Expat financial advice is defined as a personal recommendation on financial matters for expats which are provided by a qualified professional, which incorporates a number of personal and economic factors.
Expat financial advice is a slightly more complex area than obtaining financial advice in the UK, primarily due to the regulatory differences. However, it is also more complex due to the wider range of financial products available to expats.
What is a financial adviser?
A financial adviser is a qualified individual who will be able to tell you the right options for you, based on your own unique circumstances. Financial advice differs from guidance or information in that the recommendations presented to you are tailored to meet your needs, rather than just being factual and informative.
Why seek financial advice as an expat?
Some people are able to manage their financial decisions without the involvement of a financial adviser. However, financial decisions carry inherent risks, and the implications for making a poor decision can be massive.
For this reason, the majority of people who have a significant amount of money will opt to use the services of a financial adviser to minimise this risk. However, it is important to remember that no investment is risk free and no financial advice will ever be perfect.
Is expat financial advice regulated?
In the UK, financial advisers are required to be regulated by the FSA to ensure that the risk to the recipient of the financial advice is minimised, offering protection and a central body to turn to register complaints or seek support.
Expat financial advice tends to be offered by financial advisers who operate outside of the UK and therefore do not fall under the remit of the FSA. However, there may be local regulatory bodies in each jurisdiction which can offer some protection for the consumer.
The role of the financial adviser
People will tend to seek expat financial advice when they are looking to increase the income they receive from their assets, either in the short term, or the long term (such as in retirement).
Financial advisers are able to help expats plan and manage your finances to restructure your investments and savings, enabling you to maximise your return on investment as well as minimise any tax which may be due as a result.
