What Ten Years Abroad Taught Me About Independent Financial Advice

After more than a decade living overseas and working within a wealth management firm that specialises in advising high-net-worth (HNW) expatriates, I’ve witnessed every kind of financial advice imaginable – from well-intentioned guidance to blatantly product-driven sales. One thing has become crystal clear: the real question isn’t who offers you advice, but who that adviser truly works for. 

For anyone wondering how to choose the right wealth management firm, independence should be the first thing you look for, because it defines who your adviser really works for.

In a world full of banks, brokers, influencers, and even robo-algorithms all vying to assist you in  growing your wealth, independence is the decisive factor that determines whether your adviser is aligned with your best interests or with someone else’s agenda. This article dives into why independent, unbiased advice matters more than ever for HNW expats, and how it protects your long-term goals in an increasingly global financial life.

Independent vs. Restricted Advice: Why "Whole-of-Market" Matters

When it comes to financial advice, not all advisers have the same freedom to choose what’s best for you. Independent advisers can offer products and solutions from across the entire market, whereas “tied” or “restricted” advisers are limited to a single provider or a narrow list. Working with a restricted adviser is a bit like shopping at a supermarket that only stocks one brand; you may get something that works, but you’ll never know if there was a better, cheaper option on the shelf next door. In fact, U.K. regulations introduced in 2013 (the Retail Distribution Review) require firms to either provide independent, whole-of-market, fee-based advice or else be classified as “restricted”. Yet, despite these standards, many large wealth management firms remain restricted in practice. 

On the surface, independent advice is now common - according to data released by the FCA in August 2024, 86% of financial advisers in the UK are classified as independent. But labels can be misleading. Many banks and private wealth institutions technically meet minimum requirements yet still incentivize their advisers to favor proprietary funds or specific products. Even fewer advisers carry the highest credentials which can be an indicator of advanced expertise. The core issue is bias: a restricted adviser might be perfectly honest and well-meaning, but if their toolbox only contains tools from one provider, your strategy could be suboptimal by design.

Example: Imagine you have $1 million to invest. A restricted adviser tied to Bank A will likely propose Bank A’s funds, even if they charge higher fees (say 2% annually) than a comparable fund from elsewhere at 0.8%. That 1.2% fee difference on $1M is $12,000 per year, real money off your returns. An independent adviser would have the freedom to choose the lower-cost, better-performing fund from the whole market, potentially saving you tens of thousands over time.

Independence with Oversight: The Role of Regulation in Trust

Independence doesn’t mean “anything goes” - far from it. True independence thrives within a framework of regulation, transparency, and accountability. The most reputable wealth management firms serving expats ensure they are properly licensed in multiple jurisdictions, providing clients the peace of mind that advice is given under recognized regulatory standards.Firms like Skybound Wealth Management hold multiple regulatory licences across the UK, UAE, Europe, and the US, ensuring clients receive advice that meets the highest international standards.

For example, a firm might be regulated by the UK’s Financial Conduct Authority (FCA) for its British operations, by the Securities and Commodities Authority (SCA) and Central Bank in the UAE, by CySEC in Europe, and even registered with the U.S. SEC for American clients. This multi-layered regulatory structure isn’t just bureaucratic box-ticking – it has real benefits for clients. It means your adviser is answerable to oversight bodies in each region, must meet ongoing competency and ethics requirements, and that there are avenues for client recourse if something goes wrong.  

Just as importantly, being licensed in multiple countries allows your advice to travel with you. An expat’s life is rarely confined to one jurisdiction; you might be in Dubai today, move to the UK in a few years, then on to Singapore or back to Dubai for retirement. An independent firm that’s regulated in all the places you touch can continue to advise you seamlessly through these moves, adjusting your strategy to each new regulatory environment. Your financial plan remains consistent and compliant from one country to the next. In contrast, if you use a local adviser who is only licensed in one country, you may be left in the lurch (or forced to find a new adviser) when you relocate.

Ultimately, regulation gives confidence and independence gives choice – together they form the foundation of trust in a client-adviser relationship. Knowing that your wealth manager is both free to act in your best interest and held to high professional standards worldwide is crucial for peace of mind. Especially for HNW individuals, who often require more sophisticated strategies, having that “freedom with accountability” means you get the best of both worlds: unrestricted advice and the security of a robust oversight framework.

