UK passive wealth manager recommendation request

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Topic Author
bluejeansman
Posts: 264
Joined: Sun Oct 19, 2008 6:50 pm

UK passive wealth manager recommendation request

Post by bluejeansman »

Can someone please recommend a good passive wealth manager in UK ? I'm a naturalized UK citizen, resident in UK

I understand the typical recommendation is DIY such as Vanguard Lifestrategy or "VWRL, Vanguard Global bonds and chill". Sure, I'm already doing DIY thru Hargreaves and Interactive Investor and I have Aegon company pension. I understand the general concept of passive investing ... been on bogleheads too long ... But ...

Im single, 55 yrs old, and my siblings and others close to me do not understand any of this stuff. If there was a single money manager to go to, that would make it easy in case something happens to me.

Also i might relocate to India. I would still want my money invested in UK with a focus on international investing because of UK laws etc. There will be India tax issues but I can find that out and let the wealth manager know.

So far HL and II have told me they won't ask me to leave if I become non resident. Aegon certainly won't. But what if HL and II kick me out one day or go bankrupt ?

How much net worth do you need to justify a wealth manager ? I'm at £2.x millions

I've spoken to Sapienter as well as ifa.com's UK group years ago, and they seemed expensive. Not only wealth manager fee of at least 1% but also "platform" fee (likes of Transact etc charging 0.5%). If HL or Vanguard itself provides a wealth management service, basically a human who sets up your Portfolio, reviews every quarter and a personal relationship like old world bank manager - that would be nice.

There is P1 wealth management, they were low cost, haven't spoken to them

Another advantage of wealth manager is : I can consolidate all my investments into single provider. Right now I don't do that, splitting between HL, II, Aegon. In case one goes bust the others are still there. These days customer service is poor everywhere, with long wait times and if I'm not around and one company goes belly up, I don't want people around me to go thru pain. Having a single reputed manager to talk to rather than menus and A.I would be nice - you know, like the good old days.

I'm not looking for great growth in my investments. Preservation of capital is more important. So if a manager can get me 6% nominal return and charge 1% including platform fee, that may not be so bad.

Thanks
Topic Author
bluejeansman
Posts: 264
Joined: Sun Oct 19, 2008 6:50 pm

Re: UK passive wealth manager recommendation request

Post by bluejeansman »

I like a money manager for 2 reasons :

1) I can consolidate my various investments into a single provider without worrying about them going bust or kicking me out. Right now I use HL, II, and Aegon Pension because if one of them goes bust, at least I have others. If one of them kicks me out, I can transfer to other provider.
2) Since I am single, if something happens to me, it would be nice for my folks to call a single number and talk to a human instead of A.I, menus, painful chats with token numer 354 etc.

But the passive money managers like ifa.com's UK division, Evolve FP, Sapienter, Evelyn Partners, Maseco financial are expensive. And chances are : after their expensive fees, they may not even meet, let alone beat the index. But if I am willing to trade in absolute returns for peace of mind then perhaps its worth it. At this stage in my life I am more interested in return OF Capital rather than return ON capital. And I can move on to other things instead of spending all day on this subject and keep checking these forums, reddit etc.

My style of writing often doesnt generate responses on most forums so I go around in circles. I could get a fee based advisor but they are not as good as the people here.

Maseco is seriously looking good. https://masecoprivatewealth.com/globall ... k-citizens
"Globally minded UK citizen" : Thats exactly what I am. These kinds of professionals usually know the tax side of things as well. They may even be able to advise on tax havens etc

I dont have any heirs, so, as long as they can model the cash flow to ensure I have a comfortable life and my capital itself goes to charity, let them eat cake, why bother. But if they eat like Bernie Madoff, of course that would be a worry :)

To be honest its mentally tiring and stressful to navigate international taxation, having funds in multiple countries, having multiple brokers to cover failure, splitting money into multple banks for FDIC insurance, UK FSA cover etc. What if something happens to me ? I have not trained anyone. I use keepass and 2FA etc but my folks are not tech savvy. At £ 2.5 million net worth I have probably already won the game. My portfolio wasnt great but it got me there, and at 40-60 AA, even if I get 50% equity crash, I am still ok. My company stock got me there in a big way, hitting home runs and trouncing the market. Now my company stock is 15% of my equity and 5% of my total net worth. Contributing heavily into UK pension also did.

