Expatriate Referrals: Beware of Wild West Advisers
Expatriate Referrals: Beware of Wild West Advisers
Is it the 'Wild West' for your clients
There are many countries, including some major retirement destinations in Europe where finance and financial advice for expatriates is more like being in the 'old wild west'.
Clients have little or no protection when taking financial advice or investment or pension decisions.
This may mean they and you have little comeback and possibly even language barriers if you wish to pursue a compensation claim for negligence for poor expatriate financial advice.
Beware Cowboy Expat Financial Advisers: Refer your clients to us
- Did you know that many expatriates have suffered at the hands of unauthorised, rogue financial advisers overseas?
- For example, in Spain, "financial advice" is not regulated, but arranging a financial product is. Many so called 'financial advisers' give you advice but then arrange products offshore, in an attempt to by-pass Spanish regulators.
- There are even British policyholder action groups fighting to win compensation for money lost by expats caused by poor, unprotected expatriate financial advice.
- The Spanish authorities even have a booklet called 'Financieros Chiringuitos' meaning financial 'fly by nights' or financial cowboys - the 'Wild West' as we said.
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