Banks in financial hubs are not fiduciaries. They are product distributors. A relationship manager who calls because you have cash sitting in an account is not asking whether the product they are about to recommend is appropriate for a US taxpayer, whether it creates PFIC exposure, or how it interacts with your return. One fiduciary advisor in Singapore has seen clients walk in with 28 insurance policies, endowments funded on leverage against their own portfolio, and investment products they cannot describe because their banker could not describe them either. If you cannot explain what you own and why you own it, that is your answer.

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