So lets say £ 2 million. At 5% withdrawal, at £ 100K per year I can live in most places. Maybe not Monaco, South of France, palo Alto etc. So if a manager gets me 6% after his expenses with very low risk, something like permanent portfolio then I am quids in. Been on bogleheads for decades but I am nowhere near the skill levels and vast knowledge of the gurus here like TedSwippet, Valuethinker, nisiprius etc. I will never get there.

Just musing. If someone felt the same way and gave up DIY let me know. But then such people wont hang out here I suppose. Anyway hope you enjoyed reading.
Valuethinker
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Re: UK passive wealth manager recommendation request

Post by Valuethinker »

1. 5% is not a sustainable withdrawal rate. Not for 30+ years

(remember SWR assumes growth with inflation. So that your real buying power does not depreciate)

My guess is SWR is around 2.5-3.0% at maximum. Which is still £50-60k in your case, which is not too shabby. One issue you may have in India is that as the country progresses, the cost of living will rise towards western levels ie faster than inflation. One way to reduce that risk is to own a property - then rental inflation cannot get you.

The problem is not that your long run average return is 5-6% say, after fees. So with inflation 3% say. The problem is the years (like 2022) when your portfolio drops -20%. Too many of those years in succession and you eat a lot of capital.

One way to fight that is to keep as cash assets for 2-3 expenses, which will protect you in the short run against those kinds of bear markets.

2. You would be better off annuitizing as a way of maximizing your income from your assets. I would do that in phases - ie not before age 60, probably, or age 65-70. I would never annuitize all my capital, but £500k say might buy up to £15k pa of RPI-linked income. That's a nice solid base. Your UK state pension (from age 67) will be another £8k or so, again inflation protected. These numbers start to give you a good baseline of expenditure that is covered.

I would choose inflation indexed annuities, because inflation is a long run risk. You might prefer to maximize income by buying a "straight" annuity.

One problem is that you probably cannot get an annuity if you are living outside the UK, that would be covered by UK financial services rules. The world of offshore advisers and funds is a dangerous one, in my view. I mean it's fine to own a fund or ETF domiciled in Mauritius (I think most Indian funds are) or Ireland or Luxembourg. But advisers based offshore may be very low quality

3. one of my relatives used Barclays Wealth. I think they were charged about 1-1.5% pa plus fund charges. If you restrict them to only using low cost ETFs, then that might give you what you seek.

Generally, it is preferable to have a very simple portfolio - 2 or 3 ETFs or funds. Like the models here. Then you can get a really low Expense Ratio, which given that you are aiming for a high withdrawal rate, is pretty important. That 1% difference is quite important in terms of what you are trying to do.
Topic Author
bluejeansman
Posts: 264
Joined: Sun Oct 19, 2008 6:50 pm

Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Thanks Valuethinker, as always.

regarding 5% : I was only trying to illustrate that if capital growth exceeds my withdrawal I am quids in. Bad example. No, I dont think I will be withdrawing 5%. I am at GBP 2.5 million of which 40% is in equities. If Equities crash 50% today, I will still be at GBP 2 mill. Other than unforseen hospitalization I dont foresee major expenses. My regular expenses in India GBP 1000 a month. Even in UK, GBP 3000 a month expenses including rent gives me a decent enough quality of life. Thats a less than 2% withdrawal. So 2% withdrawal and wealth manager fees of 1.5% means 3.5% withdrawal, so it should be ok right ?

