52. A Real Doozy | From The Trenches with James Boyle

The market has rebounded from a rough April, but that period caused significant emotional stress for both clients and advisors. In these market downturns it’s crucial to put your emotions to one side and stick to your plan.  What’s happened in June? And we’re only a few days into July but so much has happened there too; Richard Taylor and James Boyle go back into the trenches to unpack it all.  Plus, a few cautionary tales: Richard has a friend who – for years – has been constantly predicting a catastrophic market crash. As a result his investment plan is needlessly conservative. Another acquaintance tells of his experience with the 2008 market crash; panic selling resulted in the loss of huge returns over the decades.  Richard and James discuss another investor who made a common mistake, siloing US and UK tax advisors and not giving his advisors on either side the full picture. Despite investing in cross-border advice from one of the better-known tax advisory firms in the business, the client might now face PFIC tax issues in the hundreds of thousands.  The bottom line: ensure you have the right advisors and they are working together. The unique workings of the US tax system and its state-based rules are confusing for expats – make sure you get the right advice.  We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.