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Morningstar® Investment Conference

 

in association with PIMFA

 

London 2018

 

1-2 May, 2018 | Royal Lancaster Hotel, London

 
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Morningstar presents the latest developments on financial advice from the industry’s top minds. Discover new perspectives on the market and ideas to put into practice.

 
 

Speakers

 

The conference brings together some of the financial industry's top minds.

 

Keynote Speakers

 

James Clunie
Jupiter Absolute Return Fund

Matthew Goodwin
University of Kent

John Gummer, Lord Deben
PIMFA

Aziz Hamzaogullari
Loomis, Sayles & Company

Richard Mullender
Mullender's

Martin Skanberg
Schroders

Karen Ward
J.P. Morgan Asset Management

 
 
 

On the Agenda

 

Agenda will be announced soon.

 

8 a.m.–7:30 p.m.

Registration Open

10 a.m.–11 a.m.

The Pursuit of Sustainable Income: Navigating Dividend Strategies

Research Showcase

Michael Hodel, Morningstar / Alex Bryan, Morningstar / Travis Miller, Morningstar / Jeremy Glaser, Morningstar / Dan Lefkovitz, Morningstar

Dividend strategies have an enduring and core role in portfolio design for retirees. In this session, Morningstar.com editor Jeremy Glaser leads a panel of Morningstar experts to explore the power and perils of dividend investing. 

A Fiduciary Standard: Past, Present, and Future

Research Showcase

David Blanchett, Morningstar / Paul Ellenbogen, Morningstar / Aron Szapiro, Morningstar / Christine Benz, Morningstar

While implementation details and timelines for fiduciary regulation are being worked out in Washington, asset managers and advisors are continuing to adapt to an environment in which clients' best interests are their top priority. Morningstar experts will discuss the effects of a fiduciary standard for asset managers, wealth management firms, and investors.

 

New Fintech Technologies and Companies That Will Impact Wealth Managers

Research Showcase

Adley Bowden, PitchBook / Colin Plunkett, Morningstar / Rick Summer, Morningstar / Abby Magen, Morningstar

You have heard the buzzword "fintech" and recognize companies like Betterment, WealthSimple, and SoFi, but wonder how it could impact you and your clients. In this session, we will discuss current trends in fintech, emerging companies of note, and thoughts on how these companies are going to impact advisors. 

11 a.m.–12 p.m.

The Morningstar Analyst Rating: A Unified System for Evaluating Funds and ETFs

Research Showcase

Grant Kennaway, Morningstar / Ben Johnson, Morningstar

In November, Morningstar introduced the Morningstar Analyst Rating for exchange-traded funds to round out analyst coverage of key investing tools that advisors use in client portfolios. This session will explain the difference between the Analyst Ratings for funds and exchange-traded funds, explain how to use the ratings in strategy selection, and demonstrate how to incorporate the ratings into client communications.

 

Introduction to Behavioral Finance and Advising

Research Showcase

Ray Sin, Morningstar / Michael Leung, Morningstar

In this session, you'll gain an understanding of investor psychology biases, the dangers they pose to investors, and how you can help your clients overcome them. We'll provide you with a framework for understanding why and when these biases affect investor behavior, and what you can do about them.

 

Beyond the Fiduciary Rule: Policy Developments That Could Impact Investors and Investing

Research Showcase

Aron Szapiro, Morningstar / Jake Spiegel, Morningstar, John Rekenthaler, Morningstar

In this session, Morningstar researchers lead us through the implications of a number of policy developments and their potential impact on investors, including the implications of tax reform proposals, enlarged health savings accounts, and efforts to expand workplace retirement plan coverage to more workers and include more lifetime income options.

1 p.m.–2 p.m.

Does it Pay to Invest in Companies With Economic Moats?

Research Showcase

Moderated by Dan Lefkovitz, Morningstar / Andrew Lane, Morningstar / Bridget Weishaar, Morningstar / Michael Waterhouse, Morningstar

A focus on companies with competitive advantages, or economic moats, is a hallmark of Morningstar’s equity analysis. Moats drive long-term profitability. But moats on their own are insufficient. Valuation is key to outperforming the market as stock prices eventually converge with fair value. In this session, our analysts will reveal where in today's market investors can buy moats at a discount. 

