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Topic: Financial advisor/investment broker for dual US/UK citizens  (Read 1142 times)

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Financial advisor/investment broker for dual US/UK citizens
« on: September 26, 2005, 10:31:24 AM »
Can anyone give me a recommendation for a good financial advisor (someone who has MADE money for you!) in the UK who is on top of the special US/UK issues (US and UK citizen, as I understand we cannot invest in UK unit trusts that hold US equities, etc. etc.)

I would be ever so grateful!

Hope you Yanks are all doing well - sorry I've been so rare around here lately...



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Re: Financial advisor/investment broker for dual US/UK citizens
« Reply #1 on: September 26, 2005, 02:44:27 PM »
I don't know anybody, no... but I would say this:

What you need is someone who can educate you on tax/retirement/estate issues as they pertain to your specific situation. What you DON'T need is someone who "made money for" somebody else. The two things are very, very different. Furthermore, it is a proven FACT that financial advisors/fund managers/investment professionals cannot pick winning stocks anymore than a monkey throwing darts. So, just because somebody's monkey picked some winners is no guarantee that they'll make any money for you.

"Financial Advisors" - at least here in the US - are really salesmen. They tell you that some mutual fund or annuity is just the ticket for your goals, but the fact is, they're getting a commission on what they're selling to you.

You can pretty much buy the exact same stocks, bonds, and mutual funds in the UK that you can in the US. You can use the same sorts of online brokerage services, or deal with the same mutual fund companies. You can invest in Fidelity mutual funds, buy shares of Microsoft, and buy US Treasury Bills. In fact, most foreign investors do exactly that.

What you need to do is learn about your specific needs - are you looking for retirement savings? Do you worry about taxes? Are you trying to save for your children? - and then educate yourself on investing. It's actually pretty darn easy. There are many wonderful books on the subject, and - believe it or not - the most successful method of investing is actually the simplest.

I don't know where to find UK/US-specific information, as I'm new to this situation, myself. I'm not even sure how the income tax thing will work, yet... which is why I'm browsing this board!  ;D


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Re: Financial advisor/investment broker for dual US/UK citizens
« Reply #2 on: September 27, 2005, 08:13:25 PM »
If you are a US citizen, you're taxed at ridiculous rates on the majority of things a UK IFA can sell you.  So the intuitive answer is to invest in the US, but then you may miss out on tax breaks in the UK.  Your best bet is to get a list of all the possible investment products you can invest in and their tax consequences in the US and the UK.  You can then make an informed decision as to whether or not to have a US-based financial planner, a UK-based financial planner, or one of each. 

I will send a brochure on this topic to anyone on this list who asks for it.  No charge for the brochure.

Liz Z i t z o w, EA
British American Tax


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Re: Financial advisor/investment broker for dual US/UK citizens
« Reply #3 on: March 06, 2007, 09:03:44 AM »
can i have a copy please?
If you harbour bitterness, happiness will dock elsewhere.


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