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Old 17th January 2020, 03:58 PM
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Hello

I am looking for the services of an IFA in France who is qualified and certified to advise on the transfer of a UK pension. Does anyone have experience - good or bad - of Spectrum IFA?

Thanks

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Old 17th January 2020, 04:35 PM
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I'm not sure that the term IFA is all that well known here in France. Is what you are looking for a financial adviser, or an organization to invest funds for you?

From what I can tell from their website, the company seems very specifically oriented toward UK expats, so I'm afraid I have no real competence in this area. But perhaps some of our British members will have heard of this or some other IFA company.

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Old 17th January 2020, 04:46 PM
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I'm looking for a financial advisor based in France in the region of Poitou-Charantes who can determine how best to transfer a UK pension to France and then, subsequently, to invest those funds in France. I am aware of Spectrum IFA but know nothing about them, hence the reason for my post.

Thanks

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Old 17th January 2020, 04:47 PM
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Quote:
Originally Posted by Bevdeforges View Post
...From what I can tell from their website, the company seems very specifically oriented toward UK expats, ....
I have no specific knowledge on the topic. But, in general, there are regular warnings on this forum about dealing with business in France that cater specifically to British expats. They may see their clients as marks rather than customers. Tread carefully.

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Old 17th January 2020, 06:02 PM
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Before engaging any IFA do a lot of research!

In general they are out to line their own pockets and your financial security is not of any great importance! Yes my fingers were burnt, severely but having worked for, a now retired genuine IFA, the best advice I can give is to do your own due diligence.


I do not know this company but a quick look asking for reviews came up with the following link. Be very careful to check that anyone you engage has the appropriate “passport” to offer advice outside of the U.K. Many say they do but do not. Also be aware that Brexit may change things.

https://pension-life.com/spectrum-if...nd-registered/

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Old 18th January 2020, 10:19 AM
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The governance of IFAs in the UK has recently changed Whereas before the individual themselves had to be registered and approved now it is down to a senior manager at the firm to be responsible for the individuals under them This basically means that the actual person you speak to may or may not be qualified in any way at all and all the senior managers will be interested in is the bottom line ie how much did you manage to rip that sap off for(One of the several reasons that the money men are backing a No Deal Brexit) Personally I would be looking for a company that is registered and supervised in the EU not just for peace of mind but also if something does go wrong at least you are in the right place to get redress After Brexit the ability to sort this type of thing out will be difficult
I have used this company in the past www.devere-france.fr The recent reviews on Trust pilot seem poisitive

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Old 18th January 2020, 10:58 AM
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Quote:
Originally Posted by Crabtree View Post
The governance of IFAs in the UK has recently changed Whereas before the individual themselves had to be registered and approved now it is down to a senior manager at the firm to be responsible for the individuals under them This basically means that the actual person you speak to may or may not be qualified in any way at all and all the senior managers will be interested in is the bottom line ie how much did you manage to rip that sap off for(One of the several reasons that the money men are backing a No Deal Brexit) Personally I would be looking for a company that is registered and supervised in the EU not just for peace of mind but also if something does go wrong at least you are in the right place to get redress After Brexit the ability to sort this type of thing out will be difficult
I have used this company in the past www.devere-france.fr The recent reviews on Trust pilot seem poisitive
Not all of them, it depends where you look. https://nz.trustpilot.com/review/www.devere-group.com
as an example.

I note that on the Spain Forum quite a number of members rely on Blevins Franks. I have no experience of them myself and would not use an ifa or any other financial adviser after seeing what has come out of the Royal Commission in Australia. But, of course, it's for everyone to make their own decisions.

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Old 18th January 2020, 11:30 AM
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My comment related solely to France nowhere else!

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Old 18th January 2020, 05:32 PM
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Quote:
Originally Posted by Crabtree View Post
My comment related solely to France nowhere else!
Whatever, but they are all part of the international organisation. Even on the Australian site there is a recent negative comment from someone who used them to transfer their UK pension to France. The UK arm is only surviving because the parent company injected a huge amount of additional funds following the FCA investigation. Etc. etc.

You would have to wonder why there are so many positive Trustpilot reviews for Deveres France, esp given the negative review on the Australian site related to QROPS - it is as if they had made a major effort to seek positive reviews.

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Old 18th January 2020, 09:06 PM
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I'm going to make a suggestion here based on my experience of moving to France. I've found that there are darned few "experts" that can handle multi-national finances in any sort of reliable manner.

Perhaps the OP should consider breaking his transfer of pension into two discrete transactions. Surely someone in the UK is able to advise on how to transfer a pension "overseas" - whether we're talking taking a lump sum amount or monthly pension payments. Then, once the fund is here (in a bank somewhere) consult a local adviser (in France more likely someone from the bank) about where and how to invest it.

It all depends, of course, on the amounts we're talking about. A few million pounds or euros should entitle one to one of the "wealth management services" with an international bank, whereas a more moderate sum can probably be managed between a UK bank and/or exchange or transfer service and then a French bank and maybe an insurance company (for one or more assurance vie contracts).

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