Nexus hires new UK advisors to manage boom in ex-pat insurance

Numbers of UK nationals seeking financial advice picked-up last month, after a slowdown during the past six months - a trend that is anticipated to continue as people start to feel more secure about their employment, according to Nexus.

The five have been recruited to strengthen Nexus' existing team, as it continues to build, to meet the needs of the UAE's expatriate population.

As accredited chartered financial planners, all five are highly qualified to give financial advice to the UK population, offering a service that helps clients to retain more of their UAE money.

The economic downturn has had a positive impact on the way people think about personal financial planning, revealed Iain McIntyre, one of the new recruits.

"During a recession people start looking inwards rather than at everything around them. They start looking at their financial situation and making plans to insure their future financial health,"

McIntyre said.

One of the key reasons UK expatriates need financial advice while living in the UAE is to ensure that the tax-free money they earn, while working abroad, is protected from tax when they return home, added Brian McGregor, another new team member.

"What we are here to do is to help people protect their assets. There is a tax-free advantage to living in the UAE, but when people return to the UK their tax situation can change dramatically."

Setting up off-shore investment accounts for savings, pensions and life insurance can see people holding onto 20 to 40% more of their money, which in the UK would be demanded in tax, explained team member Harry Carr.

"If a person moves out from the UK and they have a personal pension, then they can save on tax by transferring that policy to an off-shore account, say, in the Isle of Man," Carr explained.

However, no one solution fits all and the team's expertise means they are able to tailor financial solutions to meet each individual customer's needs, Carr added.

All five are qualified by the Chartered Insurance Institute as chartered financial planners with over 100 years of experience between them.