Being a financial advisor for expats is a challenging, exciting and rewarding profession. Here are five reasons why.
Five reasons being an expat financial advisor is great!
#1 The opportunity to deal with complex situations
It seems like being a financial advisor for expats, every day there is something new. Here are a few examples of ways in which we have helped US expats navigate the complexities of multiple countries’ financial and legal systems.
- An Israeli who was left shares of a certain US-listed beverage company in his late American grandmothers’ will, and needs to obtain the shares and transfer them from a direct holding to his brokerage account.
- An American living in Australia, who was notified by her US brokerage house that they can no longer custody her retirement account.
- A divorce involving US citizens living in Israel. One of the challenges commonly faced is the issue of having to affect the agreed upon asset split of retirement funds without either having to set foot in the US or having to go through the US courts.
#2 The satisfaction of assisting people in matters that directly affect their lives.
Being a financial advisor for expats, you often are called upon to assist people in transition, times when there are many confounding circumstances to handle all at once.
One example is when someone is moving to Israel from the US. There are many key tasks to take care of such as finding a home, schools for the kids, arranging for healthcare and possibly a new job. Our role is to ensure that the financial considerations are taken care of – including where to open a local bank account, how to transfer money most effectively and where best to keep one’s invested assets.
It is deeply fulfilling to be a voice of clarity at a time in people’s lives when the myriad of tasks to handle can be overwhelming.
#3 The diversity of expat investing and the cross-border investment process.
Each investment portfolio for each specific client is different, which is necessary because it must reflect their personal financial circumstances and goals. There are many situations in which cross-border tax criteria must be taken into account in portfolio design.
Expat investing is usually not a straightforward, boiler plate type of engagement. I find it intellectually stimulating because I am routinely surprised and enriched by the new knowledge I gain by working on a new client’s portfolio.
#4 The privilege to work with smart and talented professionals in related fields
These include foreign based US CPA’s, specialists in international and cross-border taxation, estate planning, family law, immigration and so on. Each interaction increases our knowledge base.
Being a financial advisor for expats is a global type of job. In fulfilling this role, I have become enriched by the culture and history of the places I’ve “visited” either in person, or vicariously through working with my clients.
Did I make it clear?
We are expat financial advisors who focus on providing investment advice and portfolio management for people living outside the United States who have assets inside the United States.
These are usually US citizens, but can also include foreign nationals who previously lived and worked in the US and accumulated assets there such a brokerage accounts, retirement accounts, property and so on.
Our major focus is on Americans who have moved to Israel (made Aliyah), and Israelis who have moved back home after living in the US. But we also advise Americans living in other countries as well, such as the UK, South Africa and Australia.
If you are moving to Israel and don’t know where to start when it comes to the financial side of things, please contact us.
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Norman H. Chait, CFA, Managing Principal, Nardis Advisors LLC,
August 6th, 2021
Disclaimer: Nardis Advisors LLC (“Nardis”) is a Registered Investment Advisory Firm regulated by the U.S Securities and Exchange Commission in accordance and compliance with applicable securities laws and regulations. Nardis does not render or offer to render personalized investment advice through this medium. The information provided herein is for informational purposes only and does not constitute financial, investment or legal advice. Investment advice can only be rendered after delivery of the Firm’s disclosure statement (Form ADV Part 2) and execution of an investment advisory agreement between the client and Nardis.