Atlantic – April, 2022: Global wealth management firm, Blacktower Financial Management has today announced that it has obtained the industry’s first underwater licence, offering its suite of holistic financial planning services to underwater residents and professionals through the new entity Blacktower Financial Management (Oceana).
The Group has obtained licencing via the Submerged Entities Authority after a challenging three year application process, initially being told by the regulator ‘Don’t hold your breath’.
The licence will cover the Mediterranean Sea, Atlantic and Pacific Oceans, with further expansion planned later in the year.
Gavin Pluck, Group Managing Director said of the launch:
‘We knew that there was a real market for those clients who largely work within the ocean spaces and indeed permanent underwater residents who do not benefit from onshore financial management services; often left to quite literally store their assets in treasure chests. We wanted to be the first brokerage in the industry to launch our services to these previously abandoned markets and really take a deep dive on their financial circumstances; so we are very excited about this expansion.’
‘Obviously, the Submerged Entities Authority* is notoriously a very difficult regulator to appease and so we will be setting up a virtual office off the Strait of Gibraltar, along with a team of advisers experienced with the legal intricacies of underwater territory. We are delighted to further expand the Blacktower Group of Companies both above and under the shoreline.’
Blacktower Financial Management was founded in 1986 by Group Chairman, John Westwood and the launch of Blacktower (Oceana) follows recent expansions into Australia and Switzerland.
*This regulator does not exist and is purely fictitious. Happy April Fool’s Day from Blacktower Financial Management.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Over the years, the trend for South African nationals to seek out new lives and experiences in Portugal has continued to grow and grow; I myself made the move back in 1988 as a fresh-faced economics graduate from Witswatersrand University in Johannesburg, and I’ve never looked back. It’s easy to see the appeal for South Africans – the year-round sunshine and vast expanses of Atlantic coastline are a familiar part of daily life, just as they are back home – but the secure location and easy access to the rest of Europe is something really special. Being as there’s over 11,000 KM of distance between the two countries, a mere 12 hrs by plane give or take, there are going to be some big differences in the way of life, even if there are those obvious similarities. It’s probably advisable for any emigrant to arrive armed with a willingness to accept how things are done in their new home country rather than try to carry on as before and hope for the best. This is never more true than when dealing with your finances.