Financial Considerations

When you move abroad, one of the most important issues is managing your finances, particularly your pensions and investments, in the most tax efficient manner possible.

Just like in your home country, seeking professional advice from experts is vital when it comes to managing your finances to ensure that you're on the right side of the law while remaining as tax efficient as possible. 
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Ensure you get advice from advisors with knowledge or experience of the products available ‘off-shore’, the tax implications as well as the advantages or dis-advantages of living in your new location.

Often, action is taken and decisions are made that can be either very costly or even impossible to rectify.

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Financial advisers, by definition, provide advice to individuals and companies on how to manage their money. They can set up and manage investment portfolios and help structure assets to ensure that they are not exposed to unnecessary tax.
 
In most countries, financial advisers are regulated by an authority, such as the Financial Conduct Authority in the UK. These governing bodies ensure that each and every adviser acts in the best interests of the individual.

The importance of an independent financial adviser

Independent financial advisers (or IFA's) are, by name, not affiliated to any particular financial product provider. This is important because it enables them to review the full range of financial products and services, rather than being limited to what any one particular company offers.
 
It is important to seek advice from an independent financial adviser so that you are not restricting your opportunities - which could have a detrimental affect.

Choose the right financial adviser for you

As with any professional advisory service, each adviser is unique. In many cases, simply providing sound advice is often not enough. It is also important that you are able to build a personal relationship and trust with your adviser.
 
Some investments will be long term, while others less so. You should not transfer assets from one product to another just because you have changed your adviser. There has to be a good reason or financial benefit FOR YOU to justify any change.
 
When you build a relationship with your adviser, he or she will be able to understand your personality, risk profile and also be able to make decisions on your behalf, if you so wish.
 
Once that level of trust is established, much of the pressure of keeping an eye on your assets will be removed, and you can simply reap the rewards that come in.

Do some homework
Ask to speak to existing clients and beware of those who either cannot or do not wish to provide you with references. While time consuming, it will give you that additional peace of mind before making a decision.
 
Secondly, and probably most importantly, don't necessarily go with the first adviser you come across, even if they seem perfect. Most advisers will offer a free consultation up front to enable them to understand more about you. Take advantage of this.

Finally, when you evaluate the agreements and costs, ensure you know everything and get it in writing. Don't just go with the cheapest - it's far more important to be cost effective in the long run than just keeping costs low.

​Don't be driven by fear
Whether you have a financial advisor or not, making snap decisions can possibly end in some kind of disaster. If an adviser is using fear to get you to sign their agreement, take a step back. Do not rush into a decision which could have a major effect long term.
 
Similarly, if your investments don't come up to scratch, meet your adviser and talk to them before making any decisions. All investments come with some degree of risk attached. Even the best advisers can get it wrong. The key is to work together to mitigate these risks as much as possible.

Too good to be true?
 ​Last and by no means least, if something appears too good to be true, it quite possibly is. Get a second opinion if you are in any doubt.