23rd August 2011
Unique legal services for FEIFA members
FEIFA (the Federation of European IFAs) has announced a new partnership that will provide unique legal services for its members.
The Federation has taken the initiative in offering those members access to the global services of the Judicare Group, which specialises in advising and assisting individuals with regards to financial reclamations on property located in various countries across the world.
The overseas property investment market in recent years has been the subject of enormous activity across all sectors of the UK population and beyond, not least with expatriates of course, as projected returns from off-plan investments forecasted potential double-digit growth.
As Judicare’s CEO Neil Heaney explains, “This brought to the marketplace not only the seasoned investor looking for an alternative and interesting vehicle for wealth creation but also the speculative first time buyer drawn towards the exciting and glamorous prospect of owning their dream home in the sun. Glossy brochures and the aspirational motives of investors drove demand for many foreign property destinations and consequently lifted projections to unrealistic numbers as the appetite spread”.
As part of portfolio planning some IFA’s were advocating a proportion of their client’s wealth be diverted towards this asset class to try and spread investment risk”, FEIFA CEO Paul Stanfield believes. “In addition, many advisers based or operating in mainland Europe have expat clients who were purchasing property as their main home. A great number of these purchasers have experienced major problems, whether they bought for investment or as a primary residence”.
As a direct result of the global downturn, combined with a slowing in the property boom, many of these investments have been derailed for various reasons in recent years - leaving the investor or prospective homeowner (and at times the IFA) wondering what to do and who to turn to for advice on their situations.
Judicare Group comprises a UK-based legal services Company and also a full service Spanish Law firm that offers specialist advice and recovery action for investors with overseas property disputes all around the world. “We now have local expertise on the ground internationally, providing investors with the help they need to recover what in some cases are their entire life’s savings”, Heaney confirmed. “We recognise the moves made by FEIFA in addressing the potential concerns of their members in this area and are delighted to have taken this important step into the IFA community with such a respected and market-leading organization.
Its ethical approach to the financial services industry and the welfare of its members certainly echoes where Judicare places itself and this partnership further demonstrates our abilities to provide solutions to this problematic sector of investment”.
Judicare is already partnered with the Professional Footballers’ Association in the UK and thus prizes the quality of its alliances very highly.
“I am very pleased that we have been able to agree an exclusive arrangement with Judicare” Stanfield confirmed. This provides an additional service for our members, enabling them to assist any of their clients who have experienced property issues and also potentially attracts new clients with similar problems. Judicare’s expertise and experience in such matters, and its wide-ranging business associations across many countries, creates a valuable further benefit for FEIFA members.”
FEIFA is a non-profit trade association for English-speaking IFAs who are based or operating on the Continent. It is seeing increasing interest from UK advisers who have expat clients, specifically for the guidance it can provide in order to advise clients most beneficially, not least in terms of tax and compliant product knowledge. This service may also be of significant benefit to UK-based IFAs.
FEIFA represents more than 300 advisers operating in 25 European countries and further afield, advising on estimated cumulative assets in excess of €2 billion.
For further information on the services provided by FEIFA Paul Stanfield can be contacted at;-
Contact Details - FEIFA
The Federation of European Independent Financial Advisers