Most days I count my blessings for having a job that I love doing. There are the odd times when it does get challenging, but when I’m helping clients all day long they are the magic cure. Being an Expat Financial Adviser giving advice on how to invest your money means it’s vital for me to get to know my clients. That involves understanding what their passions and goals are and what their fears and dislikes are too. It’s usually two things that drive investments, fear and greed, and my job is to manage these aspects. I let the experts manage the money and I take care of the emotions.
That’s not to say that I am a psychologist or psychoanalyst, but I did take advice from one while writing this to make sure I express myself as having the best interest of the client and not just voicing my opinion! If a client does not feel comfortable with advice they receive,then it must not be right. Persuading someone to do something is not in your best interest. I may have been guilty of this in the early years of my career when we were put under pressure by our management, however, at The Spectrum IFA Group we are trained differently, and age and experience have taught me that this is not the way to keep a client.
I am an investor myself so understand that the value of your money can and will go down as well as up, yet if I believe in what I recommend I can help clients when the times are unsettling. Having patience and belief in the advice you receive is paramount. If your gut instinct says that you don’t believe any part of what you’ve already done then discuss your concerns with an Adviser.
Emotions connected to your finances can relate to varying issues because each and every one of us is different. Common symptoms are: maybe you can’t sleep, you always worry about money, you are fearful about what might happen to it, you haven’t heard from your Adviser, you’ve never done this type of thing before, what happens to your money when you die, can you lose some or all of it, what if you go back to live in the UK?
When we are younger we are prepared to take more risk with our money, but as we grow older we tend to become more cautious and have concerns about whether the money will see you through. This all needs careful managing and looking after to ensure it does what you want it to.
5 Factors I take into account before making a recommendation are: what income do you have and need to live on, what assets do you own, where do you pay your taxes, what level of risk, if any, are you prepared to take and how long do you wish to plan for.
Another point to consider for living in Menorca is where is you Adviser regulated? This is important because if you have a legal problem it ideally must be dealt with in Spain. We are registered and regulated under the DGS (Correduria de Seguros). Does it work to have someone regulated in the UK when you live under the authorities of Spain? All Spectrum Advisers are regulated in the country they live and work in, they are expected to live locally and within easy reach of their clients.
3 words to say. Reassurance, Reassurance, Reassurance. To know that all is as it’s meant to be will allow you to live your life more peacefully and happily on this beautiful island.
Menorca has a special place in my heart. I used to live and still own a property here on the island and purely demand from work made living in Mallorca more practical. My opportunity now to say thank you to all my friends and clients here who keep me having to come backwards and forwards all the time!