The first step on your financial journey in Spain – choosing your adviser

This is more important when moving to or living in Spain, since you need an adviser who can analyse your situation and guide you through the financial planning steps to successfully manage your wealth in Spain, with its unfamiliar tax and succession regimes. You need a holistic, strategic financial plan based on your situation and aims, then ongoing proactive support.

A personal service

Your financial planning must based on your situation – country of residence, plans, family situation, estate planning wishes, time horizon, investment risk tolerance and objectives. Your adviser should get to know you, asking questions and establishing your risk profile before making recommendations.

Size and longevity

A firm with a history of longevity gives you peace of mind that they are likely to be there as long as you need them. The larger the firm, the more specialists they have covering the various services you need. In-house teams can seamlessly work together to provide integrated wealth management advice.

Local advice and knowledge

Using an adviser who lives and works in the Balearics proves beneficial. They have personally experienced living here, and have in-depth understanding of Spanish tax and succession and the legitimate planning opportunities.

Your UK adviser is unlikely to know the ins and out of local regulations in the Balearics (which vary from elsewhere in Spain) or keep on top of reforms. Continuing with your UK adviser could result in you buying inappropriate investments, paying more tax than necessary, or your beneficiaries having to deal with unnecessary complications.

Additionally, since Brexit, unless your UK adviser has taken the effort and expense of getting set up and regulated in Spain, they would not be in a position to provide authorised advice to Spain residents.

Regulation and qualifications

Investing, pensions, estate planning and taxation are technical subjects which require specialist understanding. Ensure your advisory firm has professionals with officially recognised qualifications who keep up to date with regulatory changes and maintain high professional standards. For peace of mind, choose a firm which is authorised to provide advice in Spain.

Once you find an adviser who meets the above requirements, you won’t need to worry about neglecting key aspects of your financial planning or keeping up with tax reforms. Your adviser will talk you through all the issues you need to consider, helping you weigh up your options, and then keep you updated on reforms that impact you.

Keep up to date on the financial issues that may affect you on the Blevins Franks news page at www.blevinsfranks.com