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Investors get SHORT CHANGED…
FACT
9.14%
3.83%
Average
market returns
Average
investor returns
Like
LOVE
and
LIFE
Investing can be challenging…
Like
LOVE
and
LIFE
Investing can be challenging…
BECAUSE OF COMPLEXITY
Like
LOVE
and
LIFE
Investing can be challenging…
BECAUSE OF COMPLEXITY
UNCERTAINTY
Like
LOVE
and
LIFE
Investing can be challenging…
BECAUSE OF COMPLEXITY
UNCERTAINTY AND EMOTIONS
A
n
d
can feel like
a
r
o
l
lerco
a
s
t
e
r
greed/buy
fear/sell
repeat
until
broke
You often regret
getting on…
A
n
d
can feel like
a
r
o
l
lerco
a
s
t
e
r
greed/buy
fear/sell
repeat
until
broke
And want to get off.
A
n
d
can feel like
a
r
o
l
lerco
a
s
t
e
r
greed/buy
fear/sell
repeat
until
broke
“
“
Carl Richards
The Behavior Gap:
Simple Ways to Stop Doing Dumb Things with Money
We’re all wired to avoid pain
and pursue pleasure and security but with
investing, this isn’t rational.
In other words…
It’s easy to blame
the economy or
financial markets for
underperformance…
In other words…
It’s easy to blame
the economy or
financial markets for
underperformance…
…but the REAL trouble lies
in the decisions YOU make.
We all suffer from
BEHAVIOURAL BIASES
Overconfidence
Loss aversion
Regret avoidance
Herding and social influence
Mental accounting
CAUSE
We all suffer from
BEHAVIOURAL BIASES
Overconfidence
Loss aversion
Regret avoidance
Herding and social influence
Mental accounting
Trusting the wrong person
Holding onto toxic assets
Not admitting earlier mistakes
Buying the ‘’last best’’ thing
or the ‘’next big’’ thing
Opting for ‘’free’’ advice
Effect
Which can devastate returns
£0
Market return over 20 years
£1,000,000
£4,491,333
£1,989,789
£5,000,000
Amount invested
Average market
return
Average investor
outcome
}The cost of emotions
(approx. £2.5 million)
Investing the right way
produces much
better results…
Investing the right way
produces much
better results…
...which
enables greater
peace of mind,
security, wealth
and a better life.
This document is part philosophy
and part process.
We’ve created it to demonstrate the
evidence
behind what we do*
We’ve created it to demonstrate the
evidence
behind what we do*
*And what you get
We believe financial services shouldn’t
be an industry.
Industries manufacture and sell things
that make THEM money.
Think cars or double glazing.
The financial industry is no different.
Banks, brokers and insurance
companies vend products
that maximise THEIR
returns - NOT YOURS.
We believe those helping people
with money must be
PROFESSIONALS*
*i.e. highly qualified/regulated and
determined to treat others as they
would want to be treated themselves.
Think teacher or doctor.
And (some) lawyers...
The hallmark of a professional
looks like this…
DARES TO BE
DIFFERENT
and challenges the status quo*
Our organisation...
DARES TO BE
DIFFERENT
and challenges the status quo*
*in everything we do
Our organisation...
We help you...
understand
protect
your
wealth
you live
a better life.
+ =
It’s about making YOU money
– not someone else.
Therefore:
OUR MISSION is to TRANSFORM an
out-dated financial services INDUSTRY
that manufactures and vends toxic
products, into a valued PROFESSION.
We call this:
POSITIVE
CHANGE
The Japanese called this
KAIZEN
…The British cycling team call this
‘MARGINALGAINS’
…The British cycling team call this
‘MARGINALGAINS’
As Simon [Sinek] says...
Let’s begin with ‘why’
SO
Investment means taking risks.
But not investing means the value of your
money goes
B
A
C
K
W
A
R
D
S
YOUR…
1914
£0.007 = 1 Pint
1963
£0.007 = 1/3 Small Glass
2016
£0.007 = 1.5 Teaspoons
money will buy less tomorrow
Investment markets have ALWAYS rewarded
L
ONG-TERM INVESTORS
1956
UK Value
Index
FTSE All-Share
Index
UK One-Month
Treasury Bills
UK Retail
Price Index
£1
£10,000
1963 1970 1977 1985 1992 1999 2006 2014
many people
don’t invest
correctly…
But…
They try
to predict
the future.
