MPP Newsletter - Autumn 2014 - New Template Final

December 1, 2014  |  By  | 


MPP QUARTERLY UPDATE | AUTUMN 2014 Client-FacingChanges Forclients,aproductswitchwillbeidentifiedthrough:  ClientStatementsandScotiaOnLine:Switcheswill beindicatedinthetransactionhistorysections For example ,“ASOF11/24/14SWITCHTOADVISOR MGD” Advisor-FacingChanges ForAdvisorTeams,accountproductswitchescanbe identifiedthrough:  CommissionReports: Reportswillnowdisplaythe accountproducttypesincetheaccountrangewillno longerdefineaproductonceanaccountisswitched  HostOnDemand(HOD): NewTRUSbutton providesaccesstoviewtheproducttypeofan account.Thecurrentaccountwillbethedefault whennavigatingfromanotherscreeninHOD  TransactionHistory: Productswitcheswillappear asajournalentryasviewedinHostonDemand For example: “ASOF11/24/14SWITCHTOADVISOR MGD”.Pleasenote,onceAdvisorTeamsseethis messageappearonADTS,theapplicableproductforms canbescannedandsubmittedtoNameandAddress.  SharePoint: AproductSwitchReporthasbeen addedtoSharePoint. EnhancedClientExperience Wehavereceivedsubstantiveandusefulfeedbackfrom thepilotteams.Inswitchingnearly500accounts, AdvisorTeamshavefoundtheprocesstobesimpleand veryclient-friendly.Theyhavealsobeenabletousethe transitionasanopportunitytointroduceafeeschedule totheirclientsthataccuratelyreflectsthevalueoftheir serviceandadvice ForMoreInformation FordetailsonProductIndicatorprocedures,pleasevisit thenewProductIndicatorsitefoundon WealthNet . Forhelpwithswitches,pleasecontactthe ScotiaMcLeodServiceCentreat1-877-334-4665or 416-945-4665. Investment Strategy with Myles Zyblock Octoberwasaneventfulmonthforinvestorsthatcanbe characterizedintwohalves.Thefirsthalfbroughtabouta broadsell-offinriskierassets.Thiswasthefearand panicportionwhereriskandsentimentgaugesreached extremes.However,bythemid-waymarkforthemonth, pro-growthpolicydevelopmentsemergedandspurredan about-faceinmarketactivity.Withthedustsettlingfroma tumultuousOctoberwegatherourthoughtsforwhatto expectinthecomingmonths.  Staylongequities. Whileagreatbuyingopportunity waspresentedintherecentdownturn,weremain positiveonshareprices.Webelievethatoverthenext year,economicandearningsimprovementwillhelpto liftequitieshigher.  Resourcestockshavestartedtooutperformaftera toughfewweeks. Wehaveverylittleconvictionthata bouncemarksthebeginningofalonger-term leadershipphasegivensoftdemand,ampleproduction andtheearlyinningsofaU.S.dollarbullmarket.  Therisk-rewardratioforGovernmentbondsis unattractive. Underlyingmacrofundamentalsare leaninghardagainstabullishbondmarketenvironment. Whilewedonotexpectanoutrightbearmarketforthis assetclassweprefertolookelsewhereforportfolio returns.Wecontinuetofavorinvestmentgradecorporate bondswithinfixedincome. NorthAmericanAssetAllocationViews: UnderweightNeutralOverweight Equities X U.S. X Canada X Fixed Income X Government X Corporate X INTERNAL USE ONLY