August 2014                                                                                                                 Issue No 15
Speakers details are:

Bevan Graham is AMP Capital's Chief Economist in New Zealand.

Bevan advises "It is now over five years since the Global Financial Crisis. All of the world's major economies are at various stages of repair." Bevan will take us for a trip around the world looking at the current situation and outlook in each of the world's major economies. He will then tell us about the outlook for the New Zealand economy, including the likely path of interest rates and the exchange rate. Bevan will also talk about the outlook for the major global asset classes and how the AMP diversified portfolios are currently positioned to take advantage of that.

Peter Verhaart is the Head of the Multi-Asset Group at AMP Capital.

Peter will discuss challenges facing investors in the current market conditions and will talk about fresh approaches to funds management that challenge traditional ways of thinking. He will include examples of investment solutions available to Financial Advisors that focus on investor goals such as delivering consistent real returns over the medium term rather than traditional fund objectives such as beating a benchmark return or focusing on investment survey rankings. Peter will describe how the investment techniques can reduce the volatility in returns.

Date:                                                       28 August 2014
Presentation Start Time:         4.00 pm
Questions and answers:            5.00 pm
Food and refreshments:            5.15 pm
Venue:                                                    Fairview Golf and Country Club  (34 Sharp Road, Katikati)

Spicers Financial Advisors have organised for two knowledgeable speakers on economic and financial markets to present at the Fairview Club. Whilst Spicers and AMP would welcome any enquiries as to their services and products this is not a hard sell affair and any client of Accumulus (and friends) with an interest in the speakers' topics is welcome to attend.

If you wish to attend please give your names(s) to:
Kathryn Lemoto at Spicers.  Tel: 572 5940

Most countries now have legislation where the balance in a dormant bank account is turned over to the government. They'll seize an account if it has been dormant for more than:
10 years in Japan
15 years in the UK
In the USA, each state has its own rules, but the state of Georgia has lowered the period  where an account if untouched can be seized to just one year.

Australia passed legislation last year to reduce the threshold on seizing dormant accounts from seven years down to just three. And in 12 months after the legislation was passed, the Australian government seized a whopping 80,000 accounts totalling A$360m!

In New Zealand, money in some bank accounts will be handed over to the Inland Revenue if it is not touched for 6 years. However, if the bank where the money is deposited is a "savings bank", which the major ones all are, then the account can go untouched for as long as 25 years.
Individual banks also have their own policies regarding dormant accounts. HSBC bank, for example will confiscate the balance of your account after 12 months of no activity. However that is not as scary as it sounds because the bank will make an effort to contact you first.

Lesson - make sure you keep your contact details up to date and if you have an Aussie account don't just let it sit there for three years without initiating some form of transaction.