Managing money in Japan isn’t difficult because the concepts are new; it’s difficult because the rules change the moment you cross a border. A strong salary in yen doesn’t guarantee long-term security if your future is tied to another currency. Buying a home can seem simple until you face financing rules for foreign residents. And anyone with assets overseas quickly learns that international tax systems can shape their financial life more than market performance.
These are the issues many foreign professionals in Japan face today. To explore them further, we spoke with Martin Zotta and Lloyd Danon, co-founders of Argentum Wealth. Founded in 2007, Argentum has grown into Japan’s largest licensed firm focused on helping foreign residents with wealth management and financial planning.
In this interview, they discuss how the landscape has evolved, what expats often overlook, and how thoughtful planning can turn time in Japan into a long-term financial advantage.
Who Are Your Typical Clients?
Danon: Our clients are primarily foreign nationals living and working in Japan. Having been in this industry for nearly 30 years, we’ve seen most of the challenges expatriates encounter — whether it’s investing locally, transferring money across borders, dealing with Japanese taxes, or planning for inheritance tax.
We work with a very broad range of people. Some are early in their careers and just starting their wealth-building journey, while others are senior executives, business owners, or high-net-worth individuals preparing for retirement. We also meet people who already have accounts elsewhere and are looking for a new advisor to take over and provide ongoing support. Many clients come to us specifically for a structured, personal financial plan. More recently, we’ve begun supporting large corporations, including Fortune 500 companies, by providing deep financial planning services to their C-suite executives.
We have also seen a significant rise in U.S. nationals seeking help. Many run into problems maintaining or managing their U.S.-based accounts from Japan. Because of our licensing and international partnerships, we’re able to continue managing those accounts, keep them compliant, and provide U.S.–Japan cross-border investment solutions.
Zotta: A smaller portion of our clients is Japanese. Typically, Japanese clients approach us because they hold international accounts that need attention, have lost contact with their previous advisor, or are looking for a more global perspective.
Danon: We also work with many mixed-nationality households; a typical example is one where one spouse is a U.S. citizen, and the other is Japanese. These situations bring their own set of tax and planning complexities, and we help families navigate them with clarity and confidence.
Has the Rise of Remote Meetings Changed How You Work With Clients in Japan and Abroad?
Danon: Even before COVID, we were already meeting with many overseas clients remotely because of how mobile our client base is. The pandemic changed the behavior of domestic clients. Before COVID, most people in Japan preferred meeting face-to-face. During the pandemic, clients became very comfortable handling everything online, and that shift has stayed.
Today, the majority of our meetings, both with clients in Japan and abroad, are done remotely. That said, many clients still enjoy coming to our Azabudai office for in-person meetings, and we’re always happy to make time for those as well. We can all agree that in this day and age of virtual meetings, face to face meetings are a nice change of pace.
How Do Younger Clients Differ From Those Nearing Retirement?
Zotta: Younger clients are usually just getting started. Their first step is to build a proper emergency fund, and then they move on to saving and investing, often with smaller monthly amounts. The goal is simply to begin early and let compounding work for them. Because they have time on their side, younger clients can typically afford a higher risk profile and aim for faster growth in the early years.
Clients nearing retirement, on the other hand, are in a very different stage. They’ve usually built up a larger asset base over time, and their focus shifts to maintaining and protecting those assets. They’re thinking about how to generate sustainable income in retirement, how to structure their wealth so it can be passed to the next generation, and how to manage risk more conservatively. It’s really about preparing for life after work.
So while younger clients benefit from taking a long-term, growth-oriented approach, clients approaching retirement are more concerned with stability, income, and safeguarding what they’ve accumulated.
How Have Your Clients' Concerns About Money and Investing in Japan Changed?
Danon: Two things stand out. First is yen depreciation. The yen has lost significant value. At the same time, we’ve seen increased inflation, which was not really an issue in Japan for a very long time. That combination has made people more aware that they can’t just sit on cash. They need to get their money moving. And that’s true for any currency that has the same problem. People are more aware that they need to hold real assets, such as securities and property, rather than cash in the bank.
