An expat’s 3-step checklist for choosing a financial adviser in Canada

At Alexander Beard Canada, we often talk to individuals and couples who are excited for their future but anxious about whether they have made the right financial decisions to support it.

This is especially true for those who have only just relocated to Canada from the UK and have, to coin a common phrase, “all the gear and no idea”. Through these conversations, most realise that they need a financial adviser who can help them achieve their objectives and avoid costly errors.

But the truth is, realising you need advice is just the first step. You then need to decide who, of all the qualified financial advisers in Canada, is best placed to support you and your family.

We’re not going to assume that every single person is suited to working with us, or vice versa. We just care about people getting good advice that will actually help them – whether that’s through us or another reputable firm.

That’s why we have made a short checklist to help UK expats in Canada choose a financial adviser who is right for them.

Consider these three elements when searching for an adviser who can support your global wealth and get in touch with us if you have further questions.

1. Always check an advice firm’s credentials and insurance

Not every firm can provide the same level of advice, especially for expats with money held in more than one country.

We have heard, many times, of financial advisers agreeing to work with a new client only to later discover that they’re legally unable to advise on a certain area, such as a pension transfer.

At best, this issue causes an administrative burden for the client – and at worst, it could lead to poor advice that is not backed by the UK’s Financial Conduct Authority (FCA) or the relevant financial governance body in another country.

Read more: 5 pension problems faced by UK expats in Canada, and how to solve them

At Alexander Beard, we have offices in eight countries. Our wealth managers are qualified to advise on overseas pension transfers, investments, and most other crucial elements of your global wealth plan.

If we can’t help with a particular issue, such as currency exchange, we work with trusted firms in each country and can recommend their services to you and your family.

Here’s how to check whether an adviser is qualified to help you:

• When seeking advice in Canada, ask and confirm how the firm and advisers are licensed and in which provinces can they work in.
• In the scope of UK pension advice, confirm that advisers are licensed with the FCA with the appropriate pension transfer endorsement.
• Ask all firms for copies of their indemnity insurance.
• Remember this question: “Is there anything you’re not qualified to advise on?”

These simple queries will bring any gaps to your attention and help you make an informed choice.

Here’s our regulatory information should you wish to find out more about us.

2. Work out if your advice needs are broad or narrow

The term “financial advice” is so broad in scope that it is worth knowing what you really need advice about.

For example, if you’re simply looking for help with claiming your State Pension as a UK expat in Canada, this will look very different to needing a full review of your financial portfolio and ongoing advice year-to-year.

So, when you approach a new firm, remember to mention:

• The specific issue or issues you are searching for advice on
• Whether you need or want ongoing guidance for the years to come.

The advice firm will be able to tell you clearly:

• If they are legally able to help with the issue you are facing
• Whether they are interested in working with you
• How much it may cost to engage their services based on the information you have provided.

You might be thinking: “What if I don’t know what my advice needs are?”

Any firm worth their salt will start by asking about your situation – and through these conversations, your financial advice needs will likely emerge.

You can use this form to get in touch with our team in Canada for a no-strings-attached conversation or call +1 905-286-5894.

3. Ask about how they will support you outside of financial planning

As with any agreement you make in life, perhaps the most important question you need to ask is, “What happens after I sign on the dotted line?”

In an ideal world, the advice firm will:

• Provide a clear set of next steps
• Assign a dedicated relationship manager
• Make an effort to get to know you and your family.

You’re perfectly entitled to ask about this before you agree to work with an advice firm.

Every business operates differently, so if you’re interested in a simple transaction, make this clear – whereas if you want an ongoing relationship that looks beyond the transaction and makes your goals a priority, you should state this too.

Get in touch with our Canada office to benefit from global experience and dedicated service

At ABG Canada, our objectives extend far beyond our clients’ financial needs – although of course, these are crucial.

We will take the time to learn about your circumstances and, via your designated adviser, deliver a second-to-none service backed by a team of global wealth experts.

No matter if you have just moved to Canada or have lived here for some time, we’ll meet you where you are and ensure you’re on track to secure the retirement you deserve.

Email info@abg.net or call +1 905-286-5894 to start the conversation.

Please note

This article is for information only; it does not take into account your personal objectives, financial situation, or needs.

Please do not solely rely on anything you have read in this article and ensure that you conduct your own research to ensure any actions you may take are suitable for your circumstances.

All content is based on our understanding of HMRC and Canada Revenue Agency legislation, which is subject to change.