Expat Financial Planning Vs. Expat Financial Advice

Expat Financial advice relates to seeking guidance for a particular financial problem. More often than not, the advice relates to a particular financial product or investment. This is normally a one time transaction with a specific product.

Expat Financial planning, in contrast, is the process of meeting your life goals through the proper management of your finances. The international element adds extra complexity to it as multiple jurisdictions and currencies are involved.

The financial planning process takes a holistic approach to assessing where you are financially, providing direction and meaning to all of your financial decisions. By viewing each financial decision as part of a whole, you can consider the short and long-term effects on your goals. This is especially important if you're moving countries at short notice or planning for a future move.

Through financial planning you will develop a much clearer understanding of your current financial situation and the options and trade-offs available to you.

Your Financial planner will simplify complex issues, enabling you to see the ‘big picture’ and find answers to important questions such as:

  • When will I be in a position to work because I want to, not because I have to?
  • What happens if I move countries?
  • What are my options, as an expat?
  • How much do I need to earn, save, or sell my business for in order to maintain a good lifestyle in retirement?
  • Could I pass on money to my family, or create a legacy?

The international nature of expats increases the need to ensure that the advice is suitable and applicable to needs of individuals who are not in their home country and likely to move elsewhere or return home within 1-2 years.  Years of experience managing the needs of expat clients and being an expat myself means I understand the migratory requirements of expat clients andI have the technical knowledge required to address a wide range of specific tax or product-related issues. 

The most important factor in financial planning is the advice methodology, I am a proponent of values led financial planning. Financial products must only be offered if underpinned by a comprehensive, ethical and honest financial strategy.