This profile in RIABiz.com discusses how Cardinal Point is carving its niche as a cross-border wealth management business. President Jeff Sheldon recalls that the Canadian practice, which got its start in Toronto, continually lost clients who moved to the United States for work or retirement. The firm determined that there was enough opportunity to open up a U.S.-based RIA and co-brand it with the Canadian business. After a year of hard work and red tape, the U.S. firm began to bring on assets in January 2010 and now has two thriving offices on the West Coast (Newport Beach, CA) and East Coast (West Palm Beach, FL).
As more Canadians are following the warmer climate and real estate bargains of the Sun Belt, buyers should beware of the numerous cross-border financial planning issues involved. ThisInvestmentNews article discusses how U.S.-based advisory firms that cater to these Canadians can have particular value in dealing with the nuances of taxes, trusts and estate planning, and retirement accounts.
This Investment Executive profile looks at Cardinal Point CEO and Managing Director James Sheldon and his efforts to serve clients with interests in both Canada and the United States. Sheldon’s team has spent the last three years building a wealth management firm that provides full financial planning services on both sides of the border. The fee-only firm is built largely upon referrals and provides a select group of 80 families with a seamless process for transferring and managing wealth in both the U.S. and Canada.
This article in Financial Planning talks about how Cardinal Point is addressing the growing need for independent, cross-border wealth management services for Canadians living in the U.S. and vice versa. According to Cardinal Point’s President Jeff Sheldon, this niche emerged around several trends, including currency fluctuations and increased purchases of U.S. real estate by Canadians. Whether its Canadian retirees flocking to Florida or U.S. executives lured to Canada’s natural resources boom, Cardinal Point has made its move to seize an open niche in the wealth management space.