Dual U.S. Cad citizenship. Where should I look for financial advice?

[norival1992]

Hi. I am very nervous dealing with money, and I try to avoid it. I am a retired widow, 61. I have dual citizenship in U.S. and Canada and most of my money is with one large bank present in both countries. I have both a U.S. and a Canadian investment advisor and they each charge 1.5 percent annual fee or something. I am part owner of a cottage I never use, and pay 3k plus per year for upkeep.

My husband understood money and had it everywhere. I have moved almost all of it into these two investment accounts and I am living off the returns.

Whenever I bring up money issues with the two financial advisors, all they do is suggest their ai tools, or they sometimes recommend finding a tax professional, etc.

I need someone who understands taxation and inheritance to look at the cottage and tell me if I should make a change.

I also had to pay $2000 to have my taxes prepared here for the US. I was paying $600 in the US for this same return, but I wanted one agency to handle my taxes. This is not sustainable. I don’t owe any taxes there. I don’t live or work there. yet have to pay $2000 plus every year to prove it. I need advice.

I am receiving a tiny pension from Canada and I am probably eligible for SS. Maybe now from my late husband, but my own ss when I am 65. I have never worked in Canada.

What is the best way to get practical advice? Someone who can look at the big picture and tell me when I am better off with one decision over another. Would I be better off with a new financial advisor who is not tied to the bank? Would it be possible to find one agency or person who can manage investments both here and US and would be willing to look at my entire portfolio and advise?

Thanks.

 

[therayhillfamily]

@norival1992 Although I have never used a full service broker, with full service brokerage fees, perhaps this might be of interest to you. Although I have never used Raymond James you would appear to be the target customer for some RJ offices in Canada. https://www.rjlu.com/how-we-help/american-residents-of-canada

 

[norival1992]

@therayhillfamily I will check that out. Thanks.

 

[adam56]

@norival1992 This is really a residency problem. Until you become a non taxable resident, your going to continue to have these expense. At your age, you should be figuring v out which country you want to live in for the forseable future, then move your funds into that one country. That will save a lot of money on complex international tax returns. Alternatively, if you have pensions from both countries you could be stuck there anyway.

I would personally, ask for a third party accountant for advice, one that also specializes in international taxes. Pay an hourly rate for them to review your account to give professional, unbiased advice. Companies like BDO, KPMG are the big guns, but not necessary.

The rest of what you describe is pretty much the run of the mill BS that so called advisors do to justify their existence. Again, this is up to your own comfort level how much direct management of your funds you want.

Let me be very clear though : these advisors are more akin to sales people than professionals accounts, neither will be able to provide you with international accounting/taxes or planning. I would not trust them to provide you with reliable, legal or knowledgable advice.

 

[norival1992]

@adam56 Thanks.

 

[buddysmumoz]

@norival1992 If you’re a higher net-worth individual, check-out a cross-border fee for service financial planning firm. Google this….we use a firm and they are exceptional. They handle everything (taxes, estate, insurance, retirement/investment planning…).

 

[maxedwell]

@norival1992 I’m also dual but have primary residence in the US. as a US citizen, you need to file with the IRS regardless of where you live. That said, it should not cost $2,000 for that and you can do alot better. I do not pay a financial advisor to manage investments, therefore not paying anyone a percentage like you mentioned. But I’m very experienced and confident in my ability to do that, and it sounds like you are not. But still, 1.5% is too steep in my opinion and from what I know those guys charge. I do however use the services of a fudiciary, who lives in Michigan and has a nice niche business serving clients who have lived and worked in both countries and knows all the workings of Social Security, Canada Pension, etc. so I would definitely steer you to him. He won’t try and steer you into specific investments, but he will develop a holistic financial plan taking all your income streams and expenses into consideration. if you end up working with him, and you want him to manage everything for you, he offers that too. And it won’t cost you nearly as much as your paying now. If you ant to know more, or get his name, please contact me directly. Good luck. It can be challenging and having a professional to guide you is important