Have you received enquiries for the Significant Investor Visa program from valued connections? Would you like the capability to deal with Chinese clients but are unsure what is required?
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Moving to Australia
For anyone considering moving to another country, either now or in the future, there are many lifestyle and financial issues to consider. For financial planners considering working with Significant Investor Visa (SIV) applicants, it’s not just about a $5,000,000 investment; it starts with obtaining the right advice from a migration specialist in selecting the appropriate business, innovation or investment visa pathway for the family’s circumstances and future needs.
Coming from a country with a very different legal and financial system, navigating Australia’s highly regulated financial environment can be daunting, particularly as under the program SIV applicants are not required to have English language skills.
In China, building trusted relationships or guanxi, is the foundation of business and life, which takes time and patience. Many prefer to rely on those they know, who may not have the necessary skills, versus an expert they don’t know.
In the early phase of the program, many applicants purchased complying products directly from fund managers. There has been a lack of awareness of the role of Financial Planners in Australia who tailor complying investment solutions from a broad range of fund managers, aligned to the applicant’s personal risk profile and objectives.
Liana Allan, from peak industry body Migration Alliance, says “not only can a migration agent provide advisors with access to SIV investors, but advisors can help increase the prospects of a successful outcome with a properly executed, well thought out investment strategy”.
SIV Consulting Service
Financial planners and advisors looking to serve the Significant Investor Visa migration community, where 90% of the applicants have come from mainland China, may need to augment their current value proposition with access to additional services tailored to the needs of these very important clients.
NAB is one of Australia’s leading providers of migrant banking services, which includes setting up banking arrangements up to 12 months prior to arrival. Working closely with the dual language banking team, NAB specialist SIV Wealth Advisor, Stacey Martin can support financial planners with an end-to-end process including introductions to a range of in-house and external experts:
- Banking – migrant banking client identification and account opening for the clients initial $5,000,000
- Migration – process for interaction with clients migration agent or lawyer to meet Department of Immigration and Border Protection (DIBP) requirements
- Investment – access to compliant products and assistance with portfolio construction within the constraints of the program
- Compliance – guidance on financial advisory documents and implementation procedures
- Language – access to interpreters and translation services
- Tax – introduction to cross jurisdictional tax experts
- Other specialists – legal, property, business and lifestyle services as required.
The fee based consulting service delivers comprehensive support and assistance to financial planners and advisors working with their migration partners and referral connections. It starts with understanding the referral partners business and their needs, positioning NAB as a support partner to the financial planners practice, and bringing together step-by-step relevant tools and strategies to ensure the advisor is in the best possible position to meet the needs of intending migrants and their families.
Working closely with the applicants migration agent and implementing the compliant portfolio to meet the DIBP requirements is just the first phase of the client engagement process. Not only is it essential to provide ongoing portfolio management, it is critical that the investments continue to remain compliant with the SIV regulations throughout the four year temporary visa period.
Going forward, clients will have a range of financial needs and other requirements as their transition to Australia progresses. With the power of gaunxi, building trusted relationships and delivering a superior client experience, referrals from these wealthy individuals friends and business connections will inevitably start to flow.
About Stacey Martin
According to a recent IFA Magazine article*, Stacey Martin is arguably Australia’s most prominent SIV specialist financial advisor. She has been working with SIV Applicants and supporting the Wealth Advisory team at NAB Private Wealth in delivering advice-led solutions since the commencement of the program in late 2012.
As Chair of NAB’s SIV steering committee, Stacey brings together knowledge and insights from across the enterprise as well as from external partners including Migration Alliance, Basis Point and other professional bodies and associations.
Founder of the Expat Advisors Community, a network for professionals with internationally connected clients, Stacey has compiled the SIV educational booklet “Smooth Road to Travel – China to Australia” which can be downloaded here.
To find out more contact Stacey Martin on 0413 127 677 or firstname.lastname@example.org
Whilst Stacey Martin has worked as a licensed financial advisor, those looking to engage Stacey to provide SIV consulting services are responsible for the advice provided to their clients and will need to ensure they meet the requirements of their own financial services licensee.