Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004.

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Presentation transcript:

Investment Advisory Services: Broker/Dealer Karl Schwab, CFA FTN Financial CMTA Conference April 22, 2004

Discussion Topics 1.Investment goals 2.Factors influencing investment decisions 3.Choosing the relationship 4.Portfolio management tools 5.What to expect from your “advisor”

Investment Goals Preservation of principal Protect Taxpayers Debt-holders Income Generation Fund ongoing services Cover debt service Meet emergency needs

Discussion Topics 1.Investment goals 2.Factors influencing investment decisions 3.Choosing the relationship 4.Portfolio management tools 5.What to expect from your “advisor”

Factors influencing investment decisions Current level of interest rates Cash flow and budget requirements Risk tolerances Investment policy – state and local laws External Influences

Discussion Topics 1.Investment goals 2.Factors influencing investment decisions 3.Choosing the relationship 4.Portfolio management tools 5.What to expect from your “advisor”

Choosing the relationship Active / Passive investment management Advisor “track record” Approval process and documentation

Choosing the relationship Pay as you go Sector specific research and information Strategies, ideas, and trade execution Compete for your transactions Broker / Dealer Direct Investment - Defined

Broker / Dealer Direct Investment MunicipalityBroker / Dealer Advice Trade

Choosing the relationship Market knowledge Product / Sector insight Closer to the market / can underwrite issues Independent of process Broker / Dealer Direct Investment - Advantages

Choosing the relationship Broker / Dealer Direct Investment - Advantages

Discussion Topics 1.Investment goals 2.Factors influencing investment decisions 3.Choosing the relationship 4.Portfolio management tools 5.What to expect from your “advisor”

Portfolio Management Tools Essential analytics Online portfolio tools Information to make the right decisions

Portfolio Management Tools Information to make the right decisions

Portfolio Management Tools Information to make the right decisions

Portfolio Management Tools Information to make the right decisions

Portfolio Management Tools Information to make the right decisions Essential analytics Online portfolio access CMS Bondedge Yieldbook Bloomberg

Portfolio Management Tools Essential analytics Portfolio accounting Information to make the right decisions

Portfolio Management Tools Information to make the right decisions

Portfolio Management Tools Tailored to the objectives of the municipality Based on the current portfolio structure Both strategic and tactical trade ideas Strategies and Trade Ideas

Portfolio Management Tools Strategies and Trade Ideas

Portfolio Management Tools Economic Research Government Agencies Corporate Bonds Investment Research – Industry Leaders

Portfolio Management Tools Investment Research

Portfolio Management Tools Investment Research

Discussion Topics 1.Investment goals 2.Factors influencing investment decisions 3.Choosing the relationship 4.Portfolio management tools 5.What to expect from your “advisor”

What to expect from your advisor relationship Quality coverage based on needs Proven Firm with knowledgeable representatives Trade execution for quality ideas & service Customized Agency underwriting Market making leadership in Agency debt Broker / Dealer Direct Investment

What to expect from your advisor relationship Access to customized analytics and reporting Distribution of research and information flow Access to Economist and Analyst Broker / Dealer Direct Investment