A Global, Holistic Approach for the HNW Expat

As an expatriate, your financial life seldom fits neatly within one country’s borders. You might earn in one currency, invest in a second, hold property or pensions in a third, and plan to retire in a fourth. The more global your life, the more complex your financial puzzle becomes. This is where an independent firm really proves its worth – by taking a holistic, whole-world approach to your wealth. Instead of being constrained by a single nation’s products or rules, an independent expat adviser can integrate multiple jurisdictions into one coherent strategy.

Consider some of the cross-border challenges HNW expats face and how a holistic adviser addresses them:

• Multi-Currency Wealth: Fluctuations in exchange rates can make or break an expat’s fortune. (For instance, a British expatriate in the Gulf earning UAE dirhams and planning eventually to spend in GBP has to manage currency risk – the GBP/AED rate has swung significantly over the years.) An independent adviser can access hedging strategies or currency-specific investments to protect against forex risks, whereas a domestic bank adviser might not even mention this issue.
  
  
• Tax Optimization Across Borders: Each country has its own tax regime, and the interactions can be tricky. Expats often have to juggle dual tax residencies or take advantage of double taxation agreements. A holistic adviser will incorporate international tax planning – ensuring you’re not paying a penny more than necessary and leveraging any expat tax breaks or treaties available. (For example, UK expats in the UAE enjoy zero income tax in the UAE, but if they still have UK assets or eventually return, careful planning is needed to avoid surprises.)
  
  
• Retirement and Pensions: You may have a UK pension, an overseas retirement plan, and other investments all earmarked for retirement in yet another country. An independent firm can advise on consolidating pensions or using specialized expat products (like a QROPS or SIPPs) to give you flexibility. They aren’t restricted to one provider’s pension product, so they can truly find what’s best for your likely retirement locale and lifestyle.
  
  
• Estate and Trust Planning: Estate laws vary widely. Without planning, a UAE-based Briton’s estate could be subject to UK inheritance tax, UAE inheritance rules (which, for Muslims, follow Sharia by default), or the laws of a future home country. A global adviser helps set up the right trusts, wills, or holding structures so that your legacy is protected and distributed according to your wishes across all relevant jurisdictions.
  
  

Crucially, an independent wealth manager can access best-in-class financial products from around the world to implement these plans. Need to invest in U.S. markets, hold a Swiss custodial account, or set up an Isle of Man trust? They can make it happen. They are not stuck with “whoever happens to be on a particular bank’s internal list” of offerings. This open architecture ensures you get the optimal tools for each aspect of your plan, not just a sufficient one.

The scale of global wealth mobility today underscores why this matters. We are living through an era of unprecedented millionaire migration – in 2025 alone, an estimated 142,000 millionaires will relocate to new countries, the highest number ever recorded. Each of those expats faces the challenges of managing wealth on a global stage. Independent, holistic advice allows you to think globally but act personally, tailoring every part of your financial plan around your unique life trajectory.

Adaptable Advice That Evolves With You

One of the greatest advantages of working with an independent, whole-of-market adviser is flexibility. Life changes – and your financial plan must change with it. Because an independent wealth manager isn’t tied to any particular product or partner, they can adjust your strategy as your circumstances and goals evolve. This adaptability can manifest in several important ways:

• Changing Investment Platforms or Products: Perhaps you started out on a certain investment platform or portfolio bond that made sense a few years ago. If a new solution arises that offers lower fees or better performance, an independent adviser won’t hesitate to recommend a switch. There’s no internal bureaucracy forcing them to “stay the course” with a subpar provider. If your current fund manager raises fees or underperforms, you can move to a better alternative. Contrast this with a tied adviser, who might be stuck with their one provider even if it’s no longer ideal.
  
  
• Shifting Strategies as Goals Change: A good financial plan is not static. As an expat, you might initially be focused on growth investing, then later pivot to wealth preservation and income, and eventually to estate planning and legacy. An independent adviser can holistically redesign your portfolio and structures at each stage without conflict. For example, if you decide to buy property back home or start a business abroad, the adviser can integrate that into your plan rather than trying to fit you into a one-size-fits-all product. If you plan to repatriate to the UK or relocate to a new country, your strategy can be adjusted proactively – asset allocation, tax strategy, insurance coverages, etc., all realigned for the new environment.
  
  
• No Agenda Except Your Success: Perhaps most importantly, truly independent advice means no hidden agenda. There’s no pressure to “sell more of product X” this quarter or retain your assets in proprietary funds. The only metric of success is your outcome. This client-first mindset encourages an ongoing dialogue: regular reviews, check-ins when legislation changes or when new opportunities arise, and an open invitation to ask questions any time. If something isn’t working for you, an independent adviser has the freedom to change it without any corporate hurdles. They are accountable to you alone.
  
