additionally, he offers resources and suggestions for financial advisors to expand and hone their knowledge of the issues that their cross-border financial planning clients require from them. ultimately, the key point is that while advisors with international and cross-border planning clients need to understand a wide range of rules applicable to the other countries in which their clients reside and be able to access services and products that their clients may need, there are resources and specialists available to the advisor that can help them serve their clients effectively. the root of the term “expatriate”, or “expat” for short, is an individual who resides in or has been sent away to a country that is not their native one. it is not uncommon for permanent movers out of the us to leave some assets under the management of a us-based advisor – even if they go on to receive comprehensive financial advice from a planner in their new country. expatriates in the us and american taxpayers working abroad encounter the complete gamut of financial planning challenges when it comes to taxes, investments, retirement, and estate planning. financial planners working with international and cross-border clients must therefore be especially diligent in the data-gathering phase of the financial planning process. international clients face a restricted set of financial products and services compared to their us-based counterparts, due primarily to the rising scrutiny on international money-laundering.
it is possible for someone to not be a legal permanent resident of the us, yet be considered a tax resident who must pay us income taxes. can an advisor be said to have made a good-faith effort to operate in compliance with a foreign jurisdiction if they haven’t read the foreign financial regulations or aren’t appropriately licensed? the wide geographic scope of expatriate clients and the knowledge required to competently serve them increases the likelihood of a planning mistake. while it may seem that there is a high barrier to entry into international and cross-border financial planning due to a dearth of qualified experts on the subject, there are many resources available to financial advisors that deal with financial services in different countries. the “big four” routinely write white papers on issues relevant to cross-border financial planning and other financial services, particularly given their focus on financial planning with fortune 500 countries that often have cross-border expatriate executives. moreover, these well-traveled clients tend to be wealthier than the average person and more in need of financial planning. developing competency in cross-border financial planning may therefore be well worth the effort for financial planners hoping to work with this growing client base!
we specialise in providing financial advice to british expatriates who have left assets behind in the uk. we are properly regulated and authorised by the financial conduct authority in the uk therefore you have peace of mind that you are trusting your financial planning to a credible and trusted source. they can be british expatriates living in the us, those who have a us tax filing requirement, us citizens living or working in the uk and those who are us connected by birth.
often pension as are left behind in the uk and it isn’t until retirement that options are considered. where we specialise is when the beneficiary is non-uk resident … cross border financial planning can provide investment advice to british expats or foreign nationals on money they have either left in the uk or offshore. – cbfp.co.uk/us-uk-financia… pic.twitter.com/bixzwyvyag website by created in bath limited © copyright 2016 cross border financial planning limited (co. reg number 09955592) is an ar of independent financial services 4 you ltd which is authorised and regulated by the financial conduct authority.
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