“We’re seeing US resident shoppers passing away and leaving their US retirement accounts to Canadian residents,” Marcus says. “That appears to be an issue for the Canadian resident, as a result of they are not a US individual, and they do not know significantly what an IRA is as a result of they by no means lived within the States. … We’re in a position to open what we name ‘inherited IRAs,’ and assist them with tax points and completely different points to allow them to tackle their family members’ funds.”
To correctly shield their shoppers’ pursuits, Marcus says cross- border advisors must hold look ahead to traits and developments in each the Canadian and US economies. As some shoppers select to maneuver from high-cost Canadian jurisdictions to extra reasonably priced US cities, they depend on their monetary advisors to offer them some thought on what to anticipate.
As somebody raised within the New York who finally relocated to Vancouver in 2012, Marcus is aware of effectively how difficult the immigration course of can get, with completely different authorized necessities and complexities coming into play. To correctly information shoppers, Raymond James additionally has relationships with quite a few immigration attorneys who can say what they should put together based mostly on their particular circumstances and the trail they need to go down.
“We’re funding advisors, so our job is to verify our shoppers’ investments are correctly invested,” he says. “Relating to tax, as an example, we advocate that they communicate to a cross-border accountant to assist them. We do make use of some in-house cross-border tax consultants, and we’ve relationships with plenty of cross-border accountants that we are able to refer shoppers to.”
Whereas different companies might do cross-border providers off the aspect of their desk, Raymond James sees it as a extra integral piece of its wealth providing. It invests substantial {dollars} and human capital into maintaining up-to-date info on all cross-border points, thus offering all its Canadian advisors with invaluable help.