Partners (Partners)
Financial advice  |  March 27, 2013 11:11:26

Pavel Kohout: delusional promises of guarantees


Pavel Kohout, an economist and director of Strategy Partners I recently saw the results of a survey of some attitudes of citizens to pension reform. Nearly eighty percent of respondents as a problem that yields newly established pension funds are not guaranteed. Czechs desire for guarantees was evident from the rush of that pension funds experienced the old type before definitive statements to receive new clients. Also called guaranteed products from different product portfolio of banks "go".

Guarantees are simply popular, catchy word. Means guarantees each and every stretch.

Correction: apparently means any guarantees. In fact, the desire to have a proof of financial ignorance and superficiality Czech clientele. Why?

Because almost no one goes to the essence of things. Few client asks who actually provides the guarantee. People have learned that there is a compulsory insurance of bank deposits. All right. But many of them fail to understand how the guarantee actually works - that there is a reserve managed by the Deposit Guarantee Fund, the reserve is invested in government bonds.When it comes to investing in bond funds, begin to fidget: who is the guarantee? Government bond that is guaranteed directly by the State, is big news.

Each guarantee anything standing. And this is the information that is heavily absorbed. Guarantee free not nobody. Neither the bank nor the state. Keep the money in a bank account is safe, but paid poorly for low interest rates. Neither the state does not pay higher interest on its bonds. Government bond due in 2018 now offers an annual yield of 1.22 percent. The low yield is the price for the guarantee.

As for the old pension funds (pursuant to the Act of 1994) and their popularity, there can only say: so badly designed financial product should never arise. Popular former lawmakers failed error: that retirement savings should be safe in the first place. Yes, but only in the sense of absence of criminal conduct, including so-called tunneling. But not necessarily in terms of investment strategy. In this regard, mandatory "zero guarantee" (ie, the condition that the pension fund's yield must in any calendar year non-negative) limits the investment strategy in such a way that, for many clients, these funds are not appropriate or government contributions. This by the way is another thing that should never arise.

Guarantees are therefore tricky word which investors can establish the wrong direction. Towards extremely conservative investments will lose value as compared with inflation. In normal, mature economy growing amount of money at a rate of about seven percent annually. Guaranteed investments do not exceed inflation, almost never.

Life is just full of risks. Guarantee does not solve anything.

author: Pavel Kohout, an economist and director of Strategy Partners

Logo PartnersPartners se v roce 2009 stali největší finančně-poradenskou firmou v České republice a v roce 2012 překročil provizní obrat společnosti 1,45 miliardy korun. Do skupiny Partners patří i projekty Partners bankovní služby, Partners Akademie, Partners Media a Partners investiční společnost. Zásluhu na úspěchu poradenství Partners má především objektivita, nabídka exkluzivních produktů a pečlivá příprava a vzdělání finančních poradců Partners. Odborníci a analytici Partners v čele s Pavlem Kohoutem, Alešem Tůmou a Davidem Kučerou publikují v předních českých médiích i na finančním webu Finmag.cz a portálu Peníze.cz. Od roku 2008 do konce roku 2010 se vybraní poradci účastnili pořadu České televize Krotitelé dluhů. V roce 2011 Partners vyhlásili 8. září Dnem finanční gramotnosti a spustili projekt pod stejným názvem ve spolupráci s organizací UNESCO. Partners zkrátka znamená: "Finanční poradenství jinak". Vice na www.partners.cz.

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