With an increasing trend of clients retiring overseas, most professional firms, whether lawyers, accountants or financial advisers, will have a number of clients who have either made the move or are planning to and this can present complications.
Most professional financial advisers pride themselves on building long term relationships with their clients who are often loath to break that relationship, even when they move abroad. The temptation may be to continue to provide advice to them which may on occasions be acceptable but this can be dangerous territory for all concerned.
From a financial planning perspective, the UK Financial Conduct Authority allows advisers to continue to deal with expat clients, providing they see them when they visit the UK and that advice is given in the UK. However, there remains a responsibility to ensure that the financial advice takes into account all of the client’s circumstances including their tax residency and that any solutions are compliant and effective in the country of residence. It may not always be convenient either, as clients may need interim advice and are not due in the UK for some time.
To be able to advise expat clients at all times, it is necessary to comply with EU regulatory requirements in the post Brexit world, RAFP has a strategic alliance enabling fully compliant ﬁnancial planning and investment advice to be provided to clients throughout the EU and EEA countries.
We are able to achieve this in one of two ways:
Close co-operation with the existing adviser in areas of financial planning advice, where advice in the EU or EEA countries is required can provide a workable solution, particularly when the existing adviser is providing accounting or legal services.
For ﬁnancial advisers providing regulated investment advice, we are able to acquire the clients’ existing business with the amount being paid by reference to the continuing value and any immediate new business arising.
Ideally, the new relationship should be established prior to the client moving abroad as pre-departure planning can play a vital role in securing the best solutions. Where clients have already made the move overseas, we are still able to work with them and both options remain available
Looking for a professional financial advisor?
Contact RAFP now