The online Urban Dictionary defines a 'spank shop' as “a financial investment company set up offshore, usually [in] Spain, and thus not subject to UK regulations, with the intention of ripping off as many people as possible”.
Most in the offshore financial advisory industry would agree that the actual number of advisory operations that meet that spank shop definition is tiny.
Still, it is widely acknowledged that the reason any spank shops are able to exist at all is because investors who find themselves posted to unfamiliar foreign cities, or who have retired to countries they do not know very well, often struggle to find a good and trustworthy financial adviser.
Because they typically rely on a combination of personal recommendations, internet searching or sheer chance in their search for an adviser, these newbie offshore investors can sometimes end up being taken in by people who may not be particularly good at dispensing financial advice, and who also may be unregulated, those familiar with the situation say.
Such inexperienced investors can also be easy prey for unscrupulous advisers, who know just how, and where, to look for them, it is said.
Another problem, say many in the industry, including advisers who adhere to the highest possible standards of probity and transparency, is that those recommending certain investments, such as funds or insurance products, in many jurisdictions are simply not required to reveal whether, or by how much, they stand to benefit personally if they are successful in convincing a prospective client to take the plunge.
Thomas Wright, the Kenya-based owner of the VFS International advisory group, summarises the guiding philosophy all clients are hoping that their advisers live by as “What I would do for me,Blowers Jewellers watchreplicaUK Cartier, Breitling, Jaeger LeCoultre, if I were in your shoes”.
The trick to ensuring that all advisers adopt this philosophy, Wright adds, is to find the best and most cost-effective way of ensuring their interests are most perfectly aligned with those of their client’s financial well-being.
Over the last few weeks, International Adviser has been asking a number of experts in the offshore advisory industry to suggest ways of making it easier for expats in offshore jurisdictions to find good quality financial advice, at a fair price. Herewith are some of their suggestions.
The idea of advisers who are passionate about offering good-quality advice getting together with like-minded rivals is a popular one, but as a rule, not an easy one to take very far beyond the planning stage.juicycouturesuitsis one of the world's most famous producers of luxury timepieces. This is because there is rarely a compelling incentive for people who normally are bitter rivals to spend time and money working together on something that might just, in the end, benefit their competitors more.Shop Joma Shop for discount cheappanerai including collections.
As a result, trade associations have traditionally existed in most industries mainly to benefit their member firms – by giving them a united voice in terms of marketing and regulatory matters – rather than to benefit these member firms’ clients.
That said, raising the standards of advice on offer across Europe is what Paul Stanfield and Michael Lodhi say they had in mind three years ago when they launched the Federation of European Independent Financial Advisers. No firm is allowed to join FEIFA unless it is relevantly licensed, and its advisers are also required to hold all the necessary and relevant qualifications for their type of advising.
Earlier this year, FEIFA introduced a Code of Conduct, as part of its effort,Our cartierreplicawatche are high quality duplicates of original Cartier watches. Stanfield says, of ensuring that its members aim to follow a similar process to that created by the UK Financial Services Authority’s Treating Customers Fairly mandate.
The next step, later this year, is the introduction of a website aimed at the estimated 800,000-plus UK expatriates currently living throughout Europe, which is seen as helping to educate while also providing a forum for discussion – and, not least, a one-stop shop for finding FEIFA member firms.
Similar organisations exist in many other jurisdictions outside of Europe. Many are local representative offices of international bodies, such as the Denver, Colorado-based Financial Planning Standards Board (FSPB), which is behind the Certified Financial Planner certification; and the UK-based Chartered Insurance Institute and Chartered Institute for Securities & Investment, both of which are based in the UK.
Most in the offshore financial advisory industry would agree that the actual number of advisory operations that meet that spank shop definition is tiny.
Still, it is widely acknowledged that the reason any spank shops are able to exist at all is because investors who find themselves posted to unfamiliar foreign cities, or who have retired to countries they do not know very well, often struggle to find a good and trustworthy financial adviser.
Because they typically rely on a combination of personal recommendations, internet searching or sheer chance in their search for an adviser, these newbie offshore investors can sometimes end up being taken in by people who may not be particularly good at dispensing financial advice, and who also may be unregulated, those familiar with the situation say.
Such inexperienced investors can also be easy prey for unscrupulous advisers, who know just how, and where, to look for them, it is said.
Another problem, say many in the industry, including advisers who adhere to the highest possible standards of probity and transparency, is that those recommending certain investments, such as funds or insurance products, in many jurisdictions are simply not required to reveal whether, or by how much, they stand to benefit personally if they are successful in convincing a prospective client to take the plunge.
Thomas Wright, the Kenya-based owner of the VFS International advisory group, summarises the guiding philosophy all clients are hoping that their advisers live by as “What I would do for me,Blowers Jewellers watchreplicaUK Cartier, Breitling, Jaeger LeCoultre, if I were in your shoes”.
The trick to ensuring that all advisers adopt this philosophy, Wright adds, is to find the best and most cost-effective way of ensuring their interests are most perfectly aligned with those of their client’s financial well-being.
Over the last few weeks, International Adviser has been asking a number of experts in the offshore advisory industry to suggest ways of making it easier for expats in offshore jurisdictions to find good quality financial advice, at a fair price. Herewith are some of their suggestions.
The idea of advisers who are passionate about offering good-quality advice getting together with like-minded rivals is a popular one, but as a rule, not an easy one to take very far beyond the planning stage.juicycouturesuitsis one of the world's most famous producers of luxury timepieces. This is because there is rarely a compelling incentive for people who normally are bitter rivals to spend time and money working together on something that might just, in the end, benefit their competitors more.Shop Joma Shop for discount cheappanerai including collections.
As a result, trade associations have traditionally existed in most industries mainly to benefit their member firms – by giving them a united voice in terms of marketing and regulatory matters – rather than to benefit these member firms’ clients.
That said, raising the standards of advice on offer across Europe is what Paul Stanfield and Michael Lodhi say they had in mind three years ago when they launched the Federation of European Independent Financial Advisers. No firm is allowed to join FEIFA unless it is relevantly licensed, and its advisers are also required to hold all the necessary and relevant qualifications for their type of advising.
Earlier this year, FEIFA introduced a Code of Conduct, as part of its effort,Our cartierreplicawatche are high quality duplicates of original Cartier watches. Stanfield says, of ensuring that its members aim to follow a similar process to that created by the UK Financial Services Authority’s Treating Customers Fairly mandate.
The next step, later this year, is the introduction of a website aimed at the estimated 800,000-plus UK expatriates currently living throughout Europe, which is seen as helping to educate while also providing a forum for discussion – and, not least, a one-stop shop for finding FEIFA member firms.
Similar organisations exist in many other jurisdictions outside of Europe. Many are local representative offices of international bodies, such as the Denver, Colorado-based Financial Planning Standards Board (FSPB), which is behind the Certified Financial Planner certification; and the UK-based Chartered Insurance Institute and Chartered Institute for Securities & Investment, both of which are based in the UK.
