It represents a small part of my net worth and I'm perfectly able how to manage my personal finances.
However, regulations demand that I use a financial adviser before withdrawing those funds.
I just need the report from this adviser in order to comply with the formality.
As such, I'm looking for the cheapest financial adviser in the UK.
Can someone recommend me one?
Thanks!
Don't just go for the cheapest, as the independent adviser is legally defined to be independent of the pension fund and of you. They must evaluate your case and then provide recommended advice (ie withdraw or not withdraw) that you must pay for.
Basically they can can say "no" and this throws up all sorts of extra blocks to you getting your hands on your own money.
Going for the cheapest they will likely be less experienced, and see living in a foreign country as being an issue and will default to "no"; less risk to their license...and you have already paid.
Look for one who is used to expats...will be more expensive but should get you the outcome you need
B
I am looking for an efficient way to comply with UK regulations.
To withdraw funds into a SIPP (which is my objective), I need to hire a financial adviser. This is the reason why I need the cheapest solution, not the "best" financial advice as I won't use any advice.
Does anybody know an IFA who works with foreign clients at a decent rate?
Being a UK IFA who deals with foreign clients, requires special licensing in the UK.
They won't be cheap. And they will have to comply (going through the KYC, advice process first etc.) anyway, whether you want it or not.
Kind regards
Ian
https://www.charles-stanley.co.uk/
They can certainly advise you and help you comply with the necessary diligence.
You may have to open an account and have the funds put there, but then you can close the account and move the money elsewhere. Or keep it there perhaps? They are quite a good brokerage firm.
I used to have an account there and only moved when my advisor moved to another company.