Select a profile for talking points on how to help your clients adjust to meet their retirement spending goals.
A client in the Red Zone needs to clearly understand that the market downturn may have created a large gap between their planned retirement spending and what they can sustain. As such, they may face a very serious risk and must take action with regard to their stated goals.
On the basis of the analysis from the Client analyser, this client is in the Red Zone.
Retired investors who are in the Red Zone have less than a 50% chance of reaching their desired income goal during retirement. These clients need to clearly understand that the market downturn may have created a large gap between their planned retirement spending and what they can sustain.
As such, they bear a very high risk and must take action with regard to their stated goals.
Discuss the need to make tough decisions as soon as possible to alter their goals. The tone of these conversations is less about what they may consider and more focused on what they must do.
Consider the availability and order of the levers. For example, discuss whether or not the client can resume full-time or part-time work or spend less, and what the potential impact is. If your client is able and willing to work part-time for a few years, this income supplement may give them a higher probability of meeting their retirement goals without further spending reductions.
These clients must take action in order to make up their investment shortfall, and they should aim to pull as many levers as necessary in order to address this deficit. Instead of a conversation based on retirement lifestyle, the discussion should centre on their base needs or income floor. Spending less over their remaining retirement life can have a dramatic impact on their potential ending wealth.
Follow a detailed client engagement road map to closely monitor the impact of market changes on investment portfolios, their ability to reduce or defer spending, additional income from re-entering the workforce, and any other material changes to their circumstances.
For a deeper understanding of how to salvage these retirement plans, it may help to run a more detailed cash-flow analysis in a planning tool with current portfolio values as a base plan. You can develop the plan based on needs or on risk tolerance, with portfolio adjustments the primary focus. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations, or a combination of all three to create a viable alternative plan. Then regularly monitor plan status based on changes to circumstances or general market changes. Re-evaluate the plan if the value of the portfolio changes significantly and/or the client re-enters the workforce.
A client in the Orange Zone faces a material risk of not maintaining their retirement lifestyle. They should take action and understand the potential impact of the available levers on the success of their retirement goals.
On the basis of the analysis from the Client analyser, this client is in the Orange Zone.
Retired investors who are in the Orange Zone have only a 50% to 65% probability of meeting their spending goals in retirement. This means they could be at high risk of having insufficient assets to meet their future expected spending goals.
Since they are no longer working full-time, they may need to rely more heavily on the Spending Lever to improve their funding status.
Investors in this zone should take action and understand the potential impact of the available levers on the success of their retirement goals.
Investors in the Orange Zone need to clearly understand the gap between their retirement spending plans and what they can financially sustain. They may have little flexibility to change their portfolio, so they should first take advantage of other levers that could improve their plan’s potential success.
Given the timing of the market decline in light of their retired status, these clients may wonder about the impact on their portfolio. You can help address which levers to pull and how hard they should be pulled.
Focus on the benefit of making tough decisions now, while there may be greater flexibility. Keep in mind the long-term impact those decisions could have on achieving their desired lifestyle. These conversations should be less about what they may ideally want and more about the choices they need to make.
Follow-up conversations and priorities will depend on the availability of specific levers. For example, if your client is able and willing to work part-time for a few years, this extra income may give them a higher probability of meeting their retirement goals without drastically reducing spending.
To be prudent, these clients should take action to make up their investment shortfall by pulling the available levers as necessary. Instead of having a conversation about desired spending goals, focus the discussion on planning for their more basic needs.
If returning to work isn't possible or palatable, investors in this group will need to spend less now, as well as during part or all of retirement. Spending less during retirement can have a dramatic impact on potential ending wealth.
Follow a detailed client engagement road map to closely monitor the impact of market changes on portfolio value, ability to reduce or defer spending, the effect of additional income from re-entering the workforce, and any other material changes to personal situations.
For a deeper understanding of what it could take to salvage retirement plans for these clients, it may be helpful to run a more detailed cash-flow analysis in a planning tool with current portfolio values as a base plan. You can develop the plan based on needs or risk tolerance, with portfolio adjustments the primary focus. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations, or a combination of all three to create viable alternative plans.
With their prime savings years behind them, clients in the Yellow Zone may have less flexibility with their portfolio because they have a smaller wealth cushion. They should consider using other mechanisms or levers to improve the potential for success of their plan.
