I’ve just come out of a regular review with one of my clients, and top of the agenda was an analysis of his current charges. He will be the third person in as many weeks where I have been able to recommend a switch to a different provider and save him significant amounts of money in annual charges and fees. Rather uniquely in this case, however, this gentleman was one of my existing clients. So, fear not, this isn’t another article about ‘hidden fees’ and ‘high commissions’!

This client had come to me many years ago for pension advice. At the time, the international pension sector was relatively new and therefore very limited. This made investing/transferring your pension quite an expensive option, so any transfer advice had to be very carefully considered.

For this client, his needs and requirements far outweighed the costs involved and so he went ahead and transferred his pension. The client’s pension has growth steadily over the years and he’s been happy with that original choice, but where there are savings to be had, I will make sure that my clients get them!

The international pension and investment marketplace had evolved and become far more competitive over the last few years. This has really helped drive down the costs and make it much more accessible for overseas residents. Product providers are recognising that cost is one of the major factors that Financial Advisers consider when recommending a product. I’d say we have finally reached a point where the quality and cost of the products that are available to Spanish residents are now aligned with those offered in the UK.

For this particular client I was able to save him around 1.3% in annual fees by moving him to a different provider with a much lower charging structure. For some clients,, savings can be as high as 2-3% per year; a significant amount which could really help accelerate your pension and investment growth.

Providing financial advice isn’t always about making people money, it can be about saving people money too.

If you have a pension or investment that was set up in Spain and you are worried that you may be paying too much, contact Chorus Financial today for a free, no obligation review on 693 107 044 or email t.storer@chorusfinancial.com.