I just ran cfiresim (thanks to TedSwippet) - just now - portfolio of 2.4 mill, annual withdrawal 40,000, AA 40-60, Fees 1.5% and the sim reported zero failures in 120 cycles

I am only 40% equities, so for my portfolio to crash 20% it would take 50% market crash. Hopefully 50% crashes for successive years wont happen. I keep 200K GBP cash, so I can survive a while. Last year I spent 85,000 GB on father's end stage heart failure hospitalization including a state of the art valve procedure that set me back 40,000 but sadly he did not make it. My mom is superstitious and does not want insurance. So that is the only risk. But one thing I realized is : if repeated expensive hospitalization occurs as in the case of my father, that will typically not last too long so money should be the last concern. I myself have health insurance in India that covers hospitalizaton upto GBP 25,000 and I have BUPA cover in UK as well right now altho I may quit UK in a few months officially.

Property : I own a small flat in India. No mortgage. I am not liking it here tho. There are health issues why I cannot go to cold countries so UK may be out long term. But I want to live in a developed warm place with Western culture. Can my portfolio last me then ? As I said above, even UK southeast, 3000 GBP per month expense buys me a decent Standard of Living. So unless I move to Monaco or something, my assets should probably be enough.

Thanks for the annuities suggestion. I thought global inflation linked bonds should be enough. Anyway we are going into advanced topics and this is where I thought a good UK based passive wealth manager can add value.

Good wealth managers are usually aware of tax issues I believe.

"The 1% is important" - Point taken. I understand simplicity of portfolio as well. I have been on the forum long enough. If I and my funds were in US I would go with 3-fund portfolio. If UK I would have just gone for Vanguard LIfestrategy or VWRL and global bonds. My problem is complexity due to Cross border taxation laws, funds in various countries. There are many challenges I need to navigate. (all self created problems).

- Dont know where I am going to be. For now forced to live in India. But not enjoying it here. UK may be out due to health issue. Maybe some other warm developed country.
- India tax treatment of US Roth IRA, UK ISA, UK pension ? Still utterly clueless on this
- US estate tax issue. Altho I dont have heirs but I prefer my charity to get the money instead of US IRS
- Moving money out of US now involves substantial capital gains (almost $400,000 capital gains now). This year I have to pay tax to UK and India
- One option is to move to Dubai next year, sell all my US funds, so I dont pay capital gains tax, close out Roth IRA pay 10% tax, and move it all to Chares Schwab / Interactive Brokers. Or move the funds to UK (if UK financial institutions allows nonresident to remit) or India.

Thanks for US state pension tip. And I will also get social security I believe. Worked 40 quarters in US. Thinking about immigrating to Florida/Texas too. I applied for green card ages ago but abandoned the 3rd and final step (485 - adjustment of status). I might be able to reactivate it. This would mean I have to close out my UK ISA (GBP 400K). not sure. Too much uncertainty and indecision.

Irrespective of tax issues, let me post a portfolio review request on the forum. I would be highly obliged if you ValueThinker and Tedswippet please reply to that one.
Valuethinker
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Re: UK passive wealth manager recommendation request

Post by Valuethinker »

One comment

You do not need a portfolio manager.

You need a good tax advisor.

Yes moving to UAE to avoid $400k of tax sounds like a good idea (I hate the idea of living out there, but for one year, you could).

Your options of places to live, post Brexit, have narrowed sharply. However I believe Brits are still retiring to Spain and Portugal? I am not sure how.

Texas and Florida. You have to be able to tolerate humidity. Consider Phoenix in that regard (or even New Mexico but I understand the dust is really bad). Maybe there are nice places in Florida but it sounds like heck on earth to me.

Maybe the UK is too cold and damp for you. But most of the respiratory conditions in the UK are around air pollution (like India) not the weather (although traditionally it is viewed as bad for tuberculosis, which is in any case a disease of poverty and overcrowding). Seasonal Affective Disorder is the other, of course. A home UV light might help there?

If you do go back to USA you will need to liquidate all UK fund investments due to IRS PFIC rules, I think. Start again with a US-based portfolio.

