September 14, 2023 • 34 mins
On today’s episode of Investing in the American Dream podcast, we have featured guests Manuel Ortiz VP of Global Business Development at FPP - and Oleg Zviagin, Director of Financial Planning at Proxy Financial.
Oleg specializes in complex financial planning strategies including multi-generational planning, trusts & estate, employee stock options/restricted stock, insurance, college, and retirement planning. Oleg has spent 9 years working with high-net worth individuals across the globe.
In this part of the series, Oleg will be going more in detail on the pre & post immigration planning that investors should consider and the personalized services available to investors through this partnership with Proxy Financial.
CONTACT:
Oleg Zviagin oleg@proxyfinancial.com
Manuel Ortiz: mortiz@firstpathway.com
WEBINAR: Wednesday, September 20th 10am CT
https://us02web.zoom.us/webinar/register/WN_pGpljULvSvqK4b6qGO7KZA
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Unknown (00:00):
On today's episode of investing in the American Dream
podcast, we have featuredguests, Manuel Ortiz, VP of
global business development, andFPP. And Oleg sebahagian,
Director of Financial Planningat proxy financial Oleg
specializes in complex financialplanning strategies, including
multi generational planning,trusts and estates, employee
(00:22):
stock options, restricted stock,insurance, college and
retirement planning. Oleg hasspent nine years working with
high net worth investors acrossthe globe. In this part of the
series, Oleg will be going morein detail on the pre and post
immigration planning thatinvestors should consider and
the services available toinvestors through proxy
financial, let's get into it.
(00:54):
Man well, and Oleg, thank youboth for joining me today on the
podcast. You know, I think thatwe both had gotten a lot of
questions since that lastepisode featuring this dynamic
partnership with proxyfinancial. And oh, like, I'd
like to start with you, andmaybe ask one of the first
questions as part of the preimmigration planning what, you
(01:17):
know, when is it appropriate tostart pre immigration planning?
Thank you, Jessica. Happy to behere. This is a great, great
subject. So pre immigrationplanning is kind of a term that
we may have even coined, it'sdefinitely not an official part
(01:37):
of the financial planningprocess. This is something that
we've kind of had to roll outand implement as part of our
focus on our internationalclientele. Now, the there's an
easy answer to this and adifficult answer. The difficult
answer is, theoretically, youcould start the conversation at
any point. As far as preimmigration planning goes, the
(02:01):
this more simpler answer is wedon't like to get involved
before certain commitments arein place. So the best timeline
for someone who is consideringimmigration is around or after
they've taken certain steps tokind of get the ball rolling as
far as getting some form ofnaturalization here in the
(02:23):
States, whether that's throughthe EB five process or through
work visas, through studentvisas, whatever the case may be,
as long as they're ready toengage in those steps. That's
the perfect opportunity for usto jump in as far as pre
immigration goes.
And oh, like, I think you bringup a really good point, because
this really ties into EB five insuch a great way. You know, for
(02:47):
EB five, it typically willhappen when investors or when
people want to migrate to theUS, it requires an $800,000
investment. And it allows forthe applicant spouse and
unmarried children under the ageof 21, to obtain their US
permanent residency. Now, what'sinteresting about that is that,
(03:08):
you know, what you're seeingwith USCIS, which is the US
immigration processing timesthere vary wildly. And I think
what you're also starting to seeis that USCIS is saying that by
the end of this year, theyexpect for processing times to
get a lot better. From ainternational investor
(03:28):
standpoint, really that clockfor the international tax,
right, the global tax, wheneveryou become a US resident starts
for somebody after their firstapplication, typically, shortly
after their first applicationthat I 526 is approved, so when
they received their conditionalgreen card. And so with that
(03:48):
being said, you know, what thepre integration planning Oleg,
you know, what should be themain goal that investors are
looking to achieve, again,because the clock starts when
they become a green card holder,which happens whenever they get
their conditional green card.
And so as you're going throughthat, you know, let's say that
they decide to take EB five, andmaybe now you're looking at
(04:11):
anywhere from, you know, two tofive years again, because the
processing times do vary quite abit. You know, once you get to
that point, you probably want tohave your your plan somewhere
within that window of time rightprior to becoming the US
resident.
That is correct. So EB five isactually one of my favorite
(04:32):
timelines to work through. Thereis variance, but it's usually
not a variance on like anindividual level. It's more
based on timing of submission.
And because we have a lot ofrolling projects and a lot of
rolling programs, we're able tokind of predict when that next
tranche of applicants will beapproved, which gives us a lot
of basically, we were able toconstruct a timeline well out in
(04:55):
advance and implement stepsbased on on that timeline. So to
kind of dive a little deeperinto what the focus of that pre
immigration planning is aroundthe time of the official
naturalization, the the mainfocus for pre immigration
planning is actually education.
(05:18):
The biggest thing that we seethat our international clients
struggle with is adjusting tokind of the expectations and the
conditions of the United Statessomething that, you know, those
of us that have been here sincechildhood or, you know,
emigrated earlier on, kind oftake for granted. Because we
we've lived in it for so long,there are certain things that
(05:41):
are almost internalized to thepoint where we don't realize
that this is something that, youknow, immigrants may not, may
not be accustomed to. So the thebig part of pre immigration
planning is educating ourclients on what to expect, how
to take out loans, how to buildcredit, how to, say make
(06:06):
considerations when buildingtheir businesses, or structuring
their incomes when they comehere, it's all about pre emptive
steps and pre emptiveadjustments so that when we
finally get to the actualimplementation piece, there's
full buy in, because that's oneof the most difficult things to
kind of work through when whenbuilding out a financial plan
from scratch. A lot ofstrategies only work insofar as
(06:31):
there's commitment at every stepof the process. And the best way
to get commitment for every stepof the process is by building
that trust and creating thateducational component.
And only one quick question foryou, as well as elucidating. To
talk, it occurs to me thatyou're working with
international investors, youhear a lot about the transition
to the US when when they'rehere, actually. And there are a
(06:53):
lot of things that maybe theydidn't take into account, you
know, one of those is okay, howdo I get a driver's license how
to do those things, but theother one that often comes up as
well is something as simple as,okay, they don't have a credit
score yet. And you know,sometimes you need a car, right?
And so they go out and buy a carand know what we've seen
typically are these otherexpenses, that now investors
(07:15):
have to take into account thatmaybe they didn't think about,
you know, one of the things thatwe see with international
investors is that they come tothe US. And, you know, the
thought is that they have to buyeverything cash, right. And so
maybe you could talk a littlebit about how you work with
investors with those sorts ofthings as well that sometimes
aren't really thought aboutuntil you're actually here and
realize, oh, wow, okay, now Ihave to think about this.
