What next?

The situation

Relatively new to America and at a critical financial stage in life.

John has lived in the US with his family for five years. He came over on an internal transfer with his employer and still works for the same company.

He has one child in college in the US, and the other will be attending soon. He is currently on a green card and considering whether to obtain US citizenship.

Having spent most of his career in the UK, he accumulated UK assets (rental property, pensions, investments) that have been neglected since moving to the US.

The challenge

Complicated cross-border affairs, no advice, anxiety, and confusion.

Initially, John wanted to find someone to help him with his UK pensions. He met with multiple US advisers who couldn’t help him.

Furthermore, John realised he was moving towards a different phase of his life. His cross-border affairs were now complicated, and he wasn’t entirely sure where he would retire (US or UK – a lot depends on where their children settle). He was looking for a trusted partner to wrestle control over everything and provide clarity and a mechanism for making informed decisions (as opposed to guessing and hoping).

Finally, while John’s US employment package is much more generous than it was in the UK, his current expenses are substantially higher. He also has concerns over the cost of a predominantly US retirement, especially if someone were to get sick and/or need long-term care.

The result

A single plan incorporating global affairs, consolidated and coordinated assets managed across US and UK investments, and increased confidence.

John found Plan First Wealth and engaged us. We started the long process of consolidating his various UK pensions into a SIPP with GBP/USD functionality. We also built out their financial plan that mapped out decades into the future, incorporating all aspects of their global balance sheet and other US/UK idiosyncrasies (UK State Pensions, cross-border income planning, etc).

We established a US brokerage account to manage their “mission-critical” assets along the same strategy and towards the same objectives as their SIPP. We also performed a “Roth analysis”.

Additionally, we helped them understand the value of obtaining US citizenship in their situation while alerting them to some of the difficulties. This included a review of their tax returns, where we cited some potential deficiencies that we worked with their tax adviser to rectify and bring them into compliance.

We helped John understand the importance of having a valid will and Powers of Attorney in place, and introduced them to an attorney to get these documents established. Finally, John is now confident that he can rely on us to assist his wife and the rest of his family in preparing for their financial future.

Case studies presented are based on actual clients; however, some of the information has been changed or altered. These studies are provided for educational purposes only. Similar, or even positive results, cannot be guaranteed. Each client has their own unique set of circumstances, so products and strategies may not be suitable for all people. Please consult with a qualified professional before implementing any strategy discussed herein.

No portion of these case studies is to be interpreted as a testimonial or endorsement of the firms’ investment advisory services.