Gretchen Betts CFP^TM Chartered MCSI, has been appointed President of the Chartered Institute for Securities & Investment (CISI) Wales branch.

Click here to read more.

The North-East’s CISI branch committee met on 30 November to outline the 2018 programme. Prior to the meeting we requested for all members to assist us in completing a survey. The survey was very useful highlighting CISI members wants and needs well and we thank you for your participation in the survey.

There was a particularly strong response for sessions related to Personal Development and associated skills. In the meeting held, the committee asked two follow-on questions:

1. What does personal development mean to each CISI Member?
2. How can we delivery branch meetings that encompass a range of skills from key areas such as financial planning, wealth management and back-office operations.

To help answer these questions, the Committee evaluated the demographics of the region’s members. Colin Anderson, the CISI regional coordinator, broke down the region’s membership statistics showing that the gender breakdown of members is 60% male and 33% female. These were further broken down by age as follows:

Age Groups	Males	Females %
Under 30	40%	27%
30 to 39	20%	39%
40 to 49	22%	21%
50 to 59	11%	12%
60+	7%	1%

 

This data showed that the region has a lot of members in the early stages of their careers, where personal development and associated skills can have a meaningful impact for long-term success. The younger age is believed to be due to a large intake of members from Northumbria University and Newcastle University Business School who received student registration as a result of studying the CISI Foundation Course. This is worthwhile for Employers to take note for those interested in future recruitment opportunities from the regional network.  

The consensus was that the programme should include personal development for members, but should balance these sessions as an ongoing sub-theme throughout the year rather than in one-off, standalone events. The committee noted that many firms operate their own in-house training and so any such sessions to be delivered by the CISI should be complementary where possible.

Topics under the theme of Personal Development were discussed with suggested topics including negotiation, effective client communication, marketing skills and finally routes for further professional qualifications, such as providing access for members to learn more about the CFP six stages of financial planning for those interested in taking the CFP license.

Two members of the committee noted a keen interest in promoting greater diversity. Any female members interested to discuss further are asked to please contact Dr Emma Black or Natalie Turner for more information.

Since becoming Branch Chairman, I quickly realised the strong relationship that my predecessor Nick Swales developed with the both Northumbria University and Newcastle University. Nick remains on the committee in addition to his CISI board responsibilities. One topic both Nick and I are passionate about is helping the younger generation (aged 16 and over) find information when considering a career in financial services. Such assistance could extend to participating in project work with our region’s universities. These will continue to be explored over the months ahead.

The committee agreed on the region’s program for 2018 and I’m delighted to share the events with you as follows (NB: dates, timings and venues will be announced shortly):

22 February 2018 – Royal Station Hotel, Neville Street, Newcastle upon Tyne, NE1 5DH

• General Data Protection Regulation (GDPR) – are you ready?
• Why wealth and financial planners should still consider and discuss offshore planning with their clients.

7 March 2018 – Royal Station Hotel, Neville Street, Newcastle upon Tyne, NE1 5DH

Theme: Economics and Politics

• Mauricio Armellini Agent Bank England North East Mauricio will deliver a presentation about the UK economic outlook from the perspective of the Bank of England. He will share the Bank of England’s forecast for growth, inflation and unemployment, as well as discuss the main judgements of the Monetary Policy Committee that sit behind their interest-rate decisions
• Open forum to discuss with North East Committee how we can support our members in the region

4 May Theme: The Power of Effective Client Communication

• Communicating with clients is a major challenge for financial advisers. This presentation discusses the importance of having a well-structured client communication strategy. It considers the challenges in connecting with clients, reviews the results from Dimensional’s Global Investor Survey and Benchmarking Study, and introduces a powerful framework for effective communication.

