Executives and professionals traverse the Canada/U.S. border to pursue career opportunities. This can lead to their investment assets being scattered between varying plans, firms and advisors. The case study below illustrates how Perreira Wealth Advisory of Raymond James (USA) Ltd. has helped.
A married gay couple, William (Canadian) and Jim (American), met and worked in Toronto. When we first met William and Jim, they had investments with a bank-owned advisor in Montreal and elsewhere. They wanted to consolidate their assets and develop a plan to get them on track for a comfortable retirement.
William, who is the primary earner, did a good job focusing on his RRSP and other pension contributions over the years, and once those contributions were maximized, he started to build a sizeable non-registered investment account. He also had a small IRA with a Florida based advisor. Jim, who was furthering his education, had a small RRSP as well. After several years working for the pharmaceutical industry in Montreal and Toronto, William received a plum job offer in the U.S.
When William and Jim decided to relocate, they could leave their RRSP investments with their Canadian investment firm but would have to move their non-registered investment accounts to a U.S. brokerage. Their primary investment advisory relationship and the majority of their wealth was with their Canadian advisor. Now this relationship would be partially severed.
We are licensed advisors in the U.S. and Canada through Raymond James (USA) Ltd., so William and Jim wouldn’t need to move their investment assets to an advisor in the US and begin another financial advisory relationship.
They are thrilled that we are able to provide an overarching investment strategy and financial plan with their North American wide assets, and give them confidence that they are on target towards achieving their financial goals.
With the multi-currency platform they were allowed to retain Canadian assets in Canadian currency to wait for a more favourable time to convert to U.S. dollars. They can also hold their IRAs with us.