Wealth management in its proper sense is more than investment management. It is a comprehensive, ongoing service that coordinates investment portfolio management, tax planning, estate planning, and financial strategy around the client's personal goals. For internationally mobile clients, it also needs to navigate multiple currencies, jurisdictions, and regulatory environments simultaneously — a requirement that significantly narrows the field of firms able to deliver it competently.
What wealth management actually covers
The term "wealth management" is used loosely in the financial industry. At its most complete, it encompasses:
- Financial planning: defining goals, time horizons, income requirements, and risk tolerance
- Investment management: asset allocation, portfolio construction, security selection or fund selection, and ongoing rebalancing
- Tax planning: structuring holdings and transactions to manage tax liability across relevant jurisdictions
- Estate planning: coordinating wills, trusts, and beneficiary nominations with your wider financial plan
- Risk management: ensuring adequate insurance coverage for life, income protection, and liability
- Reporting and review: regular performance reporting, portfolio attribution, and annual or more frequent planning reviews
For an expat client, all of these components require international expertise. An adviser who handles investment management competently but lacks international tax knowledge is delivering only part of the service.
Goal-setting and financial planning
Effective wealth management begins with understanding what you are trying to achieve. For internationally mobile clients, this conversation is typically more complex than for a domestic UK client because it must account for:
Multiple life scenarios. Will you return to the UK? Move to a third country? Retire in your current country of residence? Each scenario has different financial implications, and a good wealth manager will stress-test the plan against the most likely outcomes.
Multiple currency needs. Your retirement income requirements, school fees, property ownership, and lifestyle costs may span two, three, or more currencies. The financial plan needs to reflect this rather than simply defaulting to sterling planning.
Residency and domicile trajectory. If you are working abroad temporarily, your plan may be quite different from that of someone who has permanently relocated. Your domicile status — a distinct legal concept from tax residence — has long-term estate planning implications that should inform the wealth management approach from the outset.
Asset consolidation. Internationally mobile clients frequently accumulate assets across multiple jurisdictions — UK pensions, foreign property, bank accounts in several currencies, old employer share schemes. A good wealth manager will help you build a consolidated picture before planning.
Asset allocation for expat clients
Asset allocation is the most important driver of long-term investment returns and risk. For expat clients, the standard UK-centric approach — heavily weighted to sterling assets, UK equities, and UK-based funds — is often poorly suited.
A globally diversified portfolio, held through an internationally recognised custodian, is typically more appropriate. Key considerations include:
Currency of liabilities. Your portfolio should, where possible, be denominated to reflect the currencies in which you will actually spend your wealth. A UK expat in the UAE who plans to retire there has limited reason to hold a sterling-denominated UK equity portfolio as the core of their wealth.
Geographic diversification. International equities, including developed and selectively emerging markets, offer exposure that domestic UK portfolios frequently underweight. The UK represents roughly 4% of global equity market capitalisation — a UK-heavy portfolio is a concentrated bet.
Alternative assets. International private equity, real estate investment trusts (REITs), infrastructure, and hedge fund strategies can provide diversification and reduce correlation to public markets. Access to these asset classes is one of the advantages of working with a wealth manager rather than a self-directed platform.
Tax wrappers. The tax treatment of different asset classes varies depending on your country of residence. Your asset allocation should be informed by which assets sit most efficiently in which wrappers — for example, income-generating assets in a tax-deferred offshore bond, growth assets in a general investment account where CGT rates are lower in your country of residence.
Portfolio construction and manager selection
Within the agreed asset allocation framework, a wealth manager will construct the portfolio using a mix of:
- Direct equities and bonds (for larger portfolios, typically £500,000+)
- Collective investment schemes (unit trusts, OEICs, ETFs)
- Structured products
- Alternative investments
The selection of underlying managers or funds is an ongoing process. A good wealth manager will have a robust investment committee process, documented fund selection criteria, and a clear approach to monitoring and replacing underperforming positions.
Custodian selection
Your assets should be held by a regulated, independent custodian — not by the advisory firm itself. This is a fundamental client protection principle. Leading international custodians include major banks and specialist platforms that operate across multiple jurisdictions, hold assets in segregated client accounts, and provide CREST or equivalent settlement.