 

New Multi-Asset Portfolio Analytics and the Latest in Target-Date Fund Research

Research Showcase

Jeff Holt, Morningstar / Nick Vassilos, Morningstar

Morningstar is committed to improving its fixed income data and analytic capabilities. Learn about upcoming improvements in cash flow, credit, and exposure analytics data. As a distinct topic, we will reveal trends in target-date funds based on our recently published research. 

 

The Latest Techniques in Behavioral Finance for Advisors

Research Showcase

Steve Wendel, Morningstar / Samantha Lamas, Morningstar

Do you want to learn practical behavioral science techniques to help your clients overcome common psychological obstacles? In this session, we'll share some of the latest research for each stage of the advising process—including marketing, onboarding, planning, and relationship maintenance. We'll also look at how each age group has different needs, and the specific tools you can use to target them. 

2 p.m.–3 p.m.

Break in Exhibit Hall

3 p.m.–3:30 p.m.

Opening Remarks with Kunal Kapoor

Kunal Kapoor, CEO, Morningstar

The financial industry is in the midst of an intense period of flux. Today’s investor has more choice than ever and, for many, that choice has created a great burden. Investors need strong stewards of their capital acting in their best interest to help secure a bright financial future for themselves and their families. Learn how our latest research and innovations are helping firms better support their clients and serve a new generation of investors.

3:30 p.m.–4:30 p.m.

Distributed Information and Markets: A Wiki Way of Thinking

Opening Keynote Speaker

Jimmy Wales, Wikipedia

Jimmy Wales will speak on a wide range of issues around the future of technology, including the benefits of a globally connected world with free access to human knowledge. He’ll also address threats to that vision, including government reach into web data in the name of national security and governments' efforts to control access to information. Wales draws on his background as a futures and options trader in Chicago and financial economist and ties it to developments in how information is transmitted in society today.

4:40 p.m.–5:30 p.m.

Industry Disruption

General Session

Moderated by Tricia Rothschild / Don Phillips, Morningstar / Josh Brown, Ritholtz Wealth Management / Paolo Sironi, IBM Watson Financial Services

For decades, trends have come and gone in the investment industry, but this feels different: The rise of passive strategies, robo-advice, and regulatory scrutiny signal a sea change in how advisors construct portfolios and manage client assets. Our panel of industry veterans will discuss which of these trends are permanent disruptions and which are passing fads

5:30 p.m.–7:30 p.m.

Opening Reception in the Exhibit Hall

7 a.m.–7 p.m.

Registration Open

7 a.m.–8 a.m.

Breakfast in the Exhibit Hall

8 a.m.–9 a.m.

Future of Financial Planning in the Digital Age

General Session

Michael Kitces, Pinnacle Advisory Group

9:10 a.m.–10 a.m.

Straight Talk About Strategic Beta

Track: Passive/Strategic Beta

Moderated by Ben Johnson / Patrick O'Shaughnessy, O'Shaughnessy Asset Management / Wes Gray, Alpha Architect

Strategic beta, or so-called "smart" beta, ETFs have been all the rage in recent years. New funds have proliferated and new inflows have been strong and steady. Our expert panel will demystify this newly popular category of investments and provide insights on how to cut through the hype.

 

Liquid Alts: The Square Peg for Your Round Portfolio

Track: Outcome-Oriented Investing

Moderated by Jason Kephart / Bob Boyda, John Hancock / Catherine LeGraw, GMO / Joel Dickson, Vanguard

When used responsibly, liquid alternatives give investors the potential to improve their portfolios’ risk-adjusted returns over the long term. This panel will address the best practices for including liquid alts in a portfolio and offer our panelists’ best ideas on which alternatives strategies are built for tomorrow’s markets

 

The Best Investments—Anywhere

Track: Active Management

Moderated by Kevin McDevitt / Noriko Chen, Capital Group / Charles Pohl, Dodge & Cox / Amit Wadhwaney, Moerus Capital Management

This panel of talented asset allocators will discuss their approaches to investing and detail how they look across asset classes, regions, sectors, and securities for the best opportunities. 

