Goals Based Wealth Management
Carina Investment Advice Ltd. has a Goals Based wealth management approach. This is, in effect, an ‘Outsource CIO (Chief Investment Officer)’ service that can support approved wholesale investors. We aim to provide a plan for Strategic Asset Allocation of your investments: this is typically 80% or more of the target objectives.
We believe that investors are being poorly served by the wealth advice offerings currently in the market. These do not appreciate that Family Offices and Trusts are not institutions, but have different risk tolerances, generally have multiple goals and needs, and have various time frames. At Carina we recommend strategies that are appropriate to investors’ risk budgets, to meet their multiple goals and various time horizons, with high levels of confidence of achieving them. Carina does not promote any personalised retail advice services, any investment products nor any fund managers. We are completely non-aligned and independent. We provide our services through our principal and managing director, Paul Richardson, an Authorised Financial Adviser (AFA).
Get in touch with us to set up a consultation, or use the contact form at the bottom of this page to enquire whether our services are right for you. .
41 Ararimu Valley Road Waimauku RD2
+64 (027) 2273237
Investment Services and Specialisations
STRATEGIC ASSET ALLOCATION
At the heart of the process of building an investment solution are the Strategic Asset Allocation (“SAA”) decisions. Carina has an integrated approach that combines independent forecasts of local and global asset classes, a model portfolio construction system and an algorithm that allocates funds to ensure the overall goals are achieved within your risk budgets. Over a short time frame the selection of particular securities ‘bottom up’ can certainly be a big part of the investment returns, but over the long run the right SAA delivers at least 80% of the target returns. Carina helps build this plan in consultation with the client, assists in monitoring it and provides regular reviews for changes.
Carina believes that sustainability is the first principle of investing. Research has shown that it is possible to pursue environmental and social goals within a fund, without detracting from returns. Moreover the global challenges facing humanity - climate change, pollution, energy costs and availability, population pressures - need to be met by an active and engaged investment approach. Carina is committed to seeking sustainable and carbon-neutral investment strategies. Paul Richardson has an academic background in Environmental Science and has led the ESG (“Environmental Social and Governance”) investments of the funds he has worked with. Carina is a member of the Responsible Investment Association of Australasia (RIAA). Paul has completed the University of Cambridge Institute of Sustainability Leadership Non-Executive Directors course.
Over the last two decades the importance of ‘Real’ assets in portfolios, as opposed to just financial securities (i.e. bonds and shares), has been recognised. These Real Assets include Farmlands, Forests, Infrastructure and Direct Property. They have been shown to provide diversification benefits to investment portfolios, as well as real financial returns. The large global Sovereign Wealth Funds and Endowments have significant allocations to Real Assets now. Carina believes all investors should be evaluating Real Assets for portfolio inclusion. Our SAA approach explicitly includes these. We actively analyse Primary real assets, including Horticulture and other agriculture assets.
FAMILY OFFICE Solutions
Family wealth plans require investment advice from independent experienced managers who are deeply entrenched in the particularities of their situation. Our business can give you a holistic “Goals Based” wealth approach, enabling a FO to achieve its long term aims. Carina can support the Investment Managers of an FO in the development of a Strategic Asset Allocation plan, fully owned by the Family and not delegated. Carina does not hold client funds nor does it provide trading, manager selection nor other banking nor FX services. We concentrate on what we believe the most important aspect, namely getting the SAA right. We believe we can provide an “outsource CIO” professional service at appropriate costs, well below that which is charged in the wealth advice sector in general. Carina has no ties nor products to push, but just offers cost effective investment analysis.
EMERGING GLOBAL MARKETS
Typical investment analysis over-emphasises Wall Street, the City and other major Western markets. The future however is with the ”Emerging“ economies and much of this growth will come from Asia. In effect the capitalisation of the Dow and FTSE and other indices represent the past. The rapid emergence of the massive China economy is just one feature of this change. Carina believes that the next few decades will see an even bigger reshaping of global investment markets. We believe that in depth investigation of these economies is vital. An allocation to Emerging Markets sectors and stocks, whilst volatile, is nevertheless necessary to complete the investment strategic plan.
It all leads back to Governance: performance of a company, its ability to manage risks, to exploit opportunities, to attract and retain best staff and management and to retain its social ‘license to operate’. Paul Richardson has led Funds Management firms’ high level engagement strategies with companies and with other sector participants. As Chair of the NZ Corporate Governance Forum he helped this group push for greater transparency and accountability across the NZ market. As a Director he seeks to ensure these principles are implemented within firms. Carina’s investment approach integrates Governance evaluations at all levels - in particular in equities exposures. Its Governance approach requires active engagement, voting and collaboration. Carina is in the process of signing up to the CFA Asset Managers Code (AMC), which seeks to always put investors first.
Email or call us, or alternatively use the form below to tell us about your investment inquiry, and we’ll call you back to schedule a call or a meeting. Please be as detailed as possible and include any specific investment criteria. We undertake to be absolutely discrete with any information you provide and have a Non Disclose Agreement as a matter of course. To help us best serve you, we suggest that you first describe the broad top-down investment issues and challenges you’re facing, before telling us what you want to achieve. Our typical response time is one business day.
*Carina (/kəˈraɪnə/) is a constellation in the southern sky. Its name is Latin for the keel of a ship, and it was formerly part of the larger constellation of Argo Navis (the ship Argo). Carina thus represents the key element in global exploration and trade: the sail is helpful but the hull is vital, whether a caravel, galleon or other trading ship. The Carina business focuses on setting sail out onto a turbulent investment world and safely bringing home the goods. The ship symbol is also on the family shield of both my Richardson and McDonald heritages and reflects my own nautical and navigational experience.