The product called OmniWealth.eu consists of a website with financial guides for US expats living overseas, explaining a range of topics including investments, tax, real estate and estate planning.
The automated-guidance tool also includes a YouTube channel featuring a series of short educational cartoons.
According to Cross Border Planning, OmniWealth.eu will clear through a series of different custodians in the United States, depending on the country of residence of the clients.
These include but are not limited to Pershing, Charles Schwab, TradePMR (through Wells Fargo) and Interactive Brokers.
The investment portfolios are designed using a range of low cost ETFs so as to not create any regulatory issues in the client’s home country, said Brian Dunhill, an adviser at Cross Border Planning.
Merger
Last week, it emerged that Dunhill’s advisory firm, Dunhill Financial, merged with Cross Border Planning to create a joint venture that will continue to specialise in US expats living in Europe as well as advising other expats in the region.
The robo-adviser will also have a feature that will permit financial advisers to use the platform for their clients, he added.
Advice gap
Speaking at the International Adviser Future Advisory Forum Europe last week, Dunhill also revealed that the new automated service is aimed at younger client who, due to their lack of assets, may not have access to financial advice.
“The business model is, if you have a $1m (£771,000, €889,089) client, you need to pay a lot of attention to that client. However, if you have a client that walks in the door in their 20s and 30s and needs to start to save, we don’t have the ability to service that client in the same way.
“So to set up that expectation that we can get them up and running and communicate with them on a quarterly basis in an automated fashion. Then we can wait until they become a $1m client and have that personal relationship,” he explained.
