Hannah Beecham of Expatmoneychannel speaks to Graham Barnes, International Director, The Fry Group about The Good, the Bad and the Downright Ugly?
Would you discuss your financial affairs with someone you met in a bar or perhaps on the strength of a recommendation by a friend? You would be surprised by the number of expats who do and while the second is understandable - why wouldn't you trust a friend's recommendation? - it remains still vitally important to check out the credentials of anyone you sign up to manage your money.
ExpatMoneyChannel's Hannah Beecham talked to Graham Barnes, International Director of The Fry Group, to find out how expatriates can sort the good advisers from the bad and the downright ugly.
Here are ExpatMoneyChannel's top tips when meeting a potential adviser.
1) Don't be afraid to ask difficult questions.
2) Don't rely on meetings in bars or friends' recommendations alone. Check credentials thoroughly.
3) Bogus advisers are clever. They will often produce credible documentation - don't take their word for it. Check with the relevant authorities
4) Red tape is no excuse for an adviser not being authorised.
5) Authorisation does not always cover everything. Check that the adviser is authorised in the investment area specific to your needs.
6) If the adviser is based in Europe with a head office elsewhere in Europe don't assume they are regulated by the home authority. Only firms who have opted to passport their services will be regulated by their home authority. Otherwise they must be authorised locally. In the case of advisers with a head office in the UK, you can check out whether or not they can passport their services in Europe via the UK's Financial Services Authority's register.
To find out more visit: www.expatmoneychannel.com
