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The Independent Financial Advisor TRUSTINGThe Independent Financial Advisor www.cifango.org €35 – N°7 – January/June 2015 Join CIFA’s XIIIth International Forum in Monaco on April 22-24, 2015 CIFA’s XIIIth International Forum 2015 8 “PUBLIC DEBTS, & DEFICITS, UNRESTRAINED TAXATION: WHO WILL PAY?” CIFA’s new ADVISORY ROLE at the UNITED NATIONS 12 François Loriot On PIKETTY’s misunderstanding of “CAPITAL” 74 Stephen B. Young Insurance: At the Crossroads of Change 108 www.bzb.be TO BREAK THE RULES, YOU MUST FIRST MASTER THEM. THE VALLÉE DE JOUX. FOR MILLENNIA A HARSH, UNYIELDING ENVIRONMENT; AND SINCE 1875 THE HOME OF AUDEMARS PIGUET, IN THE VILLAGE OF LE BRASSUS. THE EARLY WATCHMAKERS WERE SHAPED HERE, IN AWE OF THE FORCE OF NATURE YET DRIVEN TO MASTER ITS MYSTERIES THROUGH THE COMPLEX MECHANICS OF THEIR CRAFT. STILL TODAY THIS PIONEERING SPIRIT INSPIRES US TO CONSTANTLY CHALLENGE THE CONVENTIONS OF FINE WATCHMAKING. ROYAL OAK OFFSHORE IN PINK GOLD. CHRONOGRAPH. TRUSTING The Independent Financial Advisor Owner & Publisher CIFA Foundation Rue du Vieux Collège 3 P.O. Box 3255 CH - 1211 GENEVA 3 Switzerland Tel: +41 22 317 11 11 Fax: +41 22 317 11 77 www.cifango.org Editorial Board (EB) Pierre Christodoulidis, CIFA’s Executive President & President of the EB Vincent J. Derudder, FECIF’s Honorary Chairman Leong Sze Hian, Former President of Society of Financial Service Professionals Zoltan Luttenberger, PhD - RFPH, Zoltan Luttenberger SMLLC Stephen B. Young, Global Executive Director, Caux Round Table Editor in Chief Cosima F. Barone, FINARC SA - www.finarc.ch Contributors to this issue H. E. Mr. Nassir ABDULAZIZ AL-NASSER Shweta Agarwal, Ph.D. Cosima F. Barone Robert G.J. van Beek Pierre Bessard Phil Billingham Lubomir Christoff, PhD ChFC Pierre Christodoulidis Henry Cobbe Richard Crotty Vincent J. Derudder Jean-Pierre Diserens Vania Franceshelli Steve H. Hanke Garry Heath Diane Jacobs François Loriot Zoltan Luttenberger PhD Amel Merabet Hanifa Mezoui Roy Ngerng Guillaume Prache Gilles-Guy de Salins Andrea Slattery Leong Sze Hian Aldo Varenna Albert Verlinden Stephen B. Young Photos & Images www.fotolia.com www.cifango.org Distribution Franco Rossi, www.privatebanking.com CIFA’s Partner Federations & Associations 70 across the globe, listed on page 113 Realized in Cooperation with Caux Round Table FECIF GSCGI-SAIFA Private Banking __________________________________________ TRUSTING N°7 – January/June 2015 3 CIFA’s MILESTONES FroM foundation to PRESENT CIFA, a non-profit Swiss foundation, was setup in Gene- By 2007, CIFA had already become an NGO (non-gov- va, Switzerland, in December 2001, aiming to become ernmental-organization) in “special consultative status” the ideal contact point for financial advisors and wealth with UN’s ECOSOC, the United Nations’ Economic and managers, as well as legislators and regulators. Social Council. CIFA attends and speaks at several UN With individual investors’ needs in mind, CIFA chose to gatherings organized at the initiative of the General As- focus on enhancing the basic status (the very founda- sembly, ECOSOC, UNCTAD, UNITAR, FOSS, etc. tions of their independent businesses) of IFAs around the A year later, in 2008, “THE CHARTER OF INVESTORS’ globe, by promoting the highest professional standards, RIGHTS” (www.cifango.org), developed under the su- best-practice rules and ethical