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Topic: Financial advisor or ?  (Read 158 times)

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Financial advisor or ?
« on: March 05, 2024, 01:10:02 PM »
I'm a US citizen, living in the UK for the last 10 years and I expect to stay here. I want to get my finances in order - savings, investments, pensions, etc. but don't know where to start. Wealth managers/advisors who have ex-pat practices want clients with £500k or more. Do I just talk to a "normal" UK advisor or will they steer me totally offbase?

Second question, I want to get rid of my US advisor (they charge based on my AUM and don't do much of anything for the $$$) and switch to low-cost index funds. How do I do that from the UK? It looks like Vanguard etc won't open new accounts for people with overseas addresses.

Taxes seem relatively simple in contrast!
Jan. 16 - mailed non-priority application for spouse settlement visa


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Re: Financial advisor or ?
« Reply #1 on: March 05, 2024, 09:44:17 PM »
I'm a US citizen, living in the UK for the last 10 years and I expect to stay here. I want to get my finances in order - savings, investments, pensions, etc. but don't know where to start. Wealth managers/advisors who have ex-pat practices want clients with £500k or more. Do I just talk to a "normal" UK advisor or will they steer me totally offbase?

Second question, I want to get rid of my US advisor (they charge based on my AUM and don't do much of anything for the $$$) and switch to low-cost index funds. How do I do that from the UK? It looks like Vanguard etc won't open new accounts for people with overseas addresses.

Taxes seem relatively simple in contrast!

I’ve been with Vanguard invested in their low cost index funds since the 90’s, moving back to England in 2017 and I continue to manage them from here. However, as you have discovered, you can’t open a new Vanguard from overseas, and Vanguard UK does not accept US citizens as customers. Besides, as a USC, we can’t invest in overseas pooled investments like index funds, outside of retirement accounts, without falling foul of PFIC taxes. I simply keep our UK money in individual bonds and regular savings accounts.

Hopefully someone will come along with some suggestions.
Dual USC/UKC living in the UK since May 2016


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