Make sure you understand the Social Security equalisation treaty with UK State Pension (I have never had a need to look at it) before you go boosting your UK years of NI contributions.

I think there are automated online programmes which can suggest portfolios of passive investments. Also model portfolios in things like monevator.com Really fund selection is the least of your problems.
Topic Author
bluejeansman
Posts: 264
Joined: Sun Oct 19, 2008 6:50 pm

Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Agree that cross border taxation is probably my main issue.

US estate tax is another. There were plenty of informative and useful posts here, particularly from TedSwippet. I should have moved the taxable funds from US to UK long ago. I was trying to save around $10,000 in legally unpaid non dom tax and hence avoided remittance to UK. Procrastinated and now I have a sizeable sum. Holding non reporting funds was also an issue. Another useful suggestion from TedSwippet was to get done with selling the non reporting funds and to save the income tax, shovel it into UK pension. But I was already maxing out UK pension. Anyway we are where we are and I have sizeable gains in US funds. Perhaps a nice problem to have.

Let me find out India taxes residents on Roth IRA, UK ISA, UK Pension. I would prefer to NOT be tax resident in India until I find out. But cold weather in UK makes me go deaf. I am in 2 minds whether to fly back in a few months to UK - while that will put off the India tax residency question (maybe I can liquidate ISAs tax free and Roth IRA with 10% tax ) but I also risk going deaf. So its a tricky one.

I agree portfolio is not the hardest part but as I mentioned earlier, wealth manager offers 2 benefits : 1) the promise that I wont be kicked out one fine day 2) Single point of contact for my folks to get in touch with.

Regarding 1) I confirmed with Hargreaves and Interactive Investor that I can continue to keep and trade in my accounts even if / after I relocate to India. So I could continue to DIY. But what if one fine day they close the door to non residents ? Guess I have to cross that bridge when I get there. For SIPP I dont think they will do pull the plug. Other accounts could potentially be moved to Interactive brokers.

Regarding 2) I suppose I could engage a lawyer, give the keepass database and leave the master password and phone no of the lawyer with my folks. Maybe write a will and have a US, UK, India tax accountant on standby.

Coming back to wealth management, I still think, given my asset base, the odds that a UK passive wealth manager (who will obviously be aware of tax issues) eating up so much in fees to bankrupt me are vanishingly small. I dont have heirs so all I care about is myself and my main worry is that me, myself and I dont run out of money. My charities will get a bit less, but what I buy is peace of mind and indirect tax advice because they will know what to do. DIY is stressful. You post on reddit forums and dont always get response and you have more questions etc. This forum is great of course but even here I run around in circles, mainly because of my own self created problems.

But how to find this ethical passive wealth manager who doesnt take more than 1% in fees including platform costs ? A fixed fee would be better. In US I would have gone for Rick Ferri. Is there a UK Rick Ferri ? I wonder

Oh well. Thanks again Valuethinker.
Valuethinker
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Re: UK passive wealth manager recommendation request

Post by Valuethinker »

bluejeansman wrote: Thu May 16, 2024 1:05 pm Agree that cross border taxation is probably my main issue.

US estate tax is another. There were plenty of informative and useful posts here, particularly from TedSwippet. I should have moved the taxable funds from US to UK long ago. I was trying to save around $10,000 in legally unpaid non dom tax and hence avoided remittance to UK. Procrastinated and now I have a sizeable sum. Holding non reporting funds was also an issue. Another useful suggestion from TedSwippet was to get done with selling the non reporting funds and to save the income tax, shovel it into UK pension. But I was already maxing out UK pension. Anyway we are where we are and I have sizeable gains in US funds. Perhaps a nice problem to have.

Let me find out India taxes residents on Roth IRA, UK ISA, UK Pension. I would prefer to NOT be tax resident in India until I find out. But cold weather in UK makes me go deaf. I am in 2 minds whether to fly back in a few months to UK - while that will put off the India tax residency question (maybe I can liquidate ISAs tax free and Roth IRA with 10% tax ) but I also risk going deaf. So its a tricky one.

