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Investing can be a daunting task, especially when faced with the myriad of options available. Two of the most common asset classes are bonds and equities, both with their own unique characteristics and risk profiles.

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The choice between the two depends on various factors, including your investment goals, risk tolerance, and time horizon. This article aims to provide a comprehensive guide for Australian investors considering bonds and equities.

What are bonds?

Bonds are debt securities that pay periodic interest and return the principal amount at maturity. They are generally considered less risky than equities and offer a more stable income stream. Government bonds are especially secure, as they are backed by the government’s ability to levy taxes.

What are equities?

Equities, commonly known as stocks or shares, represent ownership in a company. Investing in equities means purchasing a part of the company, thus becoming a shareholder. Unlike bonds, equities do not promise a fixed return but offer the potential for high returns through dividends and capital appreciation.

Risk v reward: Bonds

Bonds typically carry lower risk compared to equities, making them a more stable investment option.

They offer a dependable source of income through regular interest payments, providing investors with a steady stream of cash flow.

Bonds are well-suited for capital preservation, particularly during periods of market volatility, as they tend to be more resilient in safeguarding invested capital.

Risk v reward: Equities

Equities tend to carry a higher level of risk compared to other investments, often subjecting investors to greater market volatility.

The appeal of equities lies in their potential for high returns, as they offer the opportunity for significant capital appreciation over time.

Investing in stocks can also yield dividend income, which can serve as an additional source of earnings for investors.

Key considerations before investing

• Investment Goals
  Are you looking for stable income, or are you more interested in capital growth? For risk-averse investors seeking stable income, bonds can be an attractive option. On the other hand, investors with a higher risk tolerance and a focus on long-term growth potential may find equities more appealing.
• Risk Tolerance
  Understanding one’s risk tolerance is crucial in building an investment portfolio that aligns with individual preferences. Bonds are more suitable for risk-averse investors, while equities are for those willing to take higher risks for higher rewards.
• Time Horizon
  Investors with longer time horizons, such as those saving for retirement or long-term financial goals, may benefit more from the growth potential of equities than bonds.
• Diversification
  Diversification is a strategy that involves spreading investments across different asset classes to reduce risk. Holding both asset classes can provide a balanced portfolio. When one asset class is performing poorly, the other may be performing well, thus offsetting losses and potentially increasing overall returns.

Who should consider bonds?

Retirees often favor bonds as they offer a reliable source of income during retirement, helping to maintain financial stability.

Investors with a low tolerance for risk tend to choose bonds since they are a safer option and provide a degree of security against potential losses.

When pursuing short-term financial goals with an investment horizon of less than five years, it's often advisable to opt for bonds due to their lower risk profile, which can help protect your principal investment.

Who should consider equities?

Long-term investors who have an extended investment horizon often find equities appealing due to the potential for higher returns over time.

Equities can be a suitable choice for investors with a higher tolerance for risk who are comfortable with market volatility.

Investors with a focus on long-term wealth building should consider equities as they have historically provided opportunities for substantial growth over time.

Conclusion

Both bonds and equities have their merits and drawbacks, and the choice between the two will largely depend on your individual circumstances. By understanding the nuances of each, you can make more informed decisions to help you achieve your investment objectives.

By understanding the distinctions between bonds and equities, Australian investors can make well-informed decisions to optimise their portfolios and align them with their financial goals.

 

This article is intended for informational purposes and should not be considered as financial advice. Consult a financial adviser for tailored advice to suit your individual circumstances.

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Investing can be a daunting task, especially when faced with the myriad of options available. Two of the most common asset classes are bonds and equities, both with their own unique characteristics and risk profiles.

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The bank has responded to civil penalty proceedings commenced by ASIC.

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Macquarie Bank has acknowledged the move by the corporate regulator which has been accused of “failing to adequately monitor and control transactions by third parties, such as financial advisers, on their customers’ cash management accounts".

On Tuesday, 5 April, ASIC alleged that between 1 May 2016 and 15 January 2020 Macquarie did “limited” monitoring of transactions through its system and that the transactions did not pass through a fraud monitoring or undergo manual checks.

It’s further alleged that the impact on Macquarie customers includes $2.9 million in unauthorised withdrawals by former financial adviser, Ross Andrew Hopkins, who was convicted in May 2021 and permanently banned from providing financial services just months later.

Mr Hopkins, who was an adviser and sole director of QWL Pty Ltd (QWL), was sentenced after he was found to have misappropriated $2,938,750 of his clients’ funds.

In its own statement, Macquarie said that it has cooperated with ASIC’s investigation.

“ASIC’s court filing notes that this issue arose in relation to 13 clients of an independent financial adviser between 2016 and 2019, who has since pleaded guilty to fraud. Following the independent adviser’s failure to compensate his clients for their losses, Macquarie fully reimbursed the 13 clients,” the statement read.

