Financial Advisor UK
#1
Just Joined
Thread Starter
Joined: Apr 2022
Posts: 5
Financial Advisor UK
Hi all, thanks for all the advice on these boards, really helpful.
Im about to move to Qatar and I was wondering if anyone could recommend a uk based independent financial advisor who specializes in expat investment from ME back into the uk .
Im about to move to Qatar and I was wondering if anyone could recommend a uk based independent financial advisor who specializes in expat investment from ME back into the uk .
#2
Re: Financial Advisor UK
Keep in mind UK based advisors usually only advise UK residents, and many have little to no experience of advising people working internationally.
N.
#3
Just Joined
Thread Starter
Joined: Apr 2022
Posts: 5
Re: Financial Advisor UK
hi Norm, I’m a complete newbie in terms of investment so was looking at a uk based person as I understand what protections there are and what qualifications they would have so I have peace of mind. Open to other IFA’s from other destinations if I feel like my money is protected.
It’s basically a full audit of my financial situation and how best to maximize my income. As it stands at the Moment I have a nest pension that’s doing nothing , a flat I can’t rent as I have a help to buy investment I need to pay off etc etc.
As an expat I know that I am limited from the Normal options open to a uk based person so thought that people on here would have some personal experience.
#4
Re: Financial Advisor UK
It somewhat depends what your situation is, but if you're leaving the UK for several years, and hopefully accumulating some relatively substantial savings/ investments while not subject to taxation in the UK, then you should probably be talking to someone either in the Channel Islands or Isle of Man.
That said there are some real sharks in the "expat investment advisory" business, and there is one which is so notorious that if you type its name into BE then the BE web site turns the name into "******", as there were so many posts on BE trashing that firm that they threatened to sue the owners of BE! They actually contacted me - cold calling is their primary modus operandi, and apparently newly hired salesmen are expected to contact all their friends and acquaintances to try to recruit them as clients. I
If you get a call from them, or any other annoying salesman try to sell you expat investment services, tell them "if you contact me again, I will make a formal complaint to your compliance officer" (use those exact words). Obviously it helps to have the salesman's name, but this usually scares off most of the parasites. If you need to follow through, if they contact you again, then all you need to do is to send a letter to the company address to "the Compliance Officer" at any of the company's locations (I would choose either the head office, or the location of the salesman if you know it, or the office in the UK, over lesser branch locations), reporting the date on which you told them not to contact you again, and then the date and name of the person who contacted you again. You can expect the salesman to get an ugly black mark on their compliance record. .... Everyone in the financial sector, whether banks, brokers, or advisers, knows that when the regulator shows up for their annual visit, one of the things the regulators always check is the file of complaints made to the Compliance Officer, and if the firm has too many complaints and they have done nothing to address the issue then the firm will get into trouble too.
Yup, the name is still blocked on BE -> ******
That said there are some real sharks in the "expat investment advisory" business, and there is one which is so notorious that if you type its name into BE then the BE web site turns the name into "******", as there were so many posts on BE trashing that firm that they threatened to sue the owners of BE! They actually contacted me - cold calling is their primary modus operandi, and apparently newly hired salesmen are expected to contact all their friends and acquaintances to try to recruit them as clients. I
If you get a call from them, or any other annoying salesman try to sell you expat investment services, tell them "if you contact me again, I will make a formal complaint to your compliance officer" (use those exact words). Obviously it helps to have the salesman's name, but this usually scares off most of the parasites. If you need to follow through, if they contact you again, then all you need to do is to send a letter to the company address to "the Compliance Officer" at any of the company's locations (I would choose either the head office, or the location of the salesman if you know it, or the office in the UK, over lesser branch locations), reporting the date on which you told them not to contact you again, and then the date and name of the person who contacted you again. You can expect the salesman to get an ugly black mark on their compliance record. .... Everyone in the financial sector, whether banks, brokers, or advisers, knows that when the regulator shows up for their annual visit, one of the things the regulators always check is the file of complaints made to the Compliance Officer, and if the firm has too many complaints and they have done nothing to address the issue then the firm will get into trouble too.
Yup, the name is still blocked on BE -> ******
Last edited by Pulaski; Apr 6th 2022 at 9:08 pm.
#5
Re: Financial Advisor UK
hi Norm, I’m a complete newbie in terms of investment so was looking at a uk based person as I understand what protections there are and what qualifications they would have so I have peace of mind. Open to other IFA’s from other destinations if I feel like my money is protected.
It’s basically a full audit of my financial situation and how best to maximize my income. As it stands at the Moment I have a nest pension that’s doing nothing , a flat I can’t rent as I have a help to buy investment I need to pay off etc etc.
As an expat I know that I am limited from the Normal options open to a uk based person so thought that people on here would have some personal experience.
It’s basically a full audit of my financial situation and how best to maximize my income. As it stands at the Moment I have a nest pension that’s doing nothing , a flat I can’t rent as I have a help to buy investment I need to pay off etc etc.
As an expat I know that I am limited from the Normal options open to a uk based person so thought that people on here would have some personal experience.
As many others will warn you though, a lot of advisors based in this region are more interested in commissions than providing wealth management services, even the qualified ones. Many supposedly 'independent' firms also offer their own funds and products to clients while maintaining they are providing whole of market advice. But the market also needs to take a share of the blame as most people won't pay someone for their time even when qualified and experienced, which does tend to ensure Financial Advisors have to rely solely on commission from selling products to make a living. Getting client and advisor interests in alignment is a challenge and even recent regulatory changes don't really address that properly in my view.
I stepped out of the industry for nearly six years because I didn't see any firms here putting clients first, or adhering to ethical practices. It's taken me a while to find a network of qualified people with multi-jurisdiction regulation that actually conduct background checks on people who want to join (most advisory firms don't even check who they hire properly unfortunately), that I feel comfortable can actually service the needs of expats. I also know several UK based IFAs I am happy to refer to when needed as well if specific UK advice is needed.