They act on
IMPULSE
“Everyone’s
making money
– I want a piece
of the action”
“I can’t take this
bear market
– I’m getting out!”
? ?
?
? ?
?
?
?
?
??
?
?
?
?
?
They bet their savings
on tips and hunches…
“I heard it on
the news.
I’d better sell!”
“I got a hot tip from
my neighbour.
It’s an open goal”
“I’ve loved their
products for years
– it’s a dead cert”
They are swayed by the MEDIA…
HISTORYshows the greatest
advancements come from academia
Diversification
and Portfolio Risk
Harry Markowitz
Nobel Prize in Economics
1990
Single-Factor Asset
Pricing Risk/Return
Model
William Sharp
Nobel Prize in Economics
1990
Efficient Markets
Hypothesis
Eugene Fama
Nobel Prize in Economics
2013
Term Structure
of Interest Rates
Eugene Fama
Profitability
Robert Novy-Marx
Eugene Fama
Kenneth French
Value Effect and
Multifactor Asset
Pricing Model
Eugene Fama
Kenneth French
The Size Effect
Rolf Bane
2012
1993
1984
1981
1966
1964
1952
But
TOGETHER
we know more
than we do alone
How many beans are in this jar?
Go on, have a guess...
Answer=1,670
Guessesrangedfrom409-5,365
Averageguesswas1,653
Statisticians call this…
The wisdom
of the crowd.
So
What IS the best
way to invest?
Here’s the rub.
The industry
says one thing…
The evidence
says another…
Approach 1:
The industry’s approach
is known as
active management
This…
Attempts to identify mispricing
in securities
1
A hare not
a rabbit
Approach 1:
The industry’s approach
is known as
active management
This…
Relies on forecasting to select
‘undervalued’ securities or timing
the markets
2
A hare not
a rabbit
Approach 1:
The industry’s approach
is known as
active management
This…
Generates higher expenses, trading
costs and risks
3
A hare not
a rabbit
It attempts to OUTGUESS the market
This leads to higher
turnover and excess costs.
when they think
they will
outperform

when they deem
them overvalued
The Market
BUY
Active managers...
SELL
Active investment methods have
low odds of success.
Approach 2:
The evidence-based
approach is called
passive management
or indexing
This…
Removes the risk of picking
the right stocks
1
A tortoise
not a turtle
Approach 2:
The evidence-based
approach is called
passive management
or indexing
This…
Attempts to match the performance
of the chosen index
2
A tortoise
not a turtle
Approach 2:
The evidence-based
approach is called
passive management
or indexing
This…
Prioritises low tracking error over
higher attempted returns
3
A tortoise
not a turtle
It attempts to match the returns
of a COMMERCIAL INDEX
INDEX LIST
HOLD 
a basket of
securities
represented
in the index
Passive investors...
The Market
This means YOU PAY to LOSE
your returns.*
OUCH!
FACT
*Your money buys your
fund manager this...
Over the long term, 97.8% of Approach
1 (active) funds, have failed to beat their
index after fees and charges!
How does this evidence inform us?
LEAN
AWAY
heavily towards
passives
from actives
and
While avoiding toxic
stuff like structured
products and
unregulated funds.
UNDERSTAND
UNDERSTAND
THAT SUCCESSFUL INVESTING
MEANS YOU MUST…
STEP1 - Accept the market’s price
Daily average
trades in 2014 =
Daily average
trades in 2014 =
60
£194
MILLION
BILLION
Each one represents the latest estimate of worth of the entire market.
STEP2 - Beware of market gurus
One of these two dresses in an elaborate costume to make you
think they can predict the future. The other has a crystal ball.
“ Warren Buffett
Keep in mind
the only value of
stock forecasters
is to make fortune
tellers look good.
