Financial planning support for UK financial advisers, IFAs & wealth managers
A strong UK adviser-client relationship does not necessarily end when the client moves overseas.
The challenge is that international residence can introduce additional issues around pensions, investment platforms, tax coordination, retirement income, currency, account access and future repatriation.
Josh Clancey works alongside UK financial advisers, IFAs and wealth managers where an internationally mobile client's circumstances require cross-border financial planning that sits alongside the existing UK advisory relationship.
Supporting the existing adviser relationship
The objective is not to replace a client's existing UK adviser where that relationship continues to work well.
There are situations, however, where the client's move abroad creates financial-planning questions outside the adviser's normal geographic, regulatory or technical scope.
Josh can become involved on a defined basis, for example to help with:
- overseas retirement planning
- UK pensions for non-residents
- US retirement accounts
- international cash-flow modelling
- cross-border investment considerations
- planning before a return to the UK
- currency and retirement-income planning
- beneficiary coordination
- financial planning around an international move
The UK adviser can remain involved in the areas that continue to fall within their remit.
Client situations where adviser collaboration may be useful
A long-standing client moves overseas
The client may want to retain their existing adviser while also needing support with the practical and planning implications of their new country of residence.
An overseas client still holds UK pensions
The pension may remain appropriate in the UK, but retirement income, beneficiaries, access and future residence may require a wider international review.
A client has a defined benefit pension
Where safeguarded benefits are involved, specialist regulated transfer advice may be required alongside wider retirement planning.
A client is returning to the UK
An overseas adviser or existing UK adviser may need to coordinate investment, pension and retirement planning before the client becomes UK resident again.
A client has US retirement accounts
A UK-connected client may return from the US with a 401(k), IRA or Roth IRA that needs to be considered alongside UK pensions and investments.
A client's retirement assets span several jurisdictions
Pensions and investments accumulated in different countries may need to be brought together within one retirement cash-flow plan.
When another adviser may add value without replacing you
The client has moved outside your normal advisory footprint
You may want to preserve the relationship while introducing specialist international support for a defined part of the planning.
A UK pension decision depends on overseas circumstances
Residence, local taxation, retirement location and future mobility can affect the wider planning even where the pension itself remains in the UK.
The client has US-connected assets
401(k)s, IRAs, Roth IRAs, US brokerage accounts or US tax status may require specialist coordination.
The client is returning to the UK
Pre-arrival planning may be required before the client becomes UK resident.
A DB pension requires specialist transfer advice
The wider retirement plan may still need to incorporate the specialist recommendation and the assets into which any transferred benefits would ultimately be invested.
The client wants retirement modelling across several currencies and countries
Cash-flow modelling can help connect pensions, investments and future spending within one plan.
You want to retain the strategic relationship
The engagement can be structured so that each adviser remains responsible for a clearly defined part of the client's planning.
Professional resources for UK financial advisers & wealth managers
The Document Centre includes technical briefs, professional guides and practical checklists covering UK pensions, defined benefit schemes, QROPS, international SIPPs, UK returners, US retirement accounts, overseas pension access, inheritance tax and cross-border retirement planning.
Useful resources for UK financial advisers & wealth managers
The Professional Adviser's Guide to UK Pensions for International Clients
A broad guide to the pension issues that can arise when UK clients move, live or retire overseas.
UK Pension Transfers for Overseas Residents
A focused technical brief covering the additional considerations that may arise when an overseas resident is considering a UK pension transfer.
UK SIPP vs International SIPP
A professional resource examining the considerations when comparing UK and internationally marketed SIPP arrangements.
Defined Benefit Pensions for Internationally Mobile Clients
A technical brief covering the wider planning issues affecting internationally resident DB members.
The Professional Adviser's Guide to UK Returners
A broader planning guide for clients preparing to return to the UK after living overseas.
Overseas Client UK Pension Review Checklist
A practical checklist for identifying the pension and wider planning issues relevant to overseas UK pension clients.
Pension transfers and overseas clients
Pension transfers are an area where clearly defined responsibilities are particularly important.
The FCA's position remains that transferring out of a defined benefit scheme is unlikely to be in the best interests of most clients, and specialist advice is required where safeguarded benefits exceed the statutory threshold.
For clients living overseas, the FCA also recognises that a UK adviser providing transfer advice may need to work with an overseas adviser responsible for the proposed investments.
That means the transfer recommendation cannot sensibly be considered in isolation from the receiving arrangement, investment strategy, charges and wider retirement plan.
Where Josh is involved alongside another regulated adviser, responsibilities should therefore be explicit from the outset.
A collaborative adviser-to-adviser model
The involvement can be as narrow or as broad as the case requires.
For example:
- the UK adviser retains the existing investment relationship, while Josh assists with overseas retirement planning
- the pension transfer specialist provides the regulated DB recommendation, while Josh contributes the wider international financial-planning context where appropriate
- Josh assists with US retirement accounts while the UK adviser continues to manage UK assets
- the UK adviser handles pre-return investment planning, while Josh contributes knowledge of the client's current overseas arrangements
- the existing adviser remains the lead relationship, with Josh involved only for a specific international issue
The client should know which adviser is responsible for each area.
Josh does not seek to take over assets or relationships simply because he has been introduced for a specialist issue.
Technical briefings for adviser and wealth-management teams
Josh can provide focused briefings for UK financial advisers, wealth managers and pension teams dealing with internationally mobile clients.
Topics can include overseas UK pension holders, UK returners, international SIPPs, US retirement accounts, DB pensions and cross-border retirement planning.
Have an international client case you would like to discuss?
If a client's move overseas, return to the UK, pension arrangements or international assets have created a planning issue outside your normal proposition, an initial adviser-to-adviser discussion can help establish whether Josh can support the case.
The objective can be defined around the issue without disturbing the client's existing advisory relationship.