Expat Financial Adviser in Australia: Why Australians living overseas should engage a Financial Adviser who is licensed in Australia?
Key points
Living overseas can significantly change how Australians manage their financial affairs, particularly when it comes to superannuation, investments, property, tax residency and retirement planning.
An Australian-licensed Financial Adviser can help Australians living overseas manage their Australian financial interests, while considering the broader implications of living and working across different countries.
Choosing an adviser with specialist expat experience can make a meaningful difference, particularly when advice needs to accommodate cross-border considerations, changing circumstances and the possibility of eventually returning to Australia.
Moving overseas opens up new opportunities, but it can also introduce financial complexities that are easy to overlook. From managing Australian superannuation and investments to understanding the financial implications of becoming a non-resident for tax purposes, living abroad can significantly change how you manage your wealth.
For Australians living overseas, working with an Expat Financial Adviser in Australia can help you navigate these complexities while maintaining a connection to Australia's financial system.
An Australian-licensed financial adviser can provide advice on your Australian financial affairs, helping you make informed decisions about your wealth, retirement and long-term financial goals while living abroad.
But why does Australian licensing matter, and what should you consider when choosing a financial adviser as an Australian expat?
Why engage an Expat Financial Adviser in Australia?
When you move overseas, your financial affairs do not necessarily move with you. You may continue to hold Australian superannuation, investment portfolios, property and bank accounts while earning income and building wealth in another country.
Managing these financial interests requires an understanding of the Australian financial system and how living overseas can affect your financial position.
An Expat Financial Adviser in Australia can help you understand how your Australian financial affairs fit into your broader financial circumstances, taking into account your residency status, financial goals and potential plans to return home.
Rather than making financial decisions in isolation, you can develop a strategy that considers your current circumstances and your long-term financial position.
What does it mean to work with an Australian-licensed Financial Adviser?
In Australia, financial advisers providing personal advice on relevant financial products to retail clients must be appropriately authorised under an Australian financial services (AFS) licence and meet applicable professional standards.
The Australian Securities and Investments Commission (ASIC) regulates the financial advice industry and maintains the Financial Advisers Register, which allows consumers to check an adviser's qualifications, employment history and authorised areas of advice.
Working with an appropriately licensed Australian financial adviser means your advice is provided within the Australian regulatory framework, subject to the obligations that apply to the adviser and their licensee.
These obligations include acting in the client's best interests when providing personal advice, meeting disclosure requirements and providing a Statement of Advice where required.
For Australians living overseas, this can provide a familiar regulatory framework for advice concerning their Australian financial affairs.
Managing your Australian superannuation while living overseas
Superannuation is often one of the most significant financial assets Australians retain when moving overseas.
While living abroad, you may continue to hold an existing superannuation account, receive employer contributions or consider making voluntary contributions, depending on your circumstances.
However, decisions about superannuation can become more complex when you are living overseas.
An Australian financial adviser can help you assess:
Whether your existing superannuation arrangements remain appropriate.
The investment strategy and asset allocation within your superannuation account.
The potential implications of making additional contributions while living overseas.
How your superannuation fits into your broader retirement strategy.
The considerations involved in accessing your superannuation when you reach retirement.
Your country of residence may also have its own tax treatment of Australian superannuation, which can differ from the Australian rules.
Understanding these factors can help you make more informed decisions about preserving and managing your retirement savings while living abroad.
Managing Australian investments and property as an expat
Many Australians continue to hold investments and property in Australia after relocating overseas.
These assets can form an important part of your long-term wealth strategy, but your overseas residency can affect how they are managed and taxed.
An Australian financial adviser can help you assess your investment portfolio, review your asset allocation and consider how your Australian investments fit into your broader financial goals.
For property owners, becoming a non-resident for Australian tax purposes can introduce additional considerations, including changes to the taxation of rental income and capital gains.
An adviser can help you understand the financial planning implications of holding Australian property while living overseas and assess how these assets fit into your long-term wealth creation or retirement strategy.
Understanding the financial implications of moving between countries
One of the biggest challenges for Australian expats is managing financial affairs across two countries.
Your Australian financial position may be affected by the tax laws, retirement systems and financial regulations of your country of residence.
For example, an Australian living in the United States may need to consider how Australian superannuation and investments are treated under US tax rules. An Australian living in the United Kingdom may need to consider how their Australian retirement savings interact with UK tax and pension arrangements.
These differences can influence decisions about where to hold investments, how to manage retirement savings and how to structure your finances.
An Expat Financial Adviser in Australia can focus on your Australian financial affairs while working alongside overseas tax professionals and other specialists where appropriate.
This collaborative approach can help ensure that decisions made in Australia are considered in the context of your broader international financial position.