‘Gurus’ includes bankers, discretionary
managers, IFAs, radio pundits and the
financial press.
STEP3 - Control your costs
control fund performance
control the fees you pay
/
This is the only FREE lunch in investing
YOU CANNOT
YOU CAN
BUT
STEP4 - Spread your risk
Diversify beyond your home market to reduce
risk and improve your return.
FTSE All Share Index (1988-2014)
Annualised Return 9.23%
Globally Diversified Portfolio (1988-2014)
Annualised Return 10.37%
STEP5 - Be disciplined
Aside from costs, the main
reason for poor returns is
There will be
good years
and bad years.
YOU!
...Sokeep a cool head...
it pays to stay invested.
STEP6 - Stay balanced
Academic research
has identified these
factors are important
within a cost-effective
portfolio.
EQUITIES
- higher risk, investing in companies
MARKET
COMPANY SIZE
RELATIVE PRICE
PROFITABILITY
FIXED INCOME
- lower risk, lending money to
companies and governments
TERM
CREDIT
}
GOOD
NOT
Accept that
is
SPECULATION
INVESTMENT
A Chartered
Financial Planner
can help you with

this if you aren’t
comfortable

yourself.
Consider this…
In May 1997,
Deep Blue
beat Kasparov*
*Widely considered the best chess player ever.
Computers
trumped the
greatest
human minds.
In the last 20 years technology has evolved.
And so has investment
Everyday…
Better
products
come out…
And so has investment
Everyday…
Greater
insight and
evidence is
gained…
Better
products
come out…
And so has investment
Everyday…
More choice
and more
solutions are
available.
Greater
insight and
evidence is
gained…
Better
products
come out…
A Blackberry was great 10 years ago...
But the world moves on.
Be FROZEN in time
(stay with the industry)
You have TWO choices
Or embrace the innovations now available to you.
The way investment advice is given has
also evolved…
The stockbroker The insurance salesman /
conflicted IFA
The fee-based
financial planner
(my granny used
one of these)
(my parents
regretted using
one of these)
The traditional IFA approach
Tactical performance chasing
Driven by relationship and ‘friendship’
Decisions based on individual guesswork
Plays on your emotions
Complex  opaque products
Ad hoc processes and promises
Hidden commission
EXCITING BUT FLAWED
Then
Our approach
Strategic risk management
Driven by evidence
Decisions based on probability
Constrain emotions and ‘friendship’
Transparent  simple products
Disciplined and centralised processes
Fee-based
BORING BUT EFFECTIVE
Now
Or challenge
the status quo
and get better
results*
You have TWO choices…
Listen to
comforting lies
(which are still lies)...
*
$7
trillion
has entered passive funds in the
US and Europe - so don’t worry,
you won’t be the first!
You can now get an investment approach
that uses evidence and
Better
outcomes
Evidence
 theory
Sound
investment
philosophy
Robust
portfolio
structure
Tight cost
management
Strong risk
management
Nobel prize winning research
to get a better outcome.
•Across securities,
markets and asset
classes
•Getting this right is
the most important
decision you will make
•Avoid unnecessary
risks
Balance
Growth and
Defensive
assets
Select risks
carefully
Diversify
broadly
Combined with common sense
Portfolio
structure
We focus on...
Controlling
costs
Managing
risk
Focus on doing a few things
exceptionally well
It needs to be right for you
Defensive
assets
Risk
Return
Your
portfolio?
Growth
assets
Prune costs
Costs are larger and more dangerous
than they may appear.
That’s not
the Titanic
Prune costs
Costs are larger and more dangerous
than they may appear.
That’s not
the Titanic
But that is a
dangerous iceberg
You can find out your current costs
by getting a*
*We recently saved an investor over £11,400pa in charges.
SECOND
OPINION
REVIEW.
AND we help integrate better investment
with REAL financial planning.
AND we help integrate better investment
with REAL financial planning.
So YOU actually know where YOU are
going before you start…
Planning
process
Investment
process
Governance
process
This is called cashflow planning
We are radically
TRANSPARENT,
which can make people
uncomfortable if they:
Don’t like hearing the truth.
