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Wealth Management for Expats in the United Kingdom

Submitted: July 2013

Wealth management professionals are regulated by the Financial Conduct Authority (FCA), which is part of the Bank of England (BoE).

Generally speaking, you should look for a wealth manager if you think you need help with financial planning. A financial institution is prone to offer you sophisticated services when you are or get wealthier. These services range from traditional lending or investment management to inheritance tax planning or asset protection.

A list of UK wealth managers can be found here.


Issues for expatriates

Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:

It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. You don’t necessarily need a UK wealth manager, especially if you already have a good and easily contactable one in your home country.


US taxpayers

Due to FATCA regulations, it has been reported that US taxpayers are being turned away by UK wealth managers. This is because the compliance burden in connection with FATCA makes it simply unprofitable for UK wealth managers to have US clients.

US taxpayers with at least US$2m of assets may still find a UK wealth manager with adequate qualifications for US clients.



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