People sometimes say to me, “Oh, I don’t have enough money to need a financial advisor”, and my reply is usually “What an excellent time to start!”.
Financial advisors are a bit like dentists - very often we’ll delay, and delay, a visit to the dentist, because we think nothing is wrong and we don’t need a check-up. But when we finally do go, perhaps with toothache, the dentist takes a look and says: “Why on earth didn’t you come see me earlier?”
If you are an expatriate, there can be enormous advantages to using offshore structures to handle your financial planning. Usually these benefits are maximised by starting early - certainly within your first year of working abroad.
A good financial advisor will look beyond the obvious areas. For example, it’s important to review the level and validity of your life insurance cover when you are an expatriate. Many times I meet new clients who are still paying for life cover they started back home, unaware that they are no longer covered due to the change of country of residence. Specialist expat life insurance provides cost-effective cover that stays with you as you move from country to country.
Note that depending on your current country of residence, not all options will be available to you. For example, here in Singapore the MAS (Monetary Authority of Singapore) individually approve investment platforms and control which collective investment funds are accessible to the retail investor.