Bradley Hamilton

St. George’s Society Announces 2020-2021 Scholarship Recipients

Bradley Hamilton is a senior wealth manager at Blacktower (US) LLC, where he oversees over $60 million in assets. When he is not working, Bradley Hamilton enjoys playing golf and tennis. He is also a member of the St. George’s Society of New York.

St. George’s Society is a New York-based charity that has, for over two centuries, provided assistance to people in need. It focuses on helping people who have British or Commonwealth roots and runs a family support fund, a beneficiary program, and a scholarship program.

St. George’s Society’s scholarship program was started in 2008 to provide critical financial assistance to bright scholars who lacked the finances to finish their higher education. To date, it has awarded more than $1 million to 400 scholars from Lehman College and Hunter College at The City University of New York.

In September 2020, the charity announced 24 scholarship recipients for the 2020-2021 academic year. These included scholars who are pursuing degrees in accounting, nursing, music, and social work. In addition to receiving financial aid, the recipients will also benefit from mentorship and other professional development opportunities.

Cross-border Wealth Management – How Wealth Advisors Adjust

An alumnus of London’s Kingston Business School, Bradley Hamilton is the senior wealth manager at Blacktower Financial Management in New York City. Managing more than $60 million in client assets, he helps international investors navigate their financial options. Bradley Hamilton focuses much of his work on cross-border wealth management.

Cross-border wealth management is becoming increasingly common as wealthy families move assets across borders to protect and expand their wealth. The new generation of high net worth investors are seeking to diversify their wealth by exploring opportunities in other countries. As investor perspectives become more global, wealth managers are learning to align their strategies to accommodate clients with assets invested around the globe.

As tax planning becomes more complex across borders, wealth advisors are expected to offer expert advice on issues such as generational wealth transfer for families with global assets and holdings. Also, leading wealth managers handling cross-border clients offer comprehensive advisory services that include financial, tax, and estate planning. Today’s most complete wealth advisors work closely with cross-border tax experts and financial planners using an integrated and coordinated approach to deliver the best solutions for their clients.

St. George’s Society of New York Beneficiary Program

For more than a decade, Bradley Hamilton has served in the financial industry. Currently, he is a senior wealth manager at New York City-based Blacktower Financial Management LCC, where he manages assets for over 80 clients. Outside of his professional pursuits, Bradley Hamilton is committed to community service and is affiliated with St. George’s Society of New York.

St. George’s Society of New York is a charitable organization dedicated to enhancing the quality of life of people of British and Commonwealth descent living in New York through financial, emotional, and social support.

The society also encourages a sense of belonging by celebrating philanthropy. The Beneficiary Program ensures that vulnerable seniors receive financial and other related support to safeguard them from poverty, isolation, homelessness, and neglect.

Beneficiaries of the program include those who have served in low-paying jobs and do not have the privileges associated with pension. Under the program, financial support entails necessities such as rent, utility payments, home care expenses, and medication.

Emotional and social support are also offered by a team of social workers, including community activities and outings such as the Beneficiary Tea Party held every year to encourage social interaction. The society also responds to requests for assistance with short-term emergencies from those faced with unforeseen challenges.

Travel to Experience Culture and Expand Your Thinking

As a senior wealth manager at Blacktower Financial Management, LLC, in New York, Bradley Hamilton has over a decade of experience serving British expats around the globe. Alongside his career, Bradley Hamilton enjoys taking time to travel and experience new cultures.

When traveling on vacation people often focus on seeing the well-known points of interest, ranging from monuments to tourist sites, but to broaden your perspective on the world you can delve deeper by experiencing the culture wherever you go. It may mean stepping out of your comfort zone, but that allows you to better understand the world’s varied perspectives, leading to a greater appreciation of the world’s diverse peoples.

In order to have that experience, consider staying longer in one place and moving more slowly. For example, when exploring a new country or region you can spend time walking through the streets, rather than renting a car or taking a bus. Take time to learn at least a few words of the local language – this will help you to open doors and meet local residents.

People can teach you the most about their culture. You can meet them in numerous ways, whether in casual conversation when you visit local markets or by taking a tour from a local guide. Another good way involves volunteering through a nonprofit organization, as that can quickly immerse you in a community.

Who Can Benefit From a SIPP Account?

Backed by more than a decade of experience as an independent financial advisor, Bradley Hamilton joined the New York City financial management firm, Blacktower, in 2017. In this role, Bradley Hamilton specializes in pension plans for UK nationals residing in the United States.

