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Our stockbroking company is based in Paraparaumu Beach, near Wellington, and in 2010 serves several thousand clients with collective investments exceeding one billion. The company is named Projects Resources Limited and has been based here since 1985. It is wholly owned by myself, my wife, my three sons, directly or through our family trust.
As independent brokers with no moral, legal or practical ties to any suppliers of financial products, we provide advice, stockbroking and investment services to a client base that is largely retired or near retirement age, and mostly based on the Kapiti Coast, though the internet has led to a wider geographic base.
We have three advisers: myself, Mike Warrington and Edward Lee (a son). We are all licensed sharebrokers, though the act which required us to be licensed is soon to be repealed and we will then be known as stockbrokers.
I unconditionally guarantee that all client money will be handled honestly and if ever money were to be lost through any dishonest or negligent action of any member of our staff, I would reimburse it.
Probably because of a syndicated business column I wrote for 17 years, published in papers in different parts of New Zealand, many of our clients are based away from Kapiti or Wellington. The column continues and is published on this website each Thursday night and is emailed to several thousand people who have requested it.
Our website is not coded for clients’ use only and receives between one and two million ‘hits’ each year.
Our advice is based on our belief that, for most retired people, security, liquidity and reliable regular income are more important than capital growth. Accordingly a large percentage of client money is invested in fixed income products, such as bonds, capital notes, debentures and bank deposits.
We analyse finance company accounts and remain in regular contact with the directors or senior executives of the finance companies that we recommend.
For many years we published a grading system for bonds issuers and finance companies. This system correctly identified the worst finance companies and discouraged use of them.
Given rapidly changing market conditions and the growing availability of credible ratings we withdrew our publishing of our grading system in 2008 and urge clients to consult us before making any investment.
My knowledge and experience in fixed interest come from an eight-year stint in the New Zealand finance industry from 1977-1985, prior to my formation of my current company. I was assistant general manager of General Finance Ltd and General Manager of General Bills Ltd, a merchant bank. These companies were ultimately sold to UDC in 1988.
Prior to working there, I spent three years in London, where I worked as an assistant financial controller, in Lonrho, a multi-national investment company. Thus I have worked in the industry for more than 30 years, including the 24 year life of this stockbroking practice.
Our stockbroking company employs my son Edward who is 27, doing his Massey papers in financial planning, and is available to clients for generic advice and information, for transacting deals, and solving problems. In his Dad’s opinion, he is a fine young man. Edward performs stockbroking transactions and is available to clients to discuss share sales and purchases, and fixed interest products.
In January 2008 we engaged Mike Warrington, a distinguished and seasoned specialist in fixed interest markets. I have known Mike as a friend and as part of our small network of specialists, for some years. Mike (42) and his wife Marie, and their two sons, live in Wellington. He commutes to Kapiti and works Monday to Thursday.
He is available to all clients for all types of investments, he assists in our research and analysis, will be available for out-of-town visits and writes our Monday Market News email. He shares our investment philosophy but will have his own style which should enhance our range of services. I regard him as an outstanding industry participant.
Mike has had 18 years as a senior broker with New Zealand’s leading sharebrokers, First NZ Capital, and three years with senior positions in Westpac and the ANZ. He replaced Denis Ryan who retired at 65 after eight years with our company.
Our other staff are Linda Deacon (receptionist/secretary for 19 years), Lynnette Rouse and Diana Holmes (database & technology) and Brian Howman (accounts, administration – 10 years). My wife, Giovanna, assists with all administration and, from time to time, Marie Warrington assists with administration.
All client money is handled either through our trust account, (in the case of secondary market purchases) or directly to the companies in which clients invest. Our business charges brokerage for sharemarket transactions at rates in line with other brokers. The rate reduces with large volumes and is shown in each contract note.
Most New Zealand financial institutions pay us brokerage. We do not accept brokerage at rates higher than 2 per cent and, when rates exceed this level, we forward the excess directly to our clients.
We do not charge for advice, for consultations, or for home visits and we are happy to share research and relevant data with clients. We don’t wish to manage clients’ money and will do so only if there is no alternative. Please note we do offer a portfolio administration service for clients unable to administer their investments. This is done for a modest charge, using only recommended investments. Since his retirement this has been offered by Denis Ryan, with our support.
We manage the financial affairs for a few people who have either lost their sight, have failing memory, or are out of the country. We do not charge for this service, do not seek this responsibility, but will accept it if there is simply no other option.
By way of disclosure, I advise that since 1987 I have been a trustee of Parkwood Trust, which is one of New Zealand’s largest and best retirement villages. I have been its chairman for many years. This is an unpaid position with a community trust in Waikanae.
I have a substantial personal portfolio and disclose my holdings when necessary. I disclose that my oldest son James is head of Research and Equities and a director of New Zealand’s pre-eminent sharebroking firm, First NZ Capital, and my youngest son Jonathan is a dealer with Direct Broking, owned by ANZ.
Clients and visitors to this website are welcome to contact me or my staff by email on Chris@chrislee.co.nz. Our fax number is 04 2961028 and office telephone number is 04 2961023. My home email is cjlee@xtra.co.nz
I visit clients in Christchurch every eight weeks and I am available in Wellington most Wednesday afternoons by appointment for Wellington clients. I am available occasionally to Taupo clients by appointment and make occasional visits to Nelson, Auckland and Hawkes Bay to meet with clients. I will try to meet all reasonable requests to meet clients outside of my area.
Mike Warrington visits Auckland, Tauranga and Hamilton regularly, and other areas by arrangement. He is available for Wellington clients by arrangement.
It is easiest to contact me in the mornings. Mike is available Monday to Thursday. Edward is available Monday to Friday.
Our advice will be based on knowledge, genuine experience in managing wealth and close contact with the fixed interest markets. Any advice will be honest and utterly impartial, we will fiercely maintain our independence, and we will speak out against any industry practices that are not in the best interest of investors, in our opinion.
And in amongst all this serious business, we will do our best to remember that life is definitely intended to be fun!
Chris Lee
Managing Director
Projects Resources Ltd
Disclosure laws as required by securities laws:
I disclose that neither myself, my wife, my sons, nor any member of our staff has ever been bankrupted nor had criminal charges of any sort. Formal dislosure statement are available from our office on request. All clients were sent a disclosure statement on February 2008.
We will issue these statements to new clients.
All client money for secondary market transactions are processed through a seperate Trust Account (CJ Lee Trust Account), and thus is not inter-mingled with company money.
We receive brokerage from all new issues of bonds, shares and debentures at rates spelt out in each prospectus. Generally these rates are between 0.25% and 2.0%.
Any problems or disputes may be referred to me personally.
Chris Lee |
