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Expat financial advisor in Turkey

Expat financial advisor in Turkey – that will be the topic of today’s article.

I will compare some of the options available locally, alongside more portable, online and international options like what we offer.

For any questions, or if you are looking to invest as an expat, you can contact me using  this form, or via the WhatsApp function below.

It makes sense to have a portable option as an expat, as opposed to a localised one, and that is something we specialise in. 


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Expat financial advisor in Turkey 3

Life in Turkey, like everywhere else, is made up of little things. Days pass against the background of buying food, medicines, paying utility bills, studying and working. Turkey is one of the countries that many foreigners are interested in, and the number of immigrants is increasing every year. After all, the most important points, such as medicine, education, food, real estate, are all at the highest level. Plus all this you don’t need a visa to travel to Turkey in 2021.

Living in Turkey in 2021 is cheaper compared to other well-known Mediterranean destinations. In Turkey, the living wage is at an average level, if we draw a parallel with other European states. On average, $ 1,000 a month can make a great living in Turkey for two.

In the 21st century, many positive changes have taken place in Turkey, the quality of life has generally improved. As a result, the Better Life Index survey, available in early 2019 and compiled from statistics over the years by the Organization for Economic Co-operation and Development (OECD), highlighted significant progress. At the same time, there is still a long way to go to stand on a par with not only the leaders, but also with the middle peasants of the OECD.

“Compared to most other countries, the level of Turkey in many parameters of the rating is low,” the organization’s report states. The fact is that only by the indicator “Civil rights”, which reflects the involvement of the population in democratic processes, Turkey is among the leaders of the OECD – in 6th place with 6.7 points. For comparison: Australia is ahead of all with 8.6.

Closer to the middle, but already in the third ten, Turkey in terms of “Health”. She scored 6.9 points, and New Zealand is ahead of all – 9.6. The OECD notes that from 1960 to 2008, life expectancy in Turkey increased by 25 years, but still the OECD average is 80 years, Turkey – 78 years. It is almost the same with the Self-Assessment of Health Status, which is one of the sub-items of the Health indicator.

More than 66% of Turkish respondents said they believed they were in good health, compared with 69% on average in the OECD. Analysts understand that such questions are subjective, but still believe that they help predict the health needs of the population. We add that in the 21st century, universal health insurance finally began to operate in Turkey, and patient satisfaction doubled at once.

For some time, our compatriots visited Turkey less often due to the civil war in Syria, since these countries are neighbors, as well as more frequent terrorist attacks around the world. The situation worsened in 2016 after the attempted coup d’état by the Turkish military. 

However, the coup was quickly suppressed, and the neighborhood with Syria poses some danger only on the border. Therefore, gradually Russians began to go on vacation to Turkey again and even choose it as their new home, because the internal level of security in the country is stable and quite high.

Economic development

Turkey is undoubtedly one of the Newest industrialized states. Today it is one of a small list of countries, you can count on one hand, where more than 50 million people live, and the GDP for each exceeds $ 10 thousand. Of course, this is not an indicator of absolute well-being, but an indicator that a lot has been done. And the rapid movement continues – in 2017, GDP growth in Turkey amounted to 7.4%.

Other general information

The total population of Turkey is 80 million people, 1.1% of the world’s population, while the share of the country’s economy in the world is 1.7%. The well-being of the Turkish population is growing. So, in the early 2000s, when it was 65 million people, two-thirds belonged to the low-income group. Now the poor are much smaller: in 2017 there were a quarter of them, and more than 60 million citizens and residents of Turkey belonged to the middle and high-income groups.

The situation would be even better if it were not for the high unemployment rate – in recent years it has exceeded 10%. It may seem paradoxical, but the stronger the Turkish economy becomes, the greater the proportion of unemployed, although it happens in different ways. So, in 2009, when there was a decrease in GDP by 4.7%, unemployment was a record 13.1%. These are the consequences of the World Economic Crisis, which Turkey seemed to have gone through quickly. But in 2018, the local financial happened: the Turkish lira (TL) depreciated, inflation exceeded 25%, which is the highest level in 15 years.

Therefore, it can be stated that with all the abundance of advantages, the Turkish economy is still notable for its instability. Turkey has long been characterized by low savings. Thus, net exports, or current account balance, are becoming increasingly scarce: $ 33.1 billion in 2016 and already $ 47.3 billion in 2017. Plus, the crisis is caused by high foreign currency debt. In these conditions, the state needs to find about $ 200 billion, but its international reserves are only $ 85 billion.

