Close Private Bank has launched its first international retirement and savings plan. The Close Ope...
Close Private Bank has launched its first international retirement and savings plan.
The Close Opes product offers advisers and clients a choice of either a saving or retirement option.
According to Rex Cowley, director of products and services at the bank, plans written under the retirement option are internationally portable because the vehicle has the ability to adapt its structure to meet the international pension requirements of different countries around the world.
Cowley also pointed out that the savings option had no benefit date, giving the plan holder access to the assets held within the plan.
However, he cautioned this accessibility reduced certain tax benefits, dependent on the jurisdiction in which the client was resident.
The plan, which is available in sterling, dollars or euros, also gives investors the option of using a range of strategies, which include cautious, neutral, balanced and growth.
Investment products are only to be available through third-party providers and include money market, property, bond, equity and hedge, as well as other alternative investment funds.
Adrian Flambard, director of business development at Close Private Bank, said: "We obtain our business by helping intermediaries add value to their clients.
"The feedback we have had from advisers over recent years is that these are challenging times with ever increasing demands and expectations from clients.
"Therefore, we have to push back the boundaries of wealth management as traditional products are becoming less beneficial due to changing tax treatment and prohibitive costs.
"Close Opes provides an alternative to advisers with a very competitive and flexible structure and a high level of tax, estate and succession planning opportunities and benefits."
Opes provides an upfront commission of up to 4.5% with an ongoing trail on the total assets within the plan of up to 0.75% per annum.
International pension and saving plan from Close Private Bank
Upfront commission of up to 4.5%
Ongoing trail on the total assets within the plan of up to 0.75% per annum
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