How to get good Financial Advice - Expat edition
October 6, 2013 11:25 PM Subscribe
Hi, I'm an Australian living in Asia temporarily. I've been looking for financial advice for my needs for a while, most of my cash is in a bank account in Australia and I figure I could do more with it than just have it sitting in a bank earning 3.5% interest (say for example around $30k ior so in the bank).
posted by Admira to work & money (10 answers total) 1 user marked this as a favorite
I haven't had any luck, Australian financial advisors tell me that due to my tax status a lot of what they have to offer doesn't meet my needs and where I live I've struggled to find any. Then out of the blue I got cold called by Devant group. I was a bit put off by the cold calling but I figured I was looking for financial advice, they seem like a big international company from googling so I met with the financial advisor.
He suggested that I should be preparing for retirement, by investing in Royal London 360 Quantum plan. Basically you sign up for a period of time (say 20 years), you agree to a monthly deposit amount (say $500) and that money is divided up between various "funds". There's a 0.50% charge per month on the "initial allocation" (which would be 20 months worth) and then a charge of 1.5% per year, deducted as 0.125% of the current fund value every month in arrears.
I was all set to sign up for it when at the last moment I got cold feet. My questions are this:
1) Any general advice on how to get good financial advice as an expat Australian?
2) Does the above plan seem like a good deal (I can provide links etc if it would help)?
3) Does anyone have experience with Devant Group as financial advisors? They assured me they'd be giving me advice on what funds to invest in every 6 months but I read a few links online to state that once you've signed they disappear.