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Alan Steel - Scotsman IFA of the Year
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Alan Adam, an adviser at Alan Steel Asset Management, has been named the Scotsman IFA of the Year 2006.
The competition, sponsored by Jupiter, tested the skills of five Scottish IFAs*, by asking them to manage a fictitious investment portfolio of £50,000 over a 12 month period. The advisers were rated by five judges** not only on the returns they produced but, in addition, the suitability of the portfolio and the way they communicated their investment decisions to the 'clients'.
Alan Adam, who has worked at Alan Steel Asset Management for six years, won the competition by not only achieving a 40.1% return over the year, but also by, in the judges' view, constructing and managing the best portfolio and, communicating effectively with the clients.
Commenting on their decision the judges said: "In our view, Alan Adam of Alan Steel Asset Management, produced a portfolio that most accurately met the clients' objectives. His assessment that the couple's home represented sufficient exposure to property was appropriate as was his view that, with at least a decade to run until retirement, they could not only afford to, but needed, to take on a degree of equity risk in order to achieve their aims.
Alan started off the competition in a more cautious mood, with a 20% cash holding as, at the time, the outlook for the global economy and therefore equities was, in his view, uncertain. But he wisely reallocated this cash into the market as his confidence on the outlook grew."
Notes to Editors:
Under the rules of the competition, each IFA had to build and manage a portfolio for fictional clients 'James and Sarah Clark'. The couple were described as having a balanced approach to risk, no mortgage debt and £50,000 to invest. The advisers had to select from funds managed by Jupiter or, various stock market indices. The advisers were allowed to make one change to the portfolio during the competition.
* The five IFAs and the returns they produced:
Andy Cowan of John Scott & Partners 23.6%
Duncan Mackenzie of Johnston Carmichael 28.3%
Philip Church of Pension Investment Management Services 31.5%
Lesley Collins of Independent Woman 36.8%
Alan Adam of Alan Steel Asset Management 40.1%
** The judges were: Edward Bonham Carter, joint chief executive of Jupiter, John Chatfeild-Roberts, head of the Jupiter Independent Funds Team, Bill Jamieson, executive editor of the Scotsman and Ray Perman, Chairman of Social Investment Scotland.
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