Winter Edition 2020
Pennywise Update

Hello Everyone

I hope this newsletter finds you well. Winter is definitely well and truly upon us and I am sure many of our retirees are very grateful for the easing of the internal state borders so they can head to warmer parts and read this newsletter in the sunshine.

It is nearly the end of June and a lot is happening in all aspects of the markets and end of financial year.

Some Important Items to be aware of:

Market Volatility
We still believe high levels of volatility will be occurring for a period of time and especially the next 6 months. With the US Federal election in Nov, Trump not caring what the results are from Covid-19, China at odds with numerous nations and the financial impact still to be felt when government funding ends in Sept for many people.

Please have a read through the attached article from Investors Mutual whom many of our clients hold in their portfolio’s.

MLC has sent out marketing information to many regarding Core which promotes an MLC fund cheap on fees, but does not offer any diversification and is not suitable for clients with larger balances than $50 000 as is so limited in its choice. We do not see this as appropriate for our clients. Please disregard this marketing material.

Pension Payments for account based pensions to be adjusted in July
We have spoken to many people in regards to their super pension payments in July. Unless you advise us otherwise, the payments you receive in July will be more than half of what they were this year due to the gov’t allowing the pension reduction by 50 %. This only affects those retired and taking a pension from their super fund. If you want to discuss to see what best suits your needs please contact our office. Many people were happy to have the payments reduced whilst many others wanted to retain the same. The payments can always be adjusted at any time if an increase is needed.

An interesting article from a legal firm is attached highlighting some of the issues we have tried to raise with Government on the paperwork dilemma for our clients.

If you have any questions please get back to our office and in the meantime hope you are all going well and aren’t we lucky to be in a good state in all ways.

Explore WA and travel safe.

Kind regards,
The Pennywise Team

A Word from Jeff Glossop
Keeping you Informed
Article by Mike Taylor - Money Management
Is Financial Advice Being Legislated and Regulated Towards Market Failure?

In an article being circulated amongst financial planners, a Sydney lawyer has argued that lawyers are regulated nowhere near as heavily as financial planners, that financial planners have been legislated to within an inch of their lives and that, on occasion, the Australian Securities and Investments Commission (ASIC) has exceeded its legislative brief.

The article, written by the managing director of Hamilton Blackstone Lawyers, Cristean Yazbeck argues that a range of these factors and others has brought the financial planning industry to the brink of market failure.

The article traverses a range of issues and even suggests that “ASIC no longer wishes to work licensees and planners” and “has a vendetta against them” suggesting that ultimately advice will be priced out of the reach of ordinary Australians and lead inevitably to market failure.

Read more
Article by John Collett - The Sydney Morning Herald
Veteran Stock Picker Says Market Bounce May Not Last

Australian investors should not think they are out of the woods yet, says the founder of fund manager Investors Mutual.

Anton Tagliaferro believes the sharemarket has run too hard too soon and could slide againthis year if expectations for  improvements in corporate earnings do not materialise.

The ASX 200 slumped 36 per cent from a record high of 7162 in February to as low as 4546 just a month later. However, it has staged a remarkable recovery since, regaining much lost ground.

Read more
Infocus Economic Update - June 2020

Within this month’s update, we share with you a snapshot of economic occurrences both nationally and from around the globe.

The recovery continues

  • Equities continue to climb the wall of what appears to be ‘less worry’
  • Economies are starting to re-open which is providing further support for equities
  • Central banks and Governments continue to apply rescue measures as COVID-19 continues to see increased infections dampening social and economic activity.

We hope you find this month’s Economic Update as informative as always. If you have any feedback or would like to discuss any aspect of this report, please contact our team.

Read more
3 Non-Financial Keys for Happy Retirement

Research has shown that a happy retirement is about so much more than having enough money to pay your bills. So once you have a retirement plan in place to help secure your financial future, be sure that you also consider the non-financial aspects.

Read More
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Pennywise Investments

1/14 Carey Street, Bunbury, WA, 6230
Phone - (08) 9791 9113
Fax - (08) 9791 9114
Email -

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DISCLAIMER: PennyWise Investments makes no representation and gives no warranty as to the accuracy of the information in this document and accepts no liability for any errors, misprints or omission herein (whether negligent or otherwise). PennyWise Investments shall not be liable for any loss or damage whatsoever arising as a result of any person acting or refraining from acting in reliance on any information contained therein. The information contained in this newsletter is general information only. Kingsace Pty Ltd ABN 82 083 163 697 t/a PennyWise Investments is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL and Australian Credit Licence No. 236523 trading as Infocus Financial Advice.