Financial advice has traditionally been built around a single system—one tax framework, one retirement structure, and one regulatory environment. For most clients, that system is Australia.
But for Australians living and working overseas, that model quickly breaks down.
In a conversation between James Wrigley and Joel Kerin, Founder of Ally Wealth, the realities of advising expatriates come into focus. What emerges is a version of financial planning that is far less linear—one shaped by uncertainty, multiple jurisdictions, and the need to think several steps ahead.
It is not simply more complex. It is fundamentally different.
Ally Wealth was established during the COVID-19 pandemic, a period when many Australians overseas were forced to reconsider their future. Some were planning to return home, others were extending their time abroad, and many found themselves unsure of what came next.
That uncertainty became the foundation of the business.
Unlike traditional advice, where the end goal is often relatively clear—retirement in Australia—expat advice begins with a much broader question: what does the client’s life actually look like over the next 10, 20, or 30 years?
The answer is rarely fixed. Clients may move countries multiple times, change tax residency, or build assets across different systems. Advice, therefore, cannot be built around a single outcome. It must be flexible enough to adapt as those decisions evolve.
One of the defining features of expat clients is the structure of their assets.
Rather than holding everything within a single system, they often accumulate financial interests across multiple countries—each with its own rules and constraints. A single client might have:
Each of these components behaves differently. Access rules vary. Tax treatment differs. Some assets can be transferred, while others cannot.
Bringing all of this together into a coherent strategy is not a straightforward exercise. It requires not just technical knowledge, but the ability to understand how systems interact over time.
Given these constraints, the nature of advice shifts.
In many cases, Australian advisors are limited in their ability to provide direct recommendations on foreign products. As a result, the focus moves away from prescription and toward strategy.
The conversation becomes less about what to buy and more about:
This is particularly important when clients are undecided about their future.
Rather than building a single plan, advisors often need to model multiple pathways—comparing outcomes based on whether a client remains overseas, returns to Australia, or relocates again. The role of advice becomes one of preparation, not prediction.
At the centre of almost every decision is tax.
Different jurisdictions treat income, capital gains, and retirement savings in fundamentally different ways. In some countries, such as Singapore or Hong Kong, the absence of capital gains tax creates a highly efficient environment for accumulation. In others, the rules are significantly more complex.
Australia introduces another layer.
When an expat returns and becomes an Australian tax resident, their global assets are effectively brought back into the system. Future gains are then taxed under Australian rules, regardless of where those assets are held.
This creates a series of critical timing decisions. Actions taken before returning—such as realising gains or restructuring holdings—can materially impact long-term outcomes.
Because of this complexity, the discovery process becomes far more detailed than in traditional advice.
Understanding a client’s situation requires more than a snapshot of assets and income. It involves exploring:
Even small changes in these variables can alter the strategy significantly.
As Kerin explains, this means spending more time upfront—building a detailed understanding of both financial and life circumstances before moving into recommendations.
No single advisor can hold expertise across every jurisdiction.
As a result, expat advice often relies on a network of specialists—international accountants, tax advisors, and local experts who can provide insight into specific systems.
This changes the role of the advisor.
Rather than acting as the sole source of expertise, they become a coordinator—bringing together different perspectives to form a cohesive strategy. The value lies not just in knowledge, but in the ability to connect the right pieces.
This approach also reshapes how advice is delivered and priced.
Rather than relying heavily on funds under management, the value of expat advice often lies in strategy, structuring, and coordination. In many cases, advisors may not directly manage assets at all, but still play a critical role in guiding decisions.
This reflects a broader shift within the profession—toward advice as a service in its own right, rather than a function of asset management.
The rise of globally mobile clients is challenging traditional assumptions about financial advice.
As careers become more international and financial lives span multiple jurisdictions, the single-system model of advice becomes less relevant. In its place is a more complex, but more adaptable, approach—one that requires strategic thinking, collaboration, and a deep understanding of how different systems interact.
For advisors, this represents both a challenge and an opportunity.
Those willing to move beyond domestic frameworks and embrace this complexity may find themselves operating in a space where advice is not only more demanding—but significantly more valuable.
In a world where clients increasingly live without borders, financial advice is beginning to follow.