Second is the cryptocurrency space. It’s complicated in Japan because of the tax system, but it has become more mainstream. There are now funds that people can use to invest in cryptocurrencies more tax efficiently. As a result, there is increased awareness of alternative assets and diversification.
Are More Clients Diversifying Out of Yen? How Do You Help Them Approach That?
Zotta: Yes, absolutely. With the yen staying weak, a lot of clients are unsure whether to hold yen, move out of it, or wait. The tough part is that no one can predict where the currency will go from here.
So we look at each client’s situation individually. For many people, the right approach is a mix: keep some assets in yen so you’re not completely out of the currency, and diversify the rest into other currencies or global investments. It’s a way of hedging without making an all-or-nothing bet.
Staying all in yen can actually increase your risk, because you’re betting both on the yen recovering and on yen-based investments performing well. Diversifying generally gives clients a more balanced and flexible position.
What Mistakes Do People Make When Reacting To Scary Headlines or Sudden Market Drops?
Zotta: A common mistake is to stop investing altogether when markets get choppy. When fear is high, prices are usually lower—so that’s actually when things are “on sale.” Another big mistake is selling during a downturn. People lock in losses, wait for things to “feel better,” and end up missing the recovery.
A lot of this comes down to risk tolerance. Some people can handle volatility; others can’t. At Argentum, we work hard to align a client’s risk profile and expectations with the makeup of their portfolio, so they’re less likely to panic or make emotional decisions during tough markets.
The key is staying invested for the long term. Time in the market almost always beats trying to time the market.
For Americans in Japan, What Makes Investing So Complicated?
Danon: It is often difficult for US nationals to manage their investments while living abroad for a number of reasons. On the U.S. side, many institutions are reluctant to work with individuals who hold a U.S. passport but reside outside the country. On the international side, due to FATCA, many institutions are reluctant to work with U.S. nationals, as foreign institutions are required to undertake additional reporting.
We are approached by clients with U.S. accounts who find that the U.S. institution or advisor they have worked with for many years is suddenly unable or unwilling to continue helping them once they are abroad. Some clients have had their accounts restricted or, in more extreme cases, closed down. Fortunately, at Argentum, we can help U.S. nationals address these challenges. We can help people maintain and manage their U.S. accounts, open new U.S.-based accounts, and use their Japan address.
For U.S. nationals, it is now recommended that their investment accounts be U.S.-based, as this is more streamlined and compliant with current U.S. tax and regulatory requirements.
Aside From Investment Advice, What Other Services Do You Provide?
Zotta: Japanese property, especially in Tokyo and the surrounding areas, is another service we provide. Through Argentum Properties, we help our clients buy and sell everything from entry-level homes to high-end investments. For many clients, real estate plays an important role in diversifying their overall wealth strategy.
We also provide life insurance advice and planning, helping clients protect their families and long-term financial plans. It’s an essential piece of the puzzle, especially for those with dependents or business commitments.
Danon: Another key area is tax and estate consulting. For clients with cross-border lives, inheritance planning, estate structures, and Japanese tax exposure are critical issues. We help clients navigate these with the right professional support and long-term strategy.
And finally, we offer a detailed, paid financial planning service. This is a fixed-fee engagement where we build a comprehensive financial plan tailored to each client’s goals. It involves cash flow projections, scenario planning, and retirement modeling. The end result is a personalized roadmap clients can use, whether they choose to implement it with us or elsewhere. This is available for both individual and corporate clients.
How Has Argentum Wealth Changed Since the COVID-19 Pandemic?
Zotta: Since COVID, we’ve grown as a company and expanded both our services and our team to better support our clients.
Another big change has been how comfortable domestic clients have become with doing everything online. While we’ve always worked remotely with overseas clients, that same approach is now fully embraced by clients across Japan.