Because of the unstable economy, and currency, sometimes people can appear in a situation which they cannot control, and they will feel the need of a professional who can help them with understanding how to use the funds, and give valuable strategies. 

Sometimes, especially if you are an expat in a foreign country, you should contact a financial advisor and constantly be in touch with him, to be sure you can reach your financial goals in everywhere you go. 

In this article we will talk about the need of financial advisors and try to focus on one of the best options out there and prove that it is more comfortable. After we will compare the local and online financial advisors and what they can offer you.

What does a financial advisor do?

Usually financial advisors help you in every aspects of your finances. They have licenses and an extra layer of finance understanding to help you get the most out of your money. Financial advisors act in your best interest, like all financial professionals, to understand your needs, goals and risk tolerance.

Instead of going it alone, think about the benefits of working with a financial advisor. Here are a few reasons why it makes sense to find a financial advisor:

Finances don’t have to be stressful

According to research, the majority of financially and emotionally confident people use the services of a financial advisor2. When this is added to research showing that 79 percent of working Americans experience significant stress in their lives, and finance is a significant part of their anxiety, it becomes clear that there is a problem. a large gap between people’s beliefs and their actions. When working with a financial advisor, one of your primary goals should be to relieve the stress of your personal finances and help release the emotions of investing.

Controlling your finances alone may not be the best option.

Most people rely on their jobs for financial support, including not only their salary, but benefits such as health insurance, disability insurance, life insurance, and 401 (k) insurance. But relying on your own work alone may not be the best strategy for increasing your money. Studies have shown that people who work with a financial advisor to invest and increase their money, on average, get an increase in results of 5%.

The advisor will ask about your finances, personal circumstances, your goals, and how you feel about taking risks with your money. This will help them recommend the most effective strategies that are right for you.

The more information you prepare when you meet with a consultant, the more benefit you will get. This includes details of how much you have in the bank and other income.

When to contact a financial advisor?

Talk to a financial advisor if you want to:

  • invest your bank to get regulated income – a consultant can do it for you
  • mix pension options
  • pay more money to your pension
  • get advice on how to distribute money in the event of your death by will – they can advise on the most tax efficient way to do this

How a financial advisor can help you?

Our finances affect almost every aspect of our lives. Thus, working with a financial advisor can positively impact your own financial well-being, but also your loved ones, future generations, and even your community. 

A financial advisor can bring you closer to the future you see for yourself in a variety of ways, from creating tailor-made savings strategies for all of your short and long term goals, to choosing the right investment products for you, working on property issues, and setting up insurance coverage for you and yours. loved ones.

But the most important benefits don’t necessarily lie in the details of the strategy and investment. We believe the real difference is finding a consistent and reliable partner who understands what matters most to you and why.

Your financial goals and investment strategies should be as unique as you and your goals are. By listening to your unique story, your financial advisor can help you develop sound goals and sound basic strategies that will help you move towards your vision for the future.

We are committed to your life path, so you can be sure you have someone to help you adjust as your life progresses. Whether you want to save for retirement, make sure your kids or grandchildren graduate from college debt free, travel the world, or amass wealth for the latest generations, we can partner with you to realize the opportunity.

Local financial advisors

There are many misconceptions about the role of a financial advisor and the differences between financial market professionals. The reality is that having an expert to help you navigate the financial market and making catering investment choices based on your individual needs can be extremely beneficial in the long run. Especially local fiduciary consultants who are legally and ethically bound to always put you first.

Many people prefer a local financial advisor because of the convenience, interaction, and more. Here are the main reasons and benefits of choosing a local consultant:

Tete-a-tete communication

Yes, some people trust only in-person communication, especially if it’s about their money. If you are uncomfortable doing business online, a local financial advisor may be the right fit for you. 

Many people prefer personal, human contact – especially the older generation as they grew up with bricks and mortar rather than doing business online, which is why a local financial advisor is the preferred type of advisor.

In addition to managing your investment portfolio, the benefits of a traditional local financial advisor include the ability to discuss your questions and concerns as often as you want, anywhere. 

Face-to-face meetings can help you clarify your costs and goals by making an appointment for an assessment and scheduling regular checks. All consultants are individual, which is why it is so important to look closely and ask questions to find someone who suits your individual needs.

Local experience

Turkey is a foreign country and for many expats the laws can be different, investment options, savings accounts and more may require different skills.

A local financial advisor is the key solution. Usually they are educated and focused on the laws and regulations they country follows. So they are a great resource if you are looking to invest locally to drive growth in your area, city or state.

