Why is choosing a QROPS adviser so important? Because the person who advises you about the financial planning for your retirement has an important effect on how comfortable it will be.
If you choose the wrong person, you could end up with less than you were expecting in your elder years. If you have the misfortune to have an incompetent adviser, you may even be mis-sold a product.
The importance of experts
If you have dipped your toe into the world of overseas pensions, you may appreciate how complex that world is. Not only do you need to contend with the UK rules and regulations on QROPS and QNUPS, but you also need to deal with whatever the jurisdiction in which you choose to invest may have to throw at you.
Accordingly, whilst a generalist financial adviser may have offered your family first class advice on your finances so far, getting a pension specialist to run their eye over your overseas plans is a good idea.
If you are going to be sent abroad on a work posting, using a firm of QROPS advisers with international reach is particularly important. After all, if you intend to be moving around from country to country, continuity in the advice that you receive is essential for a joined up understanding about your finances.
The bigger the better
As a private individual, being a customer of a large financial institution can sometimes feel a bit “David and Goliath.” Being just one voice, it may seem as though you have little bargaining power when it comes to fees and charges. However, if you use a large firm of QROPS advisers who are accustomed to dealing with investment houses day in day out, they may be able to secure a better deal on fees than one person alone.