Planning for your eventual return to Australia
Many Australians living overseas intend to return to Australia at some point, whether for retirement, family reasons or a change in lifestyle.
Planning for your return can involve a range of financial considerations, including:
Reviewing your Australian superannuation and investment arrangements.
Assessing the financial implications of becoming an Australian tax resident again.
Managing overseas investments and retirement accounts.
Reviewing your Australian property and other assets.
Establishing a retirement income strategy that reflects your future circumstances.
Preparing for your return in advance can help you identify potential financial implications and make informed decisions before relocating.
An Australian financial adviser who understands the financial circumstances of expats can help you consider these issues as part of a longer-term financial strategy.
How to choose an Expat Financial Adviser in Australia
Not all financial advisers specialise in working with Australians living overseas.
When choosing an adviser, it is important to consider their licensing, experience and understanding of the financial challenges associated with living abroad.
Here are some factors to consider:
1. Australian licensing and authorisation
Check that the adviser is appropriately authorised to provide the advice you require. You can use the ASIC Financial Advisers Register to review their qualifications and professional details.
2. Experience working with Australian expats
Look for an adviser who understands the financial considerations associated with moving overseas, living abroad and returning to Australia.
3. Understanding of the Australian financial system
Your adviser should have relevant experience with Australian superannuation, investment structures and retirement planning.
4. Understanding of cross-border financial considerations
Although your Australian adviser may not provide tax or legal advice in your country of residence, they should understand how international circumstances can affect your Australian financial affairs and recognise when specialist advice is required.
5. A service model that accommodates overseas clients
Consider whether the adviser can work with you remotely, accommodate different time zones and provide ongoing support while you are living abroad.
Financial advice for Australians living overseas
Living overseas does not mean you need to lose sight of your Australian financial future.
From managing superannuation and investments to preparing for retirement or returning to Australia, maintaining a clear strategy for your Australian financial affairs can help you make informed decisions throughout your expat journey.
Working with an Expat Financial Adviser in Australia who understands the financial complexities of living overseas can help you maintain a connection to Australia's financial system while considering your broader financial goals.
Why choose Runway Wealth Management as your Expat Financial Adviser in Australia?
At Runway Wealth Management, we specialise exclusively in providing financial advice to Australians living overseas, preparing to move abroad or returning to Australia. Our entire advice model is built around the unique financial circumstances of the Australian expat community.
Unlike generalist financial advisers, our focus is on helping Australians navigate their Australian financial affairs while living abroad. From superannuation and wealth management to retirement planning and preparing for your return to Australia, we provide advice that considers the financial implications of your expat journey.
(1) Australian-Centric Financial Advice
Our advice is centred on the Australian financial system, helping you manage your Australian superannuation, investments, property and retirement planning while living overseas.
We understand that your financial circumstances can change significantly when you move between countries. Our role is to help you make informed decisions about your Australian financial affairs, taking into account your overseas circumstances and long-term financial goals.
Where necessary, we can work alongside qualified tax professionals and other specialists to help address the broader implications of your international financial position.
(2) A Fully Remote Advice Model Designed for Expats
Living overseas should not prevent you from accessing personalised financial advice in Australia.
Runway Wealth Management operates a fully remote advice model, allowing us to work with Australians across the world through online meetings, digital documentation and secure client portals.
Whether you are living in Singapore, the United Kingdom, the United States or elsewhere, our service model is designed to accommodate different time zones and the practicalities of managing your finances from overseas.
(3) Personalised Advice and a Direct Adviser Relationship
As a specialist boutique firm, we intentionally maintain a small team to provide a personalised service and a direct relationship with your Financial Adviser.
You work directly with Mitchell Kelsey, Founder and Financial Adviser, who takes the time to understand your circumstances, financial goals and long-term plans.
We recognise that no two expat journeys are the same. Our advice is tailored to your individual circumstances rather than relying on a standardised approach.
Supporting you throughout your Expat Journey
Your financial needs can evolve as you move overseas, establish yourself in another country and eventually consider returning to Australia.
We aim to provide ongoing support throughout these stages, helping you review your Australian financial affairs as your circumstances and objectives change.
Whether you are preparing to leave Australia, have been living overseas for several years or are planning your return, Runway Wealth Management can help you develop a financial strategy aligned with your Australian financial interests.
Runway Wealth Management is the trusted Financial Adviser to the Australian Expat community. Our tailored advice is backed by expertise, education and experience, which allows us to be at the forefront of Australian Expat Financial Planning.
If you would like to speak to one of our Expat Financial Advisers about this blog or if you have other queries, we would be more than happy to speak with you. Feel free to send us an enquiry through the ‘Contact Us’ tab provided in the link below:
General Advice Disclaimer: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.
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