Representatives from Royal Fidelity Bank & Trust provided their projections of the country’s economic performance and discussed some of the investment opportunities available for Bahamians in the local market at The Bahamas Chamber of Commerce and Employer’s Confederation’s (BCCEC) recent Power Breakfast.
The BCEC kicked- off its first Power Breakfast for the year on April 27th at the Margaritaville Resort with an insightful presentation from a trio of Royal Fidelity Bank & Trust executives, namely David Slatter, Vice President & Group Head of Investment Management; Cleora Farquharson, Vice President & Group Head of Pension Services and Jim Wilson, Vice President & Group Head of Investment Banking. As one of the country’s leading wealth managers and advisors, RF Bank and Trust has raised more than $2 billion in capital for its corporate clients, with over $1 billion in assets under management.
According to Mr. Slatter, patient investors could reap tremendous benefits from the local equity market, with some of the bank’s brokerage clients becoming millionaires over the past decade simply by trading in the local market.
During his presentation, Mr. Slatter urged the redevelopment of downtown Nassau and suggested that The Bahamas diversify its tourism product by expanding into other areas such as medical and sports tourism. He further noted that while The Bahamas has seen a strong post-COVID performance in its tourism segment, growth in that industry will likely be lower in 2024.
Slatter also pointed out that The Bahamas will continue to feel the knock-on effects of inflation, as the United States, its main trade partner continues to grapple with the issue as well. Based on projections by economists, the US will go into a recession later this year or in early 2024 according to Mr. Slatter, noting that this will certainly have an impact on The Bahamas.
Mr. Wilson during his presentation noted that rising US interest rates could have a significant impact on foreign direct investment (FDI), one of the country’s key economic drivers. He pointed out that while there are numerous FDI projects currently in the pipeline, the key will be which projects have their own funding secured and which need to raise the necessary capital amid higher borrowing costs.
During her presentation, Ms. Farquharson noted that pension plans provide a crucial source of income persons need to enjoy their retirement. She noted that while most individuals put other financial goals first, retirement planning should in fact come first.
“When you’re planning your financial goals, retirement planning should be first,” Ms. Farquharson said. “As soon as you get your first job you should start putting away funds for 20 to 30 years down the line,” said Ms. Farquharson. She noted that for companies, a good pension plan is key to attracting the best and brightest employees. Farquharson noted that Royal Fidelity offers pension plans catered to fit the budget of businesses.
Learn more about the services that RF Bank & Trust has to offer by visiting their website>>https://www.rfgroup.com/
View the event photo album here >> https://www.thebahamaschamber.com/events-photo-albums
Pictured from left-right: Christel Sands-Feaste - BCCEC Director, Jim Wilson - RF Bank, Charnette Thompson - BCCEC Director, Khrystle Rutherford-Ferguson - BCCEC Chairman, Cleora Farquharson - RF Bank, David Slatter - RF Bank, Jontra Harvey - RF Bank and Peter Goudie - BCCEC Director.