rules. pervision of UN’s ECOSOC, was introduced during the th These specific goals have been pursued relentlessly by CIFA’s VI Forum held in Prague, The Czech Republic. CIFA, which has the highly impressive ability to approach Finally, the basic rights of investors were taken into ac- them from several interesting angles through the intel- count in finance! ligent selection of renowned international speakers. In February 2005, The United Nations reclassified CIFA to Each year, the appropriateness of topics discussed, the the “general consultative status” with the UN-ECOSOC. excellence of presentations and relative roundtable dis- As a result, CIFA joined the select UN club of 150 NGOs cussions have been remarkable. accredited to interact during UN thematic debates. CIFA’S INTERNATIONAL ForuMS IN past years Through the years, CIFA Forums were held in Geneva (2003 through 2007), Prague (2008), Paris (2009), Madrid (2010) and Monaco since 2011 to present. 2003 — What CHALLENGES FOR INDEPENDENT 2010 — FINANCIAL BUBBLES AND Regulatory FINANCIAL ADVISERS? BUBBLES 2004 — REINVENTING TRUST 2011 — ETHICS AND GOVERNANCE IN FINANCIAL 2005 — Let’S provoKE A dialogue WITH THE marKets FINANCIAL Services - Reform or regulators Die? 2006 — Legislation and Regulation: real 2012 — 2012, election year: what CHALLENGES problems, poor solutions! FOR THE international FINANCIAL system? Ethics, Politics and Finance 2007 — Let’S face THE FUTURE! 2013 — CAN THE WORLD FINANCIAL System BE 2008 — Investor’S FREEDOM OR consumer’S REFORMED? protection? 2014 — THE NEW PARADIGM FOR WEALTH MANAGERS 2009 — RECURRING FINANCING jolts & CRISES - Freedom, Regulation, Transparency, Taxes, Advance warning signs of a New Economic Rule of Law, Expropriation, Privacy and much World Order more! __________________________________________ 4 TRUSTING N°7 – January/June 2015 CONTENTS EDITORIAL 7 La Pauvreté peut être battue, pas la Haine Pierre Christodoulidis CIFA’s FORUM 2015 th TRUSTINGThe Independent Financial Advisor 8 XIII International Forum Monaco, April 22-24, 2015 www.cifango.org Program and Registration Form €35 – N°7 – January/June 2015 Join CIFA’s CIFA’s FORUM 2014 XIIIth International Forum th in Monaco 11 XII International Forum - White Paper on April 22-24, 2015 Monaco, April 23-25, 2014 CIFA’s MILESTONES 12 CIFA’s New Advisory Role at the United Nations Me François LORIOT CIFA’s SPECIAL EVENTS 19 CIFA - UNOG day th The Financial Sector’s Partnership and Contributions CIFA’s XIII International Forum 2015 8 “PUBLIC DEBTS, & DEFICITS, UNRESTRAINED TAXATION: WHO WILL PAY?” to the Post 2015 Development Agenda and Strategies CIFA’s new ADVISORY ROLE at the UNITED NATIONS Geneva, Jan. 15, 2015 12 François Loriot On PIKETTY’s misunderstanding of “CAPITAL” 30 UNAOC’s Sixth Global Forum 74 Stephen B. Young United Nations Alliance of Civilizations Insurance: At the Crossroads of Change Bali, Indonesia, 29-30 August 2014 108 www.bzb.be UP IN THE NEWS INVESTING ...cont’d 38 Short notes 92 Practical Investing The Bitcoin or the big con?, Gilles-Guy de Salins 40 Regulatory and Legal Evolution Overcoming the Behavioural Barriers to Smarter Investing, Henry The IFA message to European Regulators, FECIF Cobbe, Shweta Agarwal & Robert G.J. van Beek Financial Advice in Europe under MiFID 2, Lubomir Christoff, PhD The Juncker Commission: a commitment to..., Vincent J. Derudder 102 Tax Corner The Impact of RDR on the UK Market, The