Sticking To Your Expat Wealth Management Strategy
For many people, the appeal of working abroad includes enhanced tax benefits and a better salary – but for a lot of expats, the new lifestyle takes over and any wealth management plans they started out with soon fall by the wayside.
Initially, an expats wealth management strategy may look something like this; earn a good income, pay off their UK property mortgage, invest some of their additional income and perhaps save a good pot of money for other ambitions and dreams. The problem is, that increased wealth and the excitement of a new country can lead to a ‘holiday mentality’ – thoughts of maintaining their wealth management strategy soon get forgotten with the opportunity to enjoy their new found financial freedom and take advantage of the higher quality lifestyle on offer. Many of our financial advisors at Guardian Wealth Management see this behaviour frequently, especially with expats in the Middle East.
While this ‘spend and enjoy’ attitude may be fine for the short term, many expats run the risk of falling into financial difficulty or failing to meet their wealth management objectives because of their frivolous spending reaching into the long term.
Beware The Carpet Baggers
For expats who feel they have compromised their wealth management plans in this way, there is a tendency to panic buy financial products – which can leave them pray to unscrupulous financial advice ‘carpet baggers’.
Unfortunately, no matter how hard the regulatory bodies try, there are still some countries that suffer from these carpet baggers – who are renowned for entering a country, running a few seminars and selling financial products, then leaving the country with the commission firmly in their pockets -and with the investors potentially out of pocket.
This panic buying to try and salvage their wealth management strategy can leave expats with unsuitable products, a lack of ongoing support and advice and no chance to review their products according to their changing circumstances.
Some expats who make these wealth management mistakes can find that they have either under invested or invested badly; they may have insurance cover that is not appropriate for their needs and discover that the money they’re saving is never going to meet the wealth management goals that they originally had in mind.
Guardian Wealth Management – Trusted & Regulated Financial Advisors
If you’re an expat who has fallen victim to a carpet bagger, rest assured that there are plenty of financial advisors in your jurisdiction who can help you to rectify these bad wealth management decisions. Our financial advisors adhere strictly to the rules and regulations as laid out by the authorising financial bodies of the countries in which we operate, so by using our financial advisors, you can rest assured that you will receive impartial and honest advice.
Our qualified independent financial advisors can help you to assess your lifestyle, budget and wealth management goals, in order to help you make positive decisions that will hopefully put your wealth management strategy back on track. The high standard of customer care that is so important to us can only be achieved by choosing financial advisors who are situated in your country of residence. This allows for regular meetings and reviews, to help keep your wealth management strategy moving in the right direction.
Guardian Wealth Management has financial advisors located across Europe and the Middle East, providing up to date wealth management advice to expats all over the world. If you would like to talk to one of our expat financial advisors, why not get in touch now so we can help you to recover your wealth management strategy and reach your goals.
If you would like to find out more about carpet baggers and expat wealth management, you can visit the original International Advisor article from which this was based by following the link. The article was written by Guardian Wealth Management Managing Director, David Howell.