More and more Americans living in Israel have recently “been fired” by their brokers in America. Their advisors, with whom they may have worked for decades, have informed them that their brokerage firm will no longer service accounts with non-American addresses. Although people of all ages have been ousted, retirees have been hit the hardest. After all, they have been clients for years, and now are being asked to leave based on their address.
Is your account affected?
If you have been asked to move your money out of your brokerage firm, rest assured you that you aren’t alone. In fact, I recently posted an article on my blog telling how one of Wall Street’s top firms has closed down client accounts in over fifty countries.
Find a cross-border friendly firm
There is a special type of cross-border investment company that is both a U.S. brokerage firm and accepts non-resident clients.
International investment companies, such as Profile Investment Services, Ltd., are able to set up U.S. investment (brokerage) and retirement accounts for clients who live outside the United States. As advisors licensed in multiple jurisdictions, including the U.S. and Israel, we can provide investment advice as well as custody and clearing of accounts. Profile has over 25 years’ experience in helping dual citizens manage their retirement accounts, receive inheritances, and buy appropriate investments (stocks, bonds, mutual funds, ETFs, CDs, etc.).
Review your portfolio now
In my recent webinar about creating a financially successful retirement, I reviewed how to properly design your portfolio to generate income and growth. If you missed the program, send me an email with the subject line “please send replay of the webinar on how to generate income” and I’ll send you a replay link (firstname.lastname@example.org)
If you’ve received a “Dear John” letter telling you to move your investment account elsewhere, or even if you haven’t, but feel that you would benefit from a cross-border, licensed financial advisor review of your retirement portfolio, call (02) 624-2788.
Douglas Goldstein, CFP®, investment advisor is the Director of Profile Investment Service, Ltd., which specializes in helping people who live in Israel with their US dollar assets and American investment and retirement accounts. He helps olim meet their financial goals through asset allocation, financial planning, and using money managers.
Published December 31, 2018.