UK vs Overseas Financial Advisors (IFA's)

[chiang mai]

Until last week I have had the same Independent Financial Advisor (IFA) in the UK for the past fifteen years. He’s someone I trusted, I purchased my draw down policy from him and that has worked out exceptionally well, I’ve also purchased an investment wrapper from him which has also performed well. Mostly however his value was in that I could get advice and unbiased opinion from him plus he kept me up to speed with related events in the UK.

Last week he wrote to say he’s merged his business with a larger company citing the overhead of regulatory compliance and that a new IFA would be assigned, sadly however the new company is not interested in my business because I live in Thailand. So that set me on a course to find a new IFA and in the past week I’ve approached five people/companies, all of whom say that can’t take me on as a customer because of where I live.

It didn’t matter when I said I can offer UK legal and professional references in the form of my Solicitor, accountant and banker, nor that I hold an attractive sum in UK bank accounts, have UK credit cards, hold existing UK products and am paid a UK state pension – I live in Thailand and they can’t do business with me!

All of this makes me think of the degree to which expat life has become more challenging recently, the loss of UK based bank accounts, credit cards, NHS services, state pension increases, probably the Personal Allowance very soon and now, IFA services.

I could of course try to go with an offshore IFA, but there again I wouldn’t, since they don’t offer similar levels of protection in respect of training, oversight and regulation. As GH might say, I have no desire to become cannon fodder!

So, for those Brits. that have declared themselves not UK resident, have you come across this problem and if so, how did you solve it?

Please, I don’t need to discuss the reasons for wanting an IFA, that’s not the issue, the issue is how to obtain one when you are not UK resident. Thanks.

[AyG]

My IFA also dumped me after many years citing the RDR.

The Fry Group in the UK will take on expats here. They have a rep office in Singapore.

This is not a recommendation since I haven't actually used their services. Others, however may have relevant experiences.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

[chiang mai]

My IFA also dumped me after many years citing the RDR.

The Fry Group in the UK will take on expats here. They have a rep office in Singapore.

This is not a recommendation since I haven't actually used their services. Others, however may have relevant experiences.

Sent from my Nexus 7 using Thaivisa Connect Thailand mobile app

Many thanks for the lead which I will investigate, any others?

[evadgib]

Anyone sticking a toe in the water should heed the warnings posted by Drummond before parting with any cash.