In the current climate, none of the traditional vehicles can be automatically relied upon. For example, 401(k)s can fail to meet expectations and may be impaired by their sometimes considerable fee burden, while expat retirement investors have additional concerns such as the high US tax burden on UK pensions.
There have been attempts to address the issue, with some members of Congress seeking regulatory reform and a requirement for financial advisers to act in the best interests of clients – the Department of Labor’s fiduciary rule. However, systemic change still seems far away and, in its absence, the need for financial advisers and wealth managers who can make a difference to the retirement outcomes of clients only grows.
There are numerous pieces of legislation attempting to address the problem (the Retire Act – Receiving Electronic Statements To Improve Retiree Earnings Act and the Retirement Savings Lost and Found Act, for example) but without widespread and sustained support the best hope for both domestic and expat retirement savers in the US is to have clear, comprehensive and consolidated advice.
Blacktower FM in the United States
Blacktower can help plan and manage your retirement assets as part of a personalised and cohesive retirement planning service that takes full account of any relevant cross-border regulatory opportunities and restrictions.
If you would like help planning for your future and would appreciate a specialist who can bring clarity and confidence to the process, speak with us today.
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
Investment advice and investment advisory services offered and provided through Blacktower Financial Management US, LLC. This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, tax advice, tax recommendations, investment recommendations or investment research. You should seek advice from a professional before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.