(07:37):
Yeah, of course. But that'sexactly right. That's the big
focus of the pre immigrationplan. It's building out that
educational component, andmaking sure that everyone's kind
of aware of what they shouldexpect when they come here, as
well as what pitfalls to avoid.
But the the supplemental pieceto that is beginning to create a
footprint. So especially withforeign investors, this is a
(07:59):
really big topic of conversationis moving over assets to the
States starting to invest hereand create that that trail, even
maybe opening up some creditcards, if they have businesses
here, that allows them to have astateside address that they
could assign that to so thatthey're able to be a little bit
(08:19):
pre emptive about those certainthings that do come with, let's
call it an immigration premium,just because there is no formal
identity structure that iscurrently in place for those
individuals in the States. Theseare these are small things that
we're able to work towards.
Unfortunately, we there arehurdles, and there are kind of
(08:42):
thresholds that need to becrossed when the naturalization
is official. But we do our bestto make sure that we our clients
are able to hit the groundrunning the very day that that
is.
And you know, you talked alittle bit about like
expectations within the planningstages, and, you know,
strategizing, but what are someof the other the other like
(09:05):
things that proxy can do for ourclients or for clients that are
looking to immigrate at thisstage of the immigration
planning.
So in pre immigration, with theexception of kind of the big
ticket, you know, general itemsthat we're not able to implement
until the naturalization stages.
There are certain considerationsand this particularly pertains
(09:25):
to big families or high networth individuals, were able to
start having conversations onthings like insurable need
planning, you know, what are thedifferent protections that you
need to make sure that you havein place the very day you come
here? So we're talking aboutlife insurance, especially if
there are children ordependents, or perhaps one of
(09:47):
the spouses doesn't work? We'retalking about health insurance.
We're talking about disability,long term care. We're talking
about property and casualty autoInsurance, everything that you
could think of everything has tobe accounted for. On the high
net worth side, there's always aconsideration and always a
(10:08):
concern of what's going tohappen to my assets, if
something happens to me, andevery country has a very, very
different structure when itcomes to inheritance rules, and
the United States is noexception to that rule, we have
incredibly complex estateplanning rules, which actually
differ by the state, not only onthe federal level, and it is the
(10:31):
one of the things that we'reactually able to do, once we
know that there's firmcommitment from the client to
complete their immigrationprocess is we're able to start
building out those foundationson those thresholds Even going
as so far as creating estateplans for clients in
anticipation of them coming hereand moving all of their assets
(10:54):
over and, you know, beingsubject to our laws here.
Yeah, you make a really greatpoint on that, too.
Yeah. Like and then with, withwhat you're saying, as well, as
investors are coming to the US.
And in pursuit of the Americandream, I guess what, what my
thought is, as well as that, youknow, they're taking into
(11:18):
account schooling, right. Sothey're looking at private
school, public school, where,where they're going to live and
those things, are you guys, areyou involved on the education
process as well? Because I guessthose are considered expenses
also, right?
Yes, absolutely. So education iskind of a a subcategory of
(11:41):
financial planning, in thatyou're able to make suggestions
and make recommendation outsideof the financial plan, you don't
need nearly as much set instone, so to speak. And
education is one of those reallyinteresting expenses in the in
the country, because it'shistorically has had one of the
most awkward growing inflationrates relative to just base
(12:06):
inflation. So historically,speaking, college costs have
gone up between four to 8%. Overthe last, you know, 1020 30
years, that we are seeingsomewhat of a plateau. But
that's never something that wein the financial space can rely
on, we can't predict out thesethings. So it's always best for
(12:26):
us to work from the conservativeassumption. So usually, we
assume that college costs willincrease at a rate of about 4%.
When it comes to foreignnationals, whether they're part
of the immigration process ornot, if they're not considered a
legal resident, they areconsidered out of state
(12:48):
applicants. This doesn't make abig difference when it comes to
private institutions, privateinstitutions, usually, when they
don't get state or federalfunding, they don't have certain
incentive programs. But if we'retalking about city or state
schools, those certainly do. Andfor those schools, there is a
substantial discount for being aresident applicant to those
(13:09):
states than applying fromoutside of the state or the
country.
Thank you so much. For thatpoint. I think, you know, we
were going to talk about thislater. But now that that, that
we're here, let's jump into it,because I think that there is
such value, and the power of EBfive is actually unlocked,
especially when, when you'retalking about university costs,
(13:31):
and studying the US and a familymigrating to the US. You know,
one of the numbers that I'vealways heard thrown around is
that sometimes if you're aninternational student, it can
cost anywhere from, depending onthe school, obviously, 50 to
$100,000 per year, which is ahuge amount. And if you have
four kids, you know, now you'relooking at, you know,
potentially a maximum of like$400,000 per year. And you think
(13:55):
about it, you know, if you're aultra high net worth,
international investor, youthink about that cost and well,
you know what, it is still lessexpensive than the EB five,
which is per investor. And thenthat covers, again, unmarried
children under the age of 21. Isthat Well, that's still
$400,000. That's cheaper than$100,000 investment, which is
(14:19):
true, however, what you can'treally measure. And what's
really just priceless here, isthat when you graduate from
university, if you think of justbeing an international student,
and you've studied in the US forfour years, you're at the top of
your class, you've workedextremely hard to get to where
you are, and you graduate, andthen you realize, okay, wait,
(14:43):
now I need to have somebodysponsor me to get a job here.
And if you look at just theatmosphere and just corporate
America, now you're having lessand less corporations sponsor
students, and so that diminishesthe opportunity that you have
the Then my understanding alsois that you can only work for
(15:03):
what you actually studied for.
So you have a very narrowchannel of what you can actually
do. And then furthercomplicating that is that if you
look at that particularsponsorship visa, which is
called the h1, B, you know, haspretty much transformed into a
lottery system where if you lookat the numbers from last year,
you know, it's somewhere aroundthe 700,000. And I think they
(15:24):
approved somewhere from 12 to 14of those. So your chances of
obtaining one a sponsor from acorporation are pretty slim. And
winning the lottery, which iswhat it's turned into, are also
pretty slim. But if you have usresidency, and you have your EB
five, and you've obtained yourconditional green card or your
(15:47):
permanent green card, well, thenit opens up anything, right, you
can work wherever you want, youdon't have to depend on the
corporation to basically sponsoryou here.
