In 2024 I want to give my view on what the best platforms are for expats. I constantly update my list of platforms because technology is rapidly changing and the way that applications are being received and processed, dashboards, investment options and reporting and customer service.
In my 10 years as a financial advisor, I have used many for my research and investments along with ones I have used with clients. There are certain platforms I favour more because of their service and user experience. Applications are a major factor for me because the speed and technology that is behind the initial part sets the scene for the rest of the journey and I can tell you some stories about applications and my experiences.
As with anything, this is very subjective and is my view on platforms. However, I am not biased towards any platform because I am an independent advisor and I will aim to give you as holistic view as possible. I’ll give you some brief information about the platforms.
The following categories:
- DIY platforms for expats
- Advisor lead platforms for expats
- Platform for UK pension
Best DIY Platforms – Saxo Bank
Saxo Bank has been picked due to its pricing (0.12%) and its range of products do think that any expat looking for DIY investing should be looking to consider this platform.
Saxo Bank is a Danish investment bank that provides online trading and investment services to clients in more than 170 countries. Here is a review of Saxo Bank’s investment platform:
If you have any questions about Saxo Bank and it’s offering:
Product Range: Saxo Bank offers a wide range of investment products, including stocks, bonds, futures, options, ETFs, mutual funds, and forex. Clients can trade these instruments through the SaxoTraderGO and SaxoTraderPRO platforms.
Trading Tools: Saxo Bank provides advanced trading tools to its clients, including charting tools, news feeds, and market analysis. The platform also offers a range of order types, including limit orders, stop-loss orders, and trailing stop orders.
User Interface: The SaxoTraderGO and SaxoTraderPRO platforms are well-designed and user-friendly, making it easy for clients to navigate and trade. The platform also offers customizable layouts and personalized watchlists to help clients monitor their investments.
Customer Support: Saxo Bank provides 24/5 customer support to its clients, including live chat, email, and phone support. The platform also offers educational resources and webinars to help clients improve their trading skills.
Fees for Saxo Bank
Saxo Bank charges various fees for its trading and investment services, including commission fees, spread fees, and account maintenance fees. Here are some of the main fees that clients should be aware of:
Commission Fees: Saxo Bank charges commission fees for trading stocks, ETFs, and bonds. The commission fees vary depending on the asset class, the exchange, and the trading volume. For example, for US stocks, the commission fee is $0.01 per share with a minimum fee of $10.
Spread Fees: Saxo Bank charges spread fees for forex and CFD trading. The spread fee is the difference between the bid and ask price of an asset and can vary depending on the asset class and the trading volume.
Account Maintenance Fees: Saxo Bank charges an account maintenance fee of $100 per year for clients who do not trade for 6 consecutive months. There is also an inactivity fee of $100 per year for clients who have not traded for 2 years or more.
Other Fees: Saxo Bank may charge other fees, such as deposit and withdrawal fees, currency conversion fees, and data fees.
Swiss Quote
Costs:
Swissquote may have different account types and fee structures for various services. Costs could include trading commissions, account maintenance fees, and other charges.
Pricing details are subject to change, and it’s essential to review the latest fee schedule on the Swissquote website or by contacting their customer service.
Pros:
- Swissquote is known for its accessibility, offering a user-friendly online platform for trading and investing.
- The platform may provide a range of financial products and services, including trading in stocks, bonds, forex, and various investment instruments.
- Swissquote’s reputation as a Swiss bank may appeal to individuals seeking a secure and stable financial institution.
Safety:
Swissquote is regulated by the Swiss Financial Market Supervisory Authority (FINMA), which is known for its strict regulatory standards.
Being based in Switzerland, Swissquote is subject to Swiss banking laws and regulations, contributing to the overall safety and security of the platform.
Investments:
Swissquote may offer a variety of investment options, including stocks, bonds, funds, forex, and other financial instruments.
