Wayne Baxter On Cross-Border Wealth Management | Episode 78

On the Ask Canada Immigration Lawyer Evelyn Ackah podcast, Evelyn talks with Wayne Baxter, a cross-border wealth management expert. Wayne shares his personal immigration story, moving from Canada to the US, and discusses the unique challenges and opportunities that Canadians face when moving to the US with investment assets.

He also talks about the importance of working with tax advisors and the strategies he uses to minimize tax burdens for his clients. Wayne also discusses his podcast, the 3 Questions Webcast series, where he covers various topics related to cross-border wealth management, including estate planning, tax planning, risk management and investing. He emphasizes the importance of education and collaboration with professionals in order to create personalized wealth management plans for his clients.

Connect with Wayne Baxter at One Capital Management.

Here are the key takeaways from Evelyn Ackah's podcast interview with Wayne Baxter

• Wayne's Expertise: Wayne Baxter works with families in the U.S. and Canadian residents with U.S. investments, specializing in wealth management, including capital markets returns, risk management, tax and liquidity management.
• Personal Immigration Story: Wayne shares his journey from being born in Toronto, raised in Nova Scotia, working in Banff, Alberta, to ultimately relocating to California in 2012.
• Immigration Path: Wayne's immigration journey involved initially obtaining an E-2 investor visa and later qualifying for a green card under the Exceptional Abilities Program, eventually becoming a U.S. citizen with his family.
• Insights on Relocation: Wayne emphasizes the importance of consulting immigration lawyers early in the relocation process and highlights the complexity of immigration decisions, suggesting tax advisors as the next point of contact.
• Integrated Approach: Evelyn acknowledges the significance of considering tax and wealth management alongside immigration decisions, suggesting a collaborative approach among immigration attorneys, tax advisors and wealth managers.
• Collaborative Decision-Making: Wayne supports the idea of prioritizing consultations with immigration attorneys and tax advisors before delving into long-term wealth management considerations, highlighting the interconnectedness of immigration, tax and wealth management issues.
• Education and Awareness: Wayne emphasizes the importance of education in financial services, noting the surprising lack of knowledge among many individuals regarding wealth management.
• Fiduciary Role: As a fiduciary at One Capital, Wayne's primary role is to educate and inform clients, offering fee-only services without earning commissions on investment trades.
• Customized Solutions: Wayne highlights the need for personalized wealth management plans tailored to each client's unique circumstances and goals, covering areas such as estate planning, tax planning, risk management, investing, credit, real estate and immigration.
• Focus on Cash Flow: Understanding a family's monthly cash flow is often the starting point for discussions, allowing for a deeper understanding of their financial situation and goals.
• Collaboration with Tax Advisors: Wayne stresses the importance of working closely with tax advisors, especially in cross-border situations, to ensure comprehensive tax planning and compliance.
• Cross-Border Expertise: Wayne shares insights into cross-border wealth management