Listening to, and understanding, the needs of the organisations and individuals that we work with is key to the success of both the client relationship and advice given. Often there are many questions;

What am I trying to achieve?
What are realistic investment objectives?
Am I getting value for money?
What risks am I taking?
Am I taking the right risks?
They all sound so plausible – who should I invest with?
How much to invest?
Is my portfolio performing as well as it should?
Should I be doing something else?
Should I change investment manager?

JTFM is directly authorised and regulated by the FCA to give investment advice which enables us to get off the fence and give clear and specific recommendations.

Each client’s project is tailored to their individual circumstances and requirements but often it can include some of the following elements:

“We were delighted to meet with you and think your approach works well for us. Please come and help us figure out what we do with all this money!”

Investing from Cash

Following an influx of capital there are many areas that require focus.

In many cases clients will be provided with a lot of information about investment options. A clear policy including specific detail about ongoing requirements for income and capital is important.

Understanding risk and capacity for it is essential as this will often change. Involving stakeholders such as spouses or children can also be important at this time.

We work with clients to understand these objectives and tailor an investment policy, stating clear objectives and requirements, which can then form the basis for future strategic planning.

“Many thanks to JTFM for a most comprehensive report and succinct summary of recommendations. Lots to consider.”

Setting Investment Policy

Having a clear set of goals which all stakeholders are bought into is vital. We work collaboratively with clients, their advisors and investment managers to establish investment policy. As well as setting clear, realistic and measurable objectives, a modern investment policy typically includes details of any restrictions, preferences, and approach to environmental, social and governance considerations.

Once established, we document this in a comprehensive Investment Policy Statement, to act as a ‘blueprint’ for decision making and to communicate the policy to all relevant stakeholders, including the investment managers.

“Thank you for such creative thinking and for taking the care to present it so beautifully.”

Portfolio Review

There can be concerns about existing arrangements, whether these are investments that are self managed, delegated to discretionary investment managers, or both.

There is a whole spectrum of reasons why investments are reviewed – from clients wishing to satisfy themselves that they are obtaining the best service for beneficiaries or other stakeholders; through clients with a nagging feeling that something just isn’t right; to those dealing with poor investment performance. The scope of the review is tailored to each client’s requirements to ensure that it directly addresses their concerns and provides them with answers to their questions.

It is important to meet with clients, their advisers and often managers, face to face, to gather their views and identify any particular successes and issues that have arisen in relation to the portfolio. The review is then undertaken covering all aspects of the current investment arrangements, providing detailed commentary and specific recommendations as to how improvements could be made.

Following this we can assist with implementing change to the strategy, ranging from minor tweaks through to wholesale strategic re-evaluation.

“Best report we have ever seen. Clear and to the point.”

Ongoing Monitoring

The selection of the right managers and investment strategy are key steps, but in the initial phases of deployment and indeed on an ongoing basis any small divergence can become exaggerated over time, or “mission creep” can appear as team members change and market conditions alter.

Investment managers undertake the day to day running of portfolios and provide comprehensive reports but often there should be independent oversight. In many cases managers should not be “marking their own homework”.

We have developed Jellyfish®, a data visualisation tool which complements our proprietary reporting package. This is designed to sit alongside manager reports and gives a comprehensive overview at both an individual and consolidated manager level. Report content is tailored to individual client need.

“The hugest thank you. You’re on my list of ‘people who know people’. Well, you would be if I was that organised.”

Private Markets

Once the preserve of institutional investors such as endowments, pension funds, and sovereign wealth funds, private markets are becoming increasingly relevant to a broader range of investors. JTFM has extensive practical experience of advising family offices, private wealth, charities and endowments on investing in this area.

“We really could not have done it without you, and the whole team is very grateful for your continued support.”

Sustainable Investment

There is a global drive towards greater sustainability and companies that do not address this may be left behind. In our view, understanding this area is an important risk management consideration for long term investors.

We have worked on a number of mandates with specific sustainability, environmental and social impact objectives. A recent example is building out a portfolio of these assets alongside the more traditional investment portfolios already in place for a client.

This is an area where one size really does not fit all. Clients will have their own interests and abilities to access different markets. A comprehensive approach, which complements the rest of a client’s wealth, is important.

“Thank you for your time yesterday – your input was very useful and I thought that, as a group, we were able to have some useful and constructive discussions. “

Investment Committee

A strong investment committee with a clear role is an essential part of investment management for large charities and family offices. It becomes increasingly important as the number of stakeholders rises and can be an effective tool in improving portfolio implementation and management. It is important that these committees remain focussed on their role and objectives.

We work with clients and their advisers on the set up, management and ongoing operation of investment committees.

We also sit on a number of investment committees, in some cases combining this role with ongoing monitoring.

“I would like to reiterate our thanks for the truly wonderful job that you have done. You have exceeded all expectations.”

Bespoke Projects

While the above points represent some of the issues that often arise we recognise that each set of circumstances is different.

Over time one off bespoke projects do arise and we undertake these where we believe that we can add value to the client and stakeholders.

Recent examples of these type of projects include:

  • the one-off facilitation of family meetings where difficult investment decisions need to be made;
  • the creation of fund structures such as Open Ended Investment Companies (OEICs);
  • the outsourcing of the investment function of a single family office;
  • currency issues, such as investment from, or into, multiple currencies; and
    cashflow planning to deal with unexpected requirements.
“Thank you for your report. The content and format is very thorough but it’s also incredibly user-friendly and set at the right level for the meeting.”

Charity Review and Monitoring Service

Charity trustees face many of the same issues as other investors, such as setting an appropriate investment policy, reviewing portfolio performance, and monitoring investment managers. They also have to consider other distinct elements such as their tax regime, governance framework, regulatory environment and often a large number of (perhaps unidentified) stakeholders.

For this reason, we offer an investment consulting service which is tailored to each charity’s circumstances.