TBA September 2018 - Theme: Behavioral Finance and Vulnerable Clients

• Vulnerable Clients – it may not just be the obvious, so we’ll cover the recent updates to the FCA’s Occasional Paper No. 8 and Financial Lives study;
• Behavioral Finance - Framing the Question – It is not what you say it how you say it. This session will be delivered by Northumbria University who has carried out extensive research on this subject. They will give you an understanding how different questions can have different outcomes.

TBA October 2018 – Theme: Diversity- How will affect the future and the way we work 

• This session will focus on diversity and will be of benefit to everyone from business owners and regional directors to individual members and their clients. This will be a forum format which members who attend will share their practices to help establish a blueprint for success.

Personal Development is our overarching theme for 2018

The committee is here to help you. Remember the phase “shy-bairns-get-nowt”.

All you have to do is ask. Financial services plays an important role within the region and it is our aim to build up the profile of the CISI to work with other professional bodies to improve the voice of the North-East.

We are looking forward to speaking with you all in due course and seeing you at the events over the year to come.

In the meantime, both I and the committee hope you have a happy, healthy and prosperous 2018.

James Clancy
President of the CISI North East Branch 

I had the honour of attending the Presidents' Day at the new CISI offices in the ‘Walkie Talkie’ building in Fenchurch Street, London, towards the end of January to consider the calendar of events for UK branches over the course of 2018 and beyond.

Although it was great to visit on of the London skyline’s most iconic buildings, it was a greater honour to meet so many current and future Presidents of the CISI regional branches and to see the branch network thriving.

The agenda for the day was packed and included aspects of marketing, education and future focus, also announcing the next CISI Financial Planning Conference in Birmingham in early October 2018.

Lunch included a tour of the Sky Garden at the Walkie Talkie building and it is amazing to see how the London skyline is changing so rapidly (even through the cloud!) within the square mile, which is encouraging for all forms of financial and investment services post-Brexit.

I am pleased that I was able to provide feedback from the Southern branch of the CISI and to gain insight into other branches' modus operandi going forward. Lots to see and consider and of course to achieve during 2018 and 2019. It was also great to hear from Jackie Lockie CFP, Chartered FCSI, Head of Financial Planning at CISI (pictured), about the great opportunities ahead. 

The CISI looks to be in fine form to face the challenges of financial services during the course of the year and I look forward to working with them further into the future.

Keith Churchouse CFP Chartered FSCI
Vice-President CISI Southern Committee

We are delighted to announce the appointment of Maggie Lindsay, Chartered FCSI as President of the CISI Scotland branch.

Read more here.

The CISI Guernsey Branch Committee have agreed at the request of ‘The International Stock Exchange’ (TISE) based in Guernsey to place the following note on the ‘CISI Guernsey Branch web pages’ as it may be of interest to local members. (Please note however that the service is not endorsed or recommended by either the Chartered Institute of Securities, or it’s local Guernsey Committee and the details reproduced below are for ‘information purposes’ only).

The International Stock Exchange (TISE) has launched a new service to assist firms – and their clients – with obtaining a Legal Entity Identifier (LEI).

What is an LEI?

An LEI is a unique 20-character alphanumeric identification code designed for regulators to globally identify all legal entities that are engaging in financial transactions.

Which entities must have an LEI?

Some entities have already been required to have an LEI but the scope is set to widen significantly. From 3 January 2018, all entities within the EU, including the UK, which are subject to the Market in Financial Instruments Directive II (MiFID II) and its associated regulations – or non-EU entities wishing to transact with such entities – must have an LEI. “No LEI, No Trade.”

TISE’s LEI service

TISE is now able to act as an easily accessible conduit through which its member firms AND also non-member firms (i.e. those without a pre-existing relationship with TISE) are able to obtain LEIs from the London Stock Exchange (LSE).

