W&F Issue 4 2018

www.wealthandfinance-news.com 30 Wealth & Finance International - Issue 4 2018 Prism Xpat’s main business lines include advising on all types of UK pension schemes, as well as QROPS (Qualifying Recognised Overseas Pension Schemes) and working with advisers abroad to design strategies around Superannuation. The company’s clients include UK nationals based in the UK, as well as UK nationals who have emigrated abroad. They have clients based in the UK, Australia, New Zealand, Canada, Singapore and Ireland amongst others and have worked with thousands of clients over time. The team is comprised of highly qualified and experienced advisers who have local and international experience and can properly understand their client base. This includes, but is not limited to, Financial Advisory and Actuarial staff, holding local and international qualifications. The ethos of the company has always firmly been to put the client first, with the aim to ensure their clients are set up to live the best lifestyle going forward (based on their financial means), and can make the most of their financial position to optimally plan for their retirement. Indeed, the mission of the company is ‘Our Dream is to Help You Live Yours’. Prism Xpat services its UK clients from its head office in central London. It works closely with affiliated advisory companies throughout the UK and based abroad to provide a seamless service – so clients are properly looked after at both ends with a fully integrated cross border approach. Likewise, the process undertaken with each client is consultative. ‘Understanding’ is at the core. At each step, the adviser will ensure that the client properly understands the work being undertaken. Likewise, the adviser looks to obtain a thorough understanding of the client’s financial circumstances in order to provide the best possible advice. Having this understanding is not only comforting for all parties concerned, but helps create significant additional wealth over time in line with the client’s needs and objectives. When considering the UK pensions industry as a whole, a major challenge is the education of the client and overall simplification of the pensions regime. Many clients simply do not understand their pension entitlements, what they have and what they are entitled to. This has come about through a series of legislative changes over time around UK pensions, however such has been introduced on top of legacy pension products. The end result is a considerable amount of confusion by the client, as well as unnecessary administration and extra processes associated with the UK pension system, which makes the role of the pension adviser and pensions administrator alike extremely complex, impacting on the overall efficiency of the system. This is in stark contrast to the Australian Superannuation system as an alternative example. UK Pension Advice and Transfers – Our Dream is to Help You Live Yours Xpat Limited (trading as Prism Xpat) is a boutique financial advisory company specialising in the provision of UK and International pension advice, including final salary pension advice and transfers. We profile the firm as we discover more about their innovative ways. Prism Xpat has been awarded the Leading UK Financial Adviser of 2018 by Wealth & Finance International 1804WF13 The UK is the ideal hub for Prism Xpat, as under UK regulations, any advice on a client’s UK final salary pension scheme must be provided by a UK advisory firm. As Prism Xpat specialises in UK final salary schemes and advises on transfers, it makes sense for the business to be based in the UK. Prism Xpat keeps on top of industry developments in the UK and abroad through a series of product provider briefs, legislative changes, and government announcements. These are monitored on a continual basis. A reliance is also provided on material from external compliance consultants, as well as an attendance at conferences and learnings via webinars. Internally, the company operates a flat reporting structure, with all staff encouraged to have input into ways in which the customer experience can be improved and the company can develop as a whole. The culture operates around the values of being Open, Honest and Fair. The company sees the future of their industry as being positive. Clients have the need for proper advice around UK pensions, and with the complexity of the system as a whole (not only for UK residents but internationals with UK pensions), they see a role for the company to further develop into this market. Furthermore, they believe there is a real role for international ‘seamless’ advice. Quite often, local advisers tend to focus on the assets a client has in their jurisdiction of residence, but do not consider internationally based assets. It is important as part of considering a client’s overall financial situation, that the jurisdiction in which a client’s financial asset is based (if abroad) is properly allowed for. Prism Xpat is well set up to fill this gap not only in the UK, but to advise these clients in an increasingly internationally mobile world.