Unlocking global wealth: how IFAs can support clients with international financial planning

The world is more mobile than ever. As digital lifestyles and cross-border business activities become the norm, financial planning has evolved from a domestic concern to an international necessity. Yet, many UK-based IFAs struggle to fully support clients with global wealth management. Chris Ball, CEO of international financial advisory firm Hoxton Wealth, explains how client sharing between domestic IFAs and globally experienced firms can provide seamless financial solutions.

Remote work, global careers, and international business expansion have fundamentally changed financial planning. More individuals now have cross-border financial considerations, whether by design or circumstance. And that means more people than ever now require international financial planning, whether by choice or necessity.

Yet, domestic expertise in international financial planning remains limited in the UK. As a result, we frequently receive referrals from UK-based IFAs whose clients are exploring overseas residency, such as spending part of the year in the Middle East, and who require advice on tax implications and structuring their finances efficiently.

And there are several aspects for them to consider:
There’s the complexity of taxation.With people working across borders, understanding tax obligations can becomes far more complicated. Many countries have strict tax residency rules, and a person could technically be liable for taxes in more than one jurisdiction. Individuals may benefit from working with tax experts who specialise in international tax law, especially those who live in one country but work in another. Managing income and expenses across multiple countries brings currency risks that must be factored into financial planning.

Fluctuations in exchange rates can impact earnings, expenses, and savings, and the cost of doing business can vary significantly based on currency strength. Digital professionals and expatriates must factor in exchange rate fluctuations when moving money across borders.

Digital nomads will also look for financial products that cater to their mobile lifestyles. This includes things like international health insurance, cross-border banking, and investment opportunities that don’t tie them to one geographic location.

As people become more global, there’s likely to be an increasing interest in diversifying investment portfolios across different countries and asset classes. International investors increasingly seek diversified portfolios, including foreign stocks, global real estate, and multi-currency assets to mitigate country-specific risks.

Traditional retirement planning – saving into a local pension and retiring in one country – is becoming less relevant. Today’s mobile professionals need retirement strategies that adapt to multiple jurisdictions, tax systems, and potential residency changes.”

IFAs need to be ready to address this cultural shift,  generational shift in the service they provide to towards people who are more globally thinking.

Rather than seeing international financial planning as a competitive challenge, domestic IFAs can embrace collaboration. Client sharing allows advisers to maintain their trusted relationships while providing seamless, expert-led solutions for international financial needs.

The overseas part may be just an extension of that client’s activities: for instance, a client planning to retire in Spain in a decade still requires UK financial services. By partnering with international specialists like Hoxton Wealth, domestic IFAs can ensure their clients’ overseas affairs are managed without disrupting their existing advisory relationship.”