Keep in mind that local investment can bring you two rates of return – one directly for your portfolio and the other through your community. There is growing evidence that, compared to their non-local partners, local businesses have two to four times the local economic development impact for every dollar spent on them. 

So, if you have an investment portfolio that includes local businesses, your dollars will continue to circulate and enhance the well-being of your entire community by creating new jobs, increasing income, and ultimately supporting funding for schools, parks, police. and fire services; and safe and prosperous neighborhoods. 

An expert, local financial advisor can help you do your due diligence to make sure your local investment makes sense.

Online financial advisors

Online financial advisors have been steadily gaining popularity over the years and for a variety of reasons.

One of the first reasons people started working with virtual financial advisors was to buy time in the olden days, since they did not have to get in their car or sit in traffic to meet with their financial advisor when a phone call or Zoom meetings work just as well.

For people who travel frequently or plan to relocate to another part of the country (or live abroad), working with an online financial advisor will also ensure that your relationship is not broken off wherever you are.

Perhaps the most significant advancement accelerating the trend towards virtual financial consulting is the ability of financial advisors to specialize in serving a niche that would be impractical if limited to working with clients in their hometown.

So you have the opportunity to hire a financial advisor who truly understands your individual needs, based on their education, experience and commitment to helping people like you.

Location – the first benefit

Investors looking to hire a consultant in cities with a high cost of living often struggle to find a consultant who is affordable or accepts them as a client if they do not meet the requirements based on their minimum assets. 

Having a virtual relationship allows investors in, say, San Francisco or New York, to hire a consultant in Delaware or Mississippi who is likely to be more affordable and have a lower declared minimum asset, even if they have the same experience and level. service offers.

Everything must be in your time

Those professionals who work hard get a good salary, but they often cannot find a consultant who is available when they are – after hours. An online advisor is usually not limited to “office” hours and can contact you whenever you need it!

In times of high financial stress, a simple review of the annual plan is often not enough. As an investor, you will most likely prefer to have your financial planners or advisors available throughout the year. 

The client / consultant relationship is not a set-and-forget relationship, but rather a continuous dialogue. This includes ongoing text or email conversations, which are much more convenient than scheduled face-to-face meetings once a year.

Increase your chances of finding the right advisor

Often, due to location constraints, people choose financial advisors that are not ideal for them. Rather than focusing on finding a reliable advisor who cares about your interests and has experience for your specific needs, physical limitations may prompt you to hire a low-quality advisor who happens to live nearby. The ability to find a consultant who works virtually expands your pool of potential candidates so that you can find the most suitable one for you!

Financial advisors have different backgrounds and the value they add can vary greatly. Even if a consultant is paid, this does not mean that he has the same level of knowledge, offers the same services, or serves the same types of clients. Zoe helps you find the top 5% of independent paid consultants in the country, so you can find a highly qualified consultant no matter where you are.

Once you can trust that your potential online financial advisor has the right experience, you will need to assess whether his or her experience matches what you and your investment need. The value that consumers expect from a consultant has changed dramatically over the past few decades. 

Previously, the value of advisors was in their ability to try to beat the market by choosing stocks, bonds or mutual funds on your behalf. Technology and product innovation have commodified many of these tasks through more passive and cost effective investment vehicles such as index funds or ETFs. An online financial advisor practice can provide an interactive service that has already been redesigned to work with their clients virtually.

How should you interview your online advisor?

It’s simple. After selecting the consultants you want to interview, you can schedule time with them on their calendars. Virtual financial advisors know how to meet potential clients using secure video conferencing tools, so your first interview will run smoothly and hassle-free. 

A hands-on interview with a financial advisor serves the same purpose as a face-to-face meeting: to find out if a financial advisor is right for you. The big difference is that with a virtual consultant, you can interview them from the comfort of your living room couch.

Anyways, different types of advisors work in different situations. It is important to assess which type of advisor is best for your individual needs. Plus, since investing is a long-term commitment, it’s important to choose an option that not only gives you peace of mind, but also helps shape your financial success.

But if you are interested in online communication regarding your finances, you can contact us, to start building a financial future that gives you stability and peace of mind. Good luck! 

Pained by financial indecision? Want to invest with Adam?

Financial Planner - Adam Fayed

Adam is an internationally recognised author on financial matters, with over 275.1million answers views on Quora.com and a widely sold book on Amazon



Gain free access to Adam’s two expat books.

Gain free access to Adam’s two expat books.

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