Is Your Expat Financial Advisor The Right One?
Make sure you find the financial advisor perfect for your needs, follow these steps.
Published on 23 June 2016
While living abroad as an expat sounds exciting to many, you may find it tricky to manage your taxes, investments and retirement planning. So you turn to professional financial advice, hoping that this will help meet your financial goals and needs.
Many expats are like you. You hope that your Financial Advisor can help you to maximise your money and provide you with the security to make plans for the future.
But sometimes things don’t always turn out the way you want it to, and you find your wealth manager to be lacking something special. Yet you find it difficult to pinpoint what is wrong, and you end up sticking with your original advisor despite feeling that your needs and wants are not met.
Sounds like you? Are you missing out on that ‘WOW’ experience that some of your expat friends are talking about?
To avoid this unhappy situation of settling for bad performance, you can consider these three indicators in your quest to find the financial planner perfect for your needs.
How would you feel if your hairdresser coloured your hair without seeking your opinion?
Many would be very put off by such service. The same could be said of someone who manages your finances without truly understanding your needs, fears and wants.
The right professional to advise you on financial management is always thorough in preparation. Defining the completeness of preparation is difficult, yet there are some best-in-class practices that a top professional should develop as part of his financial consulting services.
• Making a committed effort to understand your fears and aspirations in order to identify your true financial issues and allow you to have ownership of such issues
• Truly understanding your values, goals and family dynamics to design a balanced and well-considered financial plan that accounts for issues such as family education plans, lifestyle habits, retirement goals and risk appetite
• Regularly eliciting timely and sensitive information from you and your family to update and adjust personal and financial objectives
These practices are not fruitless activities, especially when conducted by an experienced and competent financial planner. They highlight that the advisor is interested in and committed towards achieving your goals.
WITHOUT TRULY APPRECIATING YOUR BACKGROUND, LIFE PLANS AND
ENVIRONMENT, IT IS DIFFICULT FOR AN ADVISOR TO MAKE PROPER
RECOMMENDATIONS THAT ARE ALIGNED WITH YOUR INTERESTS AND WANTS
Financial management is something that many expats hold close to their hearts. If you are currently engaged in a relationship that cannot meet your expectations and demands, you should look further and engage the services of a different advisor who can empower your dreams, goals, needs and wants. Don’t worry if you find it a hassle to change firms or advisors. It is much simpler than you would think.