Heath Report, Garry Heath Avertissement pertinent sur une fiscalité excessive, Amel Merabet The Sustainable Development Goals: What Can Be..., Leong Sze Hian 59 Opinion Quando il Promotore Finanziario è DONNA, Vania Franceshelli Are You Ready for a New Dawn? Richard Crotty The 4 Myths of the RDRs, Phil Billingham THE LIFE OF ASSOCIATIONS 108 Presentation of BZB - www.bzb.be Beroepsvereniging van Zelfstandige Banken verzekeringsbemiddelaars INVESTING 68 Best Sectors & Best Trends 111 Events Schedule Lessons from the Swiss Franc crisis of 15 January! Leong Sze Hian ANASF’s ConsulenTia 2015, Rome, Italy Azimut Group, Story of Success, Aldo Varenna 112 Building Bridges between professionals 70 Experts’ Views Developing Cross-border Advice, Dr. Z. Luttenberger PhD New Research Findings on Pension Savings Returns, Guillaume Prache The history of Australian superannuation, Andrea Slattery 74 Global Economy and Central Banks On PIKETTY’s misunderstanding of “CAPITAL”, Steven B. Young 115 Partner Associations Currency Wars, the Ruble and Keynes, Steve H. Hanke __________________________________________ TRUSTING N°7 – January/June 2015 5 A GROUP OF SWISS IFAs … CARING ABOUT PRINCIPLED PROFESSIONALISM AND UNBIASED DEDICATION TO CUSTOMERS’ NEEDS … Groupement Suisse des Conseils en Gestion Indépendants www.gscgi.ch 3, rue du Vieux-Collège P.O. Box 3255 1211 Geneva 3 Tel. +41 (0) 22 317 11 22 Fax +41 (0) 22 317 11 77 [email protected][email protected] * * * All you need to know about investing and regulatory environment brought to you monthly by... “The IFA’s WEALTH GRAM” THE IFA’s THE IFA’s THE IFA’s THE IFA’s LA TRIBUNE MENSUELLE LA TRIBUNE MENSUELLE LA TRIBUNE MENSUELLE LA TRIBUNE MENSUELLE DES MEMBRES DU GSCGI DES MEMBRES DU GSCGI DES MEMBRES DU GSCGI DES MEMBRES DU GSCGI Wealth [email protected] Wealth [email protected] Wealth [email protected] Wealth [email protected] www.gscgi.ch www.gscgi.ch www.gscgi.ch www.gscgi.ch Vol. III Vol. III Vol. IV Vol. IV Gr a m N°34 - Novembre 2014 Gr a m N°35 - Décembre 2014 Gr a m N°36 - Janvier 2015 Gr a m N°37 - Février 2015 EQUITIES FIRST L’èrE du SAINT ESPRIT OPPORTUNITY LE CLASH OFFERS A PROVEN SOLUTION COMES IN UNEXPECTED PACKAGES DES BANQUES CENTRALES IG.com Groupement Suisse des Conseils en Gestion Indépendants • www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants • www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants • www.gscgi.ch Groupement Suisse des Conseils en Gestion Indépendants • www.gscgi.ch EDITORIAL La Pauvreté peut être battue, pas la Haine Le titre est volontairement provocateur. que la domination d’inégalités “héritées” pauvres. Le mécontentement et la frustra- Le Financial Times, symbole du capital- peut conduire à une destruction du capi- tion de ces derniers, par définition les plus isme intelligent analysait fin 2012 l’état talisme. nombreux, génèrent une haine envers les possédants qui risque de se traduire par de l’économie de marché. Dirigeants Il est clair que plus le cercle des domi- un affrontement d’une violence propor- d’entreprises, commentateurs spéciali- nants se réduit par concentration et se tionnelle à la durée et à l’intensité de ce sés, économistes, élus politiques, entre- transmet à un nombre de plus en plus phénomène. L’opacité et la taille vont de preneurs des quatre coins du monde, réduit de mains, plus le système encourt pair.
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