Key features

• A service from within the Crown Dependencies
• Open to existing Members and also non-Member firms
• May be used by firms for their own entities and/or those of their clients
• May be used for a single LEI or multiple LEIs
• Administration hub for obtaining, renewing and maintaining LEIs with the LSE
• Approachable team available to assist you

Cost

• Each LEI request received has an initial set up fee of £155
• Each LEI has an annual renewal fee of £95

Next steps

For more information or to submit an application, please visit our new LEI Service webpage: http://www.tisegroup.com/lei-service/

Please note that the LEI Service terms and conditions on that webpage must be read, understood and accepted prior to any application being submitted.

If you still have any questions once you have consulted our LEI Service webpage and terms and conditions, then please contact:

Robbie Andrade, Director
Robbie.andrade@tisegroup.com

Ben Snook, Senior Manager
Ben.snook@tisegroup.com

The International Stock Exchange Group Limited.
PO Box 623 Helvetia Court, Block B, 3rd Floor, Les Echelons, St Peter Port, Guernsey, GY1 1AR

TISE is a registered trademark of The International Stock Exchange Group Limited.

Kate Lester, a local entrepreneur, provided the audience with insights into the importance of ethics, values and integrity in the financial services sector at the event, held on 30 November 2017 at Harbour Hotel, Surrey

View the photos from the dinner here.

The Chartered Institute for Securities & Investment (CISI) is delighted to announce the appointment of Maggie Lindsay, Chartered FCSI as President of the CISI Scotland branch.

Click here to read more.

The first annual dinner for the new CISI Cotswold branch was held at the Greenway Hotel, Cheltenham on 30 November 2017

View the photos from the ceremony here.

Magician Chris North kept an audience of over 45 on their toes with his tricks at the event, held on 9 November 2017 at Corpus Christi College, Cambridge

View the photos from the dinner here.

CISI friend John Young, Agent for the North West spoke at Rathbone Hall on 14^th December, for our Christmas CPD event. 

Interest Rates

On the 2^nd November, interest rates were raised to 0.50% in order to meet the inflation target while still supporting jobs and growth.

Overall, the committee’s growth forecast hasn’t changed much. But global growth remains strong and inflation is above target (3.1% in November) and more people are in work than ever before

What will be the impact of the rate increase?

A fifth of people with mortgages have never experienced an increase in Bank Rate. But half of these borrowed after the FPC introduced its affordability stress in 2014, which requires mortgagors to be able to withstand an increase in their mortgage rate to around 7%.

For companies, the share of profits required to meet monthly debt repayments has fallen to its lowest level for at least two decades. Company gearing is much lower than in the run up to the financial crisis.

Brexit

John advised that the FPC will continue to identify and monitor the UK financial stability risks associated with Brexit.

There are a range of possible outcomes for the UK’s future relationship with the EU and a number of possible paths to that relationship. The UK banking system can support the real economy through a wide range of Brexit outcomes. This includes a scenario in where there is no agreement in place when the UK leaves the EU.

Renewal of the RTGS system

Real-time gross settlement (RTGS) service - infrastructure that holds accounts for banks, building societies and other institutions.

On an average day, RTGS settles around £500 billion between banks. Renewal of the system will include higher resilience, wider interoperability and improved functionality

Stress Tests

John closed by discussing the 2017 stress test of UK banks. The stress test scenario allows for more severity than the financial crisis. Therefore no bank needs to strengthen its capital positon in response.

 

On behalf of all the Liverpool, Chester & North Wales committee, we wish all our members a very Merry Christmas and all the best for 2018!

2017 is nearly over and the CISI Southern Branch Committee wanted to send their thanks to all of you who have helped, been involved, and attended our events over the year. It’s been a good year for the Southern Branch and as you can guess we have already started to plan 2018. 

We hope that you have a great Christmas and of course a prosperous New Year! See you in 2018, hopefully at the first event in our CISI Southern Branch calendar at the end of January (25^th / AM) at GLive in Guildford. 

Thank you for your continued support and we look forward to working with you in 2018.

