by admin | December 19, 2018 12:41 pm
Many expats are turning towards QROPS as an alternative to their UK pensions – this can be a shrewd wealth management move, but it’s vital to get advice from a qualified financial advisor who has specific experience within the QROPS market.
When seeking QROPS advice, you have the right to expect a professional standard of service and clear communications. Your advisor should clearly explain to you any costs or fees that will be incurred when you transfer your UK pension into your chosen QROPS – if they’re unable to provide these figures you should be very wary about proceeding. Clarity of information and transparency of fees are one of the rules that any financial advisor should adhere to – nobody should have to tolerate ‘hidden commissions’ or extra costs that have not been explained before taking out your QROPS or any other financial product – see here for more information.
Good Communication and Impartial Advice
It’s also entirely reasonable for you to request any information in straightforward language that you can easily understand – your advisor may spout on in industry jargon, but that isn’t helpful to you! Ask your financial advisor to explain the benefits and any potential problems with a QROPS transfer in layperson’s terms so that you don’t get lost amidst complicated industry speak.
A good QROPS advisor will search across the entire marketplace in order to find the best solution for your circumstances. Any financial advisor that tries to push you in one direction should set off warning bells. QROPS can be sourced from many different jurisdictions across the world and they all have different benefits. You should be given the option to compare QROPS from a variety of different suppliers – if this isn’t the case then it could indicate that they have their own financial incentive for pushing you in one particular direction. If they’re just chasing the best commissions then they’re not the QROPS advisor for you. Remember that as the client, you always have the right to say a firm no – if you don’t feel able to say this to your financial advisor then perhaps it’s time to look at the relationship you have with them and ask whether it is a healthy and beneficial one.
Using Your Common Sense
Finally, there’s no harm in asking your financial advisor to show you evidence of successful QROPS transfers that they have undertaken for other clients. A good advisor will have plenty of examples that they can show you and if they don’t, you should question their credentials.
Ultimately, as with any other financial product, in order to make the best QROPS decisions you need to arm yourself with as much information as possible and look for an advisor with a good reputation. If you’re offered a QROPS that sounds so good that it can’t be true then you’ve probably hit the nail right on the head! There are rules in place for QROPS, regardless of where they are sourced from, so you need to make sure that the QROPS your financial advisor is recommending falls within this remit.
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