In early December, we received several messages from prospective clients who are U.S. expats with brokerage accounts held at UBS. They’ve indicated to us that UBS was requiring them to move their accounts to another brokerage, as they would no longer be servicing these accounts. It was not clear whether or not the requirement from UBS to move accounts was specifically related to the country of domicile or all U.S. expats. In any case, Walkner Condon has helped many individuals in similar situations find solutions.
Why Did This Happen?
For major brokerages houses like UBS, this is not a new phenomenon. We have written extensively on the subject before in a white paper, “Why is it so Hard to Open Accounts for American Expats?” The passage and implementation of the Foreign Account Tax Compliance Act (FATCA) in addition to myriad regulations that encompass anti-money laundering laws may leave some financial services companies deciding that the compliance burden is simply too high for the revenue.
Who Should I Use for Brokerages?
While the answer depends on your particular situation, we delved into the pros and cons of some custodians that are well known for working with U.S. expats in a blog post, “What is the Best Brokerage for Expats?” Interactive Brokers, TD Ameritrade, and Charles Schwab all provide services to U.S. expats, though it varies by country as to what is specifically available.
How We Can Help
Walkner Condon Financial Advisors dedicated U.S. expat group helps our clients with wealth management, including investments that comply with country specific restrictions, the complexities of navigating through currency and taxation, and cross-border financial planning. We touch on those subjects and more in our Expat Investment Guide.Visit our website today to learn how we help our U.S. expat clients achieve confidence and clarity about what they are trying to accomplish in the future.