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Fisher Investments UK: Process

In formulating an investment strategy and composing a portfolio, Fisher Investments takes account of changes in the global market.


Ten Steps Towards a Personal Investment Strategy


1. Getting to know you

Wealth management is very much about forging strong, long-term relationships. This is best initiated by our getting to know one another. On this basis of thorough understanding, we can help our clients achieve their goals. Establishing a rapport, and ensuring you feel comfortable with our proposition is important to us and to the foundations of your investment plan. Your first opportunity to get to know us is by meeting with a Fisher Investments UK Private Client Director. It is at this meeting that you will also receive Terms of Business which sets out the services offered and charges levied.

2. Analysing your need

Investment strategy and objectives are entirely individual. All clients differ in this respect, and in examining need, we are focused on individuality. Fisher Investments UK prefers a flexible, yet thorough approach to fact-finding, which works to discover the uniqueness of the requirement. Gaining a clear view of your aims and needs from your investment is vital to its success.

3. Fixing the portfolio aims

Among the factors we consider when determining the portfolio aims are your objectives, the desired terminal value and cash flows you would like to target over your time horizon. An appropriate benchmark is chosen to use as a roadmap to maximize the probability of achieving these objectives.

4. Deciding the asset mix

The investment asset mix – equities, bonds, and cash – will have a major impact on returns over the long-term. We believe the asset allocation is the most important factor affecting performance in any portfolio; deciding the shares, bonds, cash balance, therefore, is the single most important decision.

5. Determining the benchmark, managing risk

Benchmarks enable clients to gauge the performance of their portfolio whilst providing a framework for responsible investment management and the control of associated risk. Once a benchmark has been agreed, Fisher Investments encourages our clients to stick with it. Frequent changing of benchmarks can lead to poor investment decisions.

6. Shaping your investment portfolio

Having determined the asset mix, which is approximately 70% of the decision-making process, Fisher Investments decides upon the sub-asset allocations. Whether, for example, to invest in foreign or domestic stocks, what markets to invest in, the relative size and valuation of the equities, and so on. Once this structure is in place, Fisher Investments looks to determine the security selection, which we believe has the least impact on investment portfolio performance.

7. Tax efficiency and custody of client assets

Fisher Investments does not hold any of our clients' assets. For security, by using a separate custodian and investment manager clients benefit from a double check on their assets. We utilise a number of custodial relationships and the appropriate custodial situation will depend on your personal tax status. In order to optimise returns for separate account holders, Fisher Investments uses both on and offshore structures as appropriate.

8. Getting invested

Once the decision making is complete, becoming invested is a relatively straightforward paper process of confirming strategy, marshalling assets, liaising with third parties, where necessary, and through a dedicated Fisher Investments administrator effecting transfers and activating the account. We confirm completion and your investment begins to work.

9. Proactive management

Proactive management means several things: firstly, that Fisher Investments continually monitors your investment portfolio and is active in navigating it through all market conditions. Secondly, Fisher Investments doesn't limit itself to a single investment style since we think that this closes doors on consistent gains: our approach to investments is flexible, pro-active and dynamic. Tying ourselves to one investment approach might be likened to travelling only by car – travelling by car is all very well if there's a road and not too much traffic, but if we believe a train, boat, plane or bicycle is more expedient, we'll take it. We also seek to capitalise on the discovery of important and often overlooked knowledge as well as the original analysis and interpretation of widely available information. There are good years and bad years! Nevertheless, Fisher Investments' proactive investment style strives for steadier navigation through difficult times and greater assertiveness in buoyant markets.

10. Reporting back to you

Managing investment portfolio accounts proactively brings with it the responsibility of keeping clients up to date and well informed as to how their investments are working. Communication is the bedrock of our good client. Clients are allocated a dedicated Investment Counsellor who is their direct link to the Investment Policy Committee and keeps in regular contact with the client. Fisher Investments sends out quarterly reports, but maintaining transparency through clear and personal reporting is fundamental to our picture of the investment partnership. In addition, we offer regular seminar programmes.