OR
Aren’t used to being told it...
But trust us on this…
Professional philosophy and
process matters more than
how much you enjoy golf or a beer with your financial adviser ‘friend’;
But trust us on this…
Professional philosophy and
process matters more than
the fact that your financial adviser comes to your house; and
But trust us on this…
Professional philosophy and
process matters more than
quarterly financial reviews where a fortune telling salesperson
churns your funds, asks for top-ups or asks for referrals.
We cut YOUR costs
And improve YOUR returns.
In order to enable you to live a better life.
+
=
Our approach isn’t
PERFECT for EVERYONE
• Our clients typically are people with important and often complex decisions to
make about their investments and financial plans.
• They are busy people who have little time to spare.
• They often have high income and/or significant investable assets.
• They trust us as professionals and aspire to have the best.
There is
TENSION
because we cannot help everyone*
But we will try and offer guidance to
those we cannot advise, because
mistakes are costly and easy to make.
*Minimum investment levels apply
Balancing our commitment to our
mission with our resources is
challenging - but it’s also partly
what makes us DIFFERENT.
This gives us more scope
for POSITIVE CHANGE.
HAPPY
INVESTING…
(you are nearly at the end)
WE WERE INSPIRED BY
• Jack Bogle, Vanguard
• Dimensional Fund Advisors
• BlackRock iShares
• Robin Powell, The Evidence Based Investor
• Andrew Hallam, The Millionaire Teacher
• Carl Richards, Behavior Gap
Contact us to learn more.
MORE ABOUT US
• Our team is on a mission to spark posi+ive change across the lives of
those we serve. We do this by challenging convention, creating deep
transformation and enabling confident decision-making for the future.
• AES is the Middle East’s only certified fiduciaries, Chartered and
fee-only firm providing comprehensive advice to individuals, families and
businesses we’re here to start a revolution in the way you think, feel and
experience the future.
• Values are what we value.
REGULATORY STUFF
• Risk warning: Investment into any investment portfolios should be regarded
as medium to long term. The value of investments and the income from them
can fall as well as rise. The value of your fund is not guaranteed and you may
get back less than the amount invested, and you could lose part or all of your
capital. Past performance is not a guide to future performance. Changes in
exchange rates could affect the value of overseas investments. The effect of
inflation could reduce the future purchasing power of your investments.
• Regulatory information: For all of our authorisations and regulatory
information, visit
https://www.aesinternational.com/legal-information/authorisations-and-
regulations
• Copyright: Please feel free to copy or share any of our ideas or work as
widely as you like. We think that the more people who engage and
learn
about good investment from us or others the better.

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The AES Investment Code - the go-to counsel for the most well-informed, wisest professionals

  • 1.
  • 2. Investors get SHORT CHANGED… FACT 9.14% 3.83% Average market returns Average investor returns
  • 4. Like LOVE and LIFE Investing can be challenging… BECAUSE OF COMPLEXITY
  • 5. Like LOVE and LIFE Investing can be challenging… BECAUSE OF COMPLEXITY UNCERTAINTY
  • 6. Like LOVE and LIFE Investing can be challenging… BECAUSE OF COMPLEXITY UNCERTAINTY AND EMOTIONS
  • 8. You often regret getting on… A n d can feel like a r o l lerco a s t e r greed/buy fear/sell repeat until broke
  • 9. And want to get off. A n d can feel like a r o l lerco a s t e r greed/buy fear/sell repeat until broke
  • 10. “ “ Carl Richards The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money We’re all wired to avoid pain and pursue pleasure and security but with investing, this isn’t rational.
  • 11. In other words… It’s easy to blame the economy or financial markets for underperformance…
  • 12. In other words… It’s easy to blame the economy or financial markets for underperformance… …but the REAL trouble lies in the decisions YOU make.
