So, you’re working in the financial services industry in the UK and you too have had enough. More regulations. Reducing income. Depressing weather. Economy in tatters. Increasing tax. It really is hard to remain positive.
It is also difficult to generate a reasonable income when clients are losing their jobs or seeing their income tax increase. And on top of this there is the “bad-feel” factor generated when they see the value of their biggest investment – the family house – shrinking dramatically. No, it certainly isn’t easy to be a financial adviser in this market.
But somehow you do sell. Which is when many of your troubles really start. Paperwork and regulation … oh dear!
Is working abroad as a financial adviser the answer? Well, let’s take a closer look…
Generally speaking, expats recognise the need to organise their personal finances in a tax-efficient manner. After all, most intend to return to their home country at some point in the future and will be very aware that financial planning is not a DIY thing: professional help will be required. So the need for financial advice is recognised and, if as an international IFA you provide a good quality service consistently, you will be sought out for that advice. The need is there.
Expats tend to earn more money and pay less tax. Many are on relocation packages that would bring tears to your eyes – but that’s another story. So your target market consists of prospects with high levels of disposable income. The ability to pay isn’t going to be an issue. Indeed, average case size will almost always be greater than that in the UK.
Regulation – where it exists for offshore financial services – is lighter. Regulators tend to focus on their domestic markets when overseeing financial services. As an international IFA you will not be advising local people on local products. Your market will be expatriates who will usually require specialised off-shore products. Regulators in most locations are not really interested whether or not one British expat sells to another British expat a product manufactured in the Isle of Man. Provided you operate to the highest levels of integrity and professional advice the regulators will not trouble you. Regulation and Compliance is sensible and tolerable.
Commission levels are determined largely by market forces rather than by regulation. And commissions tend to be, er, generous. So not only will you see higher average case sizes but you will also find that you are being paid higher commissions per premium contribution.
And don’t worry too much about how much income tax you will pay on your increasing earnings. In some locations income tax doesn’t even exist.
So, there it is. Wouldn’t it be nice to work in the profession that you love, doing the work that you are qualified and experienced at, selling to people with clear needs and high disposable income, where the average case size is high and the commission rates higher, and where the additional income you generate is paid to you tax free?
It really is a “perfect storm” of opportunity. Visit www.ifamatch.com to see where your opportunity as a Financial Advisor abroad lies..
© Copyright – ifamatch.com Ltd 2015.