Navigating the world of cross-border finance can be complex, even more so when you’re looking for someone to guide you. Choosing the right financial advisors is crucial, as they not only manage your assets but also understand the unique challenges of cross-border investments. Here are three essential questions to ask a potential advisor:
1. What experience do you have with cross-border financial planning?
Why ask: Cross-border finance isn’t just about managing assets—it’s about navigating two or more financial systems, tax regulations, and investment environments. Experience is paramount. Your advisor should have a track record of handling cross-border finances and a deep understanding of the intricacies involved.
2. How do you open American investment accounts for people in Israel when so many American companies are closing them for their overseas clientele?
Why ask: One of the reasons many clients come to us is because they have been notified that their U.S. broker-dealer or U.S. investment advisor can no longer serve them. You want to make sure your new cross-border investment manager is able to open and maintain U.S. investment accounts so you aren’t left high and dry again.
3. What’s your approach to diversification for cross-border portfolios?
Why ask: Diversification in cross-border portfolios can be different from standard portfolios given the different risks involved, like geopolitical events and currency risks. Ensure that your advisor understands these unique challenges and has strategies to address them.
When it comes to cross-border financial planning, not all advisors are created equal. By asking the right questions, you can ensure that you find a partner who understands the complexities you face and can guide you confidently towards your financial goals.
Learn more about how our Israel-based firm has been helping people open and maintain U.S. investment and retirement accounts since 1997 by visiting our site at Profile-Financial.com.
Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. www.Profile-Financial.com He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published October 17, 2023.