Expatriate Brokerage

Summary: There are a number of financial services companies with specifically established expatriate brokerages, servicing those who have relocated abroad and would like to structure their finances through one central service provider.

There are a number of financial services companies with specifically established expatriate brokerages, servicing those who have relocated abroad and would like to structure their finances through one central service provider.

At Shelter Offshore we have formed strategic alliances with a number of the very best expatriate brokerages and service providers in the industry who work not only with expatriates, but the international investor as well...those who are looking to utilize the best investment, insurance and general financial opportunities in the global financial market place or protect or enhance their wealth or business profits with offshore companies, trusts and cross border taxation planning solutions for example.

Whether you, as an expatriate, choose to employ the services of a central brokerage for your overall financial planning needs, or seek out the best product providers on a requirement case by case basis is very much a personal choice.

There are advantages to courting the services of an expatriate brokerage and there are advantages of going it alone of course!  Obviously international companies like the ones we have alliances with are best placed to assist the expat as they have advisers globally together with a central services office which is always accessible wherever in the world you choose to move to next!  Furthermore we only ever recommend a company if they are expert in the offshore world as well, so if you are in a position to personally benefit from any taxation savings and higher income potentials offered via the offshore advantage you will be made aware of the wealth of opportunities you have access to and be given assistance to make sure you make the most of your advantage.

If you prefer to seek a solution on a requirement case by case basis there are many companies who offer the majority of basic financial products - from life and health insurance, to simple savings and investing plans.  The internet is a great place to begin your research and it also affords you the possibility of requesting further brochures and information from a product provider as well.

Depending on where in the world you relocate to you will often find local financial brokerages seeking your business.  It would be impossible to comment on the ability and services of each one individually obviously!  Suffice to say, there are good and bad in every business.  It’s very wise to do a certain amount of due diligence on a company before soliciting their services, but when you’re new to a country it can be a tricky undertaking.  In these circumstances you can go by a mixture of gut feel and recommendation. 

When it comes to your overall financial planning and seeking a broker or adviser to assist you it is not a case of one solution matching everyone’s needs...some people prefer to speak to an independent brokerage, others simply purchase a financial product on the say so of a trusted friend for example.  There are however certain key facts to remember that should stand you in good stead if/when you speak to anyone who sets themselves up as qualified to offer you financial advice.

1) When making any form of investment - from buying shares, investing in a fund to saving a regular amount each month - the money you are investing should never be paid directly to a broker or adviser.  The money should be paid directly into your investment account or fund.

2) A decent adviser should be able to provide you with all the key details relating to the brokerage he works for - from the rough size of their client base, how much they have under management, the financial providers they work with etc., and it should be possible for you to verify this information.  Say for example the adviser informs you they have placed clients with HSBC Offshore, it should be possible for you to contact HSBC and ask for confirmation of the fact that they have indeed worked with the brokerage in question.

3) As an expatriate you have to consider your long term plans...for example, are you ever considering repatriating?  This could affect the nature of any investments you make while an expatriate - particularly if you invest offshore.  A good financial adviser will be able to explain to you how every area of your financial planning would work if you were to repatriate or move on to another country for example, from the taxation angle in particular.

4) When you make any form of investment you need to make sure you’re not only happy with the financial service provider and that they offer you the levels of investor protection you require - but if you seek the services of a financial advisory, you also need to be assured that they are going to be around for as long as you need them.  There is nothing worse than hearing these stories of expatriate abandonment where people have relied on an expatriate brokerage only for them to close key offices or even close entire business areas.  Who looks out for your financial needs then?

5) And finally, if you do seek the services of an advisory, a decent company will assist and advise with any savings, investments, insurances and previous financial actions you have taken.  They should do so at no extra cost to yourself as it should form an integral part of the entire financial support service they offer you.

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