Last time we spoke with Joe he had started with FIIG in the Melbourne office. However, since then we’ve seen a global pandemic, a relocation to Brisbane and the AFL team he supports break a 57-year premiership winning drought. He’s also a guest contributor for The Wire. Here we catch up with the Director of our Private Client team in Brisbane.
You started with FIIG in Melbourne, what brought about the move to Brisbane?
When in October 2020 a resignation presented an opportunity for me and my family to leave Melbourne after 4 years and return to our original home of Brisbane, we didn’t hesitate to make the move.
As those in Victoria know all too well, lockdown and working from home along with schooling children from home is a tough slog. I have stayed in regular contact with clients, colleagues and friends back in Victoria and hope that they can once again shortly resume a more normal life.
How has your family adjusted to the move?
It’s honestly like we never left. Although Brisbane has had some major developments complete in that time, to be back amongst family and friends and working in a building where I started my career with Ernst and Young in 2000, its feels like I’ve come full circle.
As much as it was great to experience some Melbourne weather, it’s been good to be back in a warmer climate and everything that goes with it.
My aging parents are also happy to have us back and be closer to their two granddaughters.
What was your take-away from the extended lockdown in Melbourne?
We thoroughly enjoyed the four years we spent in a new city. When Melbourne is buzzing with events, both sporting and cultural, opportunities to explore new places to eat and get out to the regions is when it’s at its best. Unfortunately the last 18mths haven’t allowed a lot of that, but during the time we were there we got to explore a lot of the state, experience some great events and create some memories we will have forever. Fingers crossed Melbourne can get back on its feet fast and the small businesses and the regions can once again start to thrive.
When you started you had a golfing segment on the local radio network, are you still on air?
Unfortunately the radio station now has different management and chose to move in another direction on Saturday morning without a sports program.
I have managed to sneak a few games in however and re-joined my Annual Boys Golf weekend recently on the Gold Coast.
It’s great to be back playing on courses I know so well and grew up on, however I miss the wonderful courses I had access to during my time in Melbourne. To get to experience the amazing sand belt courses of Victoria and get the chance to play Royal Melbourne, Kingston Heath, Commonwealth and The National were definitely highlights.
What are the most topical concerns your clients have with their investment portfolios at the moment?
Inflation is the obvious concern that most are wanting to discuss. Signs are obviously popping up everywhere and as recently this week as New Zealand's CPI number showed. Most central banks are seeing this as a one off reaction to a post COVID bounce back however others believe that it has the makings of something more. It’s impossible to predict how, where and when this will all play out so it’s important to maintain a balanced portfolio across all bond types and some exposure to inflation linked bonds if you can still find them. It’s also important to watch the duration of the portfolio and be cautious about how much Fixed rate exposure you are adding to the portfolio at the longer end of the curve.
If you had $250k to invest, where would you put it?
I know it’s boring but as stated above it’s important to maintain a balanced portfolio, and to this end we recently changed our custody agreement to allow for Small Parcel Trading in both USD and AUD bonds. This has now opened up a range of bonds to our Wholesale clients that previously they would have needed to purchase in parcels of 100,000 and 200,000 Face Value. Names include NCIG-12.5%-31Mar27c; Nickel Mines 6.50% 2024; MACQBANK-6.125%-08Mar27c; and in Australian Dollars the SocieteGen-4.875-12Sep24c. It is worth discussing these with your Relationship Manager to see if they would suit your portfolio.
And with the move you have a new colleague on your team?
Indeed - having met a variety of Team Queensland over the years it’s great to now work face to face with them. In Melbourne I had the pleasure of working with CT (Director – Fixed Income Chris Thomas) and now in Qld I get the chance to sit next to CT (Assistant – Fixed Income Chris Tully). Many of the clients will have now either spoken or traded emails with Chris. He’s a Nudgee College old boy which I will forgive him for given his hard working nature and positive attitude!
What does success look like to you?
Really feeling as though you have achieved the right outcome for the client. Most clients come to see us because they want to feel more secure in their investments, so providing a high quality portfolio is so important. A job well done is making sure that they can pass that ‘sleep at night’ test. That’s success to me. If that then means they feel confident in our product to refer us their friends and colleagues then that’s the ultimate measure of success.
What have you enjoyed most with returning to Brisbane?
The weather, my friends and family and a XXXX ‘off the wood’ at the Breakfast Creek hotel. Not many things more enjoyable than all of those things rolled into one on a Saturday afternoon!
If you could play golf with anyone, alive or otherwise, who would you chose?
My Dad, Tiger Woods and Jack Nicklaus. That would be a pretty good day talking and watching with the best. That foursome has 33 Major Titles between them!
What do you think the greatest threat for investors is for the year ahead?
Getting your asset allocation wrong. Its times like this where its very easy to chase double digit returns in other asset classes and end up owning a bunch of growth assets right at a time when markets may be turning. Maintain discipline and understand the risks you’re putting into your portfolio if adding further Shares or Property when markets are at all time highs.
And finally, since you’re now in Brisbane, if you were a type of beer what beer would you be and why?
XXXX “off the Wood” at the Creek. Traditional, easy, and enjoyed with friends!