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Expats to benefit from changes in Federation of European FAs
| Published: | 15 Jan at 6 PM |
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FEIFA now has a new associate membership sector developed to meet the needs of the European expat community.
FEIFA’s new sector is aimed at professional advisors who aren’t IFAs but who are working with global employees with a cross-border lifestyle which complicates their financial affairs and needs. Included are expats from overseas working in the UK, British expats abroad and individuals with incomes from or assets in other jurisdictions. This combination, according to the association, can unnecessarily complicate the making of financial decisions.
According to FEIFA CEO Paul Stanfield, becoming an expert in even one country’s tax laws, regulatory requirements, compliant products and local knowledge is hard enough for advisers, and is almost impossible across national boundaries. The inclusion of other professionals, he added, will give a more holistic approach than has been possible up to now. FEIFA, he said, has strongly encouraged professionals working together to assist clients but hasn’t seen much response to date.
Stanfield is hoping the new associate membership will help promote the effective grouping together of financial professionals, accountants, solicitors and tax specialists in order to give the best, directly tailored and wide-ranging advice available to clients. He believes the scheme has as yet untapped potential amongst the growing ranks of overseas expats with specific financial needs.
He cites the more than five million holders of UK passports now living as expats overseas, plus the UK’s internationally diverse population, 7.5 million of whom were born outside the UK. One example of an average situation brought to FEIFA’s attention concerned non-domiciled, non-resident UK national clients living outside the EU, whose heirs are USA nationals living in Europe and the USA. That, according to Stanfield, merited a lot of consideration and even more expert knowledge.
Associate membership is open to accountants, tax experts and lawyers, but will also welcome mortgage and finance specialists, para-planners and other relevant specialists. The federation has members in at least 30 European states as well as other world regions, and is non-profit-making.
FEIFA’s new sector is aimed at professional advisors who aren’t IFAs but who are working with global employees with a cross-border lifestyle which complicates their financial affairs and needs. Included are expats from overseas working in the UK, British expats abroad and individuals with incomes from or assets in other jurisdictions. This combination, according to the association, can unnecessarily complicate the making of financial decisions.
According to FEIFA CEO Paul Stanfield, becoming an expert in even one country’s tax laws, regulatory requirements, compliant products and local knowledge is hard enough for advisers, and is almost impossible across national boundaries. The inclusion of other professionals, he added, will give a more holistic approach than has been possible up to now. FEIFA, he said, has strongly encouraged professionals working together to assist clients but hasn’t seen much response to date.
Stanfield is hoping the new associate membership will help promote the effective grouping together of financial professionals, accountants, solicitors and tax specialists in order to give the best, directly tailored and wide-ranging advice available to clients. He believes the scheme has as yet untapped potential amongst the growing ranks of overseas expats with specific financial needs.
He cites the more than five million holders of UK passports now living as expats overseas, plus the UK’s internationally diverse population, 7.5 million of whom were born outside the UK. One example of an average situation brought to FEIFA’s attention concerned non-domiciled, non-resident UK national clients living outside the EU, whose heirs are USA nationals living in Europe and the USA. That, according to Stanfield, merited a lot of consideration and even more expert knowledge.
Associate membership is open to accountants, tax experts and lawyers, but will also welcome mortgage and finance specialists, para-planners and other relevant specialists. The federation has members in at least 30 European states as well as other world regions, and is non-profit-making.
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