Expat Financial Adviser – How much advice do you need?
According to recent industry surveys, as much as 68% of expats do not have an expat financial adviser. It’s probably not a coincidence, then, that the same surveys find that two thirds of expats are worried that they will not have enough money to retire.
It’s often hard to explain to people who aren’t used to having a professional financial adviser, why it’s particularly important to get good, regulated advice as an expatriate. A lot of savers are also worried that financial advice will be unreasonably expensive, and will continue to be an ongoing cost, reducing the returns on their savings. This doesn’t necessarily have to be true. Getting a financial adviser doesn’t mean that you have to give up all control over your savings and expat pension choices; you can still manage your finances yourself, making choices in a SIPP and on an execution-only basis. It is actually easy to save quite a bit of money on execution and administration if you choose the right adviser.
At Harrison Brook we always make sure to get the best fees and prices for our clients. Because of our international status we can offer you almost every solution available on the market and we have worked very hard to form strong partnerships with market brand leaders to offer you the best deals with the best companies. Take the first step today with Harrison Brook. What an expat financial adviser can help you with, however, is maximising the opportunities available to save tax and handling your investments efficiently. An execution-only broker won’t help you choose between a SIPP and a QROPS, they can’t help you with pension transfers and they won’t be set up to deal with the particular complexities of an expat’s situation.
As an expat, you are likely to have taken professional advice on contracts, housing, medical matters and even education. Expat Financial advice is just another area where it makes sense to pay a small fee and sit down with someone experienced, just in order to be sure that you’re making the right choices. Sometimes doing things for yourself is a sensible way to save money, but sometimes it’s a real false economy that can leave you at a disadvantage in the long term, and it’s not easy to see which category something falls into. Added to that, the rules can change from year to year, so a decision which seemed right when you made it can end up needing to be changed.
Make the good choice and sit down with one of our advisers at Harrison Brook, we will help review your finances and will give you the best advice adapted to your situation. So, even for expat workers with considerable experience in managing their own investments, Harrison Brook recommend a periodic consultation with one of our advisers. If nothing else, you often need advice to be certain whether or not you actually need advice.