According to a survey that measured the median household income in the United States in 2020 by race or ethnic group, Asians roughly make $20,000 more than the other groups. South Asian Americans are also the fastest-growing racial group in the US and trends show that they have economically fared better than other social groups as they are highly educated immigrants. With increased globalization, a growing international economy, and better virtual communication, people find it easier to cross national borders and leave their native countries to look for opportunities abroad. However, crossing international borders means that numerous issues and challenges, especially financial ones will ensue. Seeing a unique opportunity to cater to those in need of financial advice and planning, Xerxes Mullan, Founder at financial advisory Avestar Capital decided to focus on cross-border business.
South Asian Americans are the fastest-growing racial group in the US.
South Asian Americans constitute a group of people from diverse countries such as India, Pakistan, China, Japan, Korea, Thailand, and more. Having moved to a new country and looking to carve out a path for themselves, these immigrants face their share of challenges but also have an entrepreneurial spirit that motivates them to succeed. With growing wealth creation and generation in the South Asian diaspora, there is more need now than ever to help lessen their financial planning burdens.
Helping clients with cross-border financial planning issues
Being born and raised in India and having worked in the US for decades, Xerxes Mullan has gleaned numerous insights from both markets. Avestar Capital, therefore, specializes in the niche of servicing Indian-born and US-raised clients with the goal to bridge the gap between the two countries. Advances in technology have further enabled the workforce to be more mobile and live anywhere in the world. However, important financial questions such as whether your income will be double taxed, tax planning strategies to reduce taxes, financial preparation for investment and retirement accounts in different countries, preparing for an international relocation, dealing with real estate in different countries, financial implications of dual citizenships or residency in another country need to be answered and planned well in advance. This is where Avestar Capital comes in. They help clients identify their goals and come up with solutions to best meet them while keeping in mind the numerous legal and financial implications and constraints
The rise in wealth accumulation in South-Asian communities
Wealth accumulation in South Asian communities can be attributed to more than just higher formal education. They have higher incentives to save and tend to avoid accumulating debt, instead only buying things that they can afford. This higher incentive to save translates into them wanting to learn more about the financial system and secure their own future as well as that of future generations. Asian Americans have an outsized presence in the US in terms of education, income, and innovation. With highly skilled Asians taking on roles as CEOs of Fortune 500 companies or taking on more executive roles, the wealth generation is bound to increase along with their financial planning needs.
In servicing international clients and facilitating cross-border planning, Xerxes Mullan and his team at Avestar Capital are filling the gap with the expertise and experience that very few financial advisors have. From knowing the US and foreign tax implications of all income sources to matters to deal with account transfers and identifying appropriate products such as investment funds or finding suitable broker-dealers or custodians, the advisors at AvestarCapital understand the wide range of rules apply and are very well equipped to help service cross-border clients.