MONEY MATTERS answers all of your questions on finance, tax, pensions, investments and more here in Spain.
Chorus Financial ‘s Tracy Storer, has received this question from Mrs Sue B, Orihuela Costa over retaining a UK financial adviser:-
“Hi Tracy, I’ve been living in Spain as a Spanish resident for over 15 years and during this time, I have continued with my UK financial adviser (he has advised us for some 25 years now).”
“In January this year, he wrote to us to advise us that he has to withdraw his services due to Brexit.”
“This is a big concern for us as we know him and trust him.”
“I’m not sure what I should do and whether I can keep my existing investments which he set up for us?”
Tracy Storer replies:-
Hi Sue, thanks for sending in your question. Unfortunately, this is a big problem for a lot of people at the moment.
The financial services sector has been impacted by Brexit and for many expats, some financial products and services have been removed as a result.
For many UK-based financial advisers, it is just not possible to comply with the regulatory changes and therefore they are having to remove ongoing servicing to their non-UK based clients.
Whilst I fully understand and appreciate the relationship and trust you would have built up with your current adviser over the years, it is just another change brought on by Brexit.
Change isn’t always a bad thing; a local adviser will have a much better understanding of the Spanish tax system and you could find yourself in a product better designed for your current circumstances.
I have worked alongside a number of UK advisers to help their clients transition to having a local adviser here in Spain and I’m happy to extend this service to yourself and anyone reading this who has lost their adviser due to regulatory changes.
If you have any questions about finance, tax or money matters here in Spain please email them to me on firstname.lastname@example.org with the subject ‘Money Matters’.
All emails will get a response, and some may even appear in our online column or in the Olive Press printed edition!
Chorus Financial is an award-winning company based on the Costa Blanca offering financial advice and investment management in Spain.
The award-winning team of advisers has over 50 years of combined experience advising British families living overseas on pensions, savings, investments, and tax planning.
The website is www.chorusfinancial.es
The Chorus office is on Carretera del Calp de la Nau Placita, 122, 03730, Javea. Telephone: 965 641 163