Adviser insight | Truly Independent’s Katie Brinsden highlights why all roads lead to financial advice for everybody

As headlines warn of a UK “exodus”, fresh migration data suggests a more complex – and revealing – picture. In this thought-provoking commentary, Katie Brinsden, Managing Director of IFA business, Truly Independent, argues that uncertainty across all age groups is only strengthening the case for broader, more inclusive financial advice propositions.

According to recent figures from the Office for National Statistics, almost 700,000 people left the UK in the year ending June 2025. More than a quarter of a million of them were British nationals.

As ever in the wonderful world of stats, we can interpret this data in numerous ways. In my view, though, regardless of how we might choose to slice and dice it, advisers ought to sit up and take notice.

Are retirees really the story?

Let us start with arguably the most straightforward inference, which is essentially rooted in history. What might it mean for our industry if, as has traditionally been the case, the vast majority of these expats are of pensionable age?

Logically, such individuals would be deep into their financial journeys. They might even be said to have “made it”, given that they would likely have accumulated more than sufficient wealth to retire to another country.

In waving them a fond farewell, we might usefully remind ourselves that there is a strictly finite number of well-off folks with whom the adviser community can engage. This may be an alarming thought for some advisers.

But hold on a moment. It turns out that the aged-65-or-over cohort accounted for less than 1% of émigrés during the relevant period.

Is Britain losing its talent?

A popular media narrative is that the UK is suffering a brain drain. This phenomenon is usually defined as an exodus sparked by a desire among a nation’s most educated, skilled or talented citizens to find better opportunities elsewhere.

There may well be more than an element of truth in this depiction. Many of those keen to abandon the UK feel they are fleeing a sinking ship – one that does not deliver enough reward for ambition, entrepreneurship and hard work.

Here, too, we could simply surmise that the rich are departing in droves. Again, this might be a worry for many adviser firms.

The age profile tells another story

More than 45% of the British nationals who left in the year ending June 2025 were aged 25 to 34, while over half were aged between 16 and 24.

Does this really constitute a brain drain? Or could it be indicative of an economic and financial environment in which multiple demographics have become disillusioned, angry and maybe even more than a little baffled?

Uncertainty now spans every generation

I suspect we can all appreciate there are ample grounds for believing the latter is nearer the mark. Consequently, advisers might summarise the lie of the land in two ways – one pessimistic, the other rather more upbeat.

The first is to suppose there will soon be no-one left. To quote The Sun’s famous pre-election headline in 1992: “Will the last person to leave Britain please turn out the lights?” Thankfully, this seems somewhat fanciful.

The second is to recognise the notion of financial advice for everyone has never been more compelling. Pensioners, brainboxes, grafters, twentysomethings, teenagers – it transpires that pretty much everybody is mired in uncertainty.

Why advice must now broaden

Interestingly, this is the conclusion we should reach on the basis of any of the above scenarios. We would need to broaden our offerings if there were fewer retirees; we would need to broaden our offerings if there were fewer current or future high-net-worth individuals; and we would need to broaden our offerings if, as appears most likely, successive policy decisions have condemned much of the population to doubt and bewilderment.

We are all aware that high-level measures to expand the provision of advice and/or guidance are already under way. The dawn of targeted support grows ever closer.

Yet this does not preclude independent advisers from casting their own nets more widely. We first have to stir appetite by making clear that our purpose is to improve lives. We then have to meet it by moving beyond narrow propositions and tailoring services – and fees – to an increasingly varied client base.

Some firms may find this daunting or unfamiliar. Having seen it in action, I prefer to think of it as exciting and absolutely necessary.