Change QROPS Adviser – New Adviser for QROPS – Transfer QROPS Adviser
Russell Hammond
Chartered Financial Planner & Chartered Investment Adviser · FPFS FCSI
In this article
We're financial advisers, not financial salespeople. Our fee is based on your portfolio value—meaning our success is directly correlated to yours. We never take hidden commissions.
Key takeaways
- Take back control: If you hold a QROPS and are unhappy with its performance or lack of ongoing advice, you have the right to transfer to a new, independent adviser.
- Escape commission-heavy funds: Many legacy QROPS setups use expensive commission-paying funds. Switching to a fee-based adviser can reduce your ongoing charges by 50-75%.
- Evidence-based investing: A Chartered Financial Planner can help restructure your QROPS into a lower-cost, globally diversified portfolio tailored to your true risk profile.
- Comprehensive retirement strategy: Professional ongoing management ensures your QROPS actually complements your wider retirement income strategy, rather than operating in isolation.
Want to improve the performance of your QROPS? Got a QROPS but no longer in contact with your original adviser?
If you want to change QROPS adviser or have a QROPS and you’re not happy with the performance of your QROPS, speak to us.
Looking to reduce QROPS charges? As UK Qualified, UK and EU Qualified, Chartered, fee based (non-commission) advisers – we can help.
AES International – 10,647 clients, 67 different licenses, 31 Awards
To start off with, let’s start by defining what a QROPS is. A Qualifying Recognised Overseas Pension Scheme, or QROPS, is an overseas pension scheme that meets particular legal requirements as set by Her Majesty’s Revenue and Customs (HMRC). Simply put, a QROPS must have a beneficial owner and trustees, and it can receive transfers of UK Pension Benefits. The QROPS programme was part of UK legislation launched on 6 April 2006 as a direct result of EU human rights requirements with regards to freedom of capital movement.
So, why is that so many QROPS holders are now looking to change QROPS adviser or desiring to understand what they can do to improve their QROPS or cut QROPS charges? In an nutshell it is because so many transfer were arranged there are simply a lot of people out there holding QROPS arrangements. They were attracted to (and people continue to be) the effective financial planning, investment and retirement tool that QROPS can be for the individual with the right circumstances.
Typical International QROPS arrangement:
- Commission based structures (still) used – with high exit penalties / cancellation periods
- High-risk investment solutions often used with little attention paid to the client’s individual risk profile
- Often lacking in terms of coherent, long-term, investment strategy e.g; how will things change when income from QROPS is required in the future?
- Expensive underlying funds used – principally because they pay a commission
- Once the initial sale has been completed, clients will often find contact with their original adviser ‘drops out’ from around year two on
So, what’s the solution if you’re holding a QROPS and you’re either not receiving ongoing advice, performance isn’t as expected or you’re concerned that the investment solution provided to you is not best suited to your risk profile and or individual financial objectives?
Speak to us!
As Chartered Financial Planners and Chartered Investment Advisers, we can help turn your QROPS around and put together a coherent, intelligible investment plan that has your individual requirements and objectives at the centre of the investment strategy. We are very experienced at helping people like you who wish to change their QROPS adviser, improve QROPS performance or reduce QROPS charges.
We will:
- Work to reduce your ongoing costs
- Consult closely with you to understand your individual risk profile and personal financial objectives. We’ll review the portfolio that your previous adviser put you into and work to include the very best, lowest costed, risk-adjusted return portfolio that we feel will be best suited for your circumstances. All of our investment advice is backed up by hard evidence. You’ll be able to see exactly what you’re investing into and what you can expect in terms of investment returns and exposure to risk
- Provide ongoing advice via regular reviews of your QROPS investment portfolio. We use online e-meetings to provide you with informative and purpose driven portfolio reviews, with a written report provided before each scheduled review meeting
- We’ll help you to formulate a retirement income strategy. We’ll make sure that you QROPS compliments and supports your wider financial objectives
- We’re Financial Advisers, not financial sales people. In fact, the person writing this, is a Chartered Financial Planner and Chartered Investment Adviser with many years of helping clients, like you, to achieve their long-term financial planning goals
- We charge a fee, for providing you with ongoing advice, however, our fee is not fixed for a minimum investment period. There are no ‘lock-ins’ or exit penalties. You pay our fee for as long as you’re happy with what we’re doing for you. As our fee is based on your portfolio value, the more money you make, the more remuneration we receive in fees. Therefore, our success is directly correlated to yours. We never take commissions from any funds or investment providers. We are 100% transparent about how we get paid.
- Our QROPS charges will work out, on average, 50%-75% less expensive than the typical international QROPS adviser
- We’ve won multiple awards for our service and our clients have great things to say about their experience of working with us
QROPS arrangements can represent a wonderful financial planning tool for the expatriate. We’re abundantly experienced at turning existing QROPS around – fast.
Contact us today for a fee-free, initial review of your QROPS. If you drop us a line during European business hours, we’ll ordinarily be able to come back to you within 30 minutes.
We’re not anonymous! The Chartered Financial Planner who wrote this piece is featured in the video presentation below:
Russell Hammond FPFS MSCI
Chartered Financial Planner (Fellow) & Chartered Investment Adviser
Ready to take control of your QROPS?
If you suspect your QROPS is hindered by expensive commission-paying funds or a lack of ongoing advice, schedule a complimentary review to explore fee-based, transparent alternatives.
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Frequently Asked Questions
Can I change the financial adviser who manages my QROPS?
Yes, you have every right to change your appointed adviser if you are dissatisfied with their service, their communication, or the performance of your pension.
Why are the charges on my QROPS so high?
Many legacy international QROPS were established using commission-based structures, meaning you are often paying high underlying fund fees that silently compensate the original adviser. Switching to a fee-based adviser eliminates these conflicts of interest.
Will changing my QROPS adviser trigger exit penalties?
While some legacy QROPS products have lock-in periods or cancellation charges, we can review your specific scheme to determine exactly what penalties apply and formulate a mathematical plan that minimizes costs while improving your long-term returns.
What makes your approach to QROPS management different?
We are Chartered Financial Planners offering fee-based, evidence-driven investment strategies. We don't take commissions, we don't lock you in, and our ongoing charges are consistently significantly lower than typical international QROPS salespeople.
CharteredRussell Hammond FPFS FCSI
Chartered Financial Planner & Chartered Investment Adviser
With over 20 years advising on offshore investment structures and long-term wealth planning, Russell works with individuals and families who want their wealth to work harder and pass further. He holds the Chartered Financial Planner designation from the Chartered Insurance Institute.
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