Recommended crossborder fee-only, advice only advisor?

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FLbiker
Posts: 6
Joined: Sun May 30, 2021 11:44 am

Recommended crossborder fee-only, advice only advisor?

Post by FLbiker »

I've been a DIY investor all along, but I'm realizing that following our move to Canada from the US, I would like to have an expert that I can go to with questions or for a second opinion. I have a tax guy, and that has been very helpful, but I would like someone I can ask crossborder financial planning questions of.

I am not interested in anyone who bills a % of assets under management, as I don't want to put my assets under management. I want to pay an hourly rate. Does anyone have any recommendations?

To give a sense of the type of questions I would like help with, I'm currently trying to [url="https://www.financialwisdomforum.org/fo ... 9&t=124057"]figure out what brokerages to keep our retirement accounts with[/url]. I've got some ideas, but I'd like to run them by someone with more expertise than me. Similarly, we're nearing our financial independence number, so as we transition into decumulation, I could see wanting to run my plan by an expert as well. I'm not looking for ongoing asset management or advice, though.

I live in Nova Scotia, if that makes a difference, but I'm happy to work with someone remotely.

Here are a couple of that I've found, and if anyone has experience with them I'd be grateful if you would share it.
https://www.efficientwealth.com/advice-for-fee/
https://springplans.ca/ (may not offer hourly services)
https://www.hutcheson.ca/services/cross ... -services/ (tax focused, but does have crossborder financial planning as well)

Any if any additional information would be useful, please don't hesitate to ask. Thanks!
itscomplicatedhere
Posts: 2
Joined: Sun Jun 27, 2021 11:15 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by itscomplicatedhere »

FLBiker

Have you had any success in finding what you are looking for?
Everyone I have found is following the assets under management model which I presume is much more lucrative. It seems like Cardinalpoint wealth is the major player in this area or at least they have very good SEO. Cardinalpoint has Terry Ritchie who wrote one of the better guides from what I seen online. His coauthor is Brian Wruk Transition Financial, which I would assume would be another reliable advisor but they also follow the AUM model. The AUM model detracts from a DIY investor as they say they are fee only but really want to reorganize the portfolio to ETFs.

In my own research, it seems that most people use a separate US and Canada tax accountant and have them communicate with each other. But I agree it would be great to have a single source that is a chartered accountant (CA) and CPA (USA) and preferrably an enrolled IRS agent.

I spoke with hutcheson.ca and they referred me to another firm that they "work" with but follows an AUM model. They wanted to reorganize the entire portfolio but were able to take care of accounts in the USA and Canada.
I also found efficientwealth but have not been able to find any reviews or mention of them from anyone online. Their website doesn't even indicate who is on their team nor their credentials.
The only person indicating cross border expertise on springplans also has very limited information and it does not seem like that is the primary focus of their practice.
FLbiker
Posts: 6
Joined: Sun May 30, 2021 11:44 am

Re: Recommended crossborder fee-only, advice only advisor?

Post by FLbiker »

The two that I found are Spring Plans (which you referenced) and Objective Financial Partners (https://objectivefinancialpartners.com/). I have an introductory call with Objective tomorrow. Spring wasn't able to get me in until the end of August, so I'm holding off on them for now.

Honestly, I'm still kind of leaning towards continuing to DIY, with the supplement of a crossborder tax accountant. I use Unbordered, based in Dartmouth, NS.
itscomplicatedhere
Posts: 2
Joined: Sun Jun 27, 2021 11:15 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by itscomplicatedhere »

FLBiker

Thanks for your input and reply. I'll have a look at objectiveplanners as well.
Keep me posted!
gostockman
Posts: 1
Joined: Mon Jul 19, 2021 11:23 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by gostockman »

www.efficientwealth.com's associate at Tactex Asset Management does have a DIY assist program (ETFs only) that is not AUM.

For wealth management Efficient Wealth pioneered in Canada flat fee financial planning with a small AUM (currently .33%) for the separate asset management at Tactex. DIY assistance is flat fee only because no assets are under management.
EWM /Tactex setup is primarily to implement asset management of EWM completed plans for some clients that choose inexpensive structured ETF portfolios. EWM was a very early adopter of ETFs and has been facilitating the use of ETF portfolios, since 2004 and moved the clients to Tactex in 2012. Costs do matter. The DIY offering is simply a facility to help more clients save cost.

Founder Gordon Stockman has a new spin off firm, which provides advice to do it yourselfers. Nextgen Financial Planning is a portfolio manager that does not manage portfolios. (currently registered in ON with other provinces pending). Thus it can provide Real Fiduciary Financial Planning with the ability to include security discussions in the planning process. It is also structured to assist DIYers or employees with Group Plans or DC Pension plans. If asset management is desired it can arrange for third party asset management at a provider of your choosing.

Most importantly, its work is focused on the non high net worth mass market giving all Canadians from zero assets on up, access to professional planning and professional investment advice for an affordable price. www.nextgenfinancialplanning.ca NextgenFP is also one of the only cross border firms that provides advice on a non AUM basis and again to the non high net worth market. Gordon has a RIA operation in New York State EWM Advisory LLC to facilitate the management of US domiciled assets and US Financial Planning. These interconnected companies can thus provide a single planner experience to clients and expats in Canada, USA and Mexico. US and Canadian tax prearation is available through related accounting firm Sharp Accounting Prof. Corp.
gustiwieto
Posts: 2
Joined: Tue Jul 05, 2022 3:59 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by gustiwieto »

If I understand you correctly, you need to deal with a transaction. To understand how it works, you need to know that a transaction is a set of database operations combined into one atomic bundle.
gustiwieto
Posts: 2
Joined: Tue Jul 05, 2022 3:59 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by gustiwieto »

If I understand you correctly, you need to deal with a transaction. To understand how it works, you need to know that a transaction is a set of database operations combined into one atomic bundle. For example, several different insertions can be made, or data can be changed and deleted. Suppose you need to make transactions and perform financial analysis. Still, you do not understand anything about it or have little experience. In that case, it is better to use the advice of a specialist. Perhaps you may need information about https://www.mcgeewm.com/wealth-manageme ... al-advisor. One transaction always corresponds to one transaction, but several transactions can be made in one. Was I able to help you?
ND
Posts: 291
Joined: Thu Feb 21, 2013 5:28 pm

Re: Recommended crossborder fee-only, advice only advisor?

Post by ND »

Wayne Baxter wbaxter@onecapital.com who is a dually licensed broker-dealer who manages cross-border investments and has familiarity with cross-border tax
3075 Townsgate Road, Suite 350 Westlake Village, CA 91361 D: 805.719.4211 Toll Free: 877.348.0045 T: 805.409.8150 F: 805.870.7677
fazert
Posts: 9
Joined: Mon Jun 05, 2023 9:53 am

Re: Recommended crossborder fee-only, advice only advisor?

Post by fazert »

I heard something like that, but not in such detail, but where did you get the material from?
Holadola0
Posts: 1
Joined: Wed Jun 14, 2023 8:29 am

Re: Recommended crossborder fee-only, advice only advisor?

Post by Holadola0 »

Once you have a short list of potential consultants, schedule interviews or consultations with them. Prepare a list of questions to understand their expertise, experience, fee structure, and how they handle cross-border financial issues. Assess their communication style and determine if you are comfortable working with them. Fee-only advisors charge for their services based on a transparent fee structure, rather than receiving commissions for the financial products they recommend. Make sure you understand how the advisor is charging for their services, and clarify any additional fees that may apply. There are many good options at https://goit.global/ph/newcomers/.
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