  • 13. We all suffer from BEHAVIOURAL BIASES Overconfidence Loss aversion Regret avoidance Herding and social influence Mental accounting CAUSE
  • 14. We all suffer from BEHAVIOURAL BIASES Overconfidence Loss aversion Regret avoidance Herding and social influence Mental accounting Trusting the wrong person Holding onto toxic assets Not admitting earlier mistakes Buying the ‘’last best’’ thing or the ‘’next big’’ thing Opting for ‘’free’’ advice Effect
  • 15. Which can devastate returns £0 Market return over 20 years £1,000,000 £4,491,333 £1,989,789 £5,000,000 Amount invested Average market return Average investor outcome }The cost of emotions (approx. £2.5 million)
  • 16. Investing the right way produces much better results…
  • 17. Investing the right way produces much better results… ...which enables greater peace of mind, security, wealth and a better life.
  • 18. This document is part philosophy and part process.
  • 19. We’ve created it to demonstrate the evidence behind what we do*
  • 20. We’ve created it to demonstrate the evidence behind what we do* *And what you get
  • 21. We believe financial services shouldn’t be an industry. Industries manufacture and sell things that make THEM money. Think cars or double glazing.
  • 22. The financial industry is no different. Banks, brokers and insurance companies vend products that maximise THEIR returns - NOT YOURS.
  • 23. We believe those helping people with money must be PROFESSIONALS* *i.e. highly qualified/regulated and determined to treat others as they would want to be treated themselves. Think teacher or doctor. And (some) lawyers...
  • 24. The hallmark of a professional looks like this…
  • 25. DARES TO BE DIFFERENT and challenges the status quo* Our organisation...
  • 26. DARES TO BE DIFFERENT and challenges the status quo* *in everything we do Our organisation...
  • 27. We help you... understand protect your wealth you live a better life. + = It’s about making YOU money – not someone else.
  • 28. Therefore: OUR MISSION is to TRANSFORM an out-dated financial services INDUSTRY that manufactures and vends toxic products, into a valued PROFESSION. We call this: POSITIVE CHANGE
  • 29. The Japanese called this KAIZEN
  • 30. …The British cycling team call this ‘MARGINALGAINS’
  • 31. …The British cycling team call this ‘MARGINALGAINS’ As Simon [Sinek] says... Let’s begin with ‘why’ SO
  • 32. Investment means taking risks. But not investing means the value of your money goes B A C K W A R D S
  • 33. YOUR… 1914 £0.007 = 1 Pint 1963 £0.007 = 1/3 Small Glass 2016 £0.007 = 1.5 Teaspoons money will buy less tomorrow
  • 34. Investment markets have ALWAYS rewarded L ONG-TERM INVESTORS 1956 UK Value Index FTSE All-Share Index UK One-Month Treasury Bills UK Retail Price Index £1 £10,000 1963 1970 1977 1985 1992 1999 2006 2014
  • 36. They act on IMPULSE “Everyone’s making money – I want a piece of the action” “I can’t take this bear market – I’m getting out!”
  • 37. ? ? ? ? ? ? ? ? ? ?? ? ? ? ? ? They bet their savings on tips and hunches… “I heard it on the news. I’d better sell!” “I got a hot tip from my neighbour. It’s an open goal” “I’ve loved their products for years – it’s a dead cert”
  • 38. They are swayed by the MEDIA…
  • 39.
  • 40. HISTORYshows the greatest advancements come from academia Diversification and Portfolio Risk Harry Markowitz Nobel Prize in Economics 1990 Single-Factor Asset Pricing Risk/Return Model William Sharp Nobel Prize in Economics 1990 Efficient Markets Hypothesis Eugene Fama Nobel Prize in Economics 2013 Term Structure of Interest Rates Eugene Fama Profitability Robert Novy-Marx Eugene Fama Kenneth French Value Effect and Multifactor Asset Pricing Model Eugene Fama Kenneth French The Size Effect Rolf Bane 2012 1993 1984 1981 1966 1964 1952
  • 41.
  • 42. But TOGETHER we know more than we do alone How many beans are in this jar? Go on, have a guess...
