For many years, residence and citizenship planning sat on the periphery of private banking conversations – acknowledged but rarely integrated into mainstream portfolio advice. That is now changing rapidly. In an era of geopolitical uncertainty, shifting tax regimes, and increasingly mobile ultra-wealthy families, jurisdictional diversification and optionality has become as relevant as asset allocation. In an exclusive interview, Hubbis speaks with Dominic Volek, Group Head of Private Clients at Henley & Partners, to explore why “mobility planning” is emerging as a core advisory theme – and what this means for private wealth managers and advisers globally.
Key Takeaways
- Mobility planning has moved into the advisory mainstream: Residence and citizenship planning is no longer a peripheral or “nice-to-have” consideration. It is becoming a core pillar of modern wealth advice, sitting alongside investment management, tax structuring, and succession planning.
- Clients are managing uncertainty, not just portfolios: UHNW and HNW families are increasingly focused on optionality – where they can live, invest, and operate under different scenarios. Mobility planning functions as an insurance policy against geopolitical, regulatory, and tax uncertainty.
- The language of mobility now mirrors portfolio construction: Concepts such as diversification, risk management, and portfolio review apply as much to jurisdictions as they do to assets. A single residence or citizenship is no longer sufficient for globally exposed families.
- Ignoring mobility weakens adviser relationships: In a multi-banked environment, advisers who fail to raise mobility planning risk ceding strategic relevance to competitors who do. Those who engage proactively can deepen trust and strengthen long-term client relationships.
- Policy and tax changes demand regular reviews: Shifting immigration regimes, tax reforms, and geopolitical dynamics mean that past solutions may no longer be fit for purpose. Mobility portfolios, like investment portfolios, require periodic reassessment and rebalancing.
- Advisers who act early will lead the next decade: Private banks, EAMs, and MFOs that embed mobility planning into training, client reviews, and holistic advice frameworks will be best positioned to serve increasingly global, mobile, and sophisticated families.
From travel document to strategic planning tool
For much of the last two decades, investment migration was widely – and inaccurately – reduced to a transactional exercise: acquiring an alternative passport to overcome travel restrictions. That narrow framing no longer reflects either client motivations or the way leading advisers are now positioning the conversation.
“The industry has gone well beyond passports and travel documents,” says Volek. “For the families we work with today, this is about optionality. It is an insurance policy against uncertainty, not a reaction to crisis.”
This reframing is critical for private wealth practitioners. As clients become more globally dispersed – children educated abroad, assets held across multiple jurisdictions, and businesses exposed to divergent regulatory regimes – the question is no longer whether mobility matters, but how systematically it is planned.
In this sense, residence and citizenship planning has evolved into what Volek calls “mobility planning”: a structured, forward-looking approach to where a family can live, operate, invest, and relocate under different scenarios.
Speaking the language of wealth management
One reason the topic is gaining traction within private banks and family offices is that the conceptual language increasingly mirrors that of investment advice.
“We deliberately align our terminology with how wealth managers already think,” Volek explains. “They talk about diversification of asset classes; we talk about diversification of sovereign exposure. They talk about portfolio construction; we talk about a portfolio of residence and citizenship rights. One jurisdiction is not enough – just as one asset class is not enough.”
This analogy resonates strongly with advisers who are already accustomed to multi-dimensional risk frameworks. Political risk, tax risk, regulatory risk, and personal mobility risk are now viewed as interconnected variables rather than isolated concerns.
For relationship managers, this creates an opportunity to elevate discussions beyond products and performance. Mobility planning becomes a complementary layer of advice that reinforces the adviser’s role as a long-term strategic partner.
Why this matters now for Asian clients
Although much of the recent demand growth has come from Europe, the UK, and North America, Asian families are far from insulated. On the contrary, many face even greater complexity.
First, Asian UHNW families are often multi-generational and multi-jurisdictional by default. It is common for wealth to be created in one country, invested globally, and passed on to heirs who may not share the same nationality or residency status.
Second, regulatory and tax environments in Asia are far from static. While some jurisdictions remain highly competitive, others are introducing tighter reporting, substance requirements, or inheritance-related scrutiny. In parallel, global information exchange regimes have made “benign neglect” an increasingly risky strategy.
Third, lifestyle and succession considerations are becoming more prominent. Where will children settle? Where should a family office be based? What happens if a geopolitical shock restricts movement or capital flows?
Against this backdrop, mobility planning becomes a way to proactively address uncertainty rather than react to it.
