What a portfolio manager will do for you?
Brett Alegre-WoodChairman, YPC Group
Hey guys,
I have had this blog sitting on my mobile phone half-written for over a year now so I finally decided to complete it. It was originally a question from one of my investors who wanted to know what a portfolio manager will really do for them.
The most important thing to realise is that a portfolio manager is not there to offer advice nor to make any decisions on your behalf. They will only convey their experience in building their own portfolio and the experience of their clients. The decisions are always left to you.
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By placing all decisions and responsibility in your hands it means that you will very quickly get up to speed on the processes, procedures, structures and strategies. It also means that if we ever part company you will know exactly how you got to where you are and how to maintain and manage your portfolio. This is the key characteristic of our portfolio managers.
Here's a quick guide to understanding your Portfolio Manager and the services they'll provide:
? Mobile contact number
? 6 days a week availability
? Day and night availability
? Experienced professional who has their own established portfolio, and is actively growing it
? Intimate knowledge of my principles for building a portfolio
? Backed by third party professionals such as mortgage brokers, solicitors, contractors, letting agents
? Qualifications such as real estate licences and our own YourPropertyClub Portfolio Manager's Training Course.
? Working closely with the team at YourPropertyClub
? They have been personally trained by me and other professional trainers
? They will provide you free training on Ezytrac to help you track your portfolio and investing
? They will provide a written step by step portfolio plan, as agreed with you
? Regular reviews of your portfolio and strategy
? Education and support in your 'emotional intelligence'
I think one of the most important aspects of the service they provide is the availability through their mobiles after hours. It's rarely during business hours that you remember questions you wanted to ask (or experience those 'Oh Sh*t!' moments). For this reason it's great to know you will be able to contact one of the team to reassure you.
Another really important thing to remember is that your portfolio manager is building portfolio of their own, and will be going through the same stages as you. Often they'll be buying in the same developments as you. In fact, there has rarely been a development we've offered to our members that either myself or one of the team has not purchased in. It should give you reassurance that the properties we buy for our portfolios are the same ones you will be buying.
I have been lucky to have some great mentors throughout my life and they have taught me the principles of building a portfolio. One of my gifts is to take other people's ideas and simplify them, which is how I have trained my team. They get first hand experience from me, not textbook learning. The same principles that build my and my team's portfolios are the same principles that build your portfolio and the same principles that have been used to build 1000s of portfolios throughout time.
The final thing is the 'emotional intelligence'. This is fundamental. In a previous incarnation I was a personal development and motivational speaker and that gave me a real understanding that property, for the most part (or at least the initial part), is not about the processes, procedures, structures and strategies but about the emotional development of the investor. That's why my team are all trained in dealing with and answering the thousands of questions that new investors need before the can truly pass the sleep test and that's the number one trait of a good portfolio manager.
Live with passion,
Brett Alegre-Wood
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