Perceptive, which is led by Phil Billingham, wants to leverage its international expertise using the “World Citizen” brand, including a dedicated website, to market this new approach to his business.
World Citizen partners with existing ‘home’ advisers for these complex clients and handles the multi-jurisdictional aspects of the work in the way that an adviser might outsource to lawyers or accountants for certain client needs.
“It started by accident,” explained Billingham. “Most of our enquiries had some aspect of this collaborative international work.
“I have lived and breathed this kind of work, and have lived as an expat, so I understand this community – its needs, the processes, networks – and we have done the due diligence.
“World Citizen is the packaging for this work.
“In fact, in 2011, 13 per cent (7.5 million) of the resident population of England and Wales were born outside the UK,” Billingham explained.
“On the other side of the coin, over 5 million UK passport holders are now said to reside abroad.
“Taken together, we are not only looking at upwards of 12 million people who have moved to a country other than their birth, but an increasing number of their descendants, family and heirs who are also affected by these changes.
“In short, more and more clients – especially the wealthier ones who are more likely to need a financial planner – have assets, income or liabilities in more than one jurisdiction.”
Festival of Finance
Billingham is also working with Paul Stanfield at Feifa (Federation of European Independent Financial Advisers) and the Personal Finance Society (PFS) to curate an international thread at its conference this year.
Stanfield added: “This increasingly common scenario adds complexity and risk to these individuals’ affairs. That may be due to complicated tax rules, varying legislative frameworks or simply the vagaries of currency exchange.
“The fact is that it is very difficult for advisers and other professionals to deal with all of the challenges of this cross-border activity on their own.
“Therefore this PFS event will build on the work that we have been doing at FEIFA for some time now, assisting professionals to work together in order to create the best possible outcomes for clients.”
The PFS ‘Festival of Finance’ is being held on 7 and 8 November at the NEC, Birmingham.