Absolutely. Right. So I can evenadd to that. So I'm actually
based out of New York, and Ideal with international students
all the time, New York is one ofthe biggest hubs for
(16:09):
international students comingfor educational purposes. And I
have these conversations all thetime. And one of the additional
pressures is that they're allpaying those out of state fees.
So their, their expenses arejust substantially higher than a
resident would be in general,they, they have to do everything
(16:30):
through the school system, whichobviously comes at a premium.
And by the time they get out ofschool, one of the prohibitive
factors that they end up dealingwith, isn't even on the
immigration side, it's the factthat they have all these loans
that are now they need toaccount for. And what they end
up doing is going back to theirhome countries until it's more
(16:50):
financially reasonable for themto even consider coming back. So
there's there's so manyadditional pressures that
international students who comehere on visas face, particularly
with changes to our legal systemchanges to our administration's
that are in power. I mean, theseare rules that are constantly in
(17:11):
motion. And it's very, verydifficult when you know, you
come in year one with a certainset of expectations. And then
the rules are changed on you byyear four. So there's a lot of
lot of variables that come intoplay, before we even start
considering the financial impactof and oh, like you bring up a
really good point, which was mynext question, because, you
know, you're internationalstudent, you graduate from
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university, which gets intowell, now you're here in the US.
And so, you know, my questionwas, when should the post
integration planning actuallystart for somebody?
So there's, there's multipleparts of this answer. So first
(17:53):
and foremost, if we had the timeto build out that prematurely
raishin plan if someone came tous during that appropriate
window, with enough time to planin advance, the trigger happens
immediately. As soon as thesocial security number is
issued. Officially, as soon asthat residency is official, we
hit the ground running, we'realready positioned to execute on
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estate plans, we're alreadypositioned to execute on life
insurance strategies. Theclients are already educated on
what to look for in terms ofestablishing themselves in terms
of renting versus mortgaging,you know, getting a car leasing
versus buying things like that.
But we're also already in motionin terms of how are we going to
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appropriate savings? How are wegoing to save on taxes? Where is
your income going to come fromall of these things are already
in one form or another decidedon, or at least the path to
getting to that point is decidedon. And one of the things we
didn't even mention in turn wasspecifically in regards to
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education is the US offers manydifferent avenues of pre payment
options for university collegesand universities. In some
states, that's even possible onthe private K through 12 level.
So the sooner that a family withchildren decides to engage in
these services, the more potencytheir plan is going to have over
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the long term, the earlier thatintervention pieces. And a lot
of that has to do with the waythat tax deferrals work the way
that tax deferred compoundingand certain investments work and
just how, how far in advancefamilies are able to make
informed decisions on behalf ofthe family and on behalf of the
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children. Well, thisis one thing that that I've
never heard. So what you'reseeing is that there are
incentives sometimes if you'reable to prepay for
absolutely so in in the UnitedStates, every state has as what
is called a 529 fund. That is anaccount that is specifically for
the purpose of generaleducation. Now, let me clarify
(20:08):
because sometimes people willuse the term college planning.
But nowadays, that term is very,very loose. These educational
accounts are pre funded, theywork very, very similar to
deferred accounts like IRAs, theonly difference is that you have
to use those funds for educationpurposes. Now, the reason I say
(20:29):
it's not just limited to collegeis that we've, over time
expanded what education means.
So nowadays, it's very openended, you could have those
accounts fund college, you couldfund a private school, K through
12. In certain areas, you couldfund certification courses, you
could fund trade schools, youdon't even necessarily need to
(20:51):
open this up for a child, youcould open this up for yourself,
if you know that three, four orfive years down the line,
there's going to be some kind ofeducational component to your
career. And all of this, all ofthese funds grow tax free. And
as long as they're used for thepurpose of education, which, you
know, checking any one of thoseboxes, you never have to pay
fees or penalties or taxes onthat. Any residual funds. And
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those accounts can be moved overto a new beneficiary. So it's
actually this is not only one ofmy favorite educational tools,
but it's actually one of myfavorite estate planning
vehicles. Because the way itworks is when you fully fund the
education of let's say, onechild, and there's a younger
child that's going to be goingthrough that system, you could
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use the remaining funds for thatbeneficiary as well. If there's
residual after that fact. Maybeyou keep it for the grandkids,
nieces, nephews, whatever thecase may be. So it's an account
that's perpetually in motionwith that embedded tax benefits.
Let me ask you this, when whenyou talk about growth 529
planning, what is it actuallyindexed to?
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So each state's 529 plan hastheir own cut, let's, let's say
advisors, the ones that pick outthe funds in internal to the
plan. So you are always going tobe limited to whatever it is
they're offering. With thatsaid, every single plan will
always have what's called an agebased index, which is
(22:20):
effectively a investment vehiclesimilar to a mutual fund or a
target fund. Rather, thatchanges its allocation over
time, depending on the age ofthe child and the proximity to
actually needing those funds. Soin theory, it would work similar
to how we plan for retirement,the closer you get to needing
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that money for the expense, themore conservative and the less
risky, the investment becomes.
With that said, certain plans dohave options for manual
planning, which is where we comein, we can build out those
elegant allocations on behalf ofclients to be a little bit more.
Let's call it competitive arather than just following an
(23:02):
index or following certainaverages that the funds
themselves recommend. The goalof a 529 plan and any retirement
or deferred plan is to beat outnot an index, but to beat out
the cost of inflation. So forfor regular retirement, you
(23:22):
know, we're looking to beat outon a flight an average inflation
of two and a half. For college,we're looking to beat out an
inflation of four. So the targetusually is somewhere around 6%,
for what 529 should return overthat period of time. But it
obviously is going to matter howearly you are able to start that
account and how aggressive youwere able to be upfront.
(23:46):
So what we're talking about isvery, very important for
international investors and asthey're migrating to the US. So
what you mentioned was thatyou're actually able to create a
plan for let's say, a familythat's looking to come to the US
and their needs are going to bedifferent, there are going to be
(24:06):
different age demographics, aswell. So you could customize
something for let's say, afamily that is maybe in their,
let's say 30s to 40s, somebodythat's from you know, 55 to 65.