  

In practical terms, this could save you significant money and headaches. For instance, say you’ve been investing through an offshore policy that originally had low fees, but over time the costs crept up or the currency exchange rates within it became unfavorable. A tied agent might gloss over those issues because they can only offer that one policy. An independent adviser will help you unwind and transfer to a better solution – perhaps moving onto a modern investment platform with fraction of the cost – even if it means extra work, because that’s in your best interest. There’s no loyalty to past products, only to your future goals.

The real advantage here is that your financial plan isn’t chained to the past. It can continuously improve. Independence ensures that advice stays dynamic – always looking for the right fit for where you are now and where you want to go. In a world of constant change (new countries, new regulations, new economic climates), this adaptability isn’t just a nice-to-have; it’s a must for protecting and growing your wealth over the long haul.

How to Choose the Right Wealth Management Firm Especially as an Expat

Given the above, how can HNW expats ensure they’re entrusting their wealth to the right adviser or firm? When deciding how to choose the right wealth management firm, focus on independence, regulation, and a proven track record with clients whose financial lives span multiple countries.

Here’s a checklist of key factors and questions to consider when evaluating a wealth management adviser for your international needs:

1. Independence and Whole-of-Market Access: Confirm whether the firm offers independent advice or is tied to specific providers. Ask directly: “Are you independent and whole-of-market?” An independent, unbiased adviser will be able to scour the entire market for the best solutions rather than selling in-house products. If the adviser says they are “restricted” or only work with certain partners, understand that your choices will be limited by that.
   
   
2. Regulatory Credentials and Reputation: Check the firm’s regulatory licenses and registrations. Are they regulated by top-tier authorities like the FCA (UK), CySEC (EU), SCA/Central Bank (UAE), SEC (USA), etc., in the regions relevant to you? Working with a properly licensed firm gives you legal protections and ensures the advisers meet professional standards. You can often verify an individual adviser’s credentials on regulatory websites (for example, the FCA register in the UK). Also consider the firm’s track record and reputation. How long have they been in business? Do they have positive client testimonials or industry recognition? 

3. Experience with HNW Expats and Cross-Border Expertise: Your chosen adviser should understand the unique needs of expatriates, especially if you’re a HNW individual with complex affairs. Ask whether they have other clients in similar situations, and how they handle cross-border issues. Do they have knowledge of international tax planning (such as how to use the UK/UAE Double Taxation Agreement, or how the US IRS treats foreign investments)? Are they familiar with pension transfers, or multi-jurisdiction trust structures? The best expat advisers often carry additional qualifications in cross-border financial planning or have a network of specialists (tax advisers, lawyers) in multiple countries.
   
   
4. Holistic Planning and “Whole Picture” Services: High-quality wealth management is holistic, meaning it’s not just about picking investments but about integrating tax, estate, insurance, and financial planning into a cohesive plan. Ensure the firm offers services beyond basic investing advice. Do they help with retirement forecasting? Estate and legacy planning across jurisdictions? Business succession if relevant? For HNW clients, holistic advice is essential. Beware of advisers who only push investments without discussing things like tax efficiency or asset protection.
   
   
5. Transparency, Trust and Personal Fit: Finally, don’t overlook the intangibles. A great adviser should communicate clearly, listen to your goals, and make you feel comfortable. Are they forthcoming with answers and education, or do they drown you in jargon? Do they disclose the pros and cons of each option, including costs and risks? You are seeking a long-term financial partner, so trust and rapport matter. The firm’s culture (independent, client-first, and fiduciary-minded) often comes through in these conversations. Also consider practicalities: will they be available across time zones? Do they use modern technology for remote clients (secure portals, Zoom meetings)? Your life as an expat can be complicated – your adviser’s job is to simplify it, not add more stress. If something feels off or high-pressure, trust your instincts and keep looking.
   
   

By ticking off the above factors, you’ll greatly increase your chances of selecting a wealth management firm that is well-suited to HNW expat needs. The right firm will be independent, fee-transparent, well-regulated, globally savvy, and holistic in its approach – in other words, aligned with you, not with any single product or provider.

To see what to look for when deciding how to choose the right wealth management firm explore Why Skybound Wealth Stands Out.

Why Independence Should Matter to You

After ten years abroad, one truth stands out: independence isn’t a luxury, it’s a safeguard. It’s the difference between advice that serves your goals and advice that serves a balance sheet.

If you’re considering how to choose the right wealth management firm for your circumstances, or want to understand what independent, whole-of-market advice could mean for your future, book a conversation with me today.