Initial consultations, reviews, and even property discussions are now routinely handled in online meetings and now with services like DocuSign all the paperwork can be done digitally as well. It’s made the process more efficient and convenient for everyone, and that shift is definitely here to stay.
Danon: That said, we are still happy when clients come to meet us in person at our offices in Kamiyacho.
When Clients Ask About “Safe Haven” Investments, How Do You Answer That?
Zotta: We try to move the conversation away from short-term “safe haven” thinking. Instead, we focus on building a portfolio that suits the client’s overall risk profile, time horizon, and goals.
Trying to avoid all volatility isn’t realistic — and often, it’s not helpful. Short-term market drops can actually be great entry points. Clients who invested during the COVID dip, for example, saw strong long-term results.
Danon: There’s really no such thing as a completely “safe” place to park your money. Even cash has risk — mainly from inflation. What matters most is having a plan that balances risk appropriately with future needs.
Zotta: One thing we often say: the riskiest thing you can do is take no risk at all. Sitting in cash for 20–25 years almost guarantees a loss in real value. Risk isn’t bad — it just needs to be managed the right way.
How Do You Help Clients Who May Not Retire in Japan Plan for Moves to Other Countries?
Danon: Many of our clients are expats with globally mobile careers. They might be in Japan for a few years, then move on to places like Hong Kong, Singapore, London, or back to their home country.
That mobility is something we plan for from the start. The investment platforms and solutions we recommend are designed to be international, tax-efficient, and portable — so clients don’t have to start over every time they relocate.
In other words, whether someone stays in Japan or moves abroad in a few years, our planning approach already assumes that kind of flexibility. It’s built into how we structure accounts, portfolios, and insurance from day one.
What Licenses or Registration Does Argentum Wealth Hold in Japan?
Danon: Argentum is fully licensed with the Japanese Financial Services Agency (FSA), which authorizes us to provide regulated financial advice in Japan.
We’re also proud members of the Japan Investment Advisers Association (JIAA). This organization sets strict business rules and a professional code of conduct, similar to fiduciary standards found in many Western countries. It ensures that licensed advisory firms like ours operate transparently and in clients' best interests.
As part of our regulatory framework, we’re also affiliated with FINMAC—the Financial Instruments Mediation Assistance Center. This is an independent third-party service that provides clients with a formal resolution process to manage any complaints, should they ever need it.
Having that layer of protection is important. To our knowledge, Argentum is the only foreign-focused advisory firm in Japan with this full combination of local licensing and client protection.
Why Should Foreign Residents Work With a Locally Licensed Advisor Instead of Someone Overseas?
Danon: If you're living in Japan, you should work with someone licensed to provide advice here. It's not just about compliance, it's about getting advice that's actually relevant to your situation.
There’s real value in working with an advisor who’s based in Japan and has years of experience helping foreigners navigate the local system, whether that’s investments, tax rules, insurance, or property.
Advisors based overseas may be great in their home country, but they often don’t understand how things work here, or they can’t legally keep advising once a client moves to Japan. We’re licensed locally, work with regulated partners abroad, and we’re here on the ground when clients need us.
How Do Most New Clients Find You, and What Happens During the First Consultation?
Zotta: We’re very active in the foreign community in Japan, so clients hear about us through friends, colleagues, or existing clients. Others find us online, meet us at events we sponsor, or simply come across our website and reach out through the contact form. There are many paths, but personal recommendations and community visibility play a big role.
When someone contacts us for the first time, we schedule an initial financial review to understand their situation, what challenges they’re facing, what their goals are, and where they may need support. From there, we outline which of our services might be relevant and discuss next steps.
It’s a relaxed, no-obligation conversation designed to give the client clarity and determine whether we’re a good fit, and it’s free of charge.
To find out how these issues apply to your own situation, or to request an initial consultation, you can email advice@argentumwealth.com, visit the company website www.argentumwealth.com, or check Argentum's new YouTube channel.
For more information, visit the website or call 03-5549-9099.