Users have access to real-time market data and research tools to support their investment decisions.
Best Advisor-Lead Platforms
This has been judged on several factors not just the cost of the platforms, but also aspects such as response time and opening of accounts for clients, and assets open to clients.
For me, the best advisor-lead platform in 2024 is – Ardan
This is the top of the year for me in 2024 due to several reasons, its fixed rate accounts with Lloyds bank giving investors a high rate fixed term account which they introduced in 2023. Its assets allocation was also one of the best of any of the platforms in the category, its estate planning tools, model portfolio and multiple portfolio options. However, it ranks down on cost (although expected) it is still on the high side at 0.4%.
Platform Information: Overview
Ardan International is a platform that offers wealth management and investment services to individuals, families, and financial advisors.
Location:
The platform is based in the Isle of Man, which is a self-governing British Crown dependency situated in the Irish Sea.
Services:
Ardan International typically provides a range of services related to wealth management, including investment solutions, portfolio management, and access to various financial instruments.
Investment Options:
The platform may offer a variety of investment options, such as mutual funds, equities, fixed-income securities, and potentially other financial products.
Regulation:
Financial services providers operating in the Isle of Man, including Ardan International, are typically regulated by the Isle of Man Financial Services Authority (IOMFSA). Adherence to regulatory standards is crucial for ensuring consumer protection and maintaining the integrity of financial services.
Client Protection:
Financial institutions often have measures in place to protect client assets. It’s important to understand the specific client protection mechanisms provided by Ardan International, including regulatory safeguards and any additional safeguards they may have in place.
Runner up
Praemium International
The merger with Morningstar has given the platform great technology and fund information. Additionally, would add pros of competitive pricing starting at 0.34% reducing breakpoints. This advisor platform along with great technology allows for clean-only funds. This should be a platform that more advisors should be looking to use in the expat space.
Information-
Founded in Australia in 2001, Praemium serves as a go-to platform for financial advisers and investment managers worldwide, boasting a user base of nearly 1,000 financial institutions and over 500,000 investors.
The company specializes in providing comprehensive solutions for investment platforms, portfolio administration, and customer relationship management (CRM). With offices in Australia, the UK, Jersey, Dubai, Armenia, Shenzhen, and Hong Kong, Praemium has established a global presence.
In 2008, Praemium expanded its services to the UK market, quickly earning a reputation as one of the fastest-growing discretionary platforms in the region. Regulated by the Financial Conduct Authority in the UK, the Praemium group has garnered multiple awards, including the prestigious International Platform of the Year from International Adviser in 2018 and 2019. Lang Cat rated them second-highest in its 2020 Platform Market Scorecard (PMS).
Setting itself apart from other platforms, Praemium takes a portfolio-centric approach, prioritizing investments over products. Unlike conventional platforms that often start with product-centric strategies, Praemium begins with the selected investments and then explores how clients wish to hold them, providing financial advisers with greater flexibility.
Praemium offers various terms on its platform, including the Separately Managed Account for the Model Portfolio Service, the Individually Managed Account for the Bespoke Portfolio, and the Unified Managed Account for holding different portfolio types simultaneously.
Their integrated Managed Accounts platform is lauded for its high level of automation, contributing to increased accuracy, improved efficiency, and reduced costs. Praemium International emphasizes the elimination of “drift” between investors and models through its auto-rebalancing engine.
The platform supports a diverse range of asset types, including OEICs/unit trusts, AIM-listed equities, investment trusts, corporate bonds, ETFs, government gilts, LSE-listed equities, non-sterling and offshore funds, ETPs, UCITS, structured products, international equities, and funds through Praemium International Ltd.
Praemium conducts trading on a compressed trading cycle/matched settlement basis to minimize time out of the market. Notably, they do not wait for sell trades to settle before placing buy trades, contributing to an efficient and dynamic trading experience.
