Investment Manager and Branch Principal
Philip is the founder of the branch and has spent over 20 years in the industry. He has worked as a discretionary investment manager throughout that time for a national firm of accountants, a stock broker and a wealth management business. Having done everything from starting out in the back office of an asset manager to being Head of Private Client for the discretionary arm of a national firm of IFAs, Philip has a unique insight into all aspects of the investment management process. This has taught him that it is just as important to get the communication and administration right as it is to have a strong research process and ultimately sound investment performance.
He believes trust is a key requirement for a successful partnership between client and investment manager. He also sees great value for clients in knowing that the person they are speaking to is the person who makes the decisions.
APPROACH TO INVESTMENT MANAGEMENT
Everything begins with the client, firstly determining the objectives of the client, and then looks at their tolerance for risk, their capacity for loss and their time horizon. These factors combined help the client to understand if their objectives are realistic. Then the investment manager will look at the broad requirements of a portfolio to achieve those objectives, within the constraints of the risk profile. The next stage is to narrow down any specific requirements which gives the portfolios that bespoke element, whether this be a specific income requirement, CGT planning or simply that the client values the discussion with the investment manager who is managing their investments.
Asset Allocation is a key determinant of returns, and a consistency of approach across the investment offerings ensures all clients are treated fairly. By getting the right risk at outset and managing within agreed parameters, we believe that over the cycle we will provide the returns clients are looking for. This does not mean moving from 100% in equities one day, to 100% in cash the next - but instead looking for pricing opportunities to allow us to go over or underweight a particular asset class, and add value without missing out if markets move in the opposite direction. This is vital as no one can predict the future. Markets are volatile and can behave irrationally.
The old adage of never putting all your eggs in one basket remains relevant to investments today. Markets can overshoot on the way up and on the way down and chasing returns inevitably leads to disappointment. By understanding the clients attitude to risk, capacity for loss and time horizon we can get the broad split of assets right at outset and then manage that through ups and downs of markets.
However, this needs to be backed up by a strong fund selection process. Within this we believe that good active management should provide returns in excess of passive management. However, we also recognise that there are certain conditions when passive management provides the best solution.
WHO IS RAYMOND JAMES
Raymond James Investment Services is a wholly owned subsidiary of Raymond James Financial, Inc. (RJF), a diversified financial services company founded in Florida, USA, in 1962. Raymond James commenced operation in the UK in 2001 and supports over 100 commercially independent wealth management practices, with over 45,000 client accounts, representing total client assets of £15.3 billion.
All stats correct as at 31 March 2022
Raymond James operate a commercially independent contractor business model. They provide FCA authorisation, regulatory support, back office administration and an open architecture platform. These are the areas where size can be important and provides comfort for clients. However, as the branch is commercially independent, we determine our own investment proposition and control the client relationship. This is the area where we feel being smaller has its benefits.
Raymond James also provide an annual consolidated tax certificate and can also provide CGT reports.
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