  • 44. So What IS the best way to invest? Here’s the rub. The industry says one thing… The evidence says another…
  • 45. Approach 1: The industry’s approach is known as active management This… Attempts to identify mispricing in securities 1 A hare not a rabbit
  • 46. Approach 1: The industry’s approach is known as active management This… Relies on forecasting to select ‘undervalued’ securities or timing the markets 2 A hare not a rabbit
  • 47. Approach 1: The industry’s approach is known as active management This… Generates higher expenses, trading costs and risks 3 A hare not a rabbit
  • 48. It attempts to OUTGUESS the market This leads to higher turnover and excess costs. when they think they will outperform when they deem them overvalued The Market BUY Active managers... SELL
  • 49. Active investment methods have low odds of success.
  • 50. Approach 2: The evidence-based approach is called passive management or indexing This… Removes the risk of picking the right stocks 1 A tortoise not a turtle
  • 51. Approach 2: The evidence-based approach is called passive management or indexing This… Attempts to match the performance of the chosen index 2 A tortoise not a turtle
  • 52. Approach 2: The evidence-based approach is called passive management or indexing This… Prioritises low tracking error over higher attempted returns 3 A tortoise not a turtle
  • 53. It attempts to match the returns of a COMMERCIAL INDEX INDEX LIST HOLD a basket of securities represented in the index Passive investors... The Market
  • 54. This means YOU PAY to LOSE your returns.* OUCH! FACT *Your money buys your fund manager this... Over the long term, 97.8% of Approach 1 (active) funds, have failed to beat their index after fees and charges!
  • 55. How does this evidence inform us? LEAN AWAY heavily towards passives from actives and While avoiding toxic stuff like structured products and unregulated funds.
  • 58. STEP1 - Accept the market’s price Daily average trades in 2014 = Daily average trades in 2014 = 60 £194 MILLION BILLION Each one represents the latest estimate of worth of the entire market.
  • 59. STEP2 - Beware of market gurus One of these two dresses in an elaborate costume to make you think they can predict the future. The other has a crystal ball.
  • 60. “ Warren Buffett Keep in mind the only value of stock forecasters is to make fortune tellers look good. ‘Gurus’ includes bankers, discretionary managers, IFAs, radio pundits and the financial press.
  • 61. STEP3 - Control your costs control fund performance control the fees you pay / This is the only FREE lunch in investing YOU CANNOT YOU CAN BUT
  • 62. STEP4 - Spread your risk Diversify beyond your home market to reduce risk and improve your return. FTSE All Share Index (1988-2014) Annualised Return 9.23% Globally Diversified Portfolio (1988-2014) Annualised Return 10.37%
  • 63. STEP5 - Be disciplined Aside from costs, the main reason for poor returns is There will be good years and bad years. YOU! ...Sokeep a cool head... it pays to stay invested.
  • 64. STEP6 - Stay balanced Academic research has identified these factors are important within a cost-effective portfolio. EQUITIES - higher risk, investing in companies MARKET COMPANY SIZE RELATIVE PRICE PROFITABILITY FIXED INCOME - lower risk, lending money to companies and governments TERM CREDIT }
  • 66. A Chartered Financial Planner can help you with this if you aren’t comfortable yourself.
  • 67. Consider this… In May 1997, Deep Blue beat Kasparov* *Widely considered the best chess player ever. Computers trumped the greatest human minds.
  • 68. In the last 20 years technology has evolved.
  • 69. And so has investment Everyday… Better products come out…
  • 70. And so has investment Everyday… Greater insight and evidence is gained… Better products come out…
  • 71. And so has investment Everyday… More choice and more solutions are available. Greater insight and evidence is gained… Better products come out…
  • 72. A Blackberry was great 10 years ago... But the world moves on.
  • 73. Be FROZEN in time (stay with the industry) You have TWO choices
  • 74. Or embrace the innovations now available to you.
  • 75. The way investment advice is given has also evolved… The stockbroker The insurance salesman / conflicted IFA The fee-based financial planner (my granny used one of these) (my parents regretted using one of these)
  • 76. The traditional IFA approach Tactical performance chasing Driven by relationship and ‘friendship’ Decisions based on individual guesswork Plays on your emotions Complex opaque products Ad hoc processes and promises Hidden commission EXCITING BUT FLAWED Then
  • 77. Our approach Strategic risk management Driven by evidence Decisions based on probability Constrain emotions and ‘friendship’ Transparent simple products Disciplined and centralised processes Fee-based BORING BUT EFFECTIVE Now
  • 78. Or challenge the status quo and get better results* You have TWO choices… Listen to comforting lies (which are still lies)...
