Expat wealth management - Jason O'Connell - Financial life planner

Jason O'Connell

Wealth management

Expat wealth management in Australia

Life would be so much nicer if you didn’t need to worry about money. The first step to that is having a robust plan for expat wealth management – and a robust plan is one that is both tailored to your current circumstances, protects against unpredictable events, is closely monitored to track progress, and is aligned with your life priorities. 

Working with Jason, you won’t get a typical off-the-shelf wealth management solution. He just doesn’t work that way.

Being highly qualified, and after years of working with expatriates in Australia and all over the world, Jason has explored many avenues of wealth and life financial planning. He knows exactly what needs to be considered. Let’s take a look.

 

Wealth protection – planning for the known unknowns

Without the appropriate human insurance, the best laid expat wealth management plans can lack certainty – and even be derailed.

But what is Human Capital?

Human capital is the value created from your income. In the earlier parts of life, from 20 to 50 years when we are generating income, we have significantly more human capital than ‘wealth’. Over time, we tend to turn our human capital into wealth. Wealth buys us the things that are most important to us in life, be it homes, holidays, education, prize possessions, investments, retirement savings etc. – and ultimately, wealth buys us the time to spend our lives doing what is most important to us; our life priorities.

If unexpected events occur, we’ll call these ‘known unknowns’, then our plans and life priorities can be severely impacted. The art of protecting our human capital comes in the form of putting in place the right risk insurance strategy, to allow us to maintain our lifestyle when we need to most. There are various different types of risk cover designed to financially protect you and family from the impact of dying too soon, or being unable to continue to benefit from your human capital due to disability or serious illness. This cover includes:

Debts: ensuring your loved ones are able to meet any loan repayments such as mortgages, personal or asset-backed loans.

Income replacement: protecting your human capital in the event you are no longer able to continue earning an income. How long could you continue to survive comfortably without a regular income?

Protecting against permanent disability: provides the financial means to continue to meet your life priorities.

Protecting against suffering a serious illness: provides the financial safety to allow you to make adjustments to your life and adapt to suffering from a stroke, cancer or any other conditions covered by serious illness/trauma cover.

Inflation

When you retire, you don’t get pay rises anymore. You’ll need to make sure your income will still sustain your lifestyle in years to come. Inflation in Australia is monitored by the Reserve Bank of Australia, which has a 2 to 3% target – although inflation can temporarily be either side of this range.

Savings and investment options for expat wealth management

When you’re retired and no longer working, you really need your money to work hard for you – and more importantly, you outlive your wealth rather than the other way around.

Of course, every investment comes with an element of risk, but Jason will assess your appetite and capacity for loss, even modelling what-if scenarios, for such and see where your passions lie. You’ll want to combine this risk assessment with a full analysis of your current financial circumstances and what you want to achieve.

There are almost as many investment and savings options available to expatriates as there are expatriates themselves, from funds and property, to wine and bitcoin. Each has their own strengths and weaknesses. Jason will help you select the right allocation – with your needs, priorities and a good night’s sleep in mind.

Jason will help you understand:

  • Benefits from investing in Australian assets as an expatriate? 
  • Which cross border investments and incomes streams are right for you?
  • Do you need to retain any interests in the UK or Ireland? 
  • What taxation issues will you face as an expatriate?
  • How do your investments combine with your pension?
  • What ratios should your portfolio take?

Behavioural coaching

Perhaps unsurprisingly, investing and managing your portfolio can often become highly emotional. How you react to volatility, uncertainty and unexpected market corrections, even the ones that have happening in different guises for hundreds of years, could have a significant impact – not only on your investment outcomes, but also on your wellbeing.

Some of the most successful investors and professionals in history share the same philosophy, attributed to Terry Smith of FundSmith Equity Fund, which is simple, but very powerful. It is:

Buy good companies, don’t overpay, do nothing.

But sometimes, doing nothing is one of the hardest things to do. If you work with Jason, this is exactly the kind of thing you can expect him to say. Having studied the area of behavioural finance both practically, working as a trusted adviser to his clients for many years, as well as academically, Jason is passionate about supporting his clients in this area of wealth management. By identifying the biases that might negatively impact you plans and investment outcome, Jason will be your sounding board; a voice of reason and ration during uncertain times.

Think of this as insurance against any behaviours that may result in a suboptimal outcome, or even derail your plans.

What do you need to plan for?

Jason can often be heard saying “if you don’t have a personalised plan focused on your life priorities, then you’re probably just a part of someone else’s plan and priorities”. 

Deciding on what the components of your expat wealth management plan should be is a very personal decision. Jason can help you drill down and really understand what makes you tick and what will make you happy, and even more importantly what may have the opposite effect.

Once your life priorities have been established, Jason will work back to create your plan for your money and wealth to achieve them.

Some of the bigger and more popular motivators are: 

Lifestyle

Having worked hard all your life, and moved to Australia, you’ll want to make sure you’ve got the means and the connections to enjoy it. This may mean that you need to have a larger percentage of funds in easily accessible accounts and might want to avoid tying up money in property, or volatile investments for instance.