 

Pillars of a Modern Advisor: How to Achieve Scale and Prosper

Track: Practice Management

Sheryl Rowling, Rowling & Associates

Discover the easy way to achieve greater scale and profitability while serving clients’ best interests. Advisors can have a hard time managing growth and bringing on new clients. The quality of client services can decline as work overpowers their personal time. This session will demonstrate with  a few simple steps—with or without technology— how to better serve current clients and take on new ones. All while still having a personal life.

10 a.m.-11 a.m.

Break in Exhibit Hall

11 a.m.–11:50 a.m.

Fixed Income: The Achilles Heel of Indexing

Track: Passive/Strategic Beta

Moderated by Ben Johnson / Natalie Zahradnik, PIMCO / Karen Schenone, BlackRock / Gemma Wright-Casparius, Vanguard

Fixed income markets are believe by many to be the last bastion of active management. Do bond index funds stand a chance versus their actively managed peers? What does the future hold for bond indexes?

 

Income-Focused Strategies for Retirees

Track: Outcome-Oriented Investing

Moderated by Leo Acheson / Brett Sumsion, Fidelity Investments / Andrew Suzman, Capital Group / Ed Perks, Franklin Templeton Investments

With an estimated 10,000 baby boomers retiring every day, the number of Americans age 65 and older is expected to reach more than 70 million by 2030. Does it make sense to roll their assets into an income-oriented portfolio? What options exist in this space, and how are the managers navigating the volatile interest-rate landscape?

 

The Active Equity Challenge

Track: Active Management

Moderated by Katie Reichart / Clare Hart, JP Morgan / Matt Fruhan, Fidelity Investments / Mark Finn, T. Rowe Price

Most active equity fund managers have failed to beat their benchmarks after fees in recent years, but the portfolio managers on this panel have been winners over the long term. We’ll dig into their funds to discuss why they’ve been successful and why indexing provides stiff competition.

 

The Augmented Advisor: How Technology Amplifies the Significance of Financial Advice

Track: Practice Management

Bill Winterberg, FPPad.com

Startups have raised hundreds of millions of dollars under the premise of deploying algorithms and artificial intelligence to disintermediate human financial advisors. But instead, startups have pivoted to cater to the unique needs of human advisors and their clients. In this provocative session, you will learn ways to use your current technology to enhance the advice you provide and be exposed to innovations on the horizon that have the potential to amplify your relationships with clients and prospects. 

 

Incorporating Sustainable Investing Into Your Practice

Breakout

Paul Ellis, Paul Ellis Consulting / Jeffrey Gitterman, Gitterman Wealth Management / Moderated by Jon Hale, Morningstar

As trillions of assets transfer to younger investors and women over the coming years, their interest in making an impact with their investments and investing in sustainable companies will drive many of their choices. Research shows that more than 80% of millennials and 70% of women are interested in sustainability. In this session, we will discuss the benefits of incorporating sustainability into your practice with two successful financial advisors. We will also outline practical steps for portfolio construction, as well as integration of client service and marketing strategies for sustainable investment. 

12 p.m.–1:30 p.m.

Michael Lewis, author of The Undoing Project

Lunch Keynote Presentation

From Liar's Poker to The Big Short to his latest, The Undoing Project, Michael Lewis has proven himself one of America's greatest living true storytellers. In this wide-ranging discussion, he'll provide his take on the financial markets, sports, and more.

1:40 p.m.–2:40 p.m.

Value (Index) Investors Club

Track: Passive/Strategic Beta

Moderated by Alex Bryan / Ronen Israel, AQR / John West, Research Affiliates / Jared Watts, Morningstar

Value investors have been through trying times. Has value gone missing? Are there any signs that it might soon return? What is the best way for investors to harness that value factor?

