kick out overseas clients

If you have an investment account at JPMorgan, you might soon get a “Dear John” letter from them. According to a Bloomberg article, in order to focus more on their domestic business, JPMorgan has decided to close the accounts of clients in more than 50 countries.

These clients, who have U.S. brokerage and retirement accounts, need to now find a home for their assets with other U.S. investment firms. However, they find that many companies do not offer financial services to folks who don’t have a U.S. address.

There are cross-border specialists

Many people who have investment portfolios in America, though, have discovered a special type of cross-border investment company that is both a U.S. brokerage firm and that also 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. The reason that firms like Profile can easily open accounts for non-American residents is because they have developed the back-office systems that allow them to properly vet international clients and oversee their accounts. At the same time, as advisors licensed in multiple jurisdictions, including the U.S., they can provide investment advice as well as custody and clearing of accounts.

The simple way to maintain a U.S. account

Check out these resources for more information, or simply email if you have been asked to leave your current brokerage firm.

How to open a U.S. brokerage account (article)

U S Brokerage Accounts for Non U S Residents and Foreigners with Douglas Goldstein, CFP® (video)

Interactive Q&A tool: This interactive form tells what you need to know if you are considering opening a U.S. brokerage or IRA account from Israel (or anywhere outside of the United States)

Douglas Goldstein, CFP®, 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 August 28, 2018.

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