Isle of Man-based insurance giant, Friends Provident International (FPI), has launched a new financial planning proposition tailored to British and Australian expats to complement its non-Indian resident (NRIs) initiative.
Following months of research into the attitudes, behaviours, hopes and fears of expatriates, the insurer has enhanced its existing materials to help financial advisers improve their guidance to clients, with focus on expats living in Singapore, Dubai and Hong Kong.
The strategy is also aimed at local nationals with connections to Britain and Australia, including those whose children plan to go to university in the UK or Australia, or those planning to retire in one of these countries.
FPI said this study of customer segments will help independent financial advisers have “more meaningful” conversations with their clients, which in return will help them achieve their financial goals.
“Global mobility is a hot topic on today’s agenda, especially with studies predicting a 50% growth in mobile employees by 2020,” said John Van Der Wielen, chairman of FPI. “The financial needs and wants of expatriates are consistently shifting and it makes good business sense to have a tailored proposition that will meet this demand.
“By ensuring the independent financial advisers we work with are well informed to provide the best advice that meets the individual needs of our Indian, British and Australian expatriate customers, we can help make expats’ financial lives easier.”
The strategy is comprised of a number of support materials, which focus on the technical details of crucial financial considerations, such as retirement planning, funding children’s education, and the tax implications of returning home.
A roadshow is currently underway where financial advisers in Singapore, Dubai and Hong Kong will be given a snapshot of the proposition.
“Cater to their needs”
Commenting on the increase in UK and Australian expats in Singapore, FPI general manager for Southeast Asia Chris Gill, said: “This popularity has led to Singapore becoming one of the most expensive cities for expatriates to live in.
“There are increasing calls from our customers looking for relevant and sophisticated financial planning solutions that cater to their needs.”
The FPI study cited an increasing trend in the number of Singaporeans moving to countries such as the UK and Australia, with 212,200 Singaporeans living abroad at the moment.
It also found that only 39% of those people currently living overseas want to retire in their home country.