On the basis of the analysis from the Client analyser, this client is in the Yellow Zone.
Retired investors who are in the Yellow Zone have an 65% to 80% chance of meeting their desired spending goal in retirement. As such they face a moderate risk of not meeting their expected retirement lifestyle.
With their prime savings years behind them, they may also have less flexibility with their portfolio because they have a smaller wealth cushion. Therefore, they should consider other mechanisms or levers to improve the potential success of their plan.
Since these clients have a mid-level probability of meeting their stated goals, discuss actions they may consider to increase their comfort level.
While the market may not have affected their future plans as much as they think, any sacrifices they make to reduce their retirement lifestyle may be easily offset by the extra peace of mind they gain from managing the things they can control.
Clients in this category face a choice between (1) holding to the current plan, which could improve or degrade based on market movements or (2) making adjustments to further manage their risk. Using the Spending Lever and the Income Lever could constrain their lifestyle to some extent, but these actions offer the most control.
Follow a detailed client engagement road map to closely monitor the impact of market changes on portfolio value, their ability to reduce or defer spending, the effect of additional income from re-entering the workforce, and any other material changes to their situation.
For additional assurance, it may be helpful to run a more detailed cash-flow analysis in a planning tool with current portfolio values as a base plan. The plan can focus on needs or risk tolerance, with portfolio adjustments the primary focus. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations or a combination of the three to further increase the viability of the plan.
A client in the Green Zone is likely in a solid financial position and can more confidently stay the course with their plan. While there is still a chance that future market changes could make the current plan unsustainable, they need to make few, if any, adjustments to their planned retirement date or spending patterns at this time.
On the basis of the analysis from the Client analyser, this client is in the Green Zone.
Retired investors in the Green Zone have a high probability (greater than 80% chance) of achieving their desired spending goals in retirement despite the impact of the recent market downturn.
These clients can more confidently stay the course with their current plans. While there is still a chance that future market changes could make the current plan unsustainable, they need to make few, if any, adjustments to their planned retirement dates or spending patterns at this time.
For investors in the Green Zone, it may not be necessary to take action immediately. However, they may want to consider the following to further improve their chances of meeting their goals.
Note that for retired clients, the Spending Lever likely comes before the Income Lever in terms of priority.
Investors in the Green Zone should feel a greater sense of security knowing that their plans have a high probability of success.
Compared to most investors, they have flexibility regarding the levers they can pull if they choose. Despite their relatively solid status, if they find the current market unsettling, they may find relief in considering ways to further manage risk. They could simply view these alternatives as emergency options.
Follow a detailed client engagement road map to monitor the impact of market changes on portfolio value, as well as any material changes to personal situations.
While mathematically these clients have a high probability of meeting their stated goals, they may be at their risk-tolerance threshold. The goal of this exercise will allow these clients to better understand the reality of their situation.
For a deeper understanding of the viability of their ongoing retirement-spending plans and any estate goals, it may be helpful to run a more detailed cash-flow analysis in a planning tool. You can develop their plans with a focus on needs or based on risk tolerance, with portfolio adjustments the primary focus. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations or a combination of the three.
Select a profile for help talking about the impact of the market downturn on your clients' retirement goals.
On the basis of the analysis from the Client analyser, this client is in the Red Zone.
A client in the Red Zone may have a large gap between their planned retirement spending and what is actually sustainable. They may face a very serious risk and must take action with regard to their stated goals. Fortunately, their current participation in the workforce may offer flexibility.
Investors who are in the Red Zone have less than a 50% probability of achieving their spending goals in retirement. They have a large asset deficit relative to their future expected spending needs. As such, they face a very high risk of not fulfilling their expected lifestyle in retirement.
Clients in the Red Zone need to clearly understand that the market impact has resulted in a large gap between planned retirement spending and what is actually sustainable.
These clients face a serious risk and must take action with regard to their stated goals.
Fortunately, their current employment may offer some flexibility.
For clients who cannot delay retirement, you may need to annuitise some or most of their anticipated income need. (The guarantee of this income, however, is subject to the claims paying ability of the issuing insurance company.)
