Offshore advice all part of the service

Wanted: Australian-based financial planner with a strong background in dealing with international clients for securing investments from offshore locations. Consistent contact a must.

Enter Wilson HTM financial planner Sonja Tetzke.

While placing a ‘wanted’ ad in a newspaper is not the way investors usually go about finding a financial planner, or how Tetzke or Wilson HTM seek new clients, the fact remains that planning advice for investors outside Australia is a sort-after service.

For almost five years Tetzke has been providing financial advice to more than 20 clients spanning the globe. At present she has clients in countries including Germany, Austria, Switzerland, New Caledonia, Indonesia, US, Canada, Japan, Fiji, UK and Australia.

However, Tetzke’s aspirations of joining the financial planning community didn’t all begin in Australia’s sunny Queensland. It began in her own homeland, Germany.

After studying banking and finance in Germany following high school, Tetzke began working in the finance industry with a major German bank based in Hamburg.

While she started as an investment adviser, Tetzke quickly progressed to assistant branch manager.

After spending seven years with the banking group, she decided she needed a change and migrated to Australia in 1982.

In1988, after spending six years in Australia, Tetzke returned to Germany and her position with the German bank. During this time she worked in the treasury department as a foreign currency dealer where she set up the foreign exchange department.

In 1994 Tetzke returned to Australia and began working with Citibank in various roles, including a senior financial consultant for high net worth clients. She attended many meetings with clients and enjoyed helping some to secure their financial future so much she decided to become a financial planner.

However, it wasn’t until mid-way through her six years at Citibank that she became aware of the possibility of making a career from servicing clients who were living in other countries.

Having laid a solid foundation of currency and international regulation knowledge, Tetzke says offering investment advice to clients offshore seemed like a natural progression.

Through colleagues Tetzke was able to build her understanding of servicing offshore clients and focus on expanding her international client base.

“Through word-of-mouth I attracted many European clients, who felt more comfortable dealing with me because I was also a foreigner in Australia and familiar with the difficulties of being faced with a different financial system, rules and regulations,” Tetzke says.

“I find it very interesting and enjoyable to look after clients from different backgrounds and nationalities.

“When I meet a client, my only concern is how I can help them with their investments, regardless of where they come from. As with any other client, you have to be flexible to adjust your advice to their individual needs and circumstances,” she says.

Tetzke targets high net worth professionals who, she says, require a high standard of service and a flexible approach to structuring their investments.

She offers tailor-made holistic financial planning, matched with an individually managed asset allocated portfolio of investment assets.

Some of her clients also need specialist professional services such as legal advice, and Tetzke, through Wilson HTM, can provide a search service to locate the appropriate firm for them.

So how does Tetzke work around the different investment regulations for each of the clients?

Apparently, without much difficulty.

“I don’t find it difficult to service offshore clients. With the advanced technology of today, distance is not a problem. Most communication happens by e-mail, phone and fax. When my clients visit Australia we usually catch up for lunch or dinner,” she says.

“[Besides,] when offshore clients invest in Australia, Australian regulation applies. You have to be familiar with non-resident taxation rules and with my German clients it is beneficial to be familiar with their local superannuation rules.

“Receiving funds from overseas clients involves currency switching and the clients appreciate knowledge and advice in this area. I ensure that I am familiar with the time difference and allow sufficient time for the client to respond to e-mails regarding upcoming maturities,” Tetzke adds.

However, time, according to Tetzke can be an issue when it comes to dealing with offshore clients. Before speaking withMoney Management, she had to fly from Queensland to Sydney for client meetings then fly back to Queensland for more meetings, in the span of a day-and-a-half — and this is only for her Australian clients. A couple of days later Tetzke was back in Sydney for another round of client meetings.

According to Tetzke, a typical working week consists of spending some time in the office to check mail and attend meetings, as well as check financial plans prepared by the paraplanners and marketing. However, the majority of her time is spent meeting with clients, networking and attending adviser briefings. She rarely has the opportunity to work from home.

“Once the client feels comfortable and the investments are implemented, then depending on the client’s needs, I would contact them on a monthly or quarterly basis,” Tetzke says.

“I also e-mail or mail any news that I think might be of interest to the client, so they never feel out of touch with their investments,” she says.