When it comes to your finances, you can’t take any risk. Just like how you need a specialist like a doctor or a lawyer to take care of your health or legal issues, similarly, it’s important to hire a specialist for your cross-border tax and financial planning. Choosing an offshore financial advisor is crucial because cross-border financial issues are more complex than regular investing. A cross-border financial advisory team can make things easier for you but often people get confused between cross-border financial planning and cross-border wealth management. So, let’s find out more about Cross Border Financial Plan and how to choose the right cross-border wealth management firm.
Whether you’re moving from Canada to the US or you’re a US citizen living in Canada, it’s best to hire a cross-border wealth management firm because these professionals offer comprehensive cross-border financial planning services and international pension management solutions to the US or Canadian citizens and foreign nationals. As compared to cross-border financial planning, cross-border wealth management is more comprehensive and includes services such as estate planning for the next generation. A certified cross-border tax and financial planning firm will make sure that you’re not being over-taxed and will help you to minimize your tax burden while ensuring that your stay compliant with the IRS and CRA.
You will receive immense benefits from having cross-border wealth management professionals by your side. However, choosing the right firm isn’t that easy. There are several factors that you need to consider to ensure that a financial advisor is right for you. For instance, when looking for a cross-border financial advisory team, it is best to hire a dual-licensed advisor with both Canadian, as well as US designations to ensure a smooth transition of residency. In addition to this, there are some more qualities to look for in a cross-border wealth management firm. Read further to make the right choice!
Check Credentials & Experience
When choosing a firm, you need to do some research to ensure that that firm specializes in cross-border tax and financial planning. However, even if a professional has a certain credential, it doesn’t guarantee his/her expertise. So, you need to carefully check their qualification, years of experience in this field, and credentials specific to cross-border tax planning. The firm should have a team of licensed financial advisors in Canada and the US. To understand their level of experience, ask about their past and present clients.
Services Offered
The best cross-border wealth management firm offers a wide range of services to execute a comprehensive financial plan. Their services allow an easy transition from Canada to the US or from the US to Canada. You need to find a firm that can develop a customized cross-border financial plan by carefully assessing your specific financial situation.
Cross-Border Team
When looking for a cross-border wealth management firm, you can easily find several professionals online. However, even if a firm claims to offer all the services you need, they might not have the experts needed to provide the cross-border or expat financial, tax, and estate planning services.