If you have not used this question before, then I recommend you try it! The question usually stops people in their tracks and is to some extent so neutral that the responses can be as diverse as an individual’s world. Try it on clients, staff and colleagues to see what you get back. The responses can be enlightening, easy to fix, or more deep-seated, revealing a greater underlying issue that needs to be addressed and is the tip of the iceberg of a number of changes the individual wants to address.

I also think the timing of this question is important as we approach the end of the year, 2017, as it can be a time of reflection of the year that has passed. It’s all well and good pointing this question at others, but it is sometimes better to direct it at yourself to ask the same. And…what would you change?

Only you will know the honest answer. I asked the host on my money advice slot on air on BBC Surrey & Sussex radio this week and her response was immediate…’to earn more money!’ Don’t we all (usually) want to do this, but the question is how? As part of a Financial Planner’s role, we often question clients to understand their real needs through searching questioning that can be challenging. This is only correct to make the right advice recommendations. So, asking yourself some thought-provoking questions would not go amiss.

With 2017 fading fast and the prospect of 2018 in sight, and of course the festive season about to descend on us, now is a great time to look at your career, your business, your position to see what you would change. Change is nothing to be feared as long as it is embraced and it could be anything, from more CPD, to a promotion, to a career move…you name it.

Whatever you do, make it happen in 2018. We believe that the prospects for the year look good…and so should yours!   

Keith Churchouse CFP Chartered FSCI
Vice-President CISI Southern Committee

Cricket commentary box legend Henry Blofeld OBE shared stories from his 47 years as a test match special commentator at the event, held on 16 November 2017 at Hilton Bournemouth Hotel

View the photos from the dinner here.

Paul Jackson and Steve Lennon spoke on why capitalism might be in for a bit of adjustment on the 9 November CPD event in Exeter and gave excellent speeches.

Following Carney's suggestion that capitalism may lead to instability due to wage inequality and Adair Turner's earlier analysis that competitive capitalism can drive the market in an 'unstable condition', Paul Jackson spoke clearly about the signs that there were risks in the market, and Steve Lennon from Parmenion worked through some solutions that asset managers might employ now.

Paul Jackson's slides are here.

Where both speakers provided valuable research and spoke effortlessly and well, they stopped short of offered specific suggestions as to which sectors might perform better than others during an extended period of no real growth in developed markets, and we'll return to this topic in later CPD events.

Former Wales international rugby player Richard Parks was guest speaker at the event, held on 2 November 2017 at Cardiff Castle

View the photos from the dinner here.

Guests at the event contributed over £1,200 excluding gift aid to the Social Mobility Foundation

View the photos from the ceremony here.

After-dinner speaker Paul Sinha, comedian and quizmaster on ITV's The Chase, kept an audience of over 65 entertained at the event, held on 12 October 2017 at The Spa Hotel, Tunbridge Wells

View the photos from the dinner here.

Graham Gooch OBE DL, former English cricket captain, kept an audience of 85 entertained at the event, held on 19 October 2017 at the County Hotel, Chelmsford

View the photos from the dinner here.

String quartet Arcosanti Music, and a close-up magician kept an audience of 80 entertained at the event, held on 19 October 2017 at Bristol Museum & Art Gallery

View the photos from the dinner here.

The first LJMU Careers in Finance took place on Wednesday 25th October, with a panel of speakers taking to the stage in the large lecture theatre in the Redmond Building.

Liverpool John Moores University is one of the largest, most dynamic and forward-thinking universities in the UK, with origins dating from 1823.

There was a great turnout with over 80 students discovering a variety of careers paths ranging from Investment Management to Insurance.

It was inspiring to see some LJMU alumni on the panel, including Tom Calland & Jonathan Murphy from Fraser Wealth Management.

The CISI was pleased to join with the Chartered Insurance Institute (CII) on the day and afterwards there was a lively networking event, in which the students could engage with practitioners in an informal setting.

Thank you to Senior Lecturer Karl Roberts & Anne Chisholm from the CISI for organising and to all the other speakers for their time & effort.