Good day Mr Brown. Had in interesting email this morning from the man at BOE managing my portfolio. Says he want to lighten my exposure to equities, which is 70% at the moment, as they are expecting a pullback. . . . I agreed.
Did he f***. And I would love to not have him involved, sadly other trustees not keen for me to have sole control. Cretins. That aside, the recovery last year was great, and I do think the risk of downside is higher now than the possibility of too much more upside. Don't think we're gonna see another 40% this year - so happy to take some profits now. Still have a lot of exposure to the market.
Financial advisors do not usually get paid for switching your portfolio to a more conservative one or the other way round. With a linked product it is likely he/she will get about half a percent a year of your portfolio value so it pays an advisor to get you the best returns
When Brazen said he had a 70% exposure to equities it sounded like a unit trust portfolio, but perhaps the BOE man has a share portfolio for Brazen and buys money market etc as well for Brazen. But when I was financial advisor for Old Mutual and Standard Bank unit trusts I did not get anything for switching for clients if it is a unit trust portfolio