发布时间：2021-05-25
Future is Now《传承宝典》43——如何选择投资顾问？
本文内容来自Stonehage Fleming，由雷梭勒家族办公室编译整理，版权归原作者所有。原作者为Layve Rabinowitz ，是中东及非洲地区家族办公室负责人，同时也为南非多个超高净值家庭提供家族顾问服务。
投资者寻找顾问的时候，往往很难做出客观的判断，不知如何选择投资顾问以及如何合理评判他们的表现。投资界有一句老话，投资顾问做得好是因为他们水平高，做得不好则是因为时候未到。但是投资者怎样才能认清投资顾问是否真的称职呢？
这种情况下，家族办公室可以作为客户的得力助手和左膀右臂，为客户提供咨询和分享投资管理领域的见解。以下为根据经验总结出的7条原则，可以供客户选择投资顾问时参考。
#1: 事先规划考察节点
事先规划在哪个时间节点您将会考察投资顾问的表现。不论是倾向于年度考核，还是中长期考核，您可以事先告知投资顾问，在某个具体的时间长度内会进行考察，这样更有利于其展现自己的真实水平。尽管大家都懂得“投资是长期的”这个道理，但是也不能用无限长期来掩盖糟糕的投资表现。
#2: 认清风险偏好，及时沟通
你愿意承担多少风险换取收益？如果亏损巨大，晚上还能睡得安稳吗？认清自己的风险偏好并与投资顾问共同探讨，并不仅仅是出于寻求平衡、增长和谨慎的态度，深入探讨现实中可能出现的情况，已经出现问题后的个人反应，如何面对不同程度的回撤风险，会帮助你做出更恰当的决定。
#3: 不同的投资方式不可同日而语
在选择的过程中，通常会仔细对比不同投资公司，货比三家。但是任何投资公司都会在收益或亏损时给出自己的理由，因此首先需要在对比时确认，这两家公司是否使用同样类型的投资委托？如果不同，则需要清楚如何分别考察之后再做决定。最好能选用一种相同的标准进行考量和比较，而非从两位风格各异、身负不同委托类型的投资顾问中二选一。
#4: 不止是钱的问题
费用确实是需要考虑的因素，但是费用并不能确定一切。作为投资顾问，更重要的是做到定价透明，披露全部前期费用。索要总操作费用比率（TER），避免隐藏费用。一般费用中包含投资管理、资产管理、托管与投资表现。
#5: 警惕配置过多内部产品
投资管理公司是否有可能在所有领域都汇集了全球最优秀的咨询顾问？不可能。因此，需要警惕投资顾问将全部或大部分资产用于配置公司内部产品，这也是另一种多收费的方式。
#6: 避免只关注投资表现
在任何投资报告上都会注明，未来表现不受过去表现的影响。但是很多投资者会将投资顾问过去的表现作为唯一的考量标准。经验告诉我们，长期投资领域，比投资表现同等重要或者更重要的是投资顾问的投资理念，这样你可以更好地了解投资顾问做出的投资决策，并信任其操作。
#7: 寻找不会被说服的投资顾问
就算最近的热门股票表现良好，将其以名义百分比的形式加入到投资组合当中也并不会带来多少收益。这种方式一般被称作“指数模仿”，投资顾问可能会用这种方式来规避他人对其股票选择的质问。这一问题进一步证明了选择投资顾问其实是在选择投资理念这一观点，只有如此，投资顾问既无需为投资决策作事后诸葛亮的解释，也不用为了满足客户的一时兴起而背离投资策略。
Original English Texts
Managing your investment manager
When investors employ the services of an investment manager, it can be difficult to make an objective decision on who to choose and how best to monitor performance. An old adage in the investment world is that, if an investment manager is doing well, it is due to their skill, but if they’re not, it is simply down to timing… How do investors then know what to believe?
It can be helpful to call in the advice of a Family Office that, in its role as a client’s key advisor and right hand person, also provides counsel and oversight on investment management. Experience has revealed seven guidelines that should be followed when choosing and managing one or multiple investment managers.
#1: Be deliberate on your timeframe for evaluation
Decide upfront at what point you are going to evaluate your investment manager. Whether you opt for an annual review or a medium to longer-term timeframe to give them a better chance to perform, be sure to fix a specific duration for accountability purposes. Although we agree with the adage ‘invest for the long-term’, a vague timeline should not be used to cover up poor performance.
#2: Understand and communicate your risk profile
How much risk are you willing to take for the return? How well will you sleep at night if your paper losses are significant? Understanding your own risk profile and discussing it with your investment manager is more than just a conversation about being a cautious, balanced or growth investor. An in-depth dialogue that considers real scenarios as well as your personal response to varying levels of drawdown risk, will help you make informed choices.
#3: Don’t compare apples with oranges
In the selection process, there is often a temptation to make it a two-horse race and compare one investment house with another. Yet each will give you their own reason for why they are up or down at any given time. Do an initial check to see if their mandates are the same. If they’re not, be clear on how you have chosen to monitor each one before drawing judgement. Use of a benchmark may make a better comparison than comparing two investment managers with differing styles and mandates.
#4: It’s not all about the fees
While it’s key to pay close attention to fees, they should not be the driver of every decision. What’s more important is for a manager to be transparent about pricing and disclose all fees upfront. Request a TER (total expense ratio), as there are often fees hidden through layering. Common fees cover investment management, asset management, custody and performance.
#5: Watch out for oversize allocations to in-house products
Is it possible for one investment management house to employ the best managers in every region globally and every sector? No! Therefore, be careful of investment managers who allocate most or all of the portfolio to house brand funds and managers. This is another way of layering fees.
#6: don’t buy into performance alone
On any investment report you’ll find the statement that past performance is not an indicator of future performance. Yet many investors use past performance as the sole driver in their selection process. Experience tells us that for long-term investing, buying into the philosophy of an investment manager is equally if not more important than focusing on performance, as it will give you greater understanding of and confidence in the investment decisions made by your manager.
#7: Look for a lack of conviction
It’s important to understand that adding every latest trend share in nominal percentages to your portfolio in reality won’t make a difference either way if the share performs. Often referred to as index mimicking, a manager might do this as a way of covering themselves against any questioning on stock selection. A lack of resolve further supports the importance of buying into an investment philosophy, as there should be neither the need to second-guess investment decisions, nor any reason for your manager to deviate from an investment strategy to satisfy a whim.
本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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