Kibkom North Cyprus Forum

After weeks of trying, and failing, to get a response from any of the above, does anybody out there know of a financial adviser, who specializes in expats that will actually contact me?? I have sent over a dozen enquiries and so far only one replied but that was with an automatic response and when I contacted them again to follow up received absolutely nothing. How do these folk make a living?? Somebody suggested I look at TD Waterhouse Luxemburg but that might as well be in Swahili for all the sense it made to me. As I am heading to Cyprus I need to put some money to work, especially as I doubt I'll find a job, but my efforts have met with a resounding silence - it's driving me mad. Any suggestions would be very gratefully received. Only sensible ones please I've had plenty of the usual of "give me your money and I'll look after it - snigger" comments. A personal recommendation to help me get this sorted would make life a lot easier.
Many thanks with fingers etc. crossed.

If you put your money in a turkish lira account you can get 9% or 10% on your money with very little tax deducted.

As a recently retired UK IFA with 30 yrs experience,and a squeaky clean track record that looked after the investment needs of 1500 private investment clients,my suggestion would be not to touch any 'offshore advisers' with a big stick.

They are not regulated by anyone here as far as I can see.

A lot of them have either been struck off , or couldn't make the grade as far as UK requirements are concerned in terms of qualifications, and capital adequacy.

If you pm me I will give you generic advice ,free of charge,purely because I don't like seeing people being ripped off.

Nice one Philoz,
We should look after each other on this forum

Given recent events I would not trust any IFA. Although there are claims of registration with authorities very little in TRNC is covered by laws in the way you expect in the UK.

Depending on what you have to invest I would first review your options from the UK ie can you use offshore banking. As above comments re interest rates here there are plenty of options where you can gain 7% plus on TL accounts. Unless you are a gambler there is no need to go for riskier options.

CIH- bit harsh saying 'I would not trust any IFA' please don't confuse generic 'financial advisers' with IFA's who are highly regulated-

May I ask what you do/did for a living ,or are you talking from a point of Ignorance and assumption?

I notice you are giving advise in your post,had I have done such a thing when I was regulated I could have been struck off.

With respect Philoz I dont think CiH is claiming to be a financial adviser just trying to give friendly warning as an individual who has experience - as is mine that follows:

I agree with Philoz re using "local" advisers as with what he said on that subject in "tother place". And if Shadow is "heading to Cyprus" (the North I assume?) he should be aware that this does not only apply to the financial sector - as many people who bought property here will testify - but to other areas where professional standards apply. Dont blame the Turkish Cypriots, this is a young coutry stuggling against many difficulties but it lacks experience and sophistication in many areas and you should be beware. There are also several Englishmen , operating both legally and illegally, in several fields, who take advantage of the misguided trust of their compatriots. The plethora of Quangos, Ombudsmen, Agencies etc. in the UK and Europe may be strifling, dificult to penetrate and not always doing the job they are meant to, but if you are up against loss and what you consider injustice and the other party is effectively thumbing thier nose and saying "so what are you going to do about it" you suddenly miss "the nanny society" and realise it did provide a brake to some extent on - shall we say - bad practice.

If you do appoint a Financial Advisor anywhere I would recommend on the "do what I say not what I did "principle:

1. Get a written contract detailing the service they are to provide, including frequency of reporting on progress.

2. Make sure you have clear written agreement of you requirements - eg if you dont want to wait till you are eighty for access toyour money in an emergency dont get tied into a long term investment with heavy penaltiess for early withdrawal.

3. Insist on at least one alternative to any proposal and suspect attempts to steer you into a particular invstment.

4. Suspect intrusive qustions about your personal circumstances/ finances, which are cloaked by the security questionnaires.

btw Philoz as a matter of interest do you agree these questionnaires, which I have been assured by various different organisations are compulsory, are pointless and timewasting, and handicapp the innnocent while being easy to get round by the guilty.

I couldn't have put it better myself Rose

Praise indeed Philoz: I am a blushing rose now!

But do you mean the whole post, or just the last para?

Well Rose-those questionnaires, that you refer to,are a government requirement.
For example- how could I tell you to take an 'ISA' out this tax year if you refuse to divulge with me that you already have taken one out.
So, If I said you should,but you already had,and when the Government inspector called-and it transpired that you had taken double your allowance,it would be my fault.
And I would be fined and maybe struck off for 'inappropriate advise'.
Imagine If you went to your GP- your GP asks you what your symptoms are ,but you refuse to tell him/her(as you consider the question intrusive)
So the Doctor has a stab at what's wrong with you, and prescribes a medicine that kills you as you didn't tell him/er what you were allergic to-the doctor gets struck off.
Do you see what the questionnaires are all about now?
They are about protecting both the client from their own well meaning ignorance,and the advisor from getting sued!

Yes, Piloz take your point:

But one of the questions was "Where does th emoney come from?" The answer was: part of a mixture of savings out of salary (taxed PAYE) and pensions, and dividends sale of another investment , and a propertyin the UK, and a couple of small legacies and birthay presents : all of which had already been declared for tax, and since the relevant legislation already subject to such questionnaires at least once, twice in some cases or I couldnt have got it into a legitimate bank account inthe first place. But, being up to 50 years old records had been lost and no way I could have remembered the details! I was very temped to reply "immoral earning, drug trafficking and money laundering" and see what happened! I am sorry , but you admit not all people who claim to be financial advisers are as squeaky clean as you, and some of the questions permit them too much information that they can take advantage of.

And if you handle your own investments you end up answwering the same questioaire several times over and if you live abroad spending a fortune in certified copies - could they not have a central register where you could record details FAs etc. could refer to.

Its like having so many passwords you have no alternative but to keep a record, and call centres with illiterate l6 year olds who want your date of birth if you want to ask the time - surely something on most documents and the first thing an identity theft would know

But its late and Im galloping a hobby horse way off topic! Apologies mods.

Good Morning all
Many thanks for the responses. I am an expat living in the Middle East and the UK FAs I contacted don't want anything to do with me as I have no ties to the UK any longer. They have all said to seek the advice of an expat Adviser as they would better know rules and regulations of other countries. Being out of the UK since 1997 I already bank offshore but their rates are worse than UK rates now, hence my need to find something to give me an income.
Philoz, many thanks for your very kind offer, at least some advice would be better than nothing. Am off to work now but will drop you a line later.

philoz,
no disrespect meant, I was meaning the unregulated sector which TRNC is. That is why I suggested to the original poster to contact one in UK.

No I am not IFA but had some excellent advice from one a lot of years ago which meant that when I had to leave work due to ill health I received a very good monthly pay cheque until we moved out here.

Hi Shadow, please e-mail me your contact details. grant@jacwm.co.uk & I will try & point you in the right direction

Well done Philoz, stick to this subject for the forum and leave the flying things to the spray.
Enjoyed reading your comments.

Mel.

Hi, ref this subject has anyone delt with FMA and Scott Kennedy and would they recommend them on on their services.

Shadow
If its of any use to you my daughter works in Dubai as a financial adviser, if you need her email address let me know.