When to speak to a financial advisor

“I wasn’t sure if I should  speak with a financial professional,” a new client explained, “because I didn’t think there was anything you could do.” She continued, “But then I read your article, Retirees Fired by Their Brokers in America, on the same day that I got a letter from my brokerage firm telling me that since I live in Israel, I could no longer be their client.”

When should I call?

  1. If you have a problem with your investment account, like the brokerage firm is kicking you out, get in touch with a cross-border investment company. (Get the free Toolkit for Opening a U.S. Brokerage Account from Overseas at Profile-Financial.com/toolkit)
  2. If you feel nervous that your portfolio might lose value, or if it already has dropped, have a “goals and risk tolerance” discussion with your advisor.
  3. If you have a lot of cash sitting in the bank or in other accounts and you’re not earning interest on it, ask to see alternatives that could make you more money.
  4. If you have a life event, like retirement, marriage/divorce, receive an inheritance, or if your financial situation has or may change (like you’re getting a new job or thinking of moving), call a financial professional. Any sudden inflow or outflow of funds warrants a discussion with your financial advisor.

Licenses are so important

Since no one can guarantee investment returns, watch out for guys advertising investments that have “low risk and high yields.” There’s simply no such thing. Stay away from advertisements, emails, and websites that purport to have the answer to all your financial problems. On the other hand, a skilled, licensed financial professional can not only guide you to make smart investments, he can also handle the details for you.

You should have a comfortable and friendly relationship with your financial professional such that whenever you have a question, you feel free to call. If you’d like to start a conversation with me about your investments, call (02) 624-2788.

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 February 7, 2019. Updated November 2021

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