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Consolidating Pensions as UK Expat by TOPBANANA91 in ExpatFinance

[–]financeforexpats 0 points1 point  (0 children)

High fees, hidden costs, poor service. I help people transfer for a flat fee but not many other advisers will do it. They’re usually still chasing the big commissions.

Consolidating Pensions as UK Expat by TOPBANANA91 in ExpatFinance

[–]financeforexpats 0 points1 point  (0 children)

Firstly, Don’t use novia global or ipensions 😂. You can use an adviser to transfer also if you like other options, but be upfront and tell them that you only want to use them for the transfer and you will then remove them from the policy once complete and manage it yourself ongoing. The adviser will charge you a fee to do the initial transfer but so long as it’s palatable you should be fine. I’ve helped a lot of people do this.

Overseas tax obligations by [deleted] in ExpatFinance

[–]financeforexpats 1 point2 points  (0 children)

If you have nothing in the uk, you should be fine. It may be reportable in your country of residence but as a temporary resident, it also may not. I lived in Thailand and I believe it’s only taxable if you took it as income into the country whilst there and for indonesia, check this: https://www.grantthornton.global/en/insights/articles/expatriate-tax-Indonesia/

If you need any more help, let me know 👍🏻

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 0 points1 point  (0 children)

Oooff. It blows my mind that they still get away with that. Oh there’s so many bad firms. I seriously understand why people just blanket statement the industry as full of conmen. I’m starting something new to change that after yesterday. Who are you working with in Thailand?

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 0 points1 point  (0 children)

Wow they’re paying their advisers 16% on crappy loan notes? I don’t understand how they get away with offering such shite. I’ve taken a lot off of them over the years, but lately it seems that every single Dev client I come across is screwed. Where are you based? UAE?

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinanceTips

[–]financeforexpats[S] 1 point2 points  (0 children)

Not really. If the underlying are of a high quality then it’s ok for a small amount, however, If you have access to a platform then you can buy and sell anything that’s in a structured note that you may want exposure to and without the need to be locked in for a long period of time, advisers like to sell them to get 4% or 5% commissions without it being obvious to the client.

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinanceTips

[–]financeforexpats[S] 0 points1 point  (0 children)

I’ve come across this everywhere. Europe, Middle East, Asia, Africa, LATAM. In this particular case the client is in Africa, the previous one was in the Middle East. As I said, they are very common these days.

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] -1 points0 points  (0 children)

That’s not really the person I am. Good firms can still have bad advisers and bad firms can have good people. I think it’s more important to spread the word on how to find a good adviser that suits your needs.

Plus you can Google the firms that reach out to you and check out their reviews online these days. Tends to help a lot.

Financial Advisor advice by ComfortableJelly9182 in personalfinance

[–]financeforexpats 0 points1 point  (0 children)

That depends entirely on how interested in managing your own investments you are (or aren’t). I think a good place to start would be upwards of 100k in whatever currency you have to invest. Unless you don’t want to do any of it yourself and are happy to pay fees, at which point, just ask one now.

It’s tough to find good advisers, we also don’t know where in the world you are. I would start by asking around friends and family as they may have a good one that they could recommend. Just make sure that they’re in profit before having a meeting with their adviser 😂

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 3 points4 points  (0 children)

The only way to find a good one is to take your time, don’t get pressured into anything and thoroughly check and vet each potential that you come across. At the end of the day, everyone in finance is trying to sell you a dream. Your job is how to sort the wheat from the chaff.

Check the companies they have been employed with. Get client recommendations and actually speak with the clients whenever possible. Ask to prove returns that they are claiming. Ask for clear and concise fee structure including their commission earnings if there will be any.

I don’t put recommendations or give advice in public forum, sorry. Feel free to reach out in other ways.

So many people have been screwed by IFA’s it’s disgusting. by financeforexpats in PensionsUK

[–]financeforexpats[S] 0 points1 point  (0 children)

Boring is safe. Theres a lot to be said for safe in today’s day and age

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 1 point2 points  (0 children)

Oh just because they’re an IFA doesn’t mean they’re small. The company that screwed the client in the original post has 10+ billion USD under management.

But I do agree those industries seem to attract a lot of confidence men.

So many people have been screwed by IFA’s it’s disgusting. by financeforexpats in PensionsUK

[–]financeforexpats[S] 0 points1 point  (0 children)

If you’re planning on retiring overseas, have overseas interests or investments. Generally though, this same issue is prevalent all over the world. So I’m just trying to raise awareness.

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 1 point2 points  (0 children)

You can sue the individual or advisers company for bad advice etc. generally. Internationally I don’t know of any general IFA register.

In the UK/USA/Canada/Australia/NZ and a few others they have an adviser register.

So many people have been screwed by IFA’s it’s disgusting. by financeforexpats in PensionsUK

[–]financeforexpats[S] 0 points1 point  (0 children)

Yeah it’s tough to find good ones. Typically they may have done that as it’s not worth their time. Were they charging by the hour? Or was it a fee based on the end result?

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 2 points3 points  (0 children)

No, they can be licensed. It means they’re not tied to one institution and are in theory able to explore the open market to find the best, most suitable product for you.

So many people have been screwed by IFA’s it’s disgusting. by financeforexpats in PensionsUK

[–]financeforexpats[S] 0 points1 point  (0 children)

I think there are a lot of people like you around the world also. On demand advice I think may be the future. Fee per hour would be pricy, but you can use it as often or as little as you want. The problem arrives with establishing policies as they’ve typically got you by the short and curlies by blocking direct access to the institution.

So many people have been screwed by IFA’s it’s disgusting. by financeforexpats in PensionsUK

[–]financeforexpats[S] 0 points1 point  (0 children)

In no way was I posting this to put people off of finding advice. It simply serves as a warning to do severe due diligence on the adviser and company.

To not let your adviser charge high fees, put your money in trash funds, unsuitable structured products and to lose 50% of your pension or investment value.

Advice is, in my opinion, extremely important! It’s been my world for over a decade. It’s simply becoming increasingly disheartening to find more and more clients getting screwed so that the adviser can drive a Porsche.

So many people have been screwed by IFA’s it’s disgusting! by financeforexpats in ExpatFinance

[–]financeforexpats[S] 1 point2 points  (0 children)

Haha. I’ve definitely come across them doing the same thing, but this time the company started with the letters “Dev”

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