DelphiNews April 2018

I’m pleased to enclose the May edition of DelphiNews.

Market Update

The global economy lost some momentum in the March quarter, but fundamentals remain robust.

US core inflation measures are rising, which is flowing through to longer-term expectations and pushing yields higher.

The threat of a trade war between the US and China continues to be a source of significant uncertainty for markets.

Australians will receive cuts to income tax as anticipated, while public infrastructure spending should help bring the economy closer to capacity.

Inflation in the euro area remains sluggish, with core inflation falling sharply from 1.0% to 0.7% in April.

Australia's confidence makes a comeback

Senior Economist Bob Cunneen discusses the encouraging signs shown in recent business confidence and consumer sentiment surveys.

A Will isn't always the only way

You would have heard the saying ‘where there’s a will, there’s a way’. This statement is usually used to encourage people who are losing enthusiasm for a task or goal.

But it also reflects the way many people feel about estate planning. They think that so long as you have a Will, you have a way to ensure your wealth is passed correctly to your loved ones. The article below notes that this is not necessarily the case.

Smart Super Stragegies for this EOFY

Want to help boost your retirement savings while potentially saving on tax? Below are five smart super strategies to consider before the end of the financial year.

Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

I have worked in the Financial Services Industry for over 40 years, starting as a clerk in a country bank branch. At that time banking services were fairly limited and Bankcard was only just being introduced.

I have watched the Industry grow to the point where now you are able to carry that bank branch around in your pocket (with far more services available!)

So after many years endeavouring to assist my clients in understanding their financial options and assisting in managing their retirement plans, I am both saddened and embarrassed by the revelations from the Banking Royal Commission.

Delphi Financial Management and myself are Authorised Representatives of GWM Adviser Services Limited, a division of MLC (which in turn is owned by NAB) which is licensed by ASIC to provide Financial Advice.

I chose this structure for my business as I felt it benefited clients to have the backing of a large Financial Services organisation who would oversee the compliance of my advice to clients. Delphi has undergone four separate compliance reviews during the past year. At no stage during all the years I have provided advice have I received a notice for providing inappropriate advice. Under this arrangement I am not required to recommend MLC/NAB investments. The fees Delphi receives have no correlation to the investment recommendation.

I don't doubt that there will be further revelations of poor behaviour at the Banking Royal Commission. I am pleased that this investigation is being undertaken and hope that it will lead to a change of culture in our Financial Services Industry.

I would ask that you contact us if you have any comments or concerns. My direct mobile is 0414377750.

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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