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I nvestment A dvisory S ervices: B roker/ D ealer

I nvestment A dvisory S ervices: B roker/ D ealer. CMTA Conference April 22, 2004. Karl Schwab, CFA FTN Financial. Discussion Topics. Investment goals Factors influencing investment decisions Choosing the relationship Portfolio management tools What to expect from your “advisor”.

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I nvestment A dvisory S ervices: B roker/ D ealer

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  1. Investment Advisory Services: Broker/Dealer CMTA Conference April 22, 2004 Karl Schwab, CFA FTN Financial

  2. Discussion Topics • Investment goals • Factors influencing investment decisions • Choosing the relationship • Portfolio management tools • What to expect from your “advisor”

  3. Investment Goals • Preservation of principal • Protect • Taxpayers • Debt-holders • Income Generation • Fund ongoing services • Cover debt service • Meet emergency needs

  4. Discussion Topics • Investment goals • Factors influencing investment decisions • Choosing the relationship • Portfolio management tools • What to expect from your “advisor”

  5. Factors influencing investment decisions • Current level of interest rates • Cash flow and budget requirements • Risk tolerances • Investment policy – state and local laws • External Influences

  6. Discussion Topics • Investment goals • Factors influencing investment decisions • Choosing the relationship • Portfolio management tools • What to expect from your “advisor”

  7. Choosing the relationship • Active / Passive investment management • Advisor “track record” • Approval process and documentation

  8. Choosing the relationship Broker / Dealer Direct Investment - Defined • Pay as you go • Sector specific research and information • Strategies, ideas, and trade execution • Compete for your transactions

  9. Municipality Broker / Dealer Broker / Dealer Broker / Dealer Broker / Dealer Direct Investment Advice Advice Trade Trade Advice Trade

  10. Choosing the relationship Broker / Dealer Direct Investment - Advantages • Market knowledge • Product / Sector insight • Closer to the market / can underwrite issues • Independent of process

  11. Choosing the relationship Broker / Dealer Direct Investment - Advantages

  12. Discussion Topics • Investment goals • Factors influencing investment decisions • Choosing the relationship • Portfolio management tools • What to expect from your “advisor”

  13. Portfolio Management Tools Information to make the right decisions • Essential analytics • Online portfolio tools

  14. Portfolio Management Tools Information to make the right decisions

  15. Portfolio Management Tools Information to make the right decisions

  16. Portfolio Management Tools Information to make the right decisions

  17. Portfolio Management Tools Information to make the right decisions • Essential analytics • Online portfolio access • CMS Bondedge • Yieldbook • Bloomberg

  18. Portfolio Management Tools Information to make the right decisions • Essential analytics • Portfolio accounting

  19. Portfolio Management Tools Information to make the right decisions

  20. Portfolio Management Tools Strategies and Trade Ideas • Tailored to the objectives of the municipality • Based on the current portfolio structure • Both strategic and tactical trade ideas

  21. Portfolio Management Tools Strategies and Trade Ideas

  22. Portfolio Management Tools Investment Research – Industry Leaders • Economic Research • Government Agencies • Corporate Bonds

  23. Portfolio Management Tools Investment Research

  24. Portfolio Management Tools Investment Research

  25. Discussion Topics • Investment goals • Factors influencing investment decisions • Choosing the relationship • Portfolio management tools • What to expect from your “advisor”

  26. What to expect from your advisor relationship Broker / Dealer Direct Investment • Quality coverage based on needs • Proven Firm with knowledgeable representatives • Trade execution for quality ideas & service • Customized Agency underwriting • Market making leadership in Agency debt

  27. What to expect from your advisor relationship Broker / Dealer Direct Investment • Access to customized analytics and reporting • Distribution of research and information flow • Access to Economist and Analyst

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