# FATCA US investment management issues...



## Bernie523 (Nov 14, 2019)

Has anyone run into this?
Our longtime US financial advisor (large firm) says he can no longer manage our US investments due to cross-border management of assets restrictions, because our primary residence is in UK.
We are a US/UK couple (both US citizens) recently retired to UK.
All our income comes from US including our US investments.
Any suggestions please as to what to do?
For instance would a US bank be able to do what our Financial Advisor cannot?
Cheers!


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## 255 (Sep 8, 2018)

Bernie523 -- Unfortunately, your situation has become very common. First off it's not that your Financial Advisor can't, it's that they won't. Basically firms that are dropping U.S. citizens, that are residents abroad, have made a decision that the potential gains (and regulatory risk) are not worth the compliance costs (or at least perceived compliance costs.) It's just a business decision much like many overseas banks don't want to handle U.S. clients anymore because of FATCA. Sure a U.S. bank could serve as your financial advisor, but would they? I personally do not have a lead on a bank that would, maybe HSBC, if you are a "Premier" member (over $100,000 invested.) Various posters, on this site, bank with them. The other commonly referred firm is Interactive Brokers that operate from the U.S. & the UK, but open accounts world-wide. They are a discount brokerage with very low commissions. I don't think they are really in the Financial Advisor space, but they do have an award winning robo-advisor, if you don't want to "roll your own." Of the two, HSBC & IB, I personally would choose IB (I've had accounts with both however, there certainly are other firms out there that would support your needs. Good luck! Cheers, 255


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