Inheritance

Under Australian law, there is no portion of your estate which by law, family members are entitled to. Everyone is free to make a will to reflect how they wish their assets i.e. proceeds of their estate to be distributed. Many people in Australia make a will; however, wills can be challenged on the grounds that the deceased may have had a moral obligation to provide for them. There are state specific rules which need to be considered and addressed in an estate plan. As an expatriate or and Australian with assets overseas you may find that the rules around inheritance differ quite significantly from the rules of your country of origin/jurisdiction of overseas assets, and given there’s no such thing as a “worldwide will” it may be prudent, or even necessary, to have wills in more than one country to ensure your assets are distributed in accordance with your wishes. 

You’ll probably want to set up your estate in such a way that you can continue to take care of your loved ones for years to come. However, it’s important to remember that your needs may change over time. Jason works with one of Australia’s top estate planning lawyers to develop bespoke strategies to ensure the right outcome for you and your family.

Any investment information provided on this website is general advice only and does not take into account the investors’ objectives, financial situation or needs. Before acting on this general advice, investors should therefore consider the appropriateness of the advice having regard to their objectives, financial situation or needs.

Wealth management for expatriates in Australia

Life would be so much nicer if you didn’t need to worry about money. The first step to that is having a robust plan – and a robust plan is one that is both tailored to your current circumstances, closely monitored to track progress, and aligned with your life priorities. 

Working with Jason, you won’t get a typical off-the-shelf wealth management solution. He just doesn’t work that way.

Being highly qualified, and after years of working with expatriates in Australia and all over the world, Jason has explored many avenues of wealth and life financial planning. He knows exactly what needs to be considered. Let’s take a look.

Inflation

When you retire, you don’t get pay rises anymore. You’ll need to make sure your income will still sustain your lifestyle in years to come. Inflation in Australia is monitored by the Reserve Bank of Australia, which has a 2 to 3% target – although inflation can temporarily be either side of this range.

Savings and investment options for expatriates

When you’re retired and no longer working, you really need your money to work hard for you.

Of course, every investment comes with an element of risk, but Jason will take a look at your appetite and capacity for loss for such and see where your passions lie. You’ll want to combine this risk assessment with a full analysis of your current financial circumstances and what you want to achieve.

There are almost as many investment and savings options available to expatriates as there are expatriates themselves, from funds and property, to wine and bitcoin. Each has their own strengths and weaknesses. Jason will help you select the right allocation – with your needs, priorities and a good night’s sleep in mind.

Jason will help you understand:

  • Can you get any benefits from investing in Australian assets as an expatriate? 
  • Which cross border investments and incomes streams are right for you?
  • Do you need to retain any interests in the UK or Ireland? 
  • What taxation issues will you face as an expatriate?
  • How do your investments combine with your pension?
  • What ratios should your portfolio take?

What do you need to plan for?

As Jason can often be heard saying “if you don’t have a personalised plan focused on your life priorities, then you’re probably just a part of someone else’s plan and priorities”. 

Deciding on what the components of your plan should be is a very personal decision. Jason can help you drill down and really understand what makes you tick and what will make you happy, and even more importantly what may have the opposite effect.

Once your life priorities have been established, Jason will work back to create your plan for your money and wealth to achieve them.

Some of the bigger and more popular motivators are: 

Lifestyle

Having worked hard all your life, and moved to Australia, you’ll want to make sure you’ve got the means and the connections to enjoy it. This may mean that you need to have a larger percentage of funds in easily accessible accounts and might want to avoid tying up money in property, or volatile investments for instance.

Inheritance

Under Australian law, there is no portion of your estate which by law, family members are entitled to. Everyone is free to make a will to reflect how they wish their assets i.e. proceeds of their estate to be distributed. Many people in Australia make a will; however, wills can be challenged on the grounds that the deceased may have had a moral obligation to provide for them. There are state specific rules which need to be considered and addressed in an estate plan. As an expatriate or and Australian with assets overseas you may find that the rules around inheritance differ quite significantly from the rules of your country of origin/jurisdiction of overseas assets, and given there’s no such thing as a “worldwide will” it may be prudent, or even necessary, to have wills in more than one country to ensure your assets are distributed in accordance with your wishes. 

You’ll probably want to set up your estate in such a way that you can continue to take care of your loved ones for years to come. However It’s important to remember that your needs may change over time. Jason works with one of Australia’s top estate planning lawyers to develop bespoke strategies to ensure the right outcome for you and your family.

Information on this website is general advice and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.

Achieve your goals with a single point of contact

Many expats opt to work with Jason so that they have a contact who really understands their situation, their lifestyle and their future wishes, while speaking their lingo. They also know that, if at any point these things change, Jason can help to restructure their finances to accommodate.

Talk to Jason today and learn how he can assist you in achieving your financial goals.

Achieve your goals with a single point of contact

Many expatriates opt to work with Jason so that they have a single point of contact who really understands their situation, their lifestyle and their future wishes. They also know that, if at any point these things change, Jason can help to restructure their finances to accommodate.

Talk to Jason today and learn how he can assist you in achieving your financial goals.