Best for UK pensions – Novia Global
Its all-in-one platform and trust option have made it one of the best platforms to transfer UK pensions combined with the platform FCA regulation allowing for clean funds only.
Launched in October 2015, Novia Global introduced the advantages of online platform technology to key international markets. The platform serves financial advisers, private banks, trust companies, and their clients, offering efficient and effective investment management services.
Novia Global provides access to a diverse range of assets, portfolio management tools, and various investment management services. The core operating system is powered by GBST, a software solutions provider with a history dating back to 1996.
Registered in England and Wales with its office in Bath, Novia Global offers two primary products:
Global Investment Account (GIA):
This account allows unlimited contributions into a single account, providing flexibility for investors.
UK SIPP (Self-Invested Personal Pension):
Novia Global’s UK SIPP offers a low-cost and flexible retirement solution exclusively available through their platform.
Regulated by the Financial Conduct Authority (FCA) in the UK, Novia Global is also widely accessible in Dubai, Hong Kong, and various EU countries.
Client asset security measures include:
- Custody of assets held with Pershing (Channel Islands) Limited, a subsidiary of The Bank of New York Mellon Corporation.
- External audits, stringent business continuity and disaster recovery policies, in-house cybersecurity monitoring, and adherence to FCA’s CASS regulations for client money and assets.
Key features of the Novia Global platform:
- Real-time monitoring of investments with an online automated monitoring, reporting, and valuation service in partnership with Financial Express.
- Availability of products and investments in multiple currencies, including USD, GBP, EUR, AUD, CHF, and HKD.
- A secure internet-based account providing control and management tools for investors, accessible anytime.
- Simultaneous holding of multiple products within a Novia Global account to maximize benefits.
- Access to over 7,000 funds from 300+ fund managers, including SICAVs, UCITS, ETFs, alternative investments, and direct investment in equities and bonds.
- Discretionary fund management service with access to leading DFMs such as Brooks McDonalds, Ashburton Investments, Bordier & Cie, and Copia Capital Management.
- Limitations on applications from certain countries, but the use of pensions and trusts to bypass territoriality rules.
Further reading:
- https://investmentsforexpats.com/ifast-platform-review/
- https://investmentsforexpats.com/comparing-platforms-novia-vs-morningstar-for-expats/
- Saxo Bank vs Other Platforms Review
If you have any questions, please contact me by using the button at the bottom of this page or by visiting my contact page.
FAQs
Question: What are the best DIY investment platforms for expatriates in 2024?
Answer: In 2024, Saxo Bank stands out as one of the best DIY investment platforms for expatriates due to its competitive pricing (0.12%) and diverse range of investment products. Saxo Bank offers a wide array of investment options, including stocks, bonds, futures, options, ETFs, mutual funds, and forex, making it an attractive option for expatriates seeking flexibility and choice in their investment portfolios.
Question: Which advisor-led platforms are recommended for expatriates in 2024?
Answer: Ardan and Praemium International are recommended as the best advisor-led platforms for expatriates in 2024. Ardan stands out for its fixed-rate accounts with Lloyds Bank, diversified asset allocation, estate planning tools, and model portfolio options. While its cost may be on the higher side at 0.4%, Ardan offers comprehensive services and investment solutions. Praemium International, on the other hand, provides advanced technology, competitive pricing starting at 0.34%, and clean-only funds. Praemium’s portfolio-centric approach and global presence make it a top choice for expatriates seeking advisor-led investment platforms.
Question: What is the best platform for UK pensions for expatriates in 2024?
Answer: Novia Global stands out as the best platform for UK pensions for expatriates in 2024. Novia Global offers an all-in-one platform and trust option, making it one of the best platforms to transfer UK pensions. With FCA regulation allowing for clean funds only, Novia Global provides expatriates with a low-cost and flexible retirement solution. Additionally, Novia Global’s partnership with leading financial institutions and its secure custody of assets ensure reliability and peace of mind for expatriate investors.
