How Josh Clancey works alongside professional advisers
Cross-border client work often requires several disciplines to operate alongside one another.
Josh works with accountants, tax advisers, lawyers, trustees, fiduciaries, wealth professionals and other advisers where a client's pensions, investments, retirement planning or wider financial position needs to be coordinated with specialist professional advice.
The objective is simple: clearly defined responsibilities, coordinated planning and better-informed client decisions.
A collaborative role, not a competing one
Josh's role is financial planning.
He does not seek to replace the client's existing accountant, tax adviser, lawyer, trustee, immigration adviser or other professional.
Instead, he works alongside them where the client's financial circumstances require additional planning around areas such as:
- retirement
- pensions
- investments
- cash-flow modelling
- retirement income
- protection
- currency exposure
- beneficiary planning
- business-sale proceeds
- implementation
- ongoing wealth management where appropriate
Where a decision depends on tax, legal, fiduciary or other specialist advice, that input should remain with the relevant professional.
The financial-planning work can then be developed around that advice rather than independently from it.
How Josh may become involved
A specific planning question
A professional adviser may identify one discrete issue that needs further financial-planning analysis.
This could involve a pension, an investment structure, retirement-income planning, a US retirement account or a significant liquidity event.
The involvement can remain limited to that specific issue.
A second opinion
A client may already have investments, pensions or a proposed financial strategy but want an independent review before acting.
Josh can assess the financial-planning considerations without displacing the client's existing professional relationships.
Financial modelling
Some decisions become clearer when the client's options are tested through cash-flow modelling.
This may include retirement dates, spending levels, pension access, investment withdrawals, business-sale proceeds or relocation scenarios.
Cross-border coordination
Where assets, pensions, family members or advisers span several jurisdictions, Josh can help bring the financial-planning elements together while the appropriate specialists remain responsible for tax and legal advice.
Implementation
Once the professional advice and planning direction are clear, Josh may assist with implementation where appropriate.
This can include pensions, investment accounts, investment strategy, protection and ongoing portfolio management.
Ongoing financial planning
For some clients, the initial issue develops into a longer-term financial-planning relationship.
Where appropriate, Josh can continue to coordinate the client's pensions, investments, retirement planning and wider wealth strategy as circumstances change.
Keeping professional responsibilities clear
A strong professional relationship depends on knowing who is responsible for what.
Josh's role may include
- financial planning
- retirement planning
- pension analysis and planning
- investment strategy
- cash-flow modelling
- retirement-income planning
- protection planning
- beneficiary coordination
- currency considerations
- investment implementation
- ongoing investment and wealth management where appropriate
Other professional advisers may remain responsible for
- tax advice
- tax compliance
- legal advice
- drafting wills and legal documents
- trust establishment and administration
- fiduciary decisions
- immigration advice
- company structuring
- corporate transaction advice
- accounting
- regulated specialist work outside Josh's remit
The precise division of responsibilities will depend on the client and the professionals involved.
The professional resource centre
Josh has developed a dedicated library of technical briefs, professional guides and practical checklists for advisers dealing with internationally mobile clients.
The document centre currently covers areas including:
UK pensions, US retirement accounts, PFIC exposure, UK residence and the FIG regime, inheritance tax, US estate tax, international estate and beneficiary planning, business exits, executive compensation, international retirement, clients moving between jurisdictions and mixed US and non-US families
These resources are designed to help professional advisers recognise planning issues and referral triggers before a client takes action.
When professional advisers typically involve Josh
Before a client relocates
Where pensions, investments, retirement accounts or future retirement plans need to be reviewed before a change of country.
When a client is returning home
Particularly where someone is returning to the UK after accumulating pensions, investments or other assets overseas.
When a pension decision affects wider planning
For example, where retirement income, beneficiaries, estate planning and tax advice all interact.
When a US connection complicates an otherwise conventional case
Including US citizens abroad, Green Card holders, former US residents and families combining US and non-US assets.
Before a major liquidity event
Such as a business sale, inheritance, redundancy payment or disposal of a concentrated shareholding.
When the client is approaching retirement
Especially where assets have been accumulated across several jurisdictions, currencies or pension systems.
When advice needs to become an implementable financial plan
A tax or legal strategy may be clear, but the client may still need help deciding how to structure investments, access pensions, fund retirement or manage cash flow.
How a professional introduction can work
There is no single required process.
The appropriate approach depends on the circumstances and the existing adviser-client relationship.
A professional adviser may:
- introduce Josh directly to the client
- arrange an initial discussion involving all parties
- outline the case before making an introduction
- ask Josh whether the issue is likely to fall within his financial-planning remit
- involve Josh for one part of a wider professional engagement
Where appropriate and with the client's agreement, Josh can keep the introducing adviser informed about the financial-planning work relevant to their own advice.
The objective is to avoid duplicated work and reduce the risk of one part of the client's planning being developed without awareness of another.
Examples of collaborative client work
Tax adviser + financial planner
A client is returning to the UK.
The tax adviser establishes the residence and tax position.
Josh reviews pensions, investments, retirement funding, cash flow and implementation in light of that advice.
Private client lawyer + financial planner
A family is reviewing succession arrangements across several countries.
The lawyer advises on wills, estate planning and legal structures.
Josh reviews pensions, investment assets, beneficiary nominations, insurance and liquidity.
US CPA + financial planner
A US citizen living abroad has retirement accounts and non-US investments.
The CPA advises on the US tax and reporting position.
Josh considers the investment, retirement and financial-planning implications.
Corporate finance adviser + financial planner
A shareholder is preparing to sell a business.
The transaction adviser manages the corporate sale process.
Josh helps the client plan for the personal financial consequences of receiving significant liquidity.
Immigration adviser + financial planner
A client is preparing to move country.
The immigration adviser manages residency and visa matters.
Josh reviews how the move may affect pensions, investments, financial accounts and long-term planning.
Information that often helps at the outset
The exact information required will depend on the case, but an initial discussion is usually more productive where the following are understood:
- current and expected country of residence
- nationality and citizenship
- relevant US status where applicable
- pensions and retirement accounts
- investment accounts
- major business interests
- property
- existing trusts or structures where relevant
- intended retirement location
- significant upcoming transactions
- family and beneficiary circumstances
- existing professional advisers
- any tax or legal advice already obtained
This is not intended to duplicate work already completed by another adviser.
Where reliable information or professional advice already exists, Josh can work from that rather than recreating it.
Have a client case you would like to discuss?
If a client's pensions, investments, retirement planning or wider financial position intersects with your own professional work, an initial discussion can help establish whether Josh is likely to add value.
You do not need to make a formal client introduction simply to test whether the issue falls within his financial-planning remit.