FORTUNATELY for our IFA of the Year competitors – and for case study Angus MacDonald – this is a game of two halves. It's unlikely that any of the IFAs expected market conditions to make life so difficult for them, and the last month in particular has wreaked havoc in all of the portfolios.
For the first time this year, every competitor is in the red, with some down more than 10 per cent from the starting level. Hard-earned gains painstakingly carved out over the first five months disappeared in the month to 15 July, to the extent that
even our leader has turned Angus's investment of £300,000 into £281,460, a loss of 6.18 per cent.
It'll be interesting to see where they go from here, given the opportunity for the first time to see how they are faring in terms of the competition. Of those that have stuck to their guns, some have done so more successfully than others. Likewise, small amendments have paid off in some cases, but large scale changes have proved largely fruitless.
At this point the temptation to take more risk than is appropriate for the case study could prove too great in a bid to make up lost ground. But the competition is about MacDonald's long-term aims, so our advisers will look to demonstrate their understanding of the environment in which they are operating and how it should be negotiated.
The table, above shows the situation so far, based not only on the current value of their portfolio, but on an agreed criteria. Using these criteria, the six judges have scored each IFA based on their perceived fulfilment of the case study remit.
1 – Duncan Mackenzie – Mackenzie Wealth Management
2 – Keith Thomson – Blackadders
3 – John Moore – Central Investment Services
4 – Mark Houghton – Condies Wealth Management
5 – David Rankin – Bell Lawrie
6 – Willie Crockett – Edinburgh Risk Management
7 – Gordon Forbes – Caledonia Asset Management
8 – David Thomson – VWM Wealth Management
9 – Adeline Christy – Kudos Financial Services
10 – Steve Wilson – Alan Steel Asset Management
The full article contains 350 words and appears in The Scotsman newspaper.
