Why You Might Need a Cross-Border Financial Advisor

7 / Sep AUTHOR NAME: Stuart Campbell 0 COMMENTS


The United States and Canada share many similarities in culture, language, and lifestyle, leading expatriates moving to the U.S. to believe the transition will be a simple one. But the complexities associated with such a move often require advanced financial, tax, and legal planning.

You must understand the intricacies and issues with cross-border wealth and retirement planning. Otherwise, you could find yourself dealing with costly financial mistakes, double taxation, and non-compliance with legislation — such as FATCA Foreign Account Tax Compliance Act and the FBAR foreign bank account report, which you may be required to complete and file each year. As a side note, the form has been renamed FinCEN 114.

That’s why it’s so important to review your situation with a team that has a comprehensive cross-border background. They can help address your unique needs in not just cross-border financial planning but areas like immigration law, taxation, and estate planning.

What to Expect

Though approaches can vary by firm, most teams will take you through a series of steps to get the process started. This often includes the following:

1. Orientation. It’s at this time when the team will learn about your financial situation, U.S. immigration status, family members, and other tax and legal advisors.

2. Assessment. After getting to know you better, the team will usually assess your U.S. residence plans, as well as retirement and estate planning goals. They’ll also look at all your investment accounts, estate plans, insurance policies, and family needs to develop strategies to efficiently manage your wealth.

3. Development. From there, they’ll develop a written plan that details your entire financial picture. The plan should also include recommendations and strategies on how to manage cross-border wealth to meet your and your family’s unique goals and needs.

4. Implementation. Once the plan is approved, they’ll then implement it. At every stage of the process, they should be educating and involving you to help you make more prudent financial decisions.

5. Management. This is just as it sounds. The team will monitor your plans and make any changes as needed.

You must realize that moving to the United States entails more than a simple change in address — though this is necessary. The move can have serious ramifications on everything from wealth management and retirement planning to income tax and insurance benefits.

Understanding your tax liability, claiming strategies for benefits, and potential issues in holding certain investments can help. But it doesn’t eliminate the complexities of cross-border wealth management. The same can be said for retirement planning. Consider working with a team that understands how one system affects the next.

To learn more about this and other wealth management strategies for Canadians living in the US, download our white paper: 7 Keys to Wealth Management for Canadians Living in the U.S. At www.campbellwa.com or contact us at email: info@campbellwa.com  phone: (952) 474-1270


Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor.  Campbell Wealth Advisors LLC and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Campbell Wealth Advisors LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.



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