Because those needs are going tobe different. And I guess the
returns that they're looking toachieve can can be different as
(24:26):
well. So you can actuallystructure something specific to
what that families need actuallyis absolutely
every single financial plan werun whether it's for an
international client or domesticclient goes through a very, very
rigorous process of fact findingwe will dive into every nook and
cranny of the family's financiallife we will find out what their
(24:50):
goals and plans are. We willeven make suggestions as to how
they should prioritize theirgoals and plans, as well as push
back on Certain things that maybe either overlapping or
conflicting in nature. Everysingle conversation we have is
fully catered, we take a veryholistic approach to the
financial planning, becauseevery single one of these
(25:12):
decisions while you know, we cantalk about these things in a
bubble, in terms of the client'sfinancial life, they don't exist
inside of a bubble. They existinside of the ecosystem of
what's going on in theirfinancial timeline. And
everything needs to work intangent with each other, which
is why earlier I said, thereneeds to be buy in across the
(25:34):
board when it comes to certainstrategies, because we could
plan for college. But if thathurts, the client's retirement,
that's not a recommendation thatI would be able to make.
And oh, like you, you reallytouched and kind of even went
into detail on a lot of that preimmigration planning and the
steps and what proxy can do forclients. But can you elaborate
(25:54):
more on what the client canexpect expect from proxy during
the post immigration stage ofimmigration planning?
Yeah, so the post immigrationstage is really when the process
becomes hands off for theclient. When it comes to pre
immigration, it's all about themcommitting to the educational
pieces, to the timelines to thenew systems that are going to be
(26:16):
in place and that they're goingto be subject to, whereas the
post immigration plan is wherewe get involved directly, where
we start implementing where westart managing and maintaining,
and when we start actuallytaking the reins on the client's
financial life to the pointwhere the only thing they're
ever really responsible for iskeeping us updated with any
(26:38):
changes in their situation orchanges in their goals or
lifestyles. Because at thatpoint, the foundation is so well
constructed, and well built outthat all we really need to do is
know how to pivot. And at thatpoint, most of the big pieces
are already in place, thosepieces that we had not been able
(26:58):
to implement through the preimmigration process are already
in motion to one extent or theother. And at that point, we're
just guiding the client alongmaking sure that they fully
understand what steps we'retaking why we're taking those
steps and presenting them whatwe like to refer to as
opportunity costs to decisionmaking. Every decision that
(27:20):
they're going to make from thebeginning of that financial
planning relationship onward,has a cost, and it'll probably
also have some kind of risk orsacrifice that they need to
make. So we are there guidingthem and showing them exactly
what those variables are, we'reputting values to things that
otherwise would be eitherunknown to the client or purely
(27:42):
conceptual. So really, what theclient can expect is full full
service, it's, you know,whatever, whatever they need to
hand off whatever we're able toget involved in, we are involved
in, we are connecting with allof their outside professionals
were paid, basically becomingthe conduit to every financial
(28:05):
decision and every professionalrelationship that the household
has.
Mm hmm. And it really ties inwith this partnership with FPP.
And how we really offer suchpersonalized attention and
results with for attention andresults for our clients. And I
think men well, did you have oneother question that you wanted
to ask?
(28:26):
Yeah, well, just just one quickquestion. Because as we're
talking through this, we'retalking about doing two
different aspects to geographicregions, right. So one of it is
on the international side,depending on where the investor
is from. And the other is onceyou here, which is obviously
going to be in the US. And soyou have an international
(28:47):
platform. And so my question is,how are you able? Do you have
people on the ground floor insome of these other countries
where they're experts in theirarea where they can actually
help them prior to coming? Arethey able to get that one on one
relationship like they're ableto get here in the US as well?
Yes, so we definitely have avery, very large international
(29:10):
network. Just to give you alittle bit of history, proxy
financial actually started outas an EB five adjacent business.
So it's, it's the primary focusearly on was the international
channels, and the registeredinvestment advisor and the
financial planning was built onafterwards to kind of supplement
(29:32):
all of that, that ended upbecoming the primary business
for us. That's that's reallywhere we're finding the most
value, but we're stillmaintaining and nurturing all of
those international channelsbecause we're one of the only
players in the industry to havecombined those two services. And
we have a lot of people in SouthAmerica we have a lot of people
(29:54):
in Europe, all of which areavailable to act as experts.
During the transition process,when it comes to the investment
piece, specifically, we, ofcourse, are hands on with that
directly. From both a securitystandpoint, as well as just us
(30:15):
needing to be more hands on withsomething like that, you know,
different countries havedifferent inherent risks and
different kind of processes thatthey have to be subjected to.
And we can only do so much whenassets and investments are
overseas. So one of the biggerpriorities is, of course, having
(30:37):
everything moved over to thestates, where we have that much
more control over the outcome ofwhatever decisions we're making.
But But yes, we have a very,very large international network
and a lot of different places.
You know, Manuel and oak lake aswe wrap up today's episode, is
there anything else that eitherof you would like to add or
(31:01):
further advice you'd like toshare with potential investors
out there thinking aboutinvesting in the EB five visa
program?
I think I just like to add thatit never hurts to have a
conversation. We are what isconsidered fiduciaries in the
industry, which means we'reobligated to give objective
third party advice. And I thinkthe emphasis there is third
(31:24):
party, there's always kind of anangle in the sales and
Investment Industry, whereaswe're really not allowed to have
one. Our approach is simply toguide the client into the best
possible solution. And it neverhurts to have someone take a
look and make suggestions. Youknow, the worst that happens is
you walk away with a skeletonfoundation of what you should be
(31:47):
considering and looking out for,you know, and I would just add,
although you're exactly right, Ithink the most important thing
is to ask questions and havethis conversation. And I think
that as investors are looking tohave those discussions, ask
those questions. It's veryimportant to have those with
people that you can actuallytrust. And really what the first
step in that trust processes isjust a study the track record,
(32:09):
right, is Who are theseorganizations? And who are the
people behind that? Because, youknow, the way that I've always
looked at things is thatbusiness is the business of
relationships. And you're not inbusiness very long if you don't,
if you're not able to buildrelationships. And I think it's
something like this, whereyou're dealing with just family
issues and stuff that couldpotentially set up future
(32:31):
generations. It's very importantto build that trust. And I think
that's the starting point ofthat. You know, it's really just
a study the track record, andhow long has that company built
his business, and how have theirresults looked over time.
And all of this is fullytransparent when it comes to the
registered investment advisors.
We have nothing to hide.