I agree portfolio is not the hardest part but as I mentioned earlier, wealth manager offers 2 benefits : 1) the promise that I wont be kicked out one fine day 2) Single point of contact for my folks to get in touch with.

Regarding 1) I confirmed with Hargreaves and Interactive Investor that I can continue to keep and trade in my accounts even if / after I relocate to India. So I could continue to DIY. But what if one fine day they close the door to non residents ? Guess I have to cross that bridge when I get there. For SIPP I dont think they will do pull the plug. Other accounts could potentially be moved to Interactive brokers.

Regarding 2) I suppose I could engage a lawyer, give the keepass database and leave the master password and phone no of the lawyer with my folks. Maybe write a will and have a US, UK, India tax accountant on standby.

Coming back to wealth management, I still think, given my asset base, the odds that a UK passive wealth manager (who will obviously be aware of tax issues) eating up so much in fees to bankrupt me are vanishingly small. I dont have heirs so all I care about is myself and my main worry is that me, myself and I dont run out of money. My charities will get a bit less, but what I buy is peace of mind and indirect tax advice because they will know what to do. DIY is stressful. You post on reddit forums and dont always get response and you have more questions etc. This forum is great of course but even here I run around in circles, mainly because of my own self created problems.

But how to find this ethical passive wealth manager who doesnt take more than 1% in fees including platform costs ? A fixed fee would be better. In US I would have gone for Rick Ferri. Is there a UK Rick Ferri ? I wonder

Oh well. Thanks again Valuethinker.
You need to straighten your thinking out.

You do not have any heirs. So you are leaving your estate to charity.

But charitable contributions don't pay estate tax.

You need to think this through with a good tax advisor. Wealth managers, at the £2m level, I don't think they offer these services? (I could be wrong). You really want a Private Banking relationship but you will pay for it.
TedSwippet
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Re: UK passive wealth manager recommendation request

Post by TedSwippet »

Valuethinker wrote: Fri May 17, 2024 3:47 am You do not have any heirs. So you are leaving your estate to charity.

But charitable contributions don't pay estate tax.
Well, yes and no. Problems start when bequests cross borders, as is likely here.

The US estate tax has some squirrelly rules around deductions for bequests to non-US charities, although with care they might be navigable. The UK inheritance tax regime is entirely balkanized, no relief at all for bequests to non-UK charities.

Given that the OP holds both US and UK accounts, is a UK citizen and US nonresident alien, and may live in India and so prefer to leave money to Indian charities, charitable deductions against tax for bequests are not necessarily a given.
Valuethinker
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Re: UK passive wealth manager recommendation request

Post by Valuethinker »

TedSwippet wrote: Fri May 17, 2024 4:28 am
Valuethinker wrote: Fri May 17, 2024 3:47 am You do not have any heirs. So you are leaving your estate to charity.

But charitable contributions don't pay estate tax.
Well, yes and no. Problems start when bequests cross borders, as is likely here.

The US estate tax has some squirrelly rules around deductions for bequests to non-US charities, although with care they might be navigable. The UK inheritance tax regime is entirely balkanized, no relief at all for bequests to non-UK charities.

Given that the OP holds both US and UK accounts, is a UK citizen and US nonresident alien, and may live in India and so prefer to leave money to Indian charities, charitable deductions against tax for bequests are not necessarily a given.
Right. My apologies. I was thinking entirely from the perspective of a UK taxpayer.
Topic Author
bluejeansman
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Re: UK passive wealth manager recommendation request

Post by bluejeansman »

I need to straighten my thinking out as Valuethinker said. I havent seriously thought about charities but contributing to scientific research (British Heart Foundation, Cancer Research UK come to mind). Any org that helps orphans, and vulnerable single old people would be good. Not too partial to any one country. Any org that does truly good work deserves it. I also like creating some kind of foundation / trust that helps give scholarship to smart but poor kids. Some foundation where the money lasts generations and not just a one off thing. But I probably dont have such a high net worth for that. Alfred Nobel's initiative sounds like the real deal but obviously we are talking deep pockets.