 

Preparing for Inflation and Protecting Purchasing Power

Track: Outcome-Oriented Investing

Moderated by Jeff Holt / Jessica Bush, Principal Financial Group / Michael Aked, Research Affiliates / Ken Baumgartner, Wellington Management

In the wake of the financial crisis, inflation has remained well below historic norms, but this threat to investors’ purchasing power looms following years of accommodative monetary policy to stimulate growth. Come hear a panel of three multi-asset portfolio managers discuss current inflationary pressures and different methods of preparing a portfolio for inflation.

 

A Flexible Approach to Fixed Income

Track: Active Management

Moderated by Miriam Sjoblom / Bryan Whalen, TCW/Metwest / Brian Kennedy, Loomis Sayles & Co.

Years of low yields across the developed bond markets have meant challenging times for investors. Join us as we talk with three managers who venture beyond the confines of traditional bond benchmarks in their search for value. How will these approaches change if rates continue to rise?

 

Goals-Based Risk: A Better Way to Understand Clients’ Risk Preferences in the Context of Investing Well

Track: Practice Management

Ryan Murphy, Morningstar

We present a framework that emphasizes coherence between investors’ current financial situation, their long-term fiscal goals, and sensible investment strategies. Risk preferences inform part of this approach, but they are only one piece of a more complicated puzzle. The goals-based risk approach highlights the inherent trade-offs an investor faces when developing an investment strategy and helps clarify the role an advisor has in helping clients make good decisions consistent with their aspirations both in the short and long term.

2:30 p.m.–3:30 p.m.

Break in Exhibit Hall

3:30 p.m.–4:30 p.m.

Best Business Partners for the Next Decade

General Session

Laura Lutton, Morningstar / Gregg Warren, Morningstar

Amid performance, fee, and regulatory pressure, the competitive landscape for fund firms has been shifting rapidly. Join some of Morningstar's equity and fund researchers as they review which asset managers are likely to deliver the best results going forward and which have lost their edge. We'll also discuss the impact on advisors' client portfolios. 

4:40 p.m.–5:30 p.m.

"I took the road less travelled by..." Comments by John C. Bogle

General Session

John C. Bogle, Vanguard

Vanguard founder John C. Bogle will talk about the creation of the first index mutual fund and the long journey to index-fund dominance. He'll also comment on the tension between business strategy options for active fund managers and their fiduciary duty to their fund shareholders, the differences between TIFs and ETFs, and some personal reflections on his 65 years in the mutual fund industry. This session will be broadcast via a live video stream. 

5:30 p.m.–7 p.m.

Reception in Exhibit Hall

 
 

London

 

Welcome to London

 

London is home to Morningstar's European Headquarters. At the Royal Lancaster London, you'll be based centrally and a walk away from the likes of Oxford Street, Park Lane, and Paddington.

 

Where You’ll Stay

 

Relax at the Royal Lancaster Hotel, a stone throw away from Hyde Park, the largest of the Royal Parks. Enjoy the best views of London and explore the city with Lancaster Gate tube station situated adjacent to the hotel and Knightsbridge and Oxford Street within a 15-minute walk.

 

 

 

Royal Lancaster Hotel

Lancaster Terrace

London, W2 2TY

 
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Henry VIII

23 Leinster Gardens

London, W2 3AN

Code: Morningstar

 
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The Caesar

26-33 Queen's Garden

London, W2 3BE

Username: Mornstar

Password: ECCA0082

 
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Park Grand (London Hyde Park)

78-82 Westbourne Terrace

Paddington, London, W2 6QA

Code: MORN300418

 
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The Shaftsbury Premier London

55 Westbourne Terrace

Paddington

W2 3UY

Code: MORR300418

 

 
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Thank You to Our Sponsors

 

Be a visible part of the MIC experience by becoming a sponsor. It’s about more than attendees seeing your company’s logo—it’s an effective way to reach decision makers. 

 
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In Association with

Lead Sponsor

 
 

Exhibit Hall: Westbourne Suite

 

Network with people from more than 15 asset management firms. Morningstar experts will be on hand, too—ready to answer questions. 

 
 
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See you at the conference.

 

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