The word bespoke has a certain ring to it. It suggests something unique, thoughtfully made, and perfectly tailored. In fashion, that usually means a suit that fits just right. In finance, it often means a higher fee and a nice brochure, but not always much else.
For expats in France, especially those nearing retirement, the promise of personalised investment advice sounds perfect. After all, your situation likely isn’t going to be straightforward. You may have assets in multiple countries, pensions back home, and questions about how your financial life fits into the French system. It’s natural to want a tailored approach. The problem is, not everything sold as “bespoke” really is.
What “Bespoke” Often Means in Practice
Many financial institutions, especially larger ones, use the term as a form of luxury branding. You sit in a sleek office, get handed an impressive-looking investment report, and walk away with the sense that something special has been built just for you.
Behind the scenes, though, it’s often the same portfolio offered to hundreds of other clients with a few small tweaks that are usually based on how much risk you say you’re willing to take. You’re not really getting anything unique; you’re just being fitted into a pre-built box. And you’re probably paying extra for the marble floors and fancy cappuccino.
I’ve spoken with clients who were told their portfolio was tailored, only to discover later it mirrored a standard template used across the board by the advisory firm. They were basically paying for a custom label sewn into a factory-made suit.
Risk, Reward, and the Limits of Customisation
It’s worth understanding why this happens. Most investment management today revolves around matching your risk tolerance to a model portfolio. The more risk you can stomach, the more growth potential you’re offered and vice versa. This is perfectly reasonable and even smart from an operational standpoint. But it’s not exactly what I’d consider personal advice. It’s more categorisation.
Imagine two people fishing. One casts his line out from the dock, while the other ventures out to sea and into deeper water. The second might catch more fish, but they’re taking on more risk by being out in the open ocean. Investing works in much the same way. Your adviser just helps decide which kind of fishing trip suits you best.
But in reality, that’s not a bespoke experience. That’s just choosing from a set menu.
What Does Personalised Advice Actually Look Like?
True personalisation starts long before choosing funds. For those living in France, the right financial plan isn’t just about managing volatility. It’s about making sure your investment decisions align with French tax laws, inheritance rules, and your long-term residency plans.
That might mean:
- Structuring your portfolio to take advantage of tax-efficient investment vehicles in France (like assurance-vie).
- Planning for inheritance within the framework of forced heirship laws.
- Reviewing UK-based pensions to see whether a QROPS or SIPP transfer makes sense (or not).
These are the kinds of things that rarely show up in a generic model portfolio conversation. And they’re especially important for those with larger estates, income from multiple sources, or cross-border families.
At Kentingtons, we’re independent and regulated financial and tax advisers. That independence matters as it means we’re not tied to selling a particular product or fund. Our advice is tailored to your specific situation, not based on our provider list. And as you’d expect, no two clients get the same answer.
How