6 Tips for Finding a Financial Advisor as an Expat

Anyone well-versed in financial literacy understands the importance of finding a savvy financial advisor to build a solid foundation for the future. The tricky part is when you’re an expat looking for one.

Not all advice will apply to your circumstances, so it’s important to find the right match who can give you the best guidance.

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“Finding the right financial advisor as an expat is crucial for maintaining financial stability and maximizing opportunities while living overseas,” said Abid Salahi, finance expert and co-founder of FinlyWealth.

Read below for more expert tips on finding a financial advisor as an expat. Also, learn about saving for retirement while living abroad.

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Consider Their Expertise in Cross-Border Financial Planning

One key factor to consider, according to Salahi, is the advisor’s expertise in cross-border financial planning. “Look for professionals who hold certifications such as the certified financial planner (CFP) designation and have specific experience working with expatriate clients.”

He said a prime example of the importance of specialized knowledge comes from his work with a client who moved to Germany.

“Their previous advisor wasn’t familiar with the U.S.-Germany tax treaty, leading to missed opportunities for tax optimization,” Salahi explained. “After connecting them with an advisor well-versed in international tax law, they were able to restructure their investments, resulting in significant tax savings.”

Ben Klesinger, founder and CEO at Reliant Insurance Group and Helping Hand Financial, also recommended finding an advisor fluent in cross-border financial planning.

“As an expat financial advisor, I highly value experience working with clients living abroad,” he said. “My firm has assisted many U.S. expats in navigating their unique financial situations. We understand issues like double taxation, cost of living challenges in foreign countries and access to investment opportunities.”

He noted advisors should have expertise with retirement planning for Americans abroad, international investment management and tax optimization strategies for dual citizens or long-term expats.

Klesinger also said to look for credentials like a CFP certification and references from current expat clients. “And don’t be afraid to conduct video calls to assess their experience — your financial future depends on it!

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“For example, we helped an American couple living in Singapore determine the most tax-efficient way to withdraw funds from their U.S. retirement accounts.  By setting up a Roth IRA conversion ladder, they were able to tap their accounts penalty-free and at a lower tax rate,” he explained. “For a client in Dubai, we restructured their investment portfolio to gain exposure to Middle Eastern markets, helping them hedge against currency risk and benefit from local growth.”

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Seek Out Advisors Well-Versed in Expat Taxes

According to Salahi, expats should also prioritize advisors who are well-versed in the Foreign Account Tax Compliance Act (FATCA) and Foreign Bank Account Report (FBAR) requirements. “These regulations have far-reaching implications for U.S. citizens abroad, and non-compliance can result in severe penalties.”

He added that an advisor who understands these rules can help ensure you remain compliant while maximizing your financial opportunities.

Make Sure They Are Accessible

Technology plays a vital role in the advisor-client relationship for expats, Salahi said. “Seek out advisors who utilize secure, user-friendly platforms for virtual meetings, document sharing and portfolio management.”

This ensures seamless communication and access to your financial information, regardless of time zones or geographical barriers.

Dayten Rynsburger, finance expert and CRO at Niche Capital CO, also recommended opting for an advisor who is accessible across different time zones and offers flexible communication options, like video calls, emails and secure online chats. “This makes managing your finances convenient despite geographical differences.”

Look for Advisors Who Are Knowledgeable About International Investing

Another critical aspect, Salahi said, is the advisor’s ability to navigate the complexities of international investing. “Many U.S. financial institutions restrict services for clients with foreign addresses.”

A knowledgeable advisor can help you maintain U.S.-based investment accounts and explore suitable international investment options that comply with both U.S. and local regulations.

Make Sure They Offer a Transparent Fee Structure

One of Rynsburger’s top recommendations is to ensure the advisor’s fee structure is transparent and that there are no hidden charges. “A clear understanding of costs helps in planning and avoids future surprises.”

Find an Advisor Who Understands the Expat Lifestyle

“Don’t underestimate the value of an advisor who understands the unique lifestyle challenges of expats,” said Salahi.

They should be able to guide managing currency fluctuations, planning for potential repatriation and balancing short-term financial needs with long-term goals in an international context.

Rynsburger agreed. “Choosing the right U.S. financial advisor while living abroad is about finding someone who can navigate the complexities of international finances with ease and expertise.”

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