I received the following email today about a U.S. brokerage firm kicking out clients:
Hi Doug!
I’m forwarding the letter I just got from *********** after dealing with their ridiculous bureaucracy for lord knows how long already.
Oy vey.
What should I do?
Have a great day!
Subject: Inherited IRA acct
Dear Client, I checked with our back office. We’re unable to open the account here at **************************** due to your residency. Are you 100% overseas? If this is the case, please open the inherited IRA with a different company and we can deliver the positions, since we cannot hold the account for you.
In several recent pieces, I’ve written about how U.S. brokerage firms kicked out clients simply because of their overseas address. It’s common for me to get inquiries from people who receive letters about their accounts being closed/frozen. Happily, I can help them.
Fully licensed as financial professionals in Israel and the United States, and as registered representatives of a U.S. broker-dealer, we can open and maintain investment accounts for people who don’t have an American address. While many American firms are dismissing clients with foreign addresses, we welcome the strengthening of international relationships. We custody our clients’ accounts at Pershing, LLC. Member NYSE/SIPC, a subsidiary of the Bank of NY Mellon Corp. That means that all the assets are held in America, the statements are all in English, and all the accounts are compliant with IRS regulations.
Profile can open accounts for non-American residents because we have back-office systems that allow us to properly vet international clients and oversee their accounts. As financial professionals licensed in multiple jurisdictions, we can provide both investment advice as well as custody and clearing of accounts, including inherited IRAs.
If you’ve received a disappointing letter from your overseas brokerage firm, don’t despair. There is a local solution. If you are interested in accessing global markets with a professional in your time zone who understands the challenges of a dual currency/dual tax reporting lifestyle, let’s begin a conversation. Call 02-624-2788 or email doug@profile-financial.com
Published August 5, 2021. Updated November 2022