One pension vehicle that is commonly used by UK citizens overseas is the self-invested personal pensions (SIPPs). SIPPs are a portable investment plan that allows account holders to invest in diverse assets, including international stocks and investment trusts.

SIPPs are available to UK residents under 75 years old. Money invested in a SIPP cannot be accessed until the account holder is 55. Parents can start a special type of SIPP account for minor children. These accounts have the same age restrictions.

SIPPs are most attractive to people looking to have more control and choice over their investment options. Since the account holder is responsible for investment decisions, SIPPs are mainly recommended for knowledgeable investors. Additionally, since UK nationals employed in the U.S. can transfer contributions from U.S. pension plans into a SIPP tax-free, they are an ideal vehicle for expats.

QROPS for British Expats in the US

Blacktower Financial Management (US), LLC senior wealth manager Bradley Hamilton manages more than $60 million in assets of the company’s 80 individual clients. Based in New York, Bradley Hamilton leverages his decades of experience in the UK in assisting British expats to navigate various tax and regulatory issues, particularly UK pension transfers in the US.

Just recently, British expats living in the US were allowed to import their UK pension funds through the Qualifying Recognized Overseas Pension Scheme or QROPS. The scheme allows for British citizens permanently living in foreign countries to continue saving for their retirement by transferring their UK pension funds to that of their new country of residence.

QROPS has several benefits for British expats living in the US. It does not require the expat to purchase an annuity. It also allows for the consolidation of multiple pension plans into a single QROPS. Additionally, expats have wider options for investing their funds in the UK, US, or elsewhere. And the expat has the option to pass on all of the remaining funds to his or her spouse and beneficiaries.

However, tax-related issues should be noted since the US government regards UK pensions as very generous. The Internal Revenue Service (IRS) has imposed certain restrictions on UK pension transfers. For instance, the IRS requires expats to report the funds. Any growth in the pension fund or any income derived therefrom may be charged with taxes under the US tax laws.

A Brief Introduction to Wealth Management

Based in New York City, Bradley Hamilton is the senior wealth manager at Blacktower, LLC, which primarily serves citizens of the United Kingdom living in the United States. Bradley Hamilton manages the assets of more than 80 high-net-worth clients.

Wealth management combines a diverse range of financial services, including legal advice, estate planning, and accounting. Wealth management is usually conducted for affluent individuals who have a broad range of needs, with the ultimate goal of making money for clients throughout their lives.

Generally, wealth managers offer a holistic approach in which one manager takes care of a client’s entire portfolio, though some wealth managers specialize in certain areas. They can work for both small and large and carry such as financial adviser or financial consultant.

Wealth management starts with an action plan based on the client’s situation, goals, and the level of risk they are comfortable with. Wealth managers and their clients meet regularly to review their plans and make necessary updates and changes.

Deciding Between SIPPs and QROPS Defined Contribution Plans

A senior wealth manager at the New York City-based Blacktower Financial Management (US), LLC, Bradley Hamilton meets the needs of British citizens who live in the United States. Bradley Hamilton works on designing offshore self-invested personal pensions (SIPPs) and Qualifying Recognised Overseas Pension Schemes (QROPS).

UK-registered, SIPPs refer to contribution plans in which only the contribution made is defined, with no guaranteed income level at retirement. Typically individually funded, they follow UK law regarding taxation and how they are accessed.

Relatively low cost to start and administer, SIPPs have drawbacks for those residing abroad. One example is that pension contributions to SIPPs by UK residents generate at least 20 percent tax relief. For those living abroad, contributions to the UK-based scheme generate this tax relief only for the first five years of non-UK residence, with a cap of £3,600 annually in place.

Another defined contribution schemes, QROPS can be set up in any country worldwide and provide expatriates with several tax benefits. Primary among these is the lifetime allowance (LTA), which under British law allows a tax-privileged pension fund to be accumulated only up to a threshold of £1.055 million.

If the UK pension fund value is approaching this threshold, it may make sense to transfer it to a QROPS. This is because the QROPS is only tested against the LTA limit at the time of transfer. Capital gains achieved thereafter, above the LTA limit, will be subject to taxation against that limit, which can reach as high as 55 percent.

Keep in mind that in recent years, as new restrictions have been placed on QROPS, expats have increasingly turned to “International SIPP” strategies. The complex nature of such holdings, and related administrative processes, makes consulting with a well-qualified adviser imperative.