How can you be sure you’re in safe hands?
I’m sure you’ve heard tales of financial mis-selling and maybe you’ve even been unlucky enough to receive ‘bad’ financial advice yourself - in which case I’m sincerely sorry for what you’ve been through. So how can you make sure that you find a decent adviser, especially if you’re planning on relocating overseas, or if in fact you’re already an expatriate?
Starting with the knowledge that the only way you can be sure you’re getting the finest information about the most attractive investment opportunities is by being sure that the most qualified person is supplying you with the information…this guide will present you with the answers to the questions you must ask of anyone who claims to be able to offer you offshore investment advice, independent financial advice or specific money management information.
Hopefully this will enable you to find and secure the best offshore investments for your needs.
How can you be sure that an independent financial adviser is any good?
Find out how experienced the adviser is who you’re considering working with and how reputable the brokerage is for whom they work.
If the brokerage your adviser works through has many hundreds or even thousands of satisfied clients in many locations around the world, then you can be fairly sure they’re professional, held in high esteem and have a solid reputation.
If you’re considering working with a one or two person company, ask yourself who will advise you and look after you if the principal is ill, changes company, moves or retires?
And what will you do if you decide to relocate or repatriate - i.e., move away from the physical location of your advisory?
Larger international brokerages often freely advertise, they should definitely have a reputable website and they should have the resources to ensure that their advisers are fully trained and up to date with latest products and market knowledge.
Your preferred brokerage should also offer all clients a newsletter to keep them up to date with company developments and to inform them of the different products they have available at any one time. They should offer at least an annual review to make sure you’re happy with the service you’re getting and that your financial needs are being serviced. And finally they should always offer you a way of getting in touch directly with them should the need urgently arise.
How safe is my money?
Firstly, no money should ever be paid directly to a financial adviser!
Any transfers should always go to the financial institution who in turn will pay a management or set-up fee to an adviser where applicable.
If an adviser or broker asks you to transfer any money directly to them for any reason whatsoever DON’T DO IT!
Let me repeat that because it’s very, very important! If the financial adviser or brokerage company you’re dealing with is reputable, any investment or savings transfer will always be made directly by you to the financial institution that you are investing with.
Secondly, the major offshore locations and jurisdictions favoured by reputable investment advisers have the highest levels of investor protection anywhere in the world.
Investments made in the Isle of Man for example are covered by a worldwide investor protection scheme which offers protection of up to 90% of the value of your investment at the time, in the unlikely event that the provider is unable to meet its financial liabilities.
