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PROFESSIONAL ADVICE: Sam Whybrow

WHATEVER PEOPLE'S reason for relocating to the UK, the move can be both exciting and overwhelming at the same time. There’s so much to consider. The language. Getting a job. Finding somewhere to live. Possibly getting children into a local school. And, of course, making sure your finances are in order.

That’s where good financial planning comes in. To help you or anyone you may know in the planning process, we asked independent financial planner, Sam Whybrow some of the most common questions those relocating to the UK may have. With all his expertise, he gives us some interesting and thought-provoking answers.

Ask an expert

Sam began by telling us what kind of independent advice is out there for people coming to the UK. There are accountants, solicitors, mortgage brokers, business coaches: people who can help you understand the ins and outs of savings, tax, investments, pensions and property purchase and sale.

So is it worth planning your life and finances when you’ve had a big life change? Sam definitely thinks so and he thinks most financial planners would agree. He believes that it’s well worth planning your life and finances in unison – and doing it early. This allows for more time for reflection on your life goals and enables you to make better, more informed life choices.

What does financial planning involve?

Sam says the first thing he does is to try and establish his client’s goals. To help do this, he asks three short-term, medium term and long-term questions.

1. If you had enough money to live the life you wanted to live, how would you live it? 2. If you only had 5 – 10 years to live, how would you live your life?
3. What if you only had 24 hours to live, what would you do or regret not having done? So he establishes what his clients want their money to do for them and works out what their assets and liabilities are. He can then develop their plan, creating a route map for their life, implementing it and regularly reviewing it.

How to get on a sound financial footing

Sam suggests what you should do when moving to the UK, including; opening a bank account, checking your employment contract, check tax code is correct and check the employees benefit. Employee benefits can come out of your pay. Money Matters and Sam went on to discuss if there was any difference financially between couples and families and single people moving to the UK.

Sam answered ‘yes and no’. No, in the respect that people have similar goals, especially when you explore their real goals through the life planning process. It tends to centre around family, having quality time, having a fulfilling job and doing things in life that make them happy.

However, when there are children and older family members to take into account, there may be a great deal more to consider financially.

The benefits of a financial planner

There is so much to adapt to financially when you move over to the UK: different currencies, unfamiliar working environment, cost of living and living away from the support of family.

With do much to consider, Sam believes it’s good to have a stable, trusted financial adviser to support you. Sam suggested that CISI may be a good and free resource to get good financial and life planning. They have financial planners throughout the UK.

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