The initiative has been launched by Richard Wolfe, the managing director of New Jersey-based Saddle River Capital Management, who said: “Expats looking to manage their investments outside of their home countries have lots of questions, but not enough options when it comes to firms addressing their concerns.
“While other large firms may offer financial advice to foreigners living in the US, many ignore the concerns of those looking to manage less than £2.93m. Many US firms experience compliance restraints when opening accounts for foreigners.”
He said the Expat Wealth Management service, which launched on 26 June, will help expats in complying with US tax regulation in investment management, retirement planning, university planning, insurance and estate planning through exchange-traded funds.
The service will also aim to help people simplify their investments by handling multi-jurisdictions in multi-currencies in one platform.
Mr Wolfe added: “Having more than one account in more than one country is a good way to lose track of your assets and to send accounting costs through the roof.”
Adviser view
Minesh Patel, director of London-based EA Financial Solutions, said: “It sounds quite a niche area and I would say expatriate finance is unfamiliar to many advisers. It is certainly a topical issue, especially when people move from different tax regimes.
“Many people, for example do set up investments in the UK then move to the US, and this raises issues such as currency exchange and tax compliance. So if this is something a wealth manager can offer, then I think it will be warmly welcomed.”
