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Why you shouldn’t entrust your financial emigration to anyone

By October 19, 2015July 25th, 2020Financial emigration

Why you shouldn’t entrust your financial emigration to anyone

October 19, 2015

Not all financial planners are equal. just like no two people are equal; this is not a hard concept to grasp. Indeed, just like doctors, lawyers and musicians, financial planners (FP) and brokers usually operate within a specific niche of financial services. This gives them the ability to excel in their area of expertise and give their clients the winning edge.

The risk of the wrong financial planner

Of course, your financial planner will undoubtedly have helped you with numerous financial questions, queries and applications over the years. He, or she, has no doubt given you sound advice and helped you invest in the right places. But unfortunately it becomes really hard to keep track of the regulations and protocols in place when you’re dealing with cross-border finances.

Asking an adviser who’s used to working with South African exchange control regulations and tax legislation to manage your financial migration may land you in hot water with authorities or lead to an extremely dragged out process. Not only that, but your planner may not be aware of directives and regulations which could free up additional funds from your policies or investments.

If you’re dealing with fund administrators on the other hand, chances are good you’re not getting the right advice. These administrators are bound by fund rules, and often oblivious of legislation and agreements between countries which would allow for lenience or override fund rules. In addition to this, administrators are usually focused on living South African residents. Consequently, the affairs of South African emigrants as well as deceased estates, are often left on the back burner.

Another spoke in the wheel is, of course, where customers aren’t aware of policies, estates or assets still left behind in South Africa. In this case, the inexperienced provider may not know where to look or how to access this information.

Don’t get a chef to fix your car

When it comes to international finance, the rules change. You would not get a chef to fix your car, so it goes without saying that you should not let the inexperienced adviser manage your affairs.

Financial emigration may involve multiple jurisdictions where legislation is constantly changing. The good news for our clients is that regulatory amendments often yield additional benefits for them. New directives, treaties or regulations could free up frozen funds which clients have been struggling to transfer to their new home. Or it could be these rules have been in place for ages, but never been applied in the customer’s individual case. Knowing how to administer these applications and which institutions to deal with can become an administrative nightmare if you don’t know what you’re doing though.

It’s therefore imperative that customers use the services of financial advisers or planners with international financial knowledge and accreditation.

The advantage with financial emigration

The business was born out of a desire to cater for South Africans abroad who have previously been neglected by financial services providers. These customers find themselves in limbo, stuck between authorities in different countries who may not be very helpful. Our offering and services are unique and focused on an area of financial planning which other providers don’t cover, or if they do, it’s mostly a secondary offering.

Our pìece de résistance, however, is undoubtedly our people. From the outset, the approach to business has been to employ proactive people with unique skillsets and specialist knowledge. If you want to get extraordinary results, you need extraordinary talent, and when you aggregate this knowledge under one roof, what you’re left with is an unparalleled offering which gets results.

From a business standpoint, it simply makes sense – we want infallible advice which yields fast results, without hitches and provides the optimum result alround. And, of course, this is exactly what our customers are looking for too. So essentially it’s a win-win for all involved.

Let help you out

If you’re unsure about your current service provider, are stuck in your administrative process, or don’t know which policies you still have in South Africa, can sort it out.

Our initial service is free, and we’ll give you an upfront quote of all additional services, which will only be payable on completion of our services to you. And the best part? We do all the work for you! Let us call you to get started.

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