescue!

Uncategorized Apr 23, 2019

As I witnessed many Private Bankers, Independent Asset Managers, Financial Planners move from a trusted advisor role to a sales oriented modelled on Wall Street, to make upfront gains and sell commission-based financial products, I decided to become the protector of private clients.

Since then in 2001, earning my living comfortably looking after High Net Worth Individuals, I operated in a niche that was less exciting than the world of Asset Managers, Hedge Fund Managers but I could stand by my own knowledge and experience as a “bean counter”. Many of my friends, colleagues and competitors could not find the reason for such an activity arguing that the system had in-built safety net to protect the end clients. They reckon there was no need to have a Financial Officer between the client and his asset/investment manager, whether a Private Banker or an Independent Asset or Financial Advisor. Some of the Bankers did not hide their contempt to have an Accountant sit in...

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Part 6. Financial security for all: taking control…

Uncategorized Apr 23, 2019

Once upon a time there was the real economy. Run and operated by entrepreneurs, local and international, they engaged in producing real goods and providing services. They traded locally and internationally. They were the wealth creators. Warren Buffet calls this economy “main street”.
Maybe you are one of them or you want to be one of them.

Then there is Wall Street. For years Wall Street, a world of pure finance exclusively bottom line driven continuously maximizing financial return for short term gain, has been running a small club for gullible players – like casino for the rich.

Wall Street makes money by getting the players to bet – “head Wall Street wins tail Wall Street wins”. The players thinking they are “investing” are actually caught in this game. Because of their powerful marketing power Wall Street philosophy has now developed worldwide. The whole banking system has now joined Wall Street in using the same approach.

From...

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Part 5. Financial security for all: The Birth of Plenty

Uncategorized Apr 23, 2019

Last week I posted an article about the prosperity created by the island/state of Mauritius over the last 46 years since independence.

Though described by Mark Twain as heaven on earth in 1896, prior to independence Mauritius had become “an island without a future” and “an overcrowded barracoon” accordingly to 2 Nobel Prize Winners writing separately. Now United Nations organizations is placing the Island State among middle income nations. Forbes and Bank of America are even suggesting that it will join the rich elite within the next 10 to 15 years. Mauritius ranks top in most African indices – GDP, doing business, Law and Order, democracy, least corrupt and more. The World Bank’s “Ease of Doing Business” index report list the top African countries to do business in and at the top is Mauritius followed by South Africa.

Many commentators have been asking whether the growth was by luck or not?

The Birth of Plenty: How the Prosperity...

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Part 4: Financial security for all: the best way to predict the future…

Uncategorized Apr 23, 2019

For the past 40 years I have been Managing and Controlling Wealth for Shareholders and then High Net Worth Individuals. Providing Wealth Management services to High Net Worth Individuals pays well and is a growing market.

Wealth Management is a well defined advanced investment advisory discipline that incorporates financial planning and specialist financial services. The services that fall under Wealth Management are extensive and the key objectives are to provide high net worth individuals and families with tailored services, legal resources, taxation advice, investment managers’ selection, estate and tax planning, book-keeping, 3rd party fees monitoring, concierge support and many more. The goal is to sustain and grow clients’ long-term wealth.

Private Bankers, Asset Managers, Investment Managers, Hedge Fund Managers are principally looking at the Investments of the clients. And they charge a fee for doing that.

Whereas financial planning can be helpful for individuals...

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Part 3. Financial security for all: the case of the ex-overcrowded barracoon.

Uncategorized Apr 17, 2019

From 1896 Mauritius changed from being heaven on earth to > an island without a future to > the overcrowded barracoon to > middle income and now forecast to > becoming rich. What is the truth?

I recently posted a link to an article published by Forbes.com contributed by Kenneth Rapoza who referred to an analysis by senior researcher Ehiwario Efeyini of U.S. Trust Bank of America. Mr Rapoza concluded that Mauritius was poised to move from “Middle Income to Becoming Rich”.

Let us go back in time to 1961 seven years before independence: Nobel prize-winning economist James Meade wrote about Mauritius: “It is going to be a great achievement if the country can find productive employment for its population without a serious reduction in the existing standard of living. The outlook for peaceful development is weak.”

The future looked bleak and many left to emigrate to South Africa, Australia, UK, France and Canada. Students who went for studies preferred...

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Part 2 – Financial security for all: the only truth there is!

Uncategorized Apr 17, 2019

Most of humanity is facing the same problem our ancestors faced when they left Africa looking to better their life. Maybe they left with tools or invented tools on the way or afterwards. But once they learned and started innovating then nothing could stop them. That first invention as any invention could be used for good or bad. After tool came fire and we never looked back.

Once humans decided that it was less risky to farm than to hunt, it was a question of time before Banking was invented to serve the farmers. Whilst humans had out skill other mammals in the way to hunt, the risk in hunting was still there.
As we learned and innovated, some of our intelligent ancestors must have concluded that planting crops for food was much less life threatening than competing with dangerous animals to hunt. Invest for return!

This must have been planned as they would have had to continue hunting as crops do not grow overnight. This lead to the common sense basic principle of Wealth Management...

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Part 1 -Financial Security for all: the age of possible

Uncategorized Apr 11, 2019

The Financial services industry has become a huge selling machine instead of being at the service of customers. From inside I have seen this evolution accelerating towards the end of the 1990s.

I began to suspect that the independence of bankers was under threat amid mounting pressure to sell commission-based financial products.

I am not alone. Stephen Diggle, co-founder of the multi-billion dollar hedge fund Vulpes Investment management, famously set up a family office to manage his share of the $2.7 billion that he earned for investors between 2007 and 2008, rather than entrust his wealth to private bankers. Justifying the move, he complained that there was a “significant problem of alignment of interests” between private banks and their clients, adding that private bankers had ceased to be custodians and had instead evolved into product salesmen.

The structural shift in the way wealth is being created presents opportunities for many. However the industry is still...

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