Learning from past assumptions
Volek points to a powerful historical lesson that resonates with Asian advisers.
“Ten years ago, a significant number of Asian families moved to the UK under the Tier 1 Investor Visa and structured their affairs around the non-dom regime,” he notes. “At the time, it looked like an optimal solution. Today, that position has changed dramatically.”
Tax reforms, visa changes, and political shifts have transformed what was once a “gold standard” into a far less attractive option. Families who treated residency decisions as static have been forced into reactive – and often costly – restructuring.
The implication for advisers is clear: mobility decisions should be reviewed with the same discipline as investment portfolios.
Just as market conditions prompt asset rebalancing, changes in tax law, immigration policy, or geopolitical alignment should trigger a review of a client’s residence and citizenship “portfolio”.
From niche topic to banker scorecard item
One of the most telling developments is how leading private banks are institutionalising the conversation.
“In Switzerland, for example, we now see mobility appearing on bankers’ client review scorecards,” says Volek. “It sits alongside traditional topics like asset allocation, tax planning, and succession.”
This formalisation matters. When mobility planning is embedded into advisory frameworks, it ceases to be an awkward or speculative topic and becomes a legitimate part of holistic wealth management.
For private banks and EAMs, this offers a competitive differentiator. Advisers who raise the topic early and thoughtfully are more likely to deepen trust – particularly with multi-banked clients.
“If Bank A doesn’t have this conversation, Bank B almost certainly will,” Volek observes. “And once another adviser introduces a specialist and frames the issue well, that relationship tends to strengthen.”
The commercial and relational opportunity
While the commercial mechanics – such as referral arrangements – are often discussed quietly, the primary opportunity is relational rather than transactional.
Mobility planning touches on deeply personal issues: family security, legacy, freedom of movement, and long-term optionality. Advisers who can facilitate these discussions position themselves closer to the client’s inner circle.
For MFOs and SFOs in particular, this aligns naturally with their mandate to coordinate across legal, tax, investment, and lifestyle considerations. For private banks and MFOs, it represents a way to move beyond product-led engagement toward advice-led relevance.
Importantly, advisers do not need to be technical experts. Their role is to identify the relevance, frame the questions, and connect clients with credible specialists.
Demand-side trends reshaping the market
From a global perspective, Volek highlights three demand-side dynamics that are reshaping investment migration flows.
First, the United States remains one of the largest sources of demand. Despite its economic strength, many US families are actively seeking diversification outside their home jurisdiction, driven by political polarisation, social fault lines, and long-term planning considerations.
Second, the UK continues to experience what Volek describes as a “wealth exit”. Changes to the non-dom regime and broader fiscal pressures are prompting UHNW families to reassess long-standing assumptions about residency.
Third, Europe – historically more inward-looking – is now producing growing outbound demand, as families seek optionality beyond the region.
For wealth advisers, these trends matter because they influence where clients are relocating, investing, and establishing family offices. They also affect cross-border structuring decisions that intersect directly with portfolio construction.
Supply-side evolution: fewer shortcuts, more strategy
On the supply side, the market is also evolving. Several European programmes have tightened, reflecting political sensitivities and regulatory oversight. At the same time, new options are emerging in Central-and South America as well as in Africa.
This shift reinforces the importance of quality advice. The era of “one-size-fits-all” solutions is fading, replaced by more nuanced, multi-jurisdictional strategies tailored to a family’s specific risk profile and objectives.
For wealth managers, this underscores the need for ongoing education. Programmes change, eligibility criteria evolve, and reputational considerations matter. Poorly advised decisions can create long-term constraints rather than flexibility.
Implications for portfolio-centric advisers
For practitioners whose primary role is fund selection and portfolio construction, mobility planning may initially feel peripheral. In reality, it is increasingly interconnected.
Jurisdictional choices influence tax outcomes, reporting obligations, access to investment opportunities, and even the governance of family assets. In some cases, they determine whether certain structures or products are viable at all.
Seen through this lens, mobility planning is not a distraction from portfolio advice but an enabler of it.
A call for professional development
One recurring theme in Volek’s reflections is the role of training and consistency.
“This doesn’t require expensive initiatives,” he notes. “It’s about consistent messaging, basic understanding, and the confidence to raise the topic.”
For private wealth firms, this suggests a clear agenda: integrate mobility planning into adviser education, client review frameworks, and cross-disciplinary collaboration.
Those that do so early are likely to strengthen client loyalty, differentiate themselves in competitive markets, and future-proof their advisory proposition.
