US UK Financial Advice

MBLDFG

Hi
Im looking for investment advice as dual UK US citizen. I have US investments to sort following inheritance. I know there are tax complications for both HMRC and IRS. Can anyone recommend dual jurisdiction ifa / wealth advisors & accountants? Quotes I’ve had for IFA are 1%-1.5% fully loaded. I know this is specialist area, but seems expensive. Any experience much appreciated. 

dunstonh

Can anyone recommend dual jurisdiction ifa / wealth advisors & accountants?

Wealth management advisers are the type to be avoided.   Accountants are not financial advisers (although some accountancy firms will have an advice offshoot).

Quotes I’ve had for IFA are 1%-1.5% fully loaded. 

And are they are aware of your US citizenship?    Most advisory firms will not hold PI insurance that covers them for providing advice to US citizens.   Some will as ex pats will be their target market.  However, most wont.

 I know this is specialist area, but seems expensive

1-1.5% initial seems dirt cheap for a higher risk and specialist area.

MBLDFG

Thanks @dunstonh
Why would you avoid wealth mgmt - I put them in same camp as IFA (would need IFA qualifications). And I get that accountants are separate - need a reasonable priced specialist there too...

On fee - this is annual, not as one-off, up front. Still reasonable?

dunstonh

Why would you avoid wealth mgmt - I put them in same camp as IFA (would need IFA qualifications). 

There are no IFA qualifications.  The qualifications cover both types.   

Most Wealth Management firms are FAs. Not IFAs.   You shouldnt use FAs.  Where they are IFAs, it tends to indicate a business model that uses one platform and a specific discretionary fund manager.  So, not really that independent.  Indeed, many have been forced to move to FA status from IFA although some will hold out as long as they can.

Wealth management firms tend to be more expensive than general practitioner IFA firms. (frequently exceeding 2% p.a. including all costs)

On fee - this is annual, not as one-off, up front. Still reasonable?

1.5% doesn't sound like an ongoing adviser fee.   The typical adviser fee range is 0.5-1%. Typically tiered by fund value (higher values getting lower percentage).    If you are being quoted 1-1.5% bottom line then is exactly in the target ballpark.   e..g 0.25% platform, 0.50% adviser and 0.30% OCF, 0.1% TC and 0% IC. would see you in that range.

xylophone

Found this by Googling
http://www.cbfp.co.uk/us-uk-cross-border-financial-planning

https://www.expertsforexpats.com/expat-financial-advice/choosing-a-financial-adviser/ provides a link to fee based Independent Financial Advisers.

You might ring round to check on what is offered.