(32:52):
You know, as we wrap up, I justwant to thank you both Oleg and
Manuel for sharing your insightwith us. And if any of our
listeners have questions or wantto contact either of you
directly, we will again, be sureto include your contact
information in the episodedescription. And I'd also like
to add that reminder, if ourlisteners are interested in
(33:14):
learning more, or even offeringsome additional questions that
they'd like to have answered, weare having a live webinar
featuring both Brian and Olegfrom proxy on September 20. So
if you haven't seen a link toregister for that, I will also
be sure to include that on thepodcast description. Oh, like
(33:35):
man. Well, thank you both forjoining. Thank you so much for
having me. If you would like tolearn more about immigration
through investment, and howfirst pathway partners can
assist you in achieving theAmerican Dream by successfully
navigating the EB five visaprocess, then please contact
(33:55):
them directly online at www dotfirst pathway.com
On today's episode of investing in the American Dream
podcast, we have featuredguests, Manuel Ortiz, VP of
global business development, andFPP. And Oleg sebahagian,
Director of Financial Planningat proxy financial Oleg
specializes in complex financialplanning strategies, including
multi generational planning,trusts and estates, employee
(00:22):
stock options, restricted stock,insurance, college and
retirement planning. Oleg hasspent nine years working with
high net worth investors acrossthe globe. In this part of the
series, Oleg will be going morein detail on the pre and post
immigration planning thatinvestors should consider and
the services available toinvestors through proxy
financial, let's get into it.
(00:54):
Man well, and Oleg, thank youboth for joining me today on the
podcast. You know, I think thatwe both had gotten a lot of
questions since that lastepisode featuring this dynamic
partnership with proxyfinancial. And oh, like, I'd
like to start with you, andmaybe ask one of the first
questions as part of the preimmigration planning what, you
(01:17):
know, when is it appropriate tostart pre immigration planning?
Thank you, Jessica. Happy to behere. This is a great, great
subject. So pre immigrationplanning is kind of a term that
we may have even coined, it'sdefinitely not an official part
(01:37):
of the financial planningprocess. This is something that
we've kind of had to roll outand implement as part of our
focus on our internationalclientele. Now, the there's an
easy answer to this and adifficult answer. The difficult
answer is, theoretically, youcould start the conversation at
any point. As far as preimmigration planning goes, the
(02:01):
this more simpler answer is wedon't like to get involved
before certain commitments arein place. So the best timeline
for someone who is consideringimmigration is around or after
they've taken certain steps tokind of get the ball rolling as
far as getting some form ofnaturalization here in the
(02:23):
States, whether that's throughthe EB five process or through
work visas, through studentvisas, whatever the case may be,
as long as they're ready toengage in those steps. That's
the perfect opportunity for usto jump in as far as pre
immigration goes.
And oh, like, I think you bringup a really good point, because
this really ties into EB five insuch a great way. You know, for
(02:47):
EB five, it typically willhappen when investors or when
people want to migrate to theUS, it requires an $800,000
investment. And it allows forthe applicant spouse and
unmarried children under the ageof 21, to obtain their US
permanent residency. Now, what'sinteresting about that is that,
(03:08):
you know, what you're seeingwith USCIS, which is the US
immigration processing timesthere vary wildly. And I think
what you're also starting to seeis that USCIS is saying that by
the end of this year, theyexpect for processing times to
get a lot better. From ainternational investor
(03:28):
standpoint, really that clockfor the international tax,
right, the global tax, wheneveryou become a US resident starts
for somebody after their firstapplication, typically, shortly
after their first applicationthat I 526 is approved, so when
they received their conditionalgreen card. And so with that
(03:48):
being said, you know, what thepre integration planning Oleg,
you know, what should be themain goal that investors are
looking to achieve, again,because the clock starts when
they become a green card holder,which happens whenever they get
their conditional green card.
And so as you're going throughthat, you know, let's say that
they decide to take EB five, andmaybe now you're looking at
(04:11):
anywhere from, you know, two tofive years again, because the
processing times do vary quite abit. You know, once you get to
that point, you probably want tohave your your plan somewhere
within that window of time rightprior to becoming the US
resident.
That is correct. So EB five isactually one of my favorite
(04:32):
timelines to work through. Thereis variance, but it's usually
not a variance on like anindividual level. It's more
based on timing of submission.
And because we have a lot ofrolling projects and a lot of
rolling programs, we're able tokind of predict when that next
tranche of applicants will beapproved, which gives us a lot
of basically, we were able toconstruct a timeline well out in
(04:55):
advance and implement stepsbased on on that timeline. So to
kind of dive a little deeperinto what the focus of that pre
immigration planning is aroundthe time of the official
naturalization, the the mainfocus for pre immigration
planning is actually education.
(05:18):
The biggest thing that we seethat our international clients
struggle with is adjusting tokind of the expectations and the
conditions of the United Statessomething that, you know, those
of us that have been here sincechildhood or, you know,
emigrated earlier on, kind oftake for granted. Because we
we've lived in it for so long,there are certain things that
(05:41):
are almost internalized to thepoint where we don't realize
that this is something that, youknow, immigrants may not, may
not be accustomed to. So the thebig part of pre immigration
planning is educating ourclients on what to expect, how
to take out loans, how to buildcredit, how to, say make
(06:06):
considerations when buildingtheir businesses, or structuring
their incomes when they comehere, it's all about pre emptive
steps and pre emptiveadjustments so that when we
finally get to the actualimplementation piece, there's
full buy in, because that's oneof the most difficult things to
kind of work through when whenbuilding out a financial plan
from scratch. A lot ofstrategies only work insofar as
(06:31):
there's commitment at every stepof the process. And the best way
to get commitment for every stepof the process is by building
that trust and creating thateducational component.
And only one quick question foryou, as well as elucidating. To
talk, it occurs to me thatyou're working with
international investors, youhear a lot about the transition
to the US when when they'rehere, actually. And there are a
(06:53):
lot of things that maybe theydidn't take into account, you
know, one of those is okay, howdo I get a driver's license how
to do those things, but theother one that often comes up as
well is something as simple as,okay, they don't have a credit
score yet. And you know,sometimes you need a car, right?
And so they go out and buy a carand know what we've seen
typically are these otherexpenses, that now investors
(07:15):
have to take into account thatmaybe they didn't think about,
you know, one of the things thatwe see with international
investors is that they come tothe US. And, you know, the
thought is that they have to buyeverything cash, right. And so
maybe you could talk a littlebit about how you work with
investors with those sorts ofthings as well that sometimes
aren't really thought aboutuntil you're actually here and
realize, oh, wow, okay, now Ihave to think about this.
(07:37):
Yeah, of course. But that'sexactly right. That's the big
focus of the pre immigrationplan. It's building out that
educational component, andmaking sure that everyone's kind
of aware of what they shouldexpect when they come here, as
well as what pitfalls to avoid.
