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If you’re a British expat living in the EU, you may have already felt the impact of Brexit on various aspects of your life. One area that has seen significant changes is financial advice. Due to the regulatory shifts brought about by Brexit, UK-based financial advisers can no longer provide the same level of service to clients residing in the EU. This presents a challenge for many expats who have traditionally relied on UK advisers for their financial planning needs.
The Brexit Effect on Financial Advice for British Expats
The UK’s departure from the EU has led to the loss of “passporting” rights for UK financial services firms. Passporting allowed UK advisers to offer their services across the EU without needing additional regulatory approval in each country. However, with Brexit, this arrangement no longer exists. As a result, UK-based financial advisers are now restricted in their ability to serve clients who live in the EU.
This regulatory change means that many UK advisers may no longer be authorized to provide you with advice on pensions, investments, or other financial matters. For British expats, this creates a significant gap in their financial planning, particularly for those who have long-standing relationships with UK advisers.
The Risks of Sticking with a UK-Based Adviser
Continuing to work with a UK-based financial adviser while residing in the EU can expose you to several risks. These risks include:
- Regulatory Non-Compliance: Without the proper regulatory approvals, your UK adviser may not be compliant with EU financial regulations. This could lead to potential legal issues and financial penalties, putting your investments at risk.
- Inadequate Advice: UK advisers may not be fully aware of the specific tax laws, investment opportunities, and pension regulations in your country of residence. This lack of local knowledge can result in suboptimal financial strategies that do not align with your needs as an expat.
- Limited Service Offerings: With the restrictions imposed by Brexit, your UK adviser may not be able to offer the full range of services they once did. This could mean fewer options for managing your investments, pensions, and other financial matters, ultimately impacting your financial well-being.
The Importance of Local Expertise for British Expats
Given these challenges, it is crucial for British expats living in the EU to seek financial advice from a provider that is fully authorized to operate within the EU. An adviser with local expertise can offer tailored advice that takes into account the specific financial environment of your country of residence.
Local advisers are well-versed in the tax laws, pension schemes, and investment opportunities available to you as an expat. They can help you navigate the complexities of cross-border financial planning, ensuring that your wealth is managed in a way that is both compliant and optimized for your unique circumstances.
How We Can Help: Local Expertise and appropriate regulation
At Valiant Wealth, we specialize in providing financial advice to British expats living in the EU. Our team of advisers is fully licensed and regulated to operate within the EU, ensuring that you receive the highest standard of service that meets local regulatory requirements.
Within the EU we hold the correct licenses to give both investment advice and insurance mediation under MiFID and IDD. This is an important topic that many clients aren’t aware of and take advice from advisors who do not hold the correct permissions to give investment advice.
We understand the challenges that Brexit has introduced for expats, and we’re here to help you transition smoothly from your UK-based adviser. Our services include:
- Comprehensive Financial Planning: We offer a full range of financial planning services tailored to your needs as an expat, including investment management, tax planning, and pension advice.
- Local Expertise: Our advisers have in-depth knowledge of the financial regulations and opportunities in the EU, ensuring that your financial strategy is aligned with your current and future goals.
- Transparent Advice: We operate on a transparent, fee-based model, giving you clarity and confidence in the advice you receive.
Take Control of Your Financial Future as a British expat in the EU
As a British expat living in the EU, it’s more important than ever to have the right financial advice. Don’t let Brexit leave you without the support you need. Contact us today to discuss how we can help you take control of your financial future and ensure that your wealth is protected, compliant, and working hard for you.