Offshore finance is a complicated and wide-ranging topic that technology has developed in to an almost open all hours business as markets somewhere in the world are open at some time of the day or night.
The role of an international financial adviser is to stand at the head of an army of analysts, administrators, tax advisers and other experts to try and make sense of what is going on for clients seeking to make the most of their money.
The international IFA plays point for supporting professionals, depending on the complexity of each individual’s personal affairs.
No international IFA could hope to be an expert in every field, and in many cases their expertise crosses over, such as in Qualifying Recognised Overseas Pension Schemes (QROPS), cross-border tax and investments.
Heading a team
That’s where the skills of international IFAs come to the fore, because they will have a tax expert or investment analyst on call to fill the gaps in their financial knowledge.
An independent financial adviser should be just that as well.
They should have the ability to choose from any suitable product or service that matches the client’s needs and should take an holistic approach to giving advice.
That means reviewing the client’s finances before making any recommendations.
Shining a light in one corner to highlight a financial solution often has a nasty habit of coming back to bite the client very hard when the light shifts to another corner and an unforeseen problem that should have been spotted has lain undiscovered.
Knowing clients
The role of an international IFA involves a lot of team working – both with behind the scenes experts and administrators and clients and their other advisers, such as accountants and lawyers.
Long gone are the days of the flying doctor adviser who would jet in, apply a sticking plaster to a problem and jet out as soon as possible.
Now, regulators require advisers know their clients, properly assess their attitude to risk and recommend solutions that are best for the client and not the pocket of the IFA.
The relationship between an international IFA and the client is more long term now as well.
Any good international IFA will keep a watching brief on a client’s portfolio and have regular reviews in the diary to make sure the financial ship stays on course and does not founder on any rocks.