Investors in the Red Zone need to understand the gap between their planned retirement and what is now possible. They may have little flexibility with their portfolio, which means they should first take advantage of other options to improve their plan’s potential success.
For these clients, conversations should focus on the need to make tough decisions and the potential flexibility they have with their stated goals. The tone of the conversations should be less about what they may consider and more focused on what they must do.
Discuss client priorities and available levers. Delaying retirement as long as possible, as well as increasing savings rates, could resolve their investment shortfall. If not, discuss essential retirement income needs. Again, instead of a conversation based on retirement lifestyle, the discussion should centre on their base needs or income floor.
Consider the order of the levers. If the income lever is not available or palatable, the client will need to spend less now, as well as during part or all of retirement. If it is possible to spend less now, savings will grow for the next three years. More importantly, spending less during retirement life can have a dramatic impact on potential ending wealth. The potential impact on their plan depends on how far they can pull each lever.
Follow a detailed client engagement road map to closely monitor the impact of market changes on portfolio value, the ability to reduce or defer spending, the effect of additional income from continued work, and any other material changes to personal situations. You will also need to manage expectations about a retirement date, since it could take time to build enough wealth to make retiring financially feasible.
For a deeper understanding of what it could take to salvage your clients' retirement plans, it may help to run a more detailed cash-flow analysis in a planning tool with current portfolio values as a base plan. You can develop the plan focused on your client's needs or on risk tolerance, with portfolio adjustments the primary focus. In this case, the focus will be on either a longer savings horizon due to delaying retirement, or determining the necessary income floor for the investor if a delayed retirement is not possible. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations, or some combination of the three to create a viable alternative plan.
A client in the Orange Zone can be at significant risk of not having sufficient assets relative to their future expected spending needs and may not be able to achieve their expected lifestyle in retirement. Investors in this zone will be well served by acting now.
On the basis of the analysis from the Client analyser, this client is in the Orange Zone.
Investors who are near retirement and in the Orange Zone have a 50% to 65% probability of meeting their spending goal in retirement.
This means they are at high risk of having insufficient assets to meet their future expected spending needs, and they may not be able to achieve their expected retirement lifestyle.
Investors in this zone really must act now. Fortunately, their current participation in the workforce may offer a margin of flexibility.
Given the timing of the market decline relative to their desired retirement date, these clients are at risk before they enter retirement. They should reassess their goals and understand the potential impact of using the available levers to adjust their plan. The question for you to answer is not if they should pull a lever, but which one or which combination of levers should be used.
Investors in the Orange Zone need to clearly understand the gap between their desired retirement plans and what is financially sustainable.
Conversations should be about the benefit of making tough decisions now, while there is greater flexibility, and the long-term impact of those decisions. The tone of these conversations is less about what clients may ideally want and more about the choices they need to make.
To be prudent, these clients should make up their shortfall by pulling the necessary levers. Delaying retirement as long as possible combined with increasing savings could quickly resolve the shortfall. If they are not able or are unwilling to make these adjustments, then your conversation with them should centre on reducing spending. Spending less over their retirement life can have a dramatic impact on their potential ending wealth. Focus on each client’s minimum retirement-income requirements and how they will meet those needs.
Follow a detailed client engagement road map to closely monitor the impact of market changes on portfolio value, ability to reduce or defer spending, the effect of additional income from re-entering the workforce, and any other material changes to personal situations. You'll also need to manage expectations regarding a future retirement date, since it could take time to build enough wealth to make it financially feasible.
For a deeper understanding of what it could take to salvage clients' retirement plans, it might help to run a more detailed cash-flow analysis in a planning tool with current portfolio values as a base plan. You can develop the plan based on needs or on clients' risk tolerance, with portfolio adjustments as the primary focus. For example, if the client is able to delay retirement for three years, this affects both the savings rate and the withdrawals they expected to take during the next three years. Use Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations or some combination of all three to create a viable alternative plan.
A client in the Yellow Zone faces a moderate risk of not fulfilling their lifestyle expectations in retirement. Their current participation in the workforce provides them with more options to improve the status of their plan and further mitigate this risk.
On the basis of the analysis from the Client analyser, this client is in the Yellow Zone.
Investors who are near retirement and in the Yellow Zone have an 65% to 80% chance of meeting their desired retirement-spending goals. As such, they face only a moderate risk of not fulfilling their expected retirement lifestyle.
