‘Letter to America’ - A Financial Planner's Journey to New York: Preparing for the Move

As a financial planner preparing to move to New York later this year, I find myself reflecting on the significant changes ahead. The excitement of moving to one of the world’s most iconic cities is palpable, yet it comes with a host of lifestyle adjustments and financial planning challenges. Having dual qualifications in both UK and US financial planning, I’m uniquely positioned to navigate these changes for myself and, soon, to help other executive expats do the same.

First Impressions of the United States and Manhattan

My initial visits to New York, and particularly to Manhattan, have left a strong impression. The city’s energy is palpable, with its iconic skyline, diverse neighbourhoods, and accelerated pace of life. There’s an exhilarating sense of opportunity and ‘drive’ here - everyone is in a hurry, and the work culture reflects this intensity. It’s inspiring, and I can entirely understand now why it’s referred to as the ‘city that never sleeps’.

One aspect that struck me immediately is the pronounced emphasis on professional networking. During my initial visits to New York I’ve been fortunate enough to have made some invaluable connections with expats who are part of the UK Consulate, the St George’s Society, St. Andrew’s Society and British American Business Council, and I am look forward to consolidating these relationships and meeting a great many other executive expats in New York in the months ahead.

Key Lifestyle Differences to Anticipate

One of the most striking differences between New York and other cities where I’ve lived and worked, is the cost of living. Manhattan’s housing market is notoriously expensive, with rental prices surpassing even London, and Geneva where I've lived previously. Beyond housing, everyday expenses like groceries, dining, transportation, and healthcare are also significantly higher - so as an expat relocating from the UK, it’s essential to factor these costs into your financial planning early on.

Wealth Management and Financial Planning Considerations

As a dual-qualified financial planner, I’m acutely aware of the complex financial landscape that awaits. The US tax system, with its intricate layers of federal, state, and city taxes, is a significant departure from the UK’s system. Navigating these tax implications, for income, investments, and retirement, is crucial for any executive expat. I’ve highlighted three priorities and explored them in more detail in my article, ‘Planning to move to the USA? Here are your 3 Financial Planning Priorities’.

Moreover, retirement planning in the US offers different opportunities and risks. Optimising your existing UK assets, understanding and leveraging the benefits of US retirement accounts like 401(k) plans and IRAs, is essential. Estate planning, too, takes on new dimensions in the US, requiring careful consideration of both US and UK regulations to protect and transfer wealth effectively.

Helping Fellow Executive Expats

I’m excited about the opportunities that lie ahead. With more than 135,000 British expats living and working in New York, the city’s cultural and professional dynamic represents an incredible opportunity - both personally and professionally.

And as I prepare for this move, I’m particularly excited at the prospect of being able to leverage my dual UK, US financial planning qualifications to assist fellow executive expats in navigating the complexities of living and working in the US. Whether it’s understanding the nuances of the US retirement plan, building a robust investment portfolio or navigating the intricacies of US and UK estate planning, I look forward to my move to the Big Apple and ‘making the complex simple’ for my fellow expat New Yorkers.

If you’d like to schedule an initial consultation with me to discuss your financial planning, wealth management or pensions please get in touch today.