Why US Brokerage Accounts of Americans are Being Closed with Tom Zachystal from www.iamadvisors.com

Why US Brokerage Accounts of Americans are Being Closed with Tom Zachystal from www.iamadvisors.com

http://ift.tt/2gchsTx http://ift.tt/1RfwK1f We are joined today by Tom Zachystal , President of Individual Asset Management, a US Registered Investment Advisor specializing in investment management and financial planning services for American Expats. Americans abroad are being informed by U.S. banks and brokerage firms that their accounts have been restricted or even closed due to their status as non-U.S. residents. This is happening with financial institutions such as Morgan Stanley, Fidelity, Merrill Lynch and Wells Fargo. There are two issues; brokerage accounts and US mutual funds. This is not so much a problem for taxable accounts, which could possibly be moved to the country of residency, but big problem for tax-deferred retirement accounts. There are definitely work arounds to the issue. We talk about the important questions to ask, time limits to request a waiver, and what to do if you miss an opportunity to rollover. Tom also discusses the importance of being proactive with financial planning as well as investment management. A pure brokerage or investment management firm may offer you only the one solution that is best for them or easiest for them to implement. A financial planning firm will consider alternatives and discuss them with you – a great example is whether it might be a good idea to transition money in a traditional IRA account to a Roth account. Feel free to contact Tom at www.iamadvisors.com for assistance. IRSMedic, the law offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com Helping US taxpayers around the world http://youtu.be/v3m6lN9Kjio IRS Medic