The Great Migration: US Advisory Firms Cross the Atlantic
In 2026, we’re witnessing an unprecedented wave of US wealth management firms establishing European beachheads. Moneta Group Investment Advisors, with over $50 billion in assets under management, has just opened a UK office through its new Moneta Global Wealth division, partnering with London-based Thomson Tyndall. This follows Creative Planning’s acquisition of Maseco earlier this year and Corient’s massive expansion through Stonehage Fleming and Stanhope Capital Group, pushing their global assets beyond $500 billion.
The numbers driving this expansion are compelling. The Association of Americans Resident Overseas estimates over 325,000 Americans were living in the UK alone in 2023, representing billions in investable assets that traditional US brokers struggle to serve effectively.
Why US Brokers Can’t Serve Expats Properly
The catalyst for this European expansion isn’t just opportunity, it’s necessity. US-based brokers like Schwab, Fidelity, and Vanguard have increasingly restricted services to overseas clients, citing regulatory complexity and compliance costs. Many expats find themselves locked out of their own accounts or unable to make new investments once they move abroad.
The regulatory maze is real. US-EU tax treaties create a web of filing obligations that domestic US advisers often don’t understand. Add FATCA reporting, FBAR requirements, and the nuances of managing US retirement accounts from European tax jurisdictions, and it becomes clear why specialised cross-border expertise is essential.
The Dual-Licensed Solution
What makes these European expansions significant is their dual-licensed structure. Firms like Moneta Global Wealth can hold both US and European regulatory permissions, allowing them to manage American clients’ existing 401(k)s, IRAs, and Roth IRAs while also offering European investment solutions.
This matters enormously for Americans in Europe who face the classic expat dilemma: keep US accounts that become harder to manage, or transfer assets to European providers who don’t understand US tax obligations. US expats in Portugal, for instance, must navigate both Portuguese tax reporting and continued US worldwide filing, a complexity that requires advisers licensed in both jurisdictions.
The Italy Factor: Where Dual Licensing Becomes Critical
Consider Americans taking advantage of Italy’s regime dei neo-residenti, the €200,000 annual flat tax on foreign income for new high-net-worth residents. This 15-year programme can shield substantial US investment income from Italian taxation, but it requires careful coordination with US filing obligations.
A US-only adviser can’t help with the Italian election or structure European investments to complement the regime. A European-only adviser might not understand how US retirement account distributions interact with the flat tax. Dual-licensed firms bridge this gap, managing the entire picture.
What This Means for Your Portfolio
The expansion of dual-licensed services creates new options for Americans in Europe. Instead of being forced to choose between keeping problematic US accounts or moving everything to unfamiliar European providers, expats can now work with advisers who understand both systems.
This is particularly valuable for retirement planning. Many Americans abroad benefit from keeping their 401(k)s and IRAs in the US system while complementing them with European solutions like offshore bonds and structured products that offer tax efficiency in their residence country.
The key is finding advisers who can coordinate both sides, ensuring your US accounts remain compliant while optimising your overall tax position across jurisdictions.
How We Can Help
International Wealth Ventures provides dual-licensed advisory for Americans in Europe, managing your existing 401(k), IRA, and brokerage accounts while exploring European solutions including annuities for guaranteed income and offshore options for moving assets outside the US tax net. Contact our US expat team to discuss how the changing landscape affects your situation.