“Macquarie treats the security of its clients’ accounts with the utmost seriousness, and has continued to introduce new controls and processes to respond to the evolving external fraud environment.”

ASIC is seeking declarations, pecuniary penalties and other relief from the Court, including a compliance order for an independent review of Macquarie’s fee authorities and fee transactions using its bulk transaction system to ensure recommendations regarding improvements are effectively implemented.

The date for the first case management hearing is yet to be confirmed by the Court.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-05 02:29:41" ["slug"]=> string(60) "18162:macquarie-responds-to-asic-s-federal-court-proceedings" ["event"]=> object(stdClass)#8626 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

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The bank has responded to civil penalty proceedings commenced by ASIC.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(75) "/invest-money/advice/macquarie-responds-to-asic-s-federal-court-proceedings" ["image"]=> string(26) "images/29242_transform.jpg" ["image_alt"]=> string(54) "Macquarie responds to ASIC's Federal Court proceedings" } [2]=> object(stdClass)#8141 (57) { ["id"]=> int(18160) ["title"]=> string(37) "Macquarie Bank taken to court by ASIC" ["alias"]=> string(37) "macquarie-bank-taken-to-court-by-asic" ["introtext"]=> string(67) "

The corporate regulator has taken action against the bank.

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On Tuesday, 5 April, ASIC confirmed it had commenced civil penalty proceedings in Federal Court against Macquarie Bank for “failing to adequately monitor and control transactions by third parties, such as financial advisers, on their customers’ cash management accounts".

ASIC alleged that between 1 May 2016 and 15 January 2020 Macquarie performed “limited” monitoring of transactions through its system and that the transactions did not pass through a fraud monitoring or undergo manual checks.

It’s further alleged that the impact on Macquarie customers includes $2.9 million in unauthorised withdrawals by former financial adviser, Ross Andrew Hopkins, who was convicted in May 2021 and permanently banned from providing financial services just months later.

“Mr Hopkins misused Macquarie’s systems by processing transactions using his fee authority to steal client funds. Macquarie failed to properly detect and prevent these unauthorised fee transactions, many of which were over $10,000 each. Mr Hopkins’ conduct is an example of what can go wrong when banks do not properly monitor their systems and implement appropriate processes,” ASIC deputy chair Sarah Court said.

“ASIC’s case is not focused on Mr Hopkins’ conduct but rather on alleged multiple failures by Macquarie to take proper steps to monitor, detect and prevent unauthorised transactions.”

Macquarie is accused of breaching its obligations as a financial services provider and of making false or misleading representations on the promotion or offering of limited third-party access over cash management accounts.

ASIC is seeking declarations, pecuniary penalties and other relief from the Court, including a compliance order for an independent review of Macquarie’s fee authorities and fee transactions using its bulk transaction system to ensure recommendations regarding improvements are effectively implemented.

ASIC has confirmed that from December 2021, Macquarie did remediate Mr Hopkins’ clients $3.5 million on an ex-gratia basis.

The date for the first case management hearing is yet to be confirmed by the Court.

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-04-04 23:25:09" ["slug"]=> string(43) "18160:macquarie-bank-taken-to-court-by-asic" ["event"]=> object(stdClass)#8637 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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The corporate regulator has taken action against the bank.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#8665 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#8343 (3) { ["data":protected]=> object(stdClass)#8159 (1) { ["options"]=> object(stdClass)#8161 (2) { ["options0"]=> object(stdClass)#8162 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#8160 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#8342 (3) { ["data":protected]=> object(stdClass)#8157 (6) { ["hint"]=> string(0) 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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(58) "/invest-money/advice/macquarie-bank-taken-to-court-by-asic" ["image"]=> string(34) "images/magnifying-document-826.jpg" ["image_alt"]=> string(37) "Macquarie Bank taken to court by ASIC" } [3]=> object(stdClass)#8140 (57) { ["id"]=> int(18102) ["title"]=> string(43) "ASIC's finfluencer warning a 'wake-up call'" ["alias"]=> string(41) "asic-s-finfluencer-warning-a-wake-up-call" ["introtext"]=> string(168) "

The corporate regulator has published an information sheet on how the law applies to social media influencers or “finfluencers” and licensees who use them.

" ["fulltext"]=> string(2162) "

The new guidance outlines activities where influencers may contravene the law if they are unaware of their legal requirements, considerations they should take, and also guidance for licensees who are engaging with influencers.

“The way investors access information is changing. It is crucial that influencers who discuss financial products and services online comply with the financial services laws. If they don’t, they risk substantial penalties and put investors at risk,” ASIC commissioner Cathie Armour said.

‘ASIC monitors select online financial discussion by influencers who feature or promote financial products for misleading or deceptive representations or unlicensed advice or dealing.

“If we see harm occurring, we will take action to enforce the law.”

It comes after a survey conducted by ASIC last week found that 33 per cent of 18 to 21-year-olds follow at least one financial influencer on social media, while 64 per cent of young people said their financial behaviour has changed as a result of following an influencer.

