Are you an American living in the south of France, or considering a move to France? Are you worried about how to find a local US financial advisor in your area? Navigating cross-border finances can be a challenge for expats, but the financial advisors at Harrison Brook’s local office in Nice are here to help.

Why is it so Difficult to Find a US Advisor in France?

While there is a well-established market for British expat advisors in France, there are only a few firms specialized in assisting Americans. Unfortunately, most of them – if not all – are located in England as they tend to focus on the larger market of UK-based Americans. While the regulatory hurdles to set up a French business can spook many financial firms, the real issue is finding local, competent advisors that have the rare combination of skills, financial experience, and knowledge of the French and US markets. In addition, cross-border US-French advisors need to be certified in France and the United-States, as well as know the tax implications facing Americans living in France.

At Harrison Brook, we are proud to say that we are the only firm in France with American financial advisors with qualifications from the AMF (Authorité des Marchés Financiers), FINRA (USA Series 6,7,66,63), and the UK (CISI Level 4). Our advisors are fully bilingual and live and work locally, so you can be sure they understand the local marketplace.

Qualities of a Cross-Border Financial Advisor

• Knowledge and experience with American and French financial products such as 401k, IRAs, and assurance vie
• Has necessary qualifications and licenses, both in the US and in France
• Has a good understanding of the cross-border tax issues
• Based locally in France and available to meet in person
• Has a good reputation and clean background
• Experienced in helping clients in my situation
• Native US speaker, but also fully bilingual in French

What should you look for in a firm or a financial advisor?

Can you say that your current advisor meets all the criteria above? 

Having a locally based, competent advisor who understands your needs as an American expat can help a lot. Since many of our advisors have made the move themselves, they can appreciate all the efforts and challenges you are having to go through. For example, most French banks or investment firms won’t accept US-connected clients due to the burdensome FATCA regulations. This is one of the reasons that you will have a hard time finding a financial advisor, as well as a simple local bank to serve you.

Another great benefit of having a US-registered financial advisor is the reputation and background information available on www.brokercheck.finra.org. You can find all their work and education experience, as well as any complaints, bankruptcy or criminal issues. It is important to be assured that the person you are trusting with your lifelong savings has a clean background and a solid reputation.

Brokerage accounts options for US expats in France

French residents must abide by the European MiFID rules which, unfortunately, makes it harder to invest in diversified investment vehicles such as ETFs. As you probably know, non-US residents are prohibited from purchasing mutual funds, and conversely, Americans cannot invest in local European funds because of the IRS’s PFIC tax rules. As a last option, you can invest in individual securities, but we at Harrison Brook have access to a large range of diversified portfolios of US ETFs for our clients.

401K, IRA or Roth IRA in France?

If you worked in the US before moving to France, you probably already have a 401K or IRA account. Harrison Brook is one of the few financial firms who can manage these accounts without you needing a US address. Our custodian not only allows French addresses, but also allows us to consolidate various retirement accounts together, as well as take advantage of Roth IRA conversions – tax-free in certain cases. We are licensed in the US with FINRA, so we can help you manage your retirement accounts, and take advantage of the French-US tax treaty which has one of the most favorable agreements regarding retirement income. It is a service we provide even if you are still living in America and expecting to move to France in the near future.

Should I keep my US advisor?

A past remedy to ease cross-border finances was to use a family member’s US address for your US accounts. However, there are more and more problems when brokers or banks find out the client is a non-US resident, such as freezing accounts, shutting down online banking access, or even simply closing accounts. No matter whether you might be moving from one country to another, and even going back to the US later in life, Harrison Brook can provide the peace of mind that your investments are safe, and held by a custodian and a cross-border financial advisor that will be able to service you no matter where you live. 

What else should I know?

It’s important for all American expats to build a team of professionals to help them with their specific expat needs. We partner with the best tax advisors, estate planners, and immigration lawyers specializing in assisting American-connected individuals in France. Whether it’s taxes, mortgages, immigration or estate planning, our clients can be sure that we have the resources to answer their questions and provide the solutions they need.

Harrison Brook – your local, France-based financial solution 

The right cross-border financial advisor can be a key player in your journey overseas. At Harrison Brook, we are proud to provide the high level of service to our clients, locally in Nice, as well as the rest of France. Having an advisor that can meet you in person is an easier way to build the trust and lifelong relationship with someone who can be side by side with you on this journey in France. Don’t hesitate to get in touch or book a meeting with one of our cross-border financial advisors today.