Income-seeking investors face problems
He said equities could perform well this year but after five or six years of very strong returns, they looked fully priced.
But that would probably not put investors off who found their fixed interest portfolios were not delivering the income they wanted.
He said fixed interest was not going to be able to provide safety or returns over the short to medium term. “That’s a quandary for advisers. You can’t go to your elderly clients and say ‘you’re not getting yield out of bonds I’m going to put you in shares’. The regulator won’t accept that.”
He said portfolio returns overall would likely be lower this year but getting the mix right would be what set advisers apart.
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