Do I need an FA, "wealth management", or ?
Discussion
For better or worse, apart from retaining the services of a mortgage advisor, we've always managed our own finances.
However, an impending move to Luxembourg and associated hike in income means things are going to get a lot more complex. We have about £300k in our house, a smattering of pensions (one final salary, some private/stakeholder) and a five figure amount in shares & cash (ex-employer scheme so not diversified...yet).
Although my instinct is to keep the house and rent it, something tells me there might be a merit simplifying our UK affairs and releasing the cash to invest it, along with selling some/all of the existing shares to minimise risk if that company should have a wobble.
With all this, am I looking at a mortgage/investment FA, a "wealth management" company, some kind of specialised ex-pat/emigre service? Slightly concerned at managing our UK tax affairs at arms length if we retain assets here.
Ideally I'm looking for a face-to-face, long-term commitment as I doubt our affairs are going to get any less complex over time, even if that means trips back to London etc. to meet up and review.
However, an impending move to Luxembourg and associated hike in income means things are going to get a lot more complex. We have about £300k in our house, a smattering of pensions (one final salary, some private/stakeholder) and a five figure amount in shares & cash (ex-employer scheme so not diversified...yet).
Although my instinct is to keep the house and rent it, something tells me there might be a merit simplifying our UK affairs and releasing the cash to invest it, along with selling some/all of the existing shares to minimise risk if that company should have a wobble.
With all this, am I looking at a mortgage/investment FA, a "wealth management" company, some kind of specialised ex-pat/emigre service? Slightly concerned at managing our UK tax affairs at arms length if we retain assets here.
Ideally I'm looking for a face-to-face, long-term commitment as I doubt our affairs are going to get any less complex over time, even if that means trips back to London etc. to meet up and review.
Forgive me if I say that's a rather simplistic view to take. Sure, I could service my own car, but I pay professionals to do it. I could fit a bathroom, but I pay professionals to do it.
I know the sums involved are hardly HNW stuff at the moment, but it's not just "what to invest in", but "should I invest? What are the potential returns/risks?".
What are the tax implications, both UK and foreign, of keeping assets here as opposed to splitting or keeping them where we are domiciled?
Should I consolidate the pensions? Or even take out some other savings/investment plan to augment them?
What about wills considering we will have assets in Lux/wherever?
We'll have a lot on in the next few years, it's a fairly big shift for us, and I'm unlikely to have the time or knowledge to optimise things.
I know the sums involved are hardly HNW stuff at the moment, but it's not just "what to invest in", but "should I invest? What are the potential returns/risks?".
What are the tax implications, both UK and foreign, of keeping assets here as opposed to splitting or keeping them where we are domiciled?
Should I consolidate the pensions? Or even take out some other savings/investment plan to augment them?
What about wills considering we will have assets in Lux/wherever?
We'll have a lot on in the next few years, it's a fairly big shift for us, and I'm unlikely to have the time or knowledge to optimise things.
It is likely that getting some good advice now will pay off in the longer term. Pensions in particular are complicated enough even before you add in any ex-pat considerations.
The skill set you are looking for is that of a financial planner, with experience dealing with UK nationals working in Lux. There'll be a few UK firms with Lux offices who will be able to help. Will you have UK-national colleagues in Lux? Maybe you can get some recommendations this way.
You should be able to secure the advice you need for a pre-agreed fee, in just the same way as you would with a solicitor or accountant.
The skill set you are looking for is that of a financial planner, with experience dealing with UK nationals working in Lux. There'll be a few UK firms with Lux offices who will be able to help. Will you have UK-national colleagues in Lux? Maybe you can get some recommendations this way.
You should be able to secure the advice you need for a pre-agreed fee, in just the same way as you would with a solicitor or accountant.
loudlashadjuster said:
For better or worse, apart from retaining the services of a mortgage advisor, we've always managed our own finances.
However, an impending move to Luxembourg and associated hike in income means things are going to get a lot more complex. We have about £300k in our house, a smattering of pensions (one final salary, some private/stakeholder) and a five figure amount in shares & cash (ex-employer scheme so not diversified...yet).
Although my instinct is to keep the house and rent it, something tells me there might be a merit simplifying our UK affairs and releasing the cash to invest it, along with selling some/all of the existing shares to minimise risk if that company should have a wobble.
With all this, am I looking at a mortgage/investment FA, a "wealth management" company, some kind of specialised ex-pat/emigre service? Slightly concerned at managing our UK tax affairs at arms length if we retain assets here.
Ideally I'm looking for a face-to-face, long-term commitment as I doubt our affairs are going to get any less complex over time, even if that means trips back to London etc. to meet up and review.
Given the tax complications I'd certainly recommend taking some tax advice even if you retain responsibility for the investments yourself.However, an impending move to Luxembourg and associated hike in income means things are going to get a lot more complex. We have about £300k in our house, a smattering of pensions (one final salary, some private/stakeholder) and a five figure amount in shares & cash (ex-employer scheme so not diversified...yet).
Although my instinct is to keep the house and rent it, something tells me there might be a merit simplifying our UK affairs and releasing the cash to invest it, along with selling some/all of the existing shares to minimise risk if that company should have a wobble.
With all this, am I looking at a mortgage/investment FA, a "wealth management" company, some kind of specialised ex-pat/emigre service? Slightly concerned at managing our UK tax affairs at arms length if we retain assets here.
Ideally I'm looking for a face-to-face, long-term commitment as I doubt our affairs are going to get any less complex over time, even if that means trips back to London etc. to meet up and review.
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