Additionally, their current participation in the workforce provides even more options for improving the status of their retirement-spending plan.
Although investors in the Yellow Zone face only a moderate risk, they can further mitigate this risk by considering some of the following actions.
Investors in the Yellow Zone should understand that while their plans have a reasonably high probability of success, some short-term adjustments could materially improve their sense of long-term security.
These investors, given the timing of the market decline relative to their desired retirement dates, know they have been affected. Depending on their available assets and income needs, they may or may not be as affected as they think. Compared to many investors, they have more flexibility. If they are still very nervous about the impact of future market downturns on their retirement plans, it may be a good idea to use the income and spending levers to improve their sense of security.
Conversations should be about making modest sacrifices now, while there is greater flexibility, in order to improve their opportunity to meet their long-term goals. The tone of the conversations is about the choices they face.
The next step is to discuss priorities and the impact of each lever. For example, if your clients in this zone are able and willing to work longer than originally planned, this income stream combined with an increased savings rate will likely offer them a higher probability of meeting their retirement goals without reducing spending during retirement.
Consider the order of the levers. If the income lever is not available or palatable, these investors may need to spend less now, as well as adjust their spending expectations during part or all of their retirement. If it is possible to spend less now, they'll increase savings for the short term. More importantly, spending less in retirement can have a dramatic impact on their potential ending wealth. The level of their ability to make income, savings or spending adjustments will determine how much impact these changes will have on their plan. The potential impact on their plan depends on how much they can pull each lever, for example, how much they can reduce spending and increase savings.
Monitor the impact of market changes on portfolio value, measure willingness to reduce or defer spending, calculate the effect of additional income from remaining in the workforce, and include any other material changes to personal situations.
For a deeper understanding of the available choices and their consequences, it may be helpful to run a more detailed cash-flow analysis in a planning tool using current portfolio values as a base plan. The plan can be developed with a focus on needs or based on investors’ risk tolerance, with portfolio adjustments as the primary focus. For example, you could illustrate the impact of reduced spending during the first three years of retirement compared to reducing spending during all of retirement. Utilize Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations or some combination of all three to create a viable alternative plan.
A client in the Green Zone is likely in a sound financial position. While there is still a chance that future market changes could make their current plan unsustainable, they need to make few, if any, adjustments at this time.
On the basis of the analysis from the Client analyser, this client is in the Green Zone.
Investors who are near retirement and in the Green Zone have a very high probability (greater than 80% chance) of achieving their expected retirement lifestyle despite the impact of the current market downturn.
These clients can more confidently stay the course. Consequently, there are few, if any, adjustments they need to make to their planned retirement date or spending patterns.
For investors in the Green Zone, immediate action isn't necessary. However they may want to consider the following to further improve their chances of meeting their goals.
Investors in the Green Zone should feel a greater sense of security because there is a high probability of success with their plan.
While this analysis shows these clients are on track to meet their goals, they could be at the threshold of their risk tolerance. If so, they are probably better off than they feel, so your goal as their advisor is to help these clients better understand their situation.
Compared to most investors, these Green Zone clients have a great deal of flexibility. Despite their relatively solid status, if they find the current market unsettling, they may find relief in considering ways to further manage risk. They could simply view these alternatives as emergency options.
Monitor the impact of market changes on the value of their portfolio, as well as any material changes to their personal situation.
For a deeper understanding of the viability of their retirement-spending plans and estate goals, it may be helpful to run a more detailed cash-flow analysis in a planning tool. You can create a plan focused on needs or based on risk tolerance, with portfolio adjustments as the primary focus. Utilise Monte Carlo projections to illustrate potential ending wealth ranges. Based on the outcome, consider adjusting desired income (withdrawals), savings rate (contributions), portfolio allocations, or some combination of the three.
The Client Analyser application used to help determine which of the advice profiles most closely approximates a client's situation relies on various statistical and modeling techniques, including Monte Carlo simulation (Methodology & Limitations), to produce hypothetical projections. The projections or other information generated by the Client Analyser regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.
Monte Carlo Simulation generates a broad range of hypothetical investments scenarios designed to better reflect the actual volatility and randomness of the financial markets which are not fully addressed by using simple average return assumptions. In this approach, each scenario randomly models one potential investment path containing a string of positive or negative, small-to-large hypothetical investment returns.
