Evaluate the Value of Your Financial Adviser During a Crisis

1
Evaluate the Value of Your Financial Adviser
During a Crisis
2

• There is no doubt that the past year has been
  significantly challenging for us all. Not least
  for British expats who are residing in a European
  country.
• With the unique combination of a global pandemic
  and the UKs departure from the EU, having sound,
  professional advice to manage your wealth
  appropriately is bound to have far-reaching
  benefits, long into the future.
• Here well explore the key questions you can ask,
  to assess whether you have received real added
  value from your adviser during such a difficult
  period, and what you can do should that not be
  the case.

3
Identifying the Benchmark for Outstanding
Financial Advice
4

• During an international period of tremendous
  change, financial advisory standards become
  crucial to stabilising investments and making
  educated decisions about managing your portfolio.
•  
• Brexit introduces some fundamental changes, such
  as
• Removing entitlement to exemptions and reduced
  tax rates available to EU citizens.
• Changes to pension overseas transfers and
  taxation charges.
• Succession planning strategies and tax
  liabilities for your beneficiaries.
• These areas can be complex, and with swiftly
  changing legislation, and new regulations in
  multiple nations to consider, the value of your
  financial advice is significant.

5

• This is not a time to go it alone when making
  long-term decisions, or choosing an investment
  strategy to offset any losses due to the economic
  downturn.
• What you shouldnt be experiencing is
• Radio silence from your adviser during the
  COVID-19 outbreak.
• Lack of responses to concerns, queries or
  problems.
• Slow reactions, resulting in the loss of a
  potential opportunity.
• Poor portfolio performance impacted by any
  number of existing situations.
• In any of these cases, the first thing to do is
  evaluate whether the financial advice you are
  receiving is fit for purpose.

6
Building Communication with Your Financial
Adviser During the Pandemic 
7

• No doubt, some consultants have experienced
  challenges adapting to remote working, liaising
  digitally with clients worldwide.
• That said, there are many ways to arrange a
  discussion if you are concerned about your
  portfolio performance
• Digital communications are possible via video
  call using programmes including Skype, Zoom,
  Teams and Whats App.
• Monthly performance reports can be delivered via
  email, with video calls or presentations to
  clarify any critical information.
• Virtual offices often have the same access to
  markets, economic activity and investment
  platforms, albeit away from a central hub as
  usual.
• Online meetings, reporting and consultations are
  all possible, even for financial advisers working
  with clients overseas.
• While we cannot always meet in person or travel
  across borders, your adviser must remain in
  contact, particularly during a time of such
  significant flux that may dramatically change
  your investment strategy.

8
Assessing How Coronavirus Has Impacted Your
Portfolio Performance
9

• Weve published information before about how to
  identify hidden fees in your portfolio
  management costs but this widespread problem is
  always worth mentioning.
• Millions of expats are currently looking at
  damage limitation, complete diversification, or
  essential product transfers to protect their
  assets. During such a time of change, your
  financial adviser needs to step up to the plate
  and make considered decisions, always based on
  your portfolio aspirations and risk appetite.
• To achieve the best outcomes you require
• Expedited action and fast decision-making.
• Updated knowledge of new regulations and rules.
• Consistent communication to align your portfolio
  with your plans.
• Cost-effective advice that delivers value for
  money.
• Behind all of those key requirements, and crucial
  expectations from your financial adviser also
  sits the question of fee transparency.

10

• Of course, not all advice is created equal.
  Choosing the best wealth management team with
  substantial experience managing finances for
  clients with similar situations is worth far more
  than lower-cost advice that is not specific to
  your needs.
• Hidden costs are still a critical concern for
  wealth management professionals, and back in 2017
  it was identified that of survey respondents
• 28 did not consider the fees when deciding which
  investment accounts to select.
• 31 were unsure if their financial advisers were
  legally obligated to act in their best
  interests.
• 32 felt that higher fees would result in higher
  returns.
• 21 did not know what they were paying in
  investment charges.
• 10 could not say whether they pay any fees on
  investment accounts.
• 45 of respondents who did not seek independent
  advice did so because of a lack of trust.
• These figures may be startling, but demonstrate
  the underlying problem with hidden charges, lack
  of clarity on fee structures, and variances
  throughout the expat financial advice industry
  between when, and how much, professionals charge.

11
Solving Wealth Management Challenges Post-Brexit
12

• As ever, there is no one size fits all
  approach, and the right decisions for your
  portfolio are entirely dependent on your risk
  exposure, key priorities, and financial
  stability.
• Some of the popular options currently available
  include
• Establishing a rainy day fund as a contingency
  and investment reserve pot to guard against a
  protracted recovery from the pandemic.
• Opting for longer-term, stable investments until
  trading returns to normal conditions.
• Avoiding attempts to time the markets given
  current volatility, and instead taking more
  risk-averse decisions with robust strategies.
• Working on budget planning in sufficient detail
  to assess the value of retirement investments and
  identifying ways to provide for any gaps.

13

• Putting in place greater cover for unexpected
  situations, including products such as
  ill-health, critical illness, and life cover.
• Restructuring succession planning, particularly
  for expats living in Europe and affected by new
  overseas taxes or allowances.
• If you are in any doubt as to whether you are
  paying appropriate fees, or have been left in
  limbo during the pandemic without regular
  performance updates, it may well be time to
  consider a change.
• The Chase Buchanan teams across the UK, Europe,
  America and Canada offer a free portfolio review
  and cost analysis service, designed to shed light
  on your payable fees, and whether they represent
  good value. Get in touch to arrange a convenient
  time for a call to discuss your circumstances,
  and get your wealth and assets back under firm
  control.

14
Thank you- Form more information Please visit
on- https//chasebuchanan.com/ Contact us- 44
(0) 01228525045