How to Find a Cross-Border Financial Planner or Advisor to Fit Your Needs

Tiffany Woodfield
Apr 8, 2021
4 min read

Updated: 7 days ago

Written by Tiffany Woodfield, TEP, Associate Portfolio Manager, CRPC®, CIM®

How to Find a Cross-Border Financial Planner or Advisor to fit your needs

The most important thing when moving across the border is to find the right cross-border financial advisory team to help you on your journey.

There has to be a mutual fit where you feel your team understands you. Cross-border financial planning is highly specific and having your investments properly managed generally requires the involvement of a dual-licensed advisor. Those with both the proper Canadian and US designations can fully assist your transition and help reduce the chances of the IRS or CRA taking a bite from your savings.

There are two key questions to ask in order to find an excellent cross-border team.

Do they have the experience and qualifications to help me?
Do they understand what keeps me up at night?

What to Look for in a Cross-Border Financial Planner

The main items you should look for from your cross-border team:

They are a licensed financial advisor in Canada and the US.
They have the CRPC designation from the US.
They have the CFP designation from Canada, so they understand retirement plans and pensions in both countries.
They have a trusted network of professional contacts to help you in all areas of financial planning.
They have specialized experience in dealing with people in situations similar to yours.
You feel you can communicate openly with them.

It is a great idea to do online research. Go to their website and look at the information they provide on their website. Do they have useful articles and guides? These items will help you feel comfortable with their level of expertise in this complex area.

Cross-border financial services are more complicated than regular investing.

This means that utilizing a highly qualified team is crucial to success. Your main goal is likely the avoidance of being over- taxed. Also, you may want to prevent the unwanted attention of the Internal Revenue Service (IRS) or Canada Revenue Agency (CRA).

Working with someone who specializes in cross-border financial planning will help you to minimize your tax burden while being fully compliant with the IRS and CRA.

What to Look for in a Cross-Border Financial Planner

Do You Need a Cross-Border Wealth Advisor?

Many people wonder about the difference between cross-border financial planning and cross-border wealth management.

Although they are similar, wealth management encompasses a more in-depth, comprehensive look at all the factors that have an impact on wealth. With wealth planning, you and your team are considering items such as estate planning and trust services for the next generation.

Your wealth management team knows how to plan your desired legacy and incorporate charitable giving and philanthropy into your financial plan.

Working with an Independent Advisor vs. a Bank

There are unique benefits to working with an independent firm, such as Raymond James Ltd, versus a big bank.

Here are a few of the benefits to working with an independent advisor:

Your advisor has a vast array of investments that can be used and is not limited to bank products such as mutual funds (many package products add extra expense).
Your advisor, rather than the bank, has the relationship with you. This means the advisor you choose is focused on making decisions solely based on your needs. When working with a bank, the advisor doesn't "own" the relationship, the bank does.
When you work with SWAN Wealth, for example, your advisor has the support of Raymond James, which is a Fortune 500 company, and the freedom to run their own business and tailor it to your needs.
When you work with an independent, your advisor thinks like a business person rather than an employee. They have invested their own money in the business and are tied to the success of their clients.

Your Cross-Border Financial Planner Doesn't Need to Live in Your City

The most important decision you will make during your transition and beyond is who to work with to manage your retirement and legacy planning.

Today’s technology allows you to choose a team that is the best fit for your situation. We all used to be limited to finding someone close by to provide services. The advancement of globalization and technology now allows you to choose an advisor from across the country whose skills and approach go hand in glove with your needs.

The Benefits of Working with a Portfolio Manager

The main benefit of working with a portfolio manager is that have a very high level of accreditation, are fiduciaries and are able to rapidly make changes to client portfolios.

Portfolio Managers have a legal obligation to put their client’s needs first. Also, Portfolio Managers are able to do discretionary trading where regular advisors have to take time to contact each client to make a stock or bond change.

Markets move quickly and people are busy.

This restriction is a major reason why many non-portfolio managers gravitate toward package products like mutual funds. Mutual funds are managed by a third party who is a Portfolio Manager. In short, when using a regular advisor, they often hire a portfolio manager to do the investment work. There are fees paid to both parties (which is one reason mutual funds are often viewed as expensive).

Next Steps

If you’re a Canadian resident or are planning on moving to Canada or the US and need assistance with moving and optimizing your investments, estate planning, wealth management and portfolio management, please get in touch. At SWAN Wealth, we specialize in Canadian financial planning, cross-border financial planning and cross-border wealth management.

If you’re planning a cross-border move, these articles and guides will help simplify your move and ensure everything is covered.

About the Author

TIFFANY WOODFIELD

Tiffany Woodfield is an Associate Portfolio Manager licensed in Canada and the USA, a Chartered Investment Manager (CIM), a Chartered Retirement Planning Counselor (CRPC), a Trust and Estate Practitioner (TEP) and the co-founder of SWAN Wealth Management, along with her husband, John Woodfield. Tiffany advises clients who live in Canada and the United States and want to simplify their cross-border financial plan, move their assets across the border, and optimize their investments to minimize their tax burden. Together, Tiffany and John Woodfield help their clients simplify their cross-border finances and create long-term revenue streams that will keep their assets safe whether they live in Canada or the U.S.