The modeling used by the Client Analyzer considers 5,000 scenarios for each year simulated. These simulations model investment performance for a set of asset classes to estimate how each might impact a portfolio over a specified time period. These simulations are designed to reflect the forecasted volatility of investment markets and other economic variables. This analysis is not meant to serve as a direct prediction regarding the future performance of your clients' investments or the income and capital gains that they might produce. Similarly, it is not intended to predict or guarantee future investment performance of any sort. It is important to remember that this process is based on assumptions that may not reflect the behavior of actual events. For example, Monte Carlo Simulation may not fully account for certain rare and extreme market catastrophes which fall outside normal expectations.
Monte Carlo Simulation relies upon key assumptions about the risk and return behavior of asset classes. The asset class forecasts used for simulation data shown in this calculator are created using Russell Investments' proprietary models that incorporate historical data from market and economic indexes. The historical index data used are from the CRSP Market Cap Series (US Equity), Barclays Capital Aggregate Bond Index (Fixed Income), MSCI All Country World Index (Non-US Equity), and the NAREIT Equity REIT Index (Real Estate). Indexes are unmanaged and do not reflect the deduction of management fees, and cannot be invested in directly. Index return information is provided by vendors and although deemed reliable, is not guaranteed by Russell or its affiliates. Russell's capital markets forecasts are typically updated twice a year in January and July. Because assumptions about the capital markets evolve over time, results of the calculations may vary over time. Your actual experience may be different than the Russell capital markets forecast.
The simulation process uses the following assumptions:
The length of the first stage is determined as follows: If the investor Age is less than 80, then the first-stage horizon is 20 years; otherwise it is 10 years. The length of the second stage depends on the Marital Status of the investor. If single, it is for the lifetime of the individual. If married, it is for the lifetime of both individuals (i.e., the last to die). Married individuals are both assumed to be the same age. If they are of different ages, it is generally recommended to enter the younger person's age for the analysis.
The use of this methodology is not a recommendation for annuitization at any particular time, but rather is simply a means for measuring the likelihood of sustainability of a spending plan.
Expectations are created with proprietary models incorporating historical index data for the CRSP Market Cap Series (U.S. Equity), Barclays Capital Aggregate Bond Index (Fixed Income), MSCI All Country World Index (Non-U.S. Equity) and NAREIT Equity REIT Index (Real Estate).
Indexes are unmanaged, and do not reflect the deduction of any management fees, and cannot be invested in directly. They are provided for general comparison purposes only. Index performance is not indicative of any specific investment, and should not be viewed as a representation of future results. Deductions for fees and expenses are not reflected in index returns. If they were deducted, returns would be lower. Index return information is provided by vendors and although deemed reliable, is not guaranteed by Russell or its affiliates.
| Correlation* | |||||||
|---|---|---|---|---|---|---|---|
| Asset Classes | Expected Return | Standard Deviation | US Equity | Non-US Equity | Real Estate | Fixed Income | Inflation |
| US Equity | 8.5% | 17.6% | 1.00 | ||||
| Non-US Equity | 8.5% | 20.1% | 0.74 | 1.00 | |||
| Real Estate | 7.3% | 15.4% | 0.52 | 0.43 | 1.00 | ||
| Fixed Income | 4.1% | 4.2% | 0.20 | 0.18 | 0.10 | 1.00 | |
| Inflation | 2.0% | 3.4% | 0.14 | 0.15 | 0.00 | 0.61 | 1.00 |
*Correlation coefficients, which can range from 1.0 to -1.0, measure the degree to which the movements of two variables are related. A correlation coefficient of 1.0 means that two variables move in a completely synchronized manner, while -1.0 means they move completely opposite. A coefficient of zero means that the movements are completely unrelated. Combining asset classes with lower or negative correlations may help reduce the volatility of a portfolio's returns over time.
