The Financial Advice Landscape Is Changing

Zak James • October 8, 2025

I speak to roughly 20–30 financial advisers a week across multiple jurisdictions and client segments. The one theme threading through nearly every conversation: the financial advice landscape is changing fast. 

Two forces dominate: 

  1. Wealth is on the move, and not just at the margins. 
  2. Many advisers feel burned by certain “consolidator” models, and they’re rethinking who they partner with next. 


Wealth is on the move 

A growing body of data backs what advisers are seeing on the ground: high-net-worth individuals are relocating, re-domiciling capital, shifting tax residence, and re-platforming portfolios. 


Record projected UK outflows sit alongside strong inflows into Italy and other European hubs. Motivations now go beyond tax, lifestyle, security, and healthcare, increasingly drive decisions. London continues to attract top-tier capital, despite the UK posting net outflows overall. Italy, Spain, and Portugal are actively designing policies to capture mobile wealth. 


Consolidation has reshaped the advice market, often painfully 

If the 2010s were about building vertically integrated platforms, the 2020s have been about debt-fueled roll-ups. Consolidators have bought books, promised earn-outs, and sought synergies. Many advisers tell me they experienced something different: cultural whiplash, moving targets on performance hurdles, and restrictive clauses that made exits costly. 


The regulator has taken notice. The FCA has put adviser consolidation “under the microscope,” launching a multi-firm review and warning of harm where integration or debt structures compromise client outcomes. Legal commentators have echoed the risks of over-leveraged models and product conflicts. High-profile cases underline the danger of misalignment between private-equity timelines and long-term client duty. 

The result is a marketplace filled with caution. Many advisers now insist on clear, contractual definitions for book buy-outs, transparent earn-out metrics, and consumer-duty-first governance. 


The marketplace is a minefield, but there’s real hope 

A new cohort of advisory firms is taking a different tack: 

  • Contractual transparency: Clear, written-in-advance terms on future book buy-outs, with independent valuation and escrowed payments. 
  • Multi-jurisdictional access: Structures that can follow clients as they movecovering portfolio management, custody, FX, and tax planning across borders. 
  • Open-architecture advice: Avoiding platform or product conflicts and documenting best-interest reasoning for all changes. 
  • Financial prudence: Lower leverage, longer horizons, and earn-outs tied to client retention and satisfaction. 


What good looks like: a quick due-diligence checklist 

For advisers: 

  • Define book-buy-out formulas explicitly. 
  • Cap clawbacks to measurable attrition, not vague “performance.” 
  • Check non-compete clauses for proportionality. 
  • Review the consolidator’s debt and funding structure. 
  • Ensure post-deal advice meets Consumer Duty standards. 


For clients: 

  • Understand residency and tax exposure if moving jurisdictions. 
  • Check whether your portfolio can transfer without forced sales. 
  • Ask how conflicts are managed and how best execution is evidenced. 
  • Confirm fees, service levels, and remedies if quality declines. 


Where this goes next 

Expect continued wealth mobility as policy and lifestyle factors diverge across jurisdictions. Expect ongoing regulatory scrutiny of consolidators. And expect a premium on firms that combine contractual clarity with genuine multi-jurisdiction execution. The prize goes to those who can follow clients across borders without losing transparency, suitability, or speed. 

 

Sources and further reading 

 

Written by Zak James : Founder : James & Partners Talent 

Helping Financial Advisors to find the right home 

Helping Finance Companies find the right people 

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