Maybe at some point I need to decide if I still want to keep my money across three countries or not.
one of my relatives used Barclays Wealth. I think they were charged about 1-1.5% pa plus fund charges. If you restrict them to only using low cost ETFs, then that might give you what you seek.
You really want a Private Banking relationship but you will pay for it.
Valuethinker : Are the above two the same ?

Coming back to the second of my concerns why I thought I needed a wealth manager :
wealth manager offers 2 benefits : 2) Single point of contact for my folks to get in touch with.
Regarding 2) I suppose I could engage a lawyer, give the keepass database and leave the master password and phone no of the lawyer with my folks. Maybe write a will and have a US, UK, India tax accountant on standby.
Will the above work i,e engaging alawyer who has full rights to my accounts ?

Maybe I am overcomplicating : I want to bequeath some of my money to UK , US, India charities, maybe some to my siblings altho they are also likely to donate it all to charity, maybe write a will, and find a professional who can be accessed to do all these things when the time comes.

Hopefully I will be healthy some more time, and once my portfolio crosses 3 million GBP, just bite the bullet and engage private banking.

Thanks
Topic Author
bluejeansman
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Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Had a pleasant introductory conversation with Maseco. Their speciality seems to be wealth management for US expats in UK since they have unique challenges.

I am a non resident alien and my US connection is a self created problem. But then we are where we are and I am sitting on a sizeable capital gain, with non reporting funds in my US portfolio so it is a non trivial exercise to move it all to say VWRD in Schwab. Moving it all to UK will also resurrect the old non dom demons. I guess I am sounding like a broken record as I have repeated this in other discussions.

One way Maseco helps here is : I can keep my US funds in US and UK funds in UK. They mentioned something about structuring the custodians which I didnt fully did not follow. I mean other UK wealth managers would probably want to move all my US funds to UK first so they can manage it, which is obviously problematic for me as mentioned above.

Obviously with any wealth manager, the larger the amount of money to manage, the AUM fees percentage comes down. But Maseco will look at my US and UK pool of money as a single bucket, so I will benefit from the lower charges as AUM goes up. For example, as per the link below, from $2.5 million to $5 million the charges are 0.8% - In my case, the whole thing will come to around 0.95%
https://masecoprivatewealth.com/sites/d ... ummary.pdf

And then there are custodian fees. I didnt get an idea on how much this is going to be. I hope it is not 0.5% that "Transact" in UK used to charge back in the day. And fund expenses.

Just ran a cFireSIM for next 34 years with 50/50 AA, 1.75% fees, starting 2.5 mill and burning 60 grand p.a - no failures - so its not looking too bad
https://www.cfiresim.com/a6acb2e6-519a- ... 984071d577

They do things in a very tax conscious way and suggested ideas such as establishing tax residency etc. I guess they will recommend me to tax advisors which may cost extra I suppose. But my wealth manager will be the single point of contact and may solve the 2 issues I raised in my post

Because of my US and UK exposure, Maseco is probably the only wealth manager who will not ask me to move everything from US to UK and cause the problems I mentioned in my 2nd paragraph below.

As always cant make up my mind. I will probably sit on it as I have been doing last 15 years since I discovered this forum. Starting to get sleep issues with this constant thought and self created problems ...
pennywiser
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Re: UK passive wealth manager recommendation request

Post by pennywiser »

Have a look at Netwealth management. Their website suggests they charge 0.35% pa of your account value and “invest predominantly through passive funds and ETFs to ensure high levels of diversification and to help keep costs down". Sounds like this is what you are after.

I don't use them for wealth management but I had a consultation with them because it is one of my employer provided benefits. I will try to make a separate post about my experience but I'll need to figure our what I am permitted to write here before I post.
Topic Author
bluejeansman
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Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Netwealth looks interesting, thank you pennywiser.