  • 79. * $7 trillion has entered passive funds in the US and Europe - so don’t worry, you won’t be the first!
  • 80. You can now get an investment approach that uses evidence and Better outcomes Evidence theory Sound investment philosophy Robust portfolio structure Tight cost management Strong risk management Nobel prize winning research to get a better outcome.
  • 81.
  • 82. •Across securities, markets and asset classes •Getting this right is the most important decision you will make •Avoid unnecessary risks Balance Growth and Defensive assets Select risks carefully Diversify broadly Combined with common sense
  • 84. It needs to be right for you Defensive assets Risk Return Your portfolio? Growth assets
  • 85. Prune costs Costs are larger and more dangerous than they may appear. That’s not the Titanic
  • 86. Prune costs Costs are larger and more dangerous than they may appear. That’s not the Titanic But that is a dangerous iceberg
  • 87. You can find out your current costs by getting a* *We recently saved an investor over £11,400pa in charges. SECOND OPINION REVIEW.
  • 88. AND we help integrate better investment with REAL financial planning.
  • 89. AND we help integrate better investment with REAL financial planning. So YOU actually know where YOU are going before you start…
  • 91. We are radically TRANSPARENT, which can make people uncomfortable if they: Don’t like hearing the truth. OR Aren’t used to being told it...
  • 92. But trust us on this… Professional philosophy and process matters more than how much you enjoy golf or a beer with your financial adviser ‘friend’;
  • 93. But trust us on this… Professional philosophy and process matters more than the fact that your financial adviser comes to your house; and
  • 94. But trust us on this… Professional philosophy and process matters more than quarterly financial reviews where a fortune telling salesperson churns your funds, asks for top-ups or asks for referrals.
  • 95. We cut YOUR costs And improve YOUR returns. In order to enable you to live a better life. + =
  • 96.
  • 97. Our approach isn’t PERFECT for EVERYONE • Our clients typically are people with important and often complex decisions to make about their investments and financial plans. • They are busy people who have little time to spare. • They often have high income and/or significant investable assets. • They trust us as professionals and aspire to have the best.
  • 98. There is TENSION because we cannot help everyone* But we will try and offer guidance to those we cannot advise, because mistakes are costly and easy to make. *Minimum investment levels apply
  • 99. Balancing our commitment to our mission with our resources is challenging - but it’s also partly what makes us DIFFERENT. This gives us more scope for POSITIVE CHANGE.
  • 101. WE WERE INSPIRED BY • Jack Bogle, Vanguard • Dimensional Fund Advisors • BlackRock iShares • Robin Powell, The Evidence Based Investor • Andrew Hallam, The Millionaire Teacher • Carl Richards, Behavior Gap
  • 102. Contact us to learn more.
  • 103. MORE ABOUT US • Our team is on a mission to spark posi+ive change across the lives of those we serve. We do this by challenging convention, creating deep transformation and enabling confident decision-making for the future. • AES is the Middle East’s only certified fiduciaries, Chartered and fee-only firm providing comprehensive advice to individuals, families and businesses we’re here to start a revolution in the way you think, feel and experience the future. • Values are what we value.
  • 104. REGULATORY STUFF • Risk warning: Investment into any investment portfolios should be regarded as medium to long term. The value of investments and the income from them can fall as well as rise. The value of your fund is not guaranteed and you may get back less than the amount invested, and you could lose part or all of your capital. Past performance is not a guide to future performance. Changes in exchange rates could affect the value of overseas investments. The effect of inflation could reduce the future purchasing power of your investments. • Regulatory information: For all of our authorisations and regulatory information, visit https://www.aesinternational.com/legal-information/authorisations-and- regulations • Copyright: Please feel free to copy or share any of our ideas or work as widely as you like. We think that the more people who engage and learn about good investment from us or others the better.