When evaluating a custodian, consider: regulatory jurisdiction, deposit protection limits, the range of asset classes they can hold, their reporting capabilities, and their track record of operational stability.
Benchmarking and performance reporting
Performance should be measured against an appropriate benchmark. For a globally diversified, multi-currency portfolio, a composite benchmark — blending equity and bond indices in the relevant currencies — is more meaningful than a simple UK index.
You should receive:
- Regular portfolio valuations (at minimum quarterly)
- Performance reporting against benchmark, net of fees
- Attribution analysis showing where returns came from
- A consolidated report covering all accounts and wrappers
For clients with assets in multiple jurisdictions, consolidated reporting is particularly important. Fragmented reporting — one statement per account, in different currencies, from different custodians — makes it almost impossible to assess your overall position.
Key differences from domestic UK wealth management
The practical differences between domestic and international wealth management are significant:
| Aspect | Domestic UK | International |
|---|---|---|
| Regulatory scope | FCA-regulated only | Multiple jurisdictions |
| Currency | Sterling | Multi-currency |
| Product range | UK-domiciled funds | Offshore and internationally portable wrappers |
| Tax planning | UK tax only | Cross-border tax analysis |
| Estate planning | UK IHT focus | Cross-border succession |
| Reporting | UK tax year | Flexible, multi-jurisdiction |
The fee structure may also differ. International wealth management often uses a percentage-of-assets model (typically ranging from 0.5% to 1.5% p.a. depending on portfolio size and service scope), sometimes combined with fixed fees for planning work. See our guide to adviser fee structures for more detail.
Ongoing review
Wealth management is not a one-time exercise. Your financial plan and portfolio should be reviewed at least annually, and whenever a significant life event occurs — a move to a new country, a change in employment, inheritance, or a major market dislocation. Our guide to annual financial plan reviews sets out what a thorough review should cover.
This article is provided for general information only and does not constitute financial, tax, or legal advice. The value of investments can fall as well as rise and you may get back less than you invest. Tax rules vary by jurisdiction and individual circumstances. Seek advice from a qualified international financial adviser before making investment decisions.
How Global Investments can help
Global Investments has delivered wealth management services to UK expats and internationally mobile high-net-worth individuals for over 32 years. We provide discretionary and advisory portfolio management, multi-currency planning, and consolidated reporting through internationally recognised custodians. Our investment committee oversees asset allocation and fund selection across all client portfolios.
To discuss your wealth management requirements, contact our team or explore our full range of financial planning guides.
Frequently Asked Questions
What is the minimum portfolio size for wealth management?
Minimum thresholds vary by firm. Dedicated discretionary wealth management typically becomes cost-effective at portfolios of £250,000 or above, though some international platforms serve clients from £100,000. Below those levels, model portfolios or managed funds may be more appropriate.
What is discretionary vs advisory wealth management?
In a discretionary mandate, the manager makes investment decisions within agreed parameters without requiring your approval for each trade. In an advisory arrangement, the manager recommends changes and you approve each one. Discretionary management is typically more efficient for internationally mobile clients.
Who holds my investments — the wealth manager or a separate custodian?
Assets should be held by an independent custodian or depository, separate from the advisory firm. This protects your assets if the advisory firm faces financial difficulty. Always confirm the custodian arrangement before investing.
How often should my portfolio be rebalanced?
Most managers rebalance when allocations drift materially from targets — typically when an asset class moves more than 5%–10% from its target weight — or on a periodic basis (quarterly or semi-annually). The approach should be set out in your investment mandate.
What reporting should I expect from a wealth manager?
You should receive at minimum quarterly valuation reports, an annual performance report against agreed benchmarks, and a consolidated view of all holdings. Tax reporting packs tailored to your country of residence are increasingly standard.
This guide is for general information only and does not constitute financial advice or a personal recommendation. The value of investments can fall as well as rise and you may get back less than you invest. Tax rules, pension legislation, and investment regulations change — always verify current rules and seek advice from a qualified independent financial adviser before making any financial decisions.