[Opinion] Two and two are still four
George Burns once advised to look forward into the future, as that’s where you’ll spend most of your life. As we sit here in Lockdown, it’s useful to reflect on where the local financial services industry will travel to next.
Let’s start with the consumer – you know - the person who ultimately supports us all. In an environment where it’s been easy to jump on, hang on, and enjoy the ride, investors have been tempted to self-drive, and/or avoid the industry through passive or limited-thought investment strategies.
Up until most recently those investors who have paid for robust advice, have enjoyed a similar outcome to those who threw their savings at the index and enjoyed the ride.
More recently the markets have savagely reminded us of Newton’s logic that “what goes up must come down”. This volatility has been noticeable in KiwiSaver, where members switched over $1 billion from higher risk funds to conservative options in March, changing their risk profiles and effectively crystallising any paper loses along the way.
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