Clients’ queries around wealth management and financial planning are extremely varied, based on their needs, complexity of their portfolios and general financial and investment knowledge. But there are some common questions that always come up, say the experts.
Where does my money go when I send it offshore?
When you send money abroad, it can be sent anywhere in the world, explains Giles Maynard, Sales Manager at Carrick. “At Carrick, we typically make use of jurisdictions with exemplary standing with the OECD (Organisation for Economic Co-operation and Development). The solutions we build for our clients are based out of the Channel Islands, but could also be structured out of other jurisdictions, such as Switzerland, Malta, Gibraltar and Luxembourg.”
How does my money get invested abroad?
Generally, your Carrick Wealth specialist will suggest that you make use of a suitable structure to ensure your assets are not only well protected but also carry elements of efficiency related to taxes, says Maynard. “Within these structures we make use of an investment platform. We have multiple service providers, each specifically offering slightly differing services, so that we ensure our clients get a truly bespoke offering suited to their unique and individual needs. Once the funds are placed on the investment platform, the investment pool is vast, with thousands of different investment opportunities. Depending on your risk profile, you, your wealth specialist and your Carrick investment team will decide on what the best investments for your needs would be.”
How do I pull my portfolio together so that it feeds into my retirement strategy, making sure that when I pass on its simple for my family to pick up and carry on?
There is not a one solution fits all. A strategy will be carefully created based on your individual needs, explains Carrick Wealth Specialist Seanagh Fannin. “It’s essential that we consider your needs as a whole, your life dreams, risk profile and how everything fits together. We consider an offshore strategy that works with your onshore strategy and structure them carefully, not only to enhance the growth that you will achieve from your investments, (by consolidating investments, bringing down costs and providing some level of tax mitigation), but also providing a seamless method to pass wealth down to your family without needing to unwind your investments.”
The key is having the investments feed into one strategy. “I often find that clients have a number of advisors as a result of having different savings and pensions set up over the years,” says Fannin. “Clients rarely find the opportunity to look at each of these investments from a holistic perspective. When looking towards your retirement it’s important to take time and make sure that all these building blocks fit together.”
Are you able to organise my finances and protect my family?
Mike Preston, a dedicated Carrick Senior Wealth Specialist with over 40 years’ experience in the financial advisory space, both onshore and offshore, says most of his clients pose this question and the answer is yes. “This is achieved by housing your investments and assets in structures offering the highest levels of protection during your lifetime and special emphasis on safeguarding your dependents futures.”
How do you protect my wealth while making it grow?
“The overriding objective is security,” says Preston. “This is achieved by investing in the most secure investments available worldwide, with a focus on achieving superior investment returns with limited volatility and risk. Most investors find this very difficult to achieve on their own.”