It has been projected that more wealth management firms are likely to come into existence to provide service for American citizens after the Foreign Account Tax Compliance Act came into force. This will be very important for all U.S. citizens living abroad.

To start, Brown Advisory opened a U.K. office to handle private clients. Tanager Wealth Management is also another firm that has foreign offices to handle the business of wealth management.

These specialist companies aim to aid investors who are taxed on their global income. These investors have reported that private wealth managers and banks often turn them away. The main reason: It is too expensive to serve these kinds of clients due to U.S. tax rules.

Related article: http://www.bloomberg.com/news/2013-08-10/wealth-management-growth-seen-on-u-s-expats-facta-ft-reports.html