If you are planning a move abroad then an independent financial adviser can help you get your finances in shape before you leave. But how do you go about choosing the right person and how exactly will they benefit you?
Firstly, an independent financial adviser will help you find the right financial products for your needs as well as consult with you regarding investment, pension, tax and estate planning advice. Most generally offer products from the whole market, not just from a few providers and they must charge you a fee rather than receive commission from a product provider.
Once you shortlist some options and arrange an initial meeting, ask about their fee structure and the service that you will receive up front.
Some IFAs specialise in one area such as mortgages or pensions. Be sure to check that they have at least a ‘Level 4’ qualification – the minimum qualification that industry regulator the ‘Financial Services Authority’ says all independent financial advisers in Britain must hold.
Chartered or certified advisers often have a ‘Level 6’ qualification although you will often pay more for advice from someone educated to this level. We would also advise to look for adviser’s certified to the Quality Standard or firms that hold a British Standard in Financial Planning. The globally recognised Certified Financial Planner qualification is also gaining wider acceptance as a sign of quality. Recruiting an adviser who is certified by the Institute of Financial Planning, qualified by the Chartered Insurance Institute and holds the International Standard will give you the peace of mind you need in terms of their abilities.
Many people often want help with their finances to attain or secure goals in other areas of their life. With this in mind, financial life planning recognises a link between money and the rest of your life and takes a holistic look at what you truly value, helping you identify your life goals and plan financially to achieve them.
If this type of consultancy also appeals to you then consider an independent financial adviser with significant financial life planning training and experience.
Another way of choosing the right independent financial adviser is to speak to your existing networks and contacts. Word of mouth recommendations can go a long way and could even result in you receiving a discount as well as finding someone locally.
Once your initial research is complete, arrange meetings with your shortlist of at least three independent financial advisers.
You need to feel confident asking questions if there’s anything you don’t understand so an initial meeting can help you see how happy you’d be working with that person. You should also compare fees from adviser to adviser to really gain an understanding of the value of those services along with the associated costs.
It’s worth bearing in mind that the Financial Services Authority removed commission from investment products from the beginning of 2013 although they are still available for some protection policies such as income protection and life assurance. Make sure that you consider the impact on-going fees may have on the value of your investment and don’t feel pressured into signing up for something that you feel even slightly uncomfortable with. And always remember that a good adviser always makes sure the product suits you and that you’re fully satisfied with their recommendations before committing.
Finding the right financial advisor and claiming back tax before you leave the UK can be very advantageous but completing a tax refund application can be a daunting task for anyone.
However if you update your details on your preferred move option and we will introduce you to our tax partner. We can happily refer you to one of our tax-back agents who will prepare and submit a claim on your behalf.
This will ensure that all of the information and evidence is provided correctly to HMRC who can also review tax payments dating back 6 years and claim back any over payments over the same period. Furthermore, our tax-back agent is based in the UK and can offer a free, no obligation initial consultation. Please click this link to complete a form for more information or if you would like our partner to contact you.