“We’re seeing US resident purchasers 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 notably 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 purchasers’ pursuits, Marcus says cross- border advisors should hold look ahead to traits and developments in each the Canadian and US economies. As some purchasers select to maneuver from high-cost Canadian jurisdictions to extra inexpensive US cities, they depend on their monetary advisors to present 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 properly how difficult the immigration course of can get, with completely different authorized necessities and complexities coming into play. To correctly information purchasers, Raymond James additionally has relationships with quite a few immigration attorneys who can say what they should put together primarily based on their particular circumstances and the trail they wish to go down.

“We’re funding advisors, so our job is to ensure our purchasers’ investments are correctly invested,” he says. “In terms of tax, for example, we advocate that they converse to a cross-border accountant to assist them. We do make use of some in-house cross-border tax consultants, and we now have relationships with lots of cross-border accountants that we will refer purchasers to.”

Whereas different companies could do cross-border companies 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 assist.