But the the supplemental pieceto that is beginning to create a
footprint. So especially withforeign investors, this is a
(07:59):
really big topic of conversationis moving over assets to the
States starting to invest hereand create that that trail, even
maybe opening up some creditcards, if they have businesses
here, that allows them to have astateside address that they
could assign that to so thatthey're able to be a little bit
(08:19):
pre emptive about those certainthings that do come with, let's
call it an immigration premium,just because there is no formal
identity structure that iscurrently in place for those
individuals in the States. Theseare these are small things that
we're able to work towards.
Unfortunately, we there arehurdles, and there are kind of
(08:42):
thresholds that need to becrossed when the naturalization
is official. But we do our bestto make sure that we our clients
are able to hit the groundrunning the very day that that
is.
And you know, you talked alittle bit about like
expectations within the planningstages, and, you know,
strategizing, but what are someof the other the other like
(09:05):
things that proxy can do for ourclients or for clients that are
looking to immigrate at thisstage of the immigration
planning.
So in pre immigration, with theexception of kind of the big
ticket, you know, general itemsthat we're not able to implement
until the naturalization stages.
There are certain considerationsand this particularly pertains
(09:25):
to big families or high networth individuals, were able to
start having conversations onthings like insurable need
planning, you know, what are thedifferent protections that you
need to make sure that you havein place the very day you come
here? So we're talking aboutlife insurance, especially if
there are children ordependents, or perhaps one of
(09:47):
the spouses doesn't work? We'retalking about health insurance.
We're talking about disability,long term care. We're talking
about property and casualty autoInsurance, everything that you
could think of everything has tobe accounted for. On the high
net worth side, there's always aconsideration and always a
(10:08):
concern of what's going tohappen to my assets, if
something happens to me, andevery country has a very, very
different structure when itcomes to inheritance rules, and
the United States is noexception to that rule, we have
incredibly complex estateplanning rules, which actually
differ by the state, not only onthe federal level, and it is the
(10:31):
one of the things that we'reactually able to do, once we
know that there's firmcommitment from the client to
complete their immigrationprocess is we're able to start
building out those foundationson those thresholds Even going
as so far as creating estateplans for clients in
anticipation of them coming hereand moving all of their assets
(10:54):
over and, you know, beingsubject to our laws here.
Yeah, you make a really greatpoint on that, too.
Yeah. Like and then with, withwhat you're saying, as well, as
investors are coming to the US.
And in pursuit of the Americandream, I guess what, what my
thought is, as well as that, youknow, they're taking into
(11:18):
account schooling, right. Sothey're looking at private
school, public school, where,where they're going to live and
those things, are you guys, areyou involved on the education
process as well? Because I guessthose are considered expenses
also, right?
Yes, absolutely. So education iskind of a a subcategory of
(11:41):
financial planning, in thatyou're able to make suggestions
and make recommendation outsideof the financial plan, you don't
need nearly as much set instone, so to speak. And
education is one of those reallyinteresting expenses in the in
the country, because it'shistorically has had one of the
most awkward growing inflationrates relative to just base
(12:06):
inflation. So historically,speaking, college costs have
gone up between four to 8%. Overthe last, you know, 1020 30
years, that we are seeingsomewhat of a plateau. But
that's never something that wein the financial space can rely
on, we can't predict out thesethings. So it's always best for
(12:26):
us to work from the conservativeassumption. So usually, we
assume that college costs willincrease at a rate of about 4%.
When it comes to foreignnationals, whether they're part
of the immigration process ornot, if they're not considered a
legal resident, they areconsidered out of state
(12:48):
applicants. This doesn't make abig difference when it comes to
private institutions, privateinstitutions, usually, when they
don't get state or federalfunding, they don't have certain
incentive programs. But if we'retalking about city or state
schools, those certainly do. Andfor those schools, there is a
substantial discount for being aresident applicant to those
(13:09):
states than applying fromoutside of the state or the
country.
Thank you so much. For thatpoint. I think, you know, we
were going to talk about thislater. But now that that, that
we're here, let's jump into it,because I think that there is
such value, and the power of EBfive is actually unlocked,
especially when, when you'retalking about university costs,
(13:31):
and studying the US and a familymigrating to the US. You know,
one of the numbers that I'vealways heard thrown around is
that sometimes if you're aninternational student, it can
cost anywhere from, depending onthe school, obviously, 50 to
$100,000 per year, which is ahuge amount. And if you have
four kids, you know, now you'relooking at, you know,
potentially a maximum of like$400,000 per year. And you think
(13:55):
about it, you know, if you're aultra high net worth,
international investor, youthink about that cost and well,
you know what, it is still lessexpensive than the EB five,
which is per investor. And thenthat covers, again, unmarried
children under the age of 21. Isthat Well, that's still
$400,000. That's cheaper than$100,000 investment, which is
(14:19):
true, however, what you can'treally measure. And what's
really just priceless here, isthat when you graduate from
university, if you think of justbeing an international student,
and you've studied in the US forfour years, you're at the top of
your class, you've workedextremely hard to get to where
you are, and you graduate, andthen you realize, okay, wait,
(14:43):
now I need to have somebodysponsor me to get a job here.
And if you look at just theatmosphere and just corporate
America, now you're having lessand less corporations sponsor
students, and so that diminishesthe opportunity that you have
the Then my understanding alsois that you can only work for
(15:03):
what you actually studied for.
So you have a very narrowchannel of what you can actually
do. And then furthercomplicating that is that if you
look at that particularsponsorship visa, which is
called the h1, B, you know, haspretty much transformed into a
lottery system where if you lookat the numbers from last year,
you know, it's somewhere aroundthe 700,000. And I think they
(15:24):
approved somewhere from 12 to 14of those. So your chances of
obtaining one a sponsor from acorporation are pretty slim. And
winning the lottery, which iswhat it's turned into, are also
pretty slim. But if you have usresidency, and you have your EB
five, and you've obtained yourconditional green card or your
(15:47):
permanent green card, well, thenit opens up anything, right, you
can work wherever you want, youdon't have to depend on the
corporation to basically sponsoryou here.
Absolutely. Right. So I can evenadd to that. So I'm actually
based out of New York, and Ideal with international students
all the time, New York is one ofthe biggest hubs for
(16:09):
international students comingfor educational purposes. And I
have these conversations all thetime. And one of the additional
pressures is that they're allpaying those out of state fees.
So their, their expenses arejust substantially higher than a
resident would be in general,they, they have to do everything
(16:30):
through the school system, whichobviously comes at a premium.
