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Wealth management or private banking services range from traditional lending or investment management to tax planning or asset protection.
Generally speaking, you should look for a wealth manager if you think you need help with financial planning. A bank is prone to offer you more sophisticated services as you get wealthier, but only to the extent that you park your money at this bank.
Alternatively, you may seek fee-based financial advice. Such fees can be worth the price if you hold very large sums of wealth, as the fees may be largely offset by higher returns on your investable wealth.
Issues for expatriates
Financial planning complexity increases dramatically when you become an expatriate, as additional cross-border issues must be taken into account. These include, but are not limited to:
It is essential to check if your wealth manager is qualified enough to deal with your specific cross-border issues. Many foreign financial institutions have the appropriate resources to offer wealth management services to US-resident expatriates, but many do not. However, it might be harder to find a US-based wealth manager who knows much about financial planning in your home country.
In addition, departing from your home country may be subject to some paperwork there (e.g. tax compliance, letting your insurer know that you leave (See Insurance for Expats in the US), switching to a non-resident bank account, etc.). A wealth manager in your home country is more likely to be qualified to help you with this.
In all cases, be wary of:
Sections in FINANCIAL CONSIDERATIONS IN THE UNITED STATES OF AMERICA:
» Money Transfers for Expats in the United States Of America
» Foreign Exchange for Expats in the United States Of America
» Banking for Expats in the United States Of America
» Pensions for Expats in the United States Of America
» Investment for Expats in the United States Of America
» Wealth Management for Expats in the United States Of America
» Property Investment for Expats in the United States Of America
» Insurance for Expats in the United States Of America
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If you are considering moving to the United States Of America or are soon to depart, you can find helpful information and advice in the Expat Briefing dedicated United States Of America section including; details of immigration and visas, United States Of America forums, United States Of America event listings and service providers in the United States Of America.
From your safety to shopping, living in the United States Of America can yield great benefits as well as occasional drawbacks. Find your feet and stay abreast of the latest developments affecting expats in the United States Of America with relevant news and up-to-date information.
Working in the United States Of America can be rewarding as well as stressful, if you don't plan ahead and fulfill any legal requirements. Find out about visas and passports, owning and operating a company in the United States Of America, and general United States Of America culture of the labour market.
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