Am happy to have a quick chat, feel free to drop me PM.
N.
Last edited by Norm_uk; Apr 13th 2022 at 4:30 am.
#7
Re: Financial Advisor UK
I recommend this book - it is US-centric, but I think much of it applies in the UK, and elsewhere, too.
#8
Just Joined
Thread Starter
Joined: Apr 2022
Posts: 5
Re: Financial Advisor UK
It somewhat depends what your situation is, but if you're leaving the UK for several years, and hopefully accumulating some relatively substantial savings/ investments while not subject to taxation in the UK, then you should probably be talking to someone either in the Channel Islands or Isle of Man.
That said there are some real sharks in the "expat investment advisory" business, and there is one which is so notorious that if you type its name into BE then the BE web site turns the name into "******", as there were so many posts on BE trashing that firm that they threatened to sue the owners of BE! They actually contacted me - cold calling is their primary modus operandi, and apparently newly hired salesmen are expected to contact all their friends and acquaintances to try to recruit them as clients. I
If you get a call from them, or any other annoying salesman try to sell you expat investment services, tell them "if you contact me again, I will make a formal complaint to your compliance officer" (use those exact words). Obviously it helps to have the salesman's name, but this usually scares off most of the parasites. If you need to follow through, if they contact you again, then all you need to do is to send a letter to the company address to "the Compliance Officer" at any of the company's locations (I would choose either the head office, or the location of the salesman if you know it, or the office in the UK, over lesser branch locations), reporting the date on which you told them not to contact you again, and then the date and name of the person who contacted you again. You can expect the salesman to get an ugly black mark on their compliance record. .... Everyone in the financial sector, whether banks, brokers, or advisers, knows that when the regulator shows up for their annual visit, one of the things the regulators always check is the file of complaints made to the Compliance Officer, and if the firm has too many complaints and they have done nothing to address the issue then the firm will get into trouble too.
Yup, the name is still blocked on BE -> ******
That said there are some real sharks in the "expat investment advisory" business, and there is one which is so notorious that if you type its name into BE then the BE web site turns the name into "******", as there were so many posts on BE trashing that firm that they threatened to sue the owners of BE! They actually contacted me - cold calling is their primary modus operandi, and apparently newly hired salesmen are expected to contact all their friends and acquaintances to try to recruit them as clients. I
If you get a call from them, or any other annoying salesman try to sell you expat investment services, tell them "if you contact me again, I will make a formal complaint to your compliance officer" (use those exact words). Obviously it helps to have the salesman's name, but this usually scares off most of the parasites. If you need to follow through, if they contact you again, then all you need to do is to send a letter to the company address to "the Compliance Officer" at any of the company's locations (I would choose either the head office, or the location of the salesman if you know it, or the office in the UK, over lesser branch locations), reporting the date on which you told them not to contact you again, and then the date and name of the person who contacted you again. You can expect the salesman to get an ugly black mark on their compliance record. .... Everyone in the financial sector, whether banks, brokers, or advisers, knows that when the regulator shows up for their annual visit, one of the things the regulators always check is the file of complaints made to the Compliance Officer, and if the firm has too many complaints and they have done nothing to address the issue then the firm will get into trouble too.
Yup, the name is still blocked on BE -> ******
thanks Pulaski, useful bit of knowledge there 😬
#9
Just Joined
Thread Starter
Joined: Apr 2022
Posts: 5
Re: Financial Advisor UK
Most advisors can provide you with the full audit you require, both in and out of the UK. Expats generally have more options outside the UK but much will depend on how long you're out for and what exactly your needs are.
As many others will warn you though, a lot of advisors based in this region are more interested in commissions than providing wealth management services, even the qualified ones. Many supposedly 'independent' firms also offer their own funds and products to clients while maintaining they are providing whole of market advice. But the market also needs to take a share of the blame as most people won't pay someone for their time even when qualified and experience, which does tend to ensure Financial Advisors have to rely solely on commission from selling products to make a living. Getting client and advisor interests in alignment is a challenge and even recent regularly changes don't really address that properly in my view.
I stepped out of the industry for nearly six years because I didn't see any firms here putting clients first, or adhering to ethical practices. It's taken me a while to find a network of qualified people with multi-jurisdiction regulation that actually conduct background checks on people who want to join (most advisory firms don't even check who they hire properly unfortunately), that I feel comfortable can actually service the needs of expats. I also know several UK based IFAs I am happy to refer to when needed as well if specific UK advice is needed.
Am happy to have a quick chat, feel free to drop me PM.
N.
As many others will warn you though, a lot of advisors based in this region are more interested in commissions than providing wealth management services, even the qualified ones. Many supposedly 'independent' firms also offer their own funds and products to clients while maintaining they are providing whole of market advice. But the market also needs to take a share of the blame as most people won't pay someone for their time even when qualified and experience, which does tend to ensure Financial Advisors have to rely solely on commission from selling products to make a living. Getting client and advisor interests in alignment is a challenge and even recent regularly changes don't really address that properly in my view.
I stepped out of the industry for nearly six years because I didn't see any firms here putting clients first, or adhering to ethical practices. It's taken me a while to find a network of qualified people with multi-jurisdiction regulation that actually conduct background checks on people who want to join (most advisory firms don't even check who they hire properly unfortunately), that I feel comfortable can actually service the needs of expats. I also know several UK based IFAs I am happy to refer to when needed as well if specific UK advice is needed.
Am happy to have a quick chat, feel free to drop me PM.
N.
#10
Just Joined
Thread Starter
Joined: Apr 2022
Posts: 5