And by the time they get out ofschool, one of the prohibitive
factors that they end up dealingwith, isn't even on the
immigration side, it's the factthat they have all these loans
that are now they need toaccount for. And what they end
up doing is going back to theirhome countries until it's more
(16:50):
financially reasonable for themto even consider coming back. So
there's there's so manyadditional pressures that
international students who comehere on visas face, particularly
with changes to our legal systemchanges to our administration's
that are in power. I mean, theseare rules that are constantly in
(17:11):
motion. And it's very, verydifficult when you know, you
come in year one with a certainset of expectations. And then
the rules are changed on you byyear four. So there's a lot of
lot of variables that come intoplay, before we even start
considering the financial impactof and oh, like you bring up a
really good point, which was mynext question, because, you
know, you're internationalstudent, you graduate from
(17:33):
university, which gets intowell, now you're here in the US.
And so, you know, my questionwas, when should the post
integration planning actuallystart for somebody?
So there's, there's multipleparts of this answer. So first
(17:53):
and foremost, if we had the timeto build out that prematurely
raishin plan if someone came tous during that appropriate
window, with enough time to planin advance, the trigger happens
immediately. As soon as thesocial security number is
issued. Officially, as soon asthat residency is official, we
hit the ground running, we'realready positioned to execute on
(18:17):
estate plans, we're alreadypositioned to execute on life
insurance strategies. Theclients are already educated on
what to look for in terms ofestablishing themselves in terms
of renting versus mortgaging,you know, getting a car leasing
versus buying things like that.
But we're also already in motionin terms of how are we going to
(18:38):
appropriate savings? How are wegoing to save on taxes? Where is
your income going to come fromall of these things are already
in one form or another decidedon, or at least the path to
getting to that point is decidedon. And one of the things we
didn't even mention in turn wasspecifically in regards to
(18:59):
education is the US offers manydifferent avenues of pre payment
options for university collegesand universities. In some
states, that's even possible onthe private K through 12 level.
So the sooner that a family withchildren decides to engage in
these services, the more potencytheir plan is going to have over
(19:24):
the long term, the earlier thatintervention pieces. And a lot
of that has to do with the waythat tax deferrals work the way
that tax deferred compoundingand certain investments work and
just how, how far in advancefamilies are able to make
informed decisions on behalf ofthe family and on behalf of the
(19:46):
children. Well, thisis one thing that that I've
never heard. So what you'reseeing is that there are
incentives sometimes if you'reable to prepay for
absolutely so in in the UnitedStates, every state has as what
is called a 529 fund. That is anaccount that is specifically for
the purpose of generaleducation. Now, let me clarify
(20:08):
because sometimes people willuse the term college planning.
But nowadays, that term is very,very loose. These educational
accounts are pre funded, theywork very, very similar to
deferred accounts like IRAs, theonly difference is that you have
to use those funds for educationpurposes. Now, the reason I say
(20:29):
it's not just limited to collegeis that we've, over time
expanded what education means.
So nowadays, it's very openended, you could have those
accounts fund college, you couldfund a private school, K through
12. In certain areas, you couldfund certification courses, you
could fund trade schools, youdon't even necessarily need to
(20:51):
open this up for a child, youcould open this up for yourself,
if you know that three, four orfive years down the line,
there's going to be some kind ofeducational component to your
career. And all of this, all ofthese funds grow tax free. And
as long as they're used for thepurpose of education, which, you
know, checking any one of thoseboxes, you never have to pay
fees or penalties or taxes onthat. Any residual funds. And
(21:14):
those accounts can be moved overto a new beneficiary. So it's
actually this is not only one ofmy favorite educational tools,
but it's actually one of myfavorite estate planning
vehicles. Because the way itworks is when you fully fund the
education of let's say, onechild, and there's a younger
child that's going to be goingthrough that system, you could
(21:35):
use the remaining funds for thatbeneficiary as well. If there's
residual after that fact. Maybeyou keep it for the grandkids,
nieces, nephews, whatever thecase may be. So it's an account
that's perpetually in motionwith that embedded tax benefits.
Let me ask you this, when whenyou talk about growth 529
planning, what is it actuallyindexed to?
(21:56):
So each state's 529 plan hastheir own cut, let's, let's say
advisors, the ones that pick outthe funds in internal to the
plan. So you are always going tobe limited to whatever it is
they're offering. With thatsaid, every single plan will
always have what's called an agebased index, which is
(22:20):
effectively a investment vehiclesimilar to a mutual fund or a
target fund. Rather, thatchanges its allocation over
time, depending on the age ofthe child and the proximity to
actually needing those funds. Soin theory, it would work similar
to how we plan for retirement,the closer you get to needing
(22:40):
that money for the expense, themore conservative and the less
risky, the investment becomes.
With that said, certain plans dohave options for manual
planning, which is where we comein, we can build out those
elegant allocations on behalf ofclients to be a little bit more.
Let's call it competitive arather than just following an
(23:02):
index or following certainaverages that the funds
themselves recommend. The goalof a 529 plan and any retirement
or deferred plan is to beat outnot an index, but to beat out
the cost of inflation. So forfor regular retirement, you
(23:22):
know, we're looking to beat outon a flight an average inflation
of two and a half. For college,we're looking to beat out an
inflation of four. So the targetusually is somewhere around 6%,
for what 529 should return overthat period of time. But it
obviously is going to matter howearly you are able to start that
account and how aggressive youwere able to be upfront.
(23:46):
So what we're talking about isvery, very important for
international investors and asthey're migrating to the US. So
what you mentioned was thatyou're actually able to create a
plan for let's say, a familythat's looking to come to the US
and their needs are going to bedifferent, there are going to be
(24:06):
different age demographics, aswell. So you could customize
something for let's say, afamily that is maybe in their,
let's say 30s to 40s, somebodythat's from you know, 55 to 65.
Because those needs are going tobe different. And I guess the
returns that they're looking toachieve can can be different as
(24:26):
well. So you can actuallystructure something specific to
what that families need actuallyis absolutely
every single financial plan werun whether it's for an
international client or domesticclient goes through a very, very
rigorous process of fact findingwe will dive into every nook and
cranny of the family's financiallife we will find out what their
(24:50):
goals and plans are. We willeven make suggestions as to how
they should prioritize theirgoals and plans, as well as push
back on Certain things that maybe either overlapping or
conflicting in nature. Everysingle conversation we have is
fully catered, we take a veryholistic approach to the
financial planning, becauseevery single one of these
(25:12):
decisions while you know, we cantalk about these things in a
bubble, in terms of the client'sfinancial life, they don't exist
inside of a bubble. They existinside of the ecosystem of
what's going on in theirfinancial timeline. And
everything needs to work intangent with each other, which
is why earlier I said, thereneeds to be buy in across the
(25:34):
board when it comes to certainstrategies, because we could
plan for college. But if thathurts, the client's retirement,
that's not a recommendation thatI would be able to make.