Late last year, the chief commercial officer of advice tech provider Midwinter, Steve Davison called for “a fairer-level playing field” for advisers in competition with finfluencers.

Dr Angel Zhong of RMIT University welcomed ASIC’s news, calling it a “wake-up call” for finfluencers, particularly those who are unlicensed.

“Unverified investment advice is no different to fake news, which is frequently flagged by social media platforms that urge viewers to read with caution,” Dr Zhong said.

“Newbie investors are particularly susceptible to receiving dodgy financial advice, as the internet replaces traditional outlets like accredited financial advisers. 

“With the goal of protecting the financial wellbeing of investors, especially the young and inexperienced ones, ASIC can consider conveying the messages to young investors who rely heavily on finfluencers.”

 

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, proper" ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["check_access_rights"]=> int(0) ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["displayDate"]=> string(19) "2022-03-21 05:16:06" ["slug"]=> string(47) "18102:asic-s-finfluencer-warning-a-wake-up-call" ["event"]=> object(stdClass)#8648 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(132) "

• Yes

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The corporate regulator has published an information sheet on how the law applies to social media influencers or “finfluencers” and licensees who use them.

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The FPA is concerned the government’s proposed CSLR model won’t provide adequate protection for Australian investors.

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The Financial Planning Association of Australia (FPA) has called on the government to expand the base of its proposed compensation scheme of last resort (CSLR) to reflect the jurisdiction of the Australian Financial Complaints Authority (AFCA).

Reacting to the release of the Senate economic legislation committee’s report, which recommended the passage of the compensation scheme of last resort in its current form, the FPA argued that expanding the definition was the only way to ensure the sustainability of the scheme for consumers and fairness for contributors.

In a statement on Tuesday (15 February), the FPA said that victims of financial misconduct who have received a determination from AFCA deserve access to compensation if their determination goes unpaid.

“In its current form, the model will limit consumer access to the scheme – leaving Australians unprotected if they invest in products such as managed investment schemes that later collapse,” Sarah Abood, chief executive officer of the FPA, said.

Ms Abood pointed to recent investigations and examples of financial wrongdoing that have highlighted the inadequacy of the government’s approach to the implementation of recommendation 7.1 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. 

“The FPA, along with 14 other industry and consumer bodies, advocate for the expansion of the CSLR, and the Senate economic reference committee’s own report into the Sterling Income Trust recommends the same,” Ms Abood said.

“With the proposed CSLR model, the government has missed an important opportunity to ensure financial services consumers receive adequate protection.

“It has also failed to ensure that financial planners are not left facing all of the costs to establish and maintain a scheme that will only do part of the job.”

The government’s CSLR model has been widely criticised over its limited coverage of financial products and services.

According to critics, consumers who have invested in managed investment schemes, such as victims of the Sterling Group and Sterling Income Trust, have been hung out to dry.

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The FPA is concerned the government’s proposed CSLR model won’t provide adequate protection for Australian investors.

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The corporate regulator has conceded that it could have acted differently in response to concerns with the Sterling Group but has refused to apologise for the matter.

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A Senate inquiry this week looked into the group – which eventually collapsed in 2019, leaving more than 100 customers facing possible eviction and heavy financial losses – and featured appearances from a number of groups and bodies, including ASIC and the Financial Planning Association of Australia (FPA).

The FPA, as well as corporate litigator and investigator Niall Coburn, addressed concerns with the regulator, one of which being it was slow to act on the Sterling Group.

In a second appearance at the inquiry, chair Joe Longo acknowledged that more could have been done by the regulator at the time it received complaints.

“With the benefit of hindsight, we would have more closely engaged with the responsible entity on whether our concerns with the PDS were addressed,” he said.

“We may well have stopped the replacement PDS.”

However, when asked by Senator Jordon Steele-John if ASIC would offer an apology to the victims, Mr Longo said it would not be “emotionally inappropriate”.

“At ASIC, we do our best to look out for people who make investments … these individuals tragically made an investment,” Mr Longo responded.

“They signed a lease that was linked to an investment and that proved to be something that we now all know led to great losses for them personally.

“It’s emotionally inappropriate for me to say that ASIC should be apologising for that.

“I think what ASIC can say is that we’ve tried to respond to the issues that have been brought to our attention, tried to act in good faith, tried to be helpful to secure the interest of investors. But we now know that the tenant investors got caught up in a scheme that wasn’t sustainable.”

On Tuesday (16 November), Mr Longo admitted that ASIC received “two or three complaints or reports of misconduct … in late 2016, early 2017”; however, it did not become officially involved until a referral by the Western Australia Department of Mines, Industry Regulation and Safety in March 2017.

Mr Steele-John said the evidence shows that ASIC should have “acted quicker and shouted louder” when investigating the group.

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The corporate regulator has conceded that it could have acted differently in response to concerns with the Sterling Group but has refused to apologise for the matter.

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