Consumer trust isn’t something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
An interview with Michael Rees-Evans
This week we caught up with Michael Rees-Evans of Libertas Wealth Consulting. Michael has an impressive career spanning big business and boutique, spending time with Price Waterhouse and Accenture as a management consultant before embarking on a career in financial advice in 2002 with Hillross. Today he leads Libertas Wealth Consulting in Lane Cove.
We get started with some personal questions to find out what makes Michael tick:
Michael, what was your favourite weekend activity in lockdown?
A voracious appetite for reading when not walking the family dog.
Favourite holiday destination?
Close to home on the NSW South Coast.
The first thing Michael will do post lockdown?
Jumping in a rowing boat and getting back out with his crew; Michael is a keen sportsman.
In the world of e-commerce, do you still prefer bricks and mortar?
It’s online for Michael.
On Australia, Michael is most positive about our weather and generally positive outlook.
And Michael’s four dream dinner guests?
Winston Churchill, Boris Johnson, Tony Abbott and John Howard; a very political affair!
Moving to Michael’s investment philosophy, he summarises it as “market works, but costs matter,” so be selective in choosing active managers and ensure they are adding value.Â
Michael’s preferred investment vehicle is the low-cost ETF. And he highlights the important of both asset allocation and rebalancing regularly as the most important investment recommendation ever made.
On the prospects of financial Armageddon, he suggests gold bullion as the saving grace and is growing a little concerned with the irrational exuberance that has anchored past returns into the future.
Michael’s views on the best Australian and global stocks, if he could only hold one, for the next decade:
In Australia, it’s Woolworths (ASX:WOW) on the basis that we will always need food, “come boom or bust,”‘ as evidenced by the pandemic.
Looking globally, it’s Microsoft (NASDAQ: MSFT) as it is incredibly well run and has shown the ability to quickly shift its business model to now enjoy an annuity-style income.