The netwealth dot com looks like a UK site - Im not sure they will manage both my US and UK funds, or they will need me to move the US funds over to UK which I cannot do now. Let me ask.

Thanks again
Topic Author
bluejeansman
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Joined: Sun Oct 19, 2008 6:50 pm

Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Apologies for cluttering this thread and the other thread (viewtopic.php?t=325236) with my thoughts on leaving my estate to charity, US estate tax etc

Just wanted to summarize my thoughts on the same in my specific situation : I dont think the estate tax problem is serious enough for me : But of course I need to confirm with a lawyer : 1) being a UK national helps me when it comes to US estate tax and 2) there is no estate tax for charities of same nationality.

My US funds are :
A) non reporting funds VTSMX : Value : $200K. Gain : $140K
B) Reportimg ETF VTI VEU etc : Value : $130K. Gain : $60K
C) Company shares : Value : $200K. Gain : $175K

Total Gain = $375K.

Strategy / Plan :
C) : I will sell gradually anyway whether in UK or India and pay the CGT tax and park it in Ucits VWRD. I dont want to hold too many company shares.
B) : No heirs but I have a few good friends in mind who have helped me in life, including perhaps some Boglehead posters :-) so I can pull a certain amount of money out and set it aside. Happy to give the rest of the money in the fund to US charities. I am sure there are well run US charities which invest money in India too, so I could do a bit of that and I dont need to move money to India per se. I could move some tho'
A) : Same as (B) but with the added complication of non reporting fund. Thats an issue only if I am in the UK. If my health ever permits to return to UK, I will defer this until I have no income.

regarding A and B, those index funds are almost as good VWRD so there is no real "portfolio" reason to move them to VWRD. 20% tax is only $75K. Cost of living in tax havens is pretty high, Not worth the trouble now. If the gains grow enormously later, then perhaps. Or if I can manage to get a job in Dubai, Singapore, Australia (no tax on overseas income first year I think), then I could take action. For now do nothing on A,B

This post probably does not belong in this thread but I wanted to close out at least one thread in my thought process. Tedswippet, Valuethinker, am I thinking this thru properly ?

Thanks.
Topic Author
bluejeansman
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Re: UK passive wealth manager recommendation request

Post by bluejeansman »

Spoke to netwealth. They will take care of only the UK side of things. I have to manage my US investments myself. But had a great call with them.

Thanks pennywiser
Topic Author
bluejeansman
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Re: UK passive wealth manager recommendation request

Post by bluejeansman »

The question about having a single point of contact for my folks ( in case something happens to me ) still remains. Someone who has my keepass database and can login in to various accounts, and implement my will ?

I am not sure how to approach these problems. A fee based advisor in UK will not comment on the US side of my portfolio, let alone any legal matters.

Many problems because of me being single, funds in 2 countries and me possibly retiring in third (not sure) ....
fogalog
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Re: UK passive wealth manager recommendation request

Post by fogalog »

bluejeansman wrote: Thu May 23, 2024 9:30 am The question about having a single point of contact for my folks ( in case something happens to me ) still remains. Someone who has my keepass database and can login in to various accounts, and implement my will ?

I am not sure how to approach these problems. A fee based advisor in UK will not comment on the US side of my portfolio, let alone any legal matters.

Many problems because of me being single, funds in 2 countries and me possibly retiring in third (not sure) ....
The advice I received was that I needed a US will for my US assets and at least 1 UK will for my UK assets (depending on whether the assets are in Scotland, England / Wales or Northern Ireland). My wills are all the same and very simple.

Note that I am currently a US resident & "US person" (but not a US citizen) so perhaps different for me and my family.

The executor(s) of your will will be able to access your various accounts on presentation of the necessary paperwork (will, death certificate). Rules vary depending on jurisdiction but this is generally true in the UK (I know for sure) and US (I believe).
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