Wealth Management in London For Expats
When you move to London it’s important to know exactly where you stand when it comes to making the best of your liquid assets. And naturally, wealth management when living in another country is something that you need to firstly, understand, and secondly, have complete trust in the hands in whom you’re about to entrust your savings and assets.
One common mistake is to under estimate the importance your impending move to London has on personal wealth management. In the excitement of organizing the big move the long-term impact this may have on your finances is often overlooked.
Sure – many people consider this in the short term, but by considering long-term scenarios it’s possible to future-proof your assets, and to be prepared for any scenario that may happen in the coming years that could extend your period of living overseas.
The phrase ‘wealth management’ or ‘financial planning’ covers a very broad spectrum of issues. And every one of us has assets and income that differs in either a small or large way to everyone else. This makes a ‘one size fits all’ scenario almost impossible to come by.
With that in mind, it makes sense to not only understand a little about what you need to bear in mind, but also to know which experts to approach to handle this crucial factor of your move.
What it boils down to is that you need to do everything possible to ensure that your long-term financial security is assured. And depending on the country in which you are a citizen, your needs will need a very specialised and individual approach.
Issues to take into consideration
Financial planning when moving abroad is more complex than within your own country. There are various cross-border issues that need to be overcome. These include:
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Income tax payments and your residency status
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Any payments (such as social security) that you may be entitled to when living in the UK
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Protection of your assets
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Inheritance issues, such as tax planning and law consideration
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The ease of being able to access your liquid assets
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How living in another country might affect your pension
You may choose to continue to use your current wealth manager in your own country if they have experience in UK law. However, there is also the option of using a UK wealth management provider instead.
Depending on your country of origin, there are various different choices available.
US Citizens
For US citizens, a company such as Maseco Private Wealth is one of the largest and oldest providers based in London. Such a company is ideal for anyone who has a personal income of over £100,000 per annum and are very experienced in the following areas:
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US/UK tax reporting
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Management of Foreign Tax Credits (FTCs)
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Insurance management
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UK/US pension planning
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Consolidated reporting of global assets and exposures
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US/UK tax structuring and planning opportunities
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Investment management
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Advanced US/EK estate and insurance planning
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Integrated financial planning
The company is also experienced in the same areas for those expats hailing from France. Their bi-lingual service will work with you to provide a bespoke plan for both your current and future financial goals.
Australian Citizens
For those moving to London from Down Under, PPI Advisory offers an expert service. You may wish to combine your wealth management with both Australian and UK assets, and such a company is experienced in doing just that.
The company can advise on such areas as:
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Saving plans
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Mortgages
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International portfolios
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Offshore/onshore investments
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Australian share portfolios
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Superannuation: Analysis/rollovers
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Properties
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Australian portfolios
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Taxation issues
Citizens of other countries: India, South Africa, New Zealand, China, Japan etc.
There are a number of wealth management companies who have expertise in the fortunes of citizens from pretty much any country around the world. The range includes, but is not restricted to, the countries listed above.
The important thing to understand about such wealth management companies is their experience in handling financial issues for citizens from your home country. With that in mind, many people find it preferable to go with the advice they can get from some of the larger wealth management groups. These include the following:
The Alexander Beard Group of Companies, who specialise in helping those who hail from the US, The Netherlands, France, Germany and South Africa. They can advise on such issues as
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Employee benefit services
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Individual financial planning
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International retirement plans
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International currency transfers
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Cross border financial planning
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Corporate financial planning
Global banking and financial giant, Lloyds Bank, provide a wealth management service for people from virtually every country in the world. They have five locations around the UK capital that you can visit for a full expat service. These are in Pall Mall, Oxford Street, Canary Wharf, Threadneedle Street and Finsbury Square.
Lloyds like to arrange a face-to-face meeting to discuss your individual requirements, and following this their experts then put together a tailored plan for your needs. This is likely to include both services from their own banking groups, as well as putting you in touch with other specialist providers, such as Ernst & Young LLP.
Another of the large banking institutions, HSBC, offers a similar service to that of Lloyds. They provide a full range of investment opportunities, from as little as 250 (sterling, euros or US dollars) per month. These include investment portfolios, global investment funds, ready-made investment portfolios, dual currency investments and share dealing, as well as bespoke discretionary wealth management that caters solely to your individual needs.
Another company that has a long history of providing a wealth management service to expats in the UK is Duncan Lawrie. They are proud to offer a truly flexible service according to your individual requirements. They boast a large team of experts who can advise on such issues as:
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Tax returns
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International trust company and fiduciary services
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Discretionary investment management
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Wealth planning
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Private banking
Whatever company you chose to entrust with your financial issues, be sure that you are 100% happy with their expertise before making the decision to use them. Word of mouth is always a great recommendation. And the beauty of living in the 21st century is that you can do a great deal of ‘checking up’ on a company online. The golden rule when entrusting your wealth management to anyone is to ensure that there is no doubt in your mind that you’re handing your precious financial assets over to an expert.