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The Client Engagement Road Map tool (the "Road Map") is provided so as to enable you to structure your meetings with your clients and to have some orderly and easily accessible record of your meetings with clients and progress in advising your clients. However, please note that the Road Map does not contain an exhaustive list of all of the matters that you should discuss with your client. You should note that if you utilise this Road Map and, pursuant to your meetings with clients, you complete and update the Road Map in respect of particular clients, the information which you input will be stored on this Website by Coloni Limited on Russell's behalf. This information will remain your record of your discussions with your clients but please note that you will need to ensure that you have appropriate consents from your clients for providing this data to Russell to be held on this Website. Russell grants you a non-exclusive, non-transferable and non-assignable licence to use the Road Map until such time as Russell terminates such licence.
The "Client Analyser" tool
In order for the Client Analyser tool to be of value to the majority of users it has been necessary to make certain assumptions about the situation of your clients and future economic and market conditions. It is important to review these and consider their possible impact on your client. The Client Analyser tool is only designed to give you a broad idea of the investment strategy you may wish to consider for a client. It should not be the only thing you use or rely on when you choose investments for a client. Russell grants you a non-exclusive, non-transferable and non-assignable licence to use the Client Analyser tool until such time as Russell terminates such licence.
Intellectual property rights
All copyright, trade marks, database rights and other intellectual property rights that may exist in this Website and the Content shall remain at all time our intellectual property. Except as expressly permitted by these Terms, nothing in this Website shall be construed as granting, by implication or otherwise, any licence or right to use the Content without our prior written permission. If you become aware of anything which appears to infringe these Terms, you agree to contact us promptly by emailing emea.webteam@russell.com.
Liability
Access to, and use of, this Website is at the user's own risk and by user, Russell refers to you, as the independent intermediary. In no event will Russell be liable for any loss, damages or expenses which may be suffered or incurred by you (or your clients) which are caused directly or indirectly by accessing this Website including, but not limited to, loss, damages or expenses caused by any failure, delayed or defective operation or unavailability of any pages of this Website or any computer virus arising in connection with this Website.
You will indemnify Russell (including its affiliated or associated companies) and their officers, directors, employees and agents in respect of any third-party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from the operation, use or supply of information to a third party provided in breach of any of your obligations under these Terms.
Unlawful use
You agree to use this Website only for lawful purposes and in a manner that does not infringe the rights of or restrict or inhibit the use and enjoyment of the Website by any third party.
Privacy policy
Our Privacy Policy details the type of personal information that Russell may collect from you when you visit the Website and how Russell stores and uses your personal information. Your use of the Website is taken as your acceptance of the terms of our Privacy Policy.
Computer viruses, worms and Trojan horses
Russell does not warrant that the Website is free from computer viruses, worms, and Trojan horses and Russell accepts no liability whatsoever for damage that may result from the transmission of any computer viruses, worms, or Trojan horses via the Website.
Linking and framing
The Website may from time to time contain hyperlinks to websites owned and operated by third parties. Russell does not accept any responsibility for the content of third party websites or web pages, nor do we accept responsibility for any losses or penalties incurred as a result of your use of any links or reliance on the content of any website to which the Website is linked.
You may not frame, link or deep-link the Website to any other website without our prior written consent. Should you wish to frame or set up a link or deep-link to our Website, please contact emea.webteam@russell.com.
File download
Certain files are available for download from the Website. These files are subject to these Terms.
Changes to the Website and these Terms
Russell has discretion to change the Content, the Terms or the Privacy Policy and to withdraw access to the Website at any time. You will have been deemed to have accepted the amendments by continuing to use this Website.
Governing law
These Terms are governed by and interpreted in accordance with the laws of England and Wales and any disputes in connection with the Website and the Terms shall be settled by the courts of England and Wales.
Contacting us about this Website
The Content is approved for publication by Russell Investments Limited. This Website is owned and operated by Russell Investments Limited which is a company incorporated in England and Wales under registered number 02086230 and with its registered office at: Rex House, 10 Regent Street, London SW1Y 4PE. Telephone 020 7024 6000. Russell Investments Limited is authorised and regulated by the Financial Services Authority (25 The North Colonnade, Canary Wharf, London, E14 5HS) and entered on the FSA register under number 122282. If you have a complaint about this Website, please contact Russell Investment Limited's Head of Compliance at the address provided above. Calls may be monitored or recorded to maintain and improve services.
Any Content accessed via this Website is confidential and is protected under copyright © 2009 Russell Investments Limited. All rights reserved.