Expat Financial Advice & Services: How To Find Good UK Expat Financial Advice? (Spain, France, USA)

Expat Financial Advice & Services: How To Find Good UK Expat Financial Advice? (Spain, France, USA)

Hi cameron james subscribers and welcome back to the channel my name is james murray ceo and founder here at cameron james okay so today we are gonna be discussing expat financial advice um exactly what that is um and a few areas which i think are important for us to discuss okay so starting off with expat financial advice is obviously focused on expatriates and

This is people who are living abroad from the normal country of residence typically speaking here at cameron james we work with a lot of british nationals who are residing in other parts of the world such as europe and the middle east america etc now when it comes to expat financial advice i would say there’s two very different and distinct ways which you can look

At expat financial advice there’s kind of the good um and then there’s the ugly um so to speak so what i would say in terms of good expat financial advice is you are an expatriate living in a country which you’re not not your home residents as such you typically might have say let’s pick france as an example you might have local investment products in france for

Example an assurance v to be in line with tax efficiency in france however at the same time you likely have uk pensions ices and assets even property back in the uk possibly assets and property in other countries as well so ideally what you need is a financial advisor who understands okay i get france i understand that side of things i’ve done my homework i’ve

Done my research i’m familiar with products there but i also understand the uk i’m familiar with that and as such i can provide you with financial advice on each specific market um in which your living also have assets in that in my opinion is an example of good expat financial advice typically speaking though in our industry a lot of financial advisors pretend

To be expat financial advice but all they’re actually doing is just providing people with the same solution no matter which country they’re in no matter where they live they’re giving them the same offshore bond with typically the same commission structure and making quite high fees and charges and wrapping it up as tailored advice to this person which is often

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Very not true so for example if we go back to the example of france again if you’re living in france and you’re planning to retire in france spend a long period of time in france a local assurance v contract in france is likely going to be one of the better options for you and we can go into that in more detail into another video but after a period of eight years

You have a lot of tax efficiency anybody who lives in france will know that social security and taxes are quite high in france so an assurance fee will protect you from those taxes long term however there are many expat financial advisors in france who are still selling people offshore commission bonds isle of man guernsey etc which whilst they might have gross

Roll up and these other things they’re not a tax efficient structural solution in your country of residence as such what i would say about expat financial advice is to be very careful and ensure the person that you’re working with is actually qualified and regulated as well in the jurisdiction in which you’re based to provide you with quality financial advice in

Your country and also um in your home country now another take on this is that the term expat financial advice very often you might not necessarily need expat financial advice say for example you’re a british national uh living in america let’s take that as an example and you may have an advisor in america who’s looking after your 401ks um your iras you’re good

You’ve got your investment account america is actually one of the cheapest markets for investment platforms uh td ameritrade et cetera et cetera they have really good accounts over there so you may well actually have everything already sorted in the us what you’re then looking for is a financial advisor who can look after your uk pension assets so you might

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Not necessarily need an expat financial advisor you just need someone who understands uk financial advice and pensions and can actually give you good quality advice on that obviously here at cameron james we’re fca regulated we’re also sec regulated so ever you want help with your uk your us or both well positioned to look after you but the point is you don’t

Necessarily need to fall into the trap of taking expat financial advice and the reason i say trap is that very often unscrupulous advisors who work beyond the uk who are not fca regulated typically speaking we’ll be using offshore commission bonds to increase their fees and charges and receive back ended commissions without you necessarily i’m having so much

Understanding of what’s happening so guys if you would like to have a conversation about expat financial advice whether you’re not sure whether you should be speaking to a local advisor in your country speaking to a uk adviser or potentially both you can book them below in the description via calendly straight into our diary where you have a confirmation email

Come through to you with full due diligence you can also use the whatsapp link um in the description box below as well to have start for informal conversation with myself uh before moving on to a more formal appointment um so those would be my main points in terms of expat financial advice and the reason that i’m even then my company we started off as cameron

James expat financial planning actually to tell you the truth over the course of the years we’ve become less expat focused almost and now a lot of our work is actually based in the uk uk nationals or uk residents who are planning to stay in the uk for the rest of their life so we actually probably need a bit of a branding update obviously we still work with expats

And we still work a lot of people all over the world but the uk has become at one of our bigger markets now and again just go back to that point which is important the reason i kind of have a little bit of a dim view sometimes of expat financial advice is because outside of the uk the level of regulation and security is very very low even in america which is a

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Very well regulated market from the sec commissions are still rife in america uh very often our providers are asking us to talk about annuities and other solutions and products that we could use with them but actually there’s still a lot of commission involved in that market even though it’s one of a more regulated market with the sec outside of that in europe and

The middle east very often there’s a very low level of financial regulation or there’s regulation but it allows the financial advisors to take hidden commissions and charges on your policy if you compare that to the united kingdom which i would always say the united kingdom is probably the best and most well-regulated market in the world it means that obviously

Any advice you’re given in the united kingdom commission is banned it was banned in 2012 the retail distribution review which the fca brought out at the time means advisors cannot charge a commission if they want to charge you a fee it must be transparent it must be written down for example in the uk we have to show a percentage and the pound amount of any of

Our charges we actually this across all of our markets now to have best practice as per fca standards so guys i hope that’s been useful for you in terms of expat financial advice please always remember to subscribe below hit the red button um to keep more videos coming from ourselves and also just to let us know that we’re doing content that you’re enjoying guys

Have a great day and as always look after your pensions and speak of you soon thank you you

Transcribed from video
Expat Financial Advice & Services: How To Find Good UK Expat Financial Advice? (Spain, France, USA) By Cameron James Pension TransferliveBroadcastDetails{isLiveNowfalsestartTimestamp2022-08-03T160102+0000endTimestamp2022-08-03T161020+0000}