DelphiNews July 2014

Welcome to the new Financial Year!

All major asset classes had positive returns during 2013/14. However it has been difficult not to notice the negative issues affecting the Investment Industry. You may be aware that the Senate has recommended a judicial enquiry as part of it's recent report on the Australian Securities & Investment Commission (ASIC). In addition there continues to be debate on the introduction of the Future of Financial Advice (FoFA) legislation, with the Federal Government introducing the reforms via interim regulation effective on 1 July 2014.

We have supported the positive changes made to our Industry over recent years which has lead to greater transparency and professionalism. Delphi Financial Management is committed to providing client focused advice and I will continue to keep you informed of developments in our Industry.

Market Update

I’m pleased to enclose the July 2014 edition of Market Update.

As we reach the middle of 2014, there are further signs that global economic growth is synchronising. The US continues to show signs of recovery after a weak start to the year in Q1, and China continues to stabilise.

While June returned a weaker than expected manufacturing result for the Eurozone, Germany continued to rise marginally. And across the channel, the UK experienced their best quarterly manufacturing performance in many years, with all key components showing improvement.

Manufacturing in China was also a standout performer in June, hitting a six-month high as a result of improved domestic and foreign demand. Retail sales also recorded its best gains in five months.

And close by, Japanese manufacturing also expanded in June.

Back at home, economic growth remains below trend. The RBA has left the cash rate unchanged at 2.50% in July, and it’s anticipated that interest rates will remain at this level well into 2015.

2014 Financial Year in Review

In the enclosed Review, Brian Parker, Head of Portfolio Specialists Group at MLC Investment Management, reviews the past Financial Year. Brian states that improvements in both the Australian and world economies and very solid investment returns are welcome news for investors. However, many important issues remain unresolved and the investment environment uncertain.

Annual Statements

Clients will receive the Annual Statements for Super, Pension and Investment Portfolios over the next couple of months. Tax Statements which are applicable to Investment Portfolios will issue over subsequent months. If you have any questions or would like to discuss your arrangements once you have received and reveiwed your Statements, please contact me.

Financial Services Guide

Delphi's Financial Services Guide (FSG) has been updated as at 1 July 2014 and a copy is attached for your information. The FSG is designed to clarify who we are and what we do and contains information on how clients pay for our services and how we ensure satisfaction with our advice. Please note that there has been no change to fees levied by existing clients as a result of the updated FSG.

If you have any questions regarding information contained in this edition of DelphiNews or if you would like to discuss changes that have been implemented in the Investment Industry please contact us.

Your comments and feedback are appreciated.

Regards

Vince Dore CFP
Director

Vince Dore and Delphi Financial Management Pty. Ltd are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning/MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information. The material contained in this newsletter is based on information received in good faith from sources within the market, and on our understanding of legislation and Government press releases at the date of publication, which are believed to be reliable and accurate. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this email.

Level 7, 60 Carrington Street, Sydney, NSW 2000
1300 167 826

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