Forsyth Barr Dunedin branch manager Ken Lister is under no illusions about how challenging the year ahead will be for him and his team of advisers.
"The next 12 months for financial markets will continue to be very difficult and challenging. History shows the markets will recover but, at this point, things look like they are improving only to be followed by more bad news and set backs.
"New Zealand hasn't got the same financial problems as the rest of the world and we are not a financial services economy. However, it will take time for the low interest rates to take effect and for confidence to improve enough to have a substantial rally."
That rally could come in the third, or possibly fourth, quarter of this year but only if there were no more significant market shocks around the world, he said.
Mr Lister's main job as branch manager will be managing the advisory team at Forsyth Barr in Dunedin.
But he will also be involved in planning, budgeting for the Dunedin operations and ensuring there are resources in place to meet those plans.
He will be supported by a team of experienced advisers as the brokers deal with the global financial turmoil.
Being in a management role is something Mr Lister finds himself returning to after experience in management early in his career.
After leaving the University of Otago as an accounting tutor, Mr Lister became the wholesale bank audit manager for Westpac in 1987.
In 1989 he moved to London, where he was appointed the senior manager for Barclays Bank's international treasury services.
He later moved to Saudi International Bank (London) where he was the general manager of funds management.
As he and his wife Barb planned to return to New Zealand, Mr Lister noted an article in the New Zealand News about well-known Dunedin businessman Graeme Marsh.
By 1995, Mr Lister and his wife were keen to return to their home town of Dunedin with their three-month-old daughter, and Mr Lister wrote to Mr Marsh asking about employment positions.
Mr Marsh did not have a job available but referred Mr Lister to then Motor Trade Finance managing director John Gilks, who employed him as a consultant. Without that opportunity, he would have had to look north for work.
Mr Lister later moved to sharebroking firm Greenslades as the general manager before joining Forsyth Barr in 1989.
He replaces John Gallaher as branch manager.
Mr Lister is looking forward to was developing the strengths of each adviser.
"In 20 years of working around the investment community, these are the most challenging times I have seen. It is not just about advising clients and managing their investments, it is also about motivating and assisting advisers who may not have seen events like this before.
"They may not have been through a recession or this sort of turmoil, and my job is assisting them through it. I am fortunate to have senior, experienced advisers in the team. We complement each other well."
The collective experience was shared so the advising team could help clients through a difficult period, he said.
Many of the clients also had not before seen circumstances like those currently facing investors.
The situation in the past 12 months had been described as the worst in nearly 80 years. There was a need to keep a level head and to stay objective while not getting emotional.
It was easy to get drawn into the emotions of the turmoil when it was important to make objective and rational decisions.
"Without experience it is easy to be reactive. It comes as a surprise to new advisers when sentiment turns how quickly the market can drop. We have seen five years of growth reversed in six to 12 months. That's how severe it has been, and it's difficult to work through."
It was a truism but there were investing opportunities now.
However, confidence needed to improve before that would happen, Mr Lister said.
Among the challenges for Forsyth Barr advisers was keeping the confidence of client and to keep in regular contact, presenting them with opportunities so they were in a position to respond when they felt confident enough.
It was important that communication and dialogue continued with clients during the tough times.
"It's not always easy fronting up but clients appreciate you being upfront and facing the issues head on.
"Also, we manage a lot of money for clients."
The business had changed significantly in recent years with the advent of PIEs (portfolio investment entities), discretionary and advisory management, managed funds and KiwiSaver, he said.
Sharebroking was still a big part of the job but it was not the only part. Dunedin was the largest fixed interest Forsyth Barr branch, reflecting the conservative nature of Dunedin investors.
Given the high profile of credit problems, fixed interest had become an important part of the investment mix.
When you were managing millions of dollars for people, there was a lot of responsibility, Mr Lister said.
"It can be stressful at times like this. We do care about our clients and their investments. I would be concerned about any investment adviser who didn't feel like they were treating a client's investment as though it was their own."
Also on Mr Lister's things to do was expanding the operations of Forsyth Barr throughout Otago.
Within the next 12 to 18 months he planned to add up to three experienced advisers to his team, with the aim of increasing the firm's presence in North, Central and South Otago.
Lister facts
• Ken Lister
Age: 48
Married with three children
Educated: BCom, University of Otago
• Career
2009: Forsyth Barr Dunedin branch manager
1999-2008: Forsyth Barr investment adviser
1997-99: Greenslades general manager
1995-97: Motor Trade Finances consultant
1993-1995: Saudi International Bank (London)
1989-1993: Barclays Bank (London)
1987-89: Westpac Banking Corp
• Interests
Athletics: ran the London Marathon
Martial Arts: first Otago University student blue in karate
Politics: National Party activist since Young Nats in 1974. Worked on former Dunedin list MP Katherine Rich's executive committee
Wine: Studied wine for four years in the United Kingdom, awarded the diploma of wine and spirits, a precursor to becoming a master of wine
Governance: Chairman of St Hilda's Collegiate board of trustees; independent director of Southern Steel; trustee of the Southern Trust
