Boring As It Is, Why You Need a Financial Review

By Rhiannon Davies Published on 25th June 2009 .

If you follow the guidelines that we offer up on this website and you’re an expatriate, chances are you have your financial affairs nicely in order.  You’ve worked to pay back any substantial debts, you have an emergency fund close at hand, all of your essential insurances are in place, and finally, you are growing a healthy financial portfolio that is well diversified and perfectly aligned to suit you and your requirements.

Or at least the above is the plan you’re slowly but surely working towards…

Well then, having taken the time to align your expat financial affairs correctly, why do you suddenly need to think about reviewing your finances?  In this report we will show you why, as boring as it is, you need to have a regular financial review.  And we’ll try not to bore you any more, we’ll just present you with the pertinent facts and information that you need!

What’s the Point of a Financial Review

Assuming you have aligned your financial affairs appropriately for your short, medium and long-term needs and you’re happy with the way your fiscal portfolio has been developed to match both your risk profile and your ultimate desires in life, ideally you should be able to sit back and forget all about your finances as they take care of themselves.

Well, yes, that’s all well and good and true – however, you and your life change!  You may be young, carefree and single one year, married the next and a parent the year after that.  You may be promoted or in receipt of a pay rise or a pay cut, you may suddenly decide you hate your job and want to retire early.  All of these are clear examples of how you and your circumstances, your hopes and desires can all change from one year to the next.  And each of these changes has an impact on your finances.  Perhaps you have more money to save, perhaps your financial priorities change, maybe you want to have more money close at hand, or more going into an offshore pension plan.

These facts do not stand alone as reasons to have a regular financial review either.  You see, not only do you change but the financial marketplace changes.  What’s the right product one year may be a poorly performing weakling the next – although ideally your financial adviser will not expose you to such risk!  But where one year you may be benefitting from an amazing fixed rate on your savings, interest rate decisions from central banks may mean that this rate is rubbish next year and you need to move your money.  New products are released on a regular basis too, and the best financial brokerages are often given preferential access to such products for their clients.  These are all reasons why you have to regularly revisit your finances.

How Often Should You Review Your Expat Finances?Final Financial Tips for Expatriates

If you work with a reputable brokerage from the outset, and you find that you are comfortable with the adviser you work with, then arranging ongoing reviews will be as simple as saying ‘yes’ when your adviser asks you if you’re happy for them to contact you on a regular basis. If you need help finding a reputable brokerage who can assist you no matter where in the world you are currently living abroad, .(JavaScript must be enabled to view this email address) because as a result of the very nature of what we write about and research, we have contacts with a number of the leading financial advisories.  If we have one which can assist in your location, we will gladly pass their details on to you.
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Rhiannon Davies

Rhiannon is the Publishing Director at Shelter Offshore. With extensive experience as a technical author, Rhiannon's expat life began in Frankfurt with Deutsche Bank. Later as a freelance writer she was able to realise her ambition of living in some of the World's most beautiful locations.

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