And oh, like you, you reallytouched and kind of even went
into detail on a lot of that preimmigration planning and the
steps and what proxy can do forclients. But can you elaborate
(25:54):
more on what the client canexpect expect from proxy during
the post immigration stage ofimmigration planning?
Yeah, so the post immigrationstage is really when the process
becomes hands off for theclient. When it comes to pre
immigration, it's all about themcommitting to the educational
pieces, to the timelines to thenew systems that are going to be
(26:16):
in place and that they're goingto be subject to, whereas the
post immigration plan is wherewe get involved directly, where
we start implementing where westart managing and maintaining,
and when we start actuallytaking the reins on the client's
financial life to the pointwhere the only thing they're
ever really responsible for iskeeping us updated with any
(26:38):
changes in their situation orchanges in their goals or
lifestyles. Because at thatpoint, the foundation is so well
constructed, and well built outthat all we really need to do is
know how to pivot. And at thatpoint, most of the big pieces
are already in place, thosepieces that we had not been able
(26:58):
to implement through the preimmigration process are already
in motion to one extent or theother. And at that point, we're
just guiding the client alongmaking sure that they fully
understand what steps we'retaking why we're taking those
steps and presenting them whatwe like to refer to as
opportunity costs to decisionmaking. Every decision that
(27:20):
they're going to make from thebeginning of that financial
planning relationship onward,has a cost, and it'll probably
also have some kind of risk orsacrifice that they need to
make. So we are there guidingthem and showing them exactly
what those variables are, we'reputting values to things that
otherwise would be eitherunknown to the client or purely
(27:42):
conceptual. So really, what theclient can expect is full full
service, it's, you know,whatever, whatever they need to
hand off whatever we're able toget involved in, we are involved
in, we are connecting with allof their outside professionals
were paid, basically becomingthe conduit to every financial
(28:05):
decision and every professionalrelationship that the household
has.
Mm hmm. And it really ties inwith this partnership with FPP.
And how we really offer suchpersonalized attention and
results with for attention andresults for our clients. And I
think men well, did you have oneother question that you wanted
to ask?
(28:26):
Yeah, well, just just one quickquestion. Because as we're
talking through this, we'retalking about doing two
different aspects to geographicregions, right. So one of it is
on the international side,depending on where the investor
is from. And the other is onceyou here, which is obviously
going to be in the US. And soyou have an international
(28:47):
platform. And so my question is,how are you able? Do you have
people on the ground floor insome of these other countries
where they're experts in theirarea where they can actually
help them prior to coming? Arethey able to get that one on one
relationship like they're ableto get here in the US as well?
Yes, so we definitely have avery, very large international
(29:10):
network. Just to give you alittle bit of history, proxy
financial actually started outas an EB five adjacent business.
So it's, it's the primary focusearly on was the international
channels, and the registeredinvestment advisor and the
financial planning was built onafterwards to kind of supplement
(29:32):
all of that, that ended upbecoming the primary business
for us. That's that's reallywhere we're finding the most
value, but we're stillmaintaining and nurturing all of
those international channelsbecause we're one of the only
players in the industry to havecombined those two services. And
we have a lot of people in SouthAmerica we have a lot of people
(29:54):
in Europe, all of which areavailable to act as experts.
During the transition process,when it comes to the investment
piece, specifically, we, ofcourse, are hands on with that
directly. From both a securitystandpoint, as well as just us
(30:15):
needing to be more hands on withsomething like that, you know,
different countries havedifferent inherent risks and
different kind of processes thatthey have to be subjected to.
And we can only do so much whenassets and investments are
overseas. So one of the biggerpriorities is, of course, having
(30:37):
everything moved over to thestates, where we have that much
more control over the outcome ofwhatever decisions we're making.
But But yes, we have a very,very large international network
and a lot of different places.
You know, Manuel and oak lake aswe wrap up today's episode, is
there anything else that eitherof you would like to add or
(31:01):
further advice you'd like toshare with potential investors
out there thinking aboutinvesting in the EB five visa
program?
I think I just like to add thatit never hurts to have a
conversation. We are what isconsidered fiduciaries in the
industry, which means we'reobligated to give objective
third party advice. And I thinkthe emphasis there is third
(31:24):
party, there's always kind of anangle in the sales and
Investment Industry, whereaswe're really not allowed to have
one. Our approach is simply toguide the client into the best
possible solution. And it neverhurts to have someone take a
look and make suggestions. Youknow, the worst that happens is
you walk away with a skeletonfoundation of what you should be
(31:47):
considering and looking out for,you know, and I would just add,
although you're exactly right, Ithink the most important thing
is to ask questions and havethis conversation. And I think
that as investors are looking tohave those discussions, ask
those questions. It's veryimportant to have those with
people that you can actuallytrust. And really what the first
step in that trust processes isjust a study the track record,
(32:09):
right, is Who are theseorganizations? And who are the
people behind that? Because, youknow, the way that I've always
looked at things is thatbusiness is the business of
relationships. And you're not inbusiness very long if you don't,
if you're not able to buildrelationships. And I think it's
something like this, whereyou're dealing with just family
issues and stuff that couldpotentially set up future
(32:31):
generations. It's very importantto build that trust. And I think
that's the starting point ofthat. You know, it's really just
a study the track record, andhow long has that company built
his business, and how have theirresults looked over time.
And all of this is fullytransparent when it comes to the
registered investment advisors.
We have nothing to hide.
(32:52):
You know, as we wrap up, I justwant to thank you both Oleg and
Manuel for sharing your insightwith us. And if any of our
listeners have questions or wantto contact either of you
directly, we will again, be sureto include your contact
information in the episodedescription. And I'd also like
to add that reminder, if ourlisteners are interested in
(33:14):
learning more, or even offeringsome additional questions that
they'd like to have answered, weare having a live webinar
featuring both Brian and Olegfrom proxy on September 20. So
if you haven't seen a link toregister for that, I will also
be sure to include that on thepodcast description. Oh, like
(33:35):
man. Well, thank you both forjoining. Thank you so much for
having me. If you would like tolearn more about immigration
through investment, and howfirst pathway partners can
assist you in achieving theAmerican Dream by successfully
navigating the EB five visaprocess, then please contact
(33:55):
them directly online at www dotfirst pathway.com
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