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Every angle covered

BY: RAOUL RUIZ MARTINEZ

financial@portugalresident.com

Raoul Ruiz Martinez is the resident Independent Financial Adviser for Finesco Financial Services Ltd at the offices of euroFINESCOs.a. He provides financial advice to UK and European expatriates in Portugal with a high degree of client service and total confidentiality. Finesco Financial Services Ltd is authorised and regulated by the UK Financial Services Authority (FSA)

I HAVE been writing articles for The Resident for just over a year now and for those that have been taking the time to read them (hello to all first time readers), thank you!

On this occasion I would like to offer some guidance as to what service a regulated and experienced resident financial adviser should be able to provide you with day in, day out and year after year.

I will attempt to introduce you, I hope, with a refreshingly jargon busting account.

Financial solutions

A financial adviser should be able to provide fully integrated independent personal financial solutions for the foreign national living in Portugal.

They must have the resources to provide you with private financial guidance on all the basic elements of your financial life which normally include:

• Investments – assessing your existing portfolio, re-structuring the elements that may need re-basing, looking after the portfolio locally;

• Savings – allocating some of the best offshore rates around, whether offshore or in your former country of residence in the most tax-efficient way;

• Pensions – the capacity to give you qualified pension advice, acting as your local adviser on the management of your existing pension, analysing all existing plans, transferring the plan(s) into a recognised scheme with an international institution;

• Tax Planning – aligning their expertise of investment tax mitigation with that of your Portuguese tax adviser to provide a complete and personal solution.

In your former home country, you may be experienced in working with your own financial adviser or perhaps you have never used one and subsequently sourced financial products available on the market to manage your own affairs.

Future needs

Shopping for these financial products yourself is not easy when you are living in a foreign country and the information you read or hear may not be consistent or lacks the necessary and precise answers to your own personal questions.

Granted, I am sure that no one knows you better than yourself but in the ever changing world of finance, a financial adviser will help you navigate a course designed specifically for your future life needs.

From an initial meeting, a financial adviser should complete a fact find and assess your appetite for investment risk.

The adviser will need to understand exactly what your objectives are by listening to what it is you want.

Getting to know your financial requirements is the core of a relationship with a financial adviser.

Discuss your ideas and requirements confidentially within a highly personalised, private business environment.

Listening, and with a full explanation, your adviser would then source your portfolio across the entire marketplace.

In this aspect, you benefit from having an independent adviser as opposed to an institution that provides advisers who are restricted to offer their own products for your needs.

As we have seen in recent times, with Northern Rock and Société Générale, if you leave all your financial affairs to one institution, you as an individual could feel the loss of your identity within the public panic that arises, or endure incredible ill ease because you have all your financial eggs in one basket.

Support

Dealing with customer service helplines or flying home to resolve issues face to face are an unnecessary stress.

Finally, ensure that your adviser is FSA regulated. You can check this yourself on the FSA website register.

In addition to this, they should also have experience in the integration of your evolving needs, to various types of products from a whole spectrum of institutions under a single service agreement – investment and savings adviser, pension adviser and estate/inheritance tax adviser.

Working with a local tax expert with capabilities of understanding international tax laws, your financial adviser can cover most angles within the same secure and local environment.

This will effectively provide you  with one complete and advised solution from two different specialised areas that do overlap.

Your financial adviser must provide you with the necessary support when you really need it and offer comprehensive solutions that consider your financial requirements day after day, year after year.

Raoul Ruiz Martinez is based in the Algarve office of euroFINESCOs.a. as an Investment Adviser for Finesco Financial Services Ltd., Glasgow and regulated to advise on capital investments in both the UK and Portugal. He can be contacted either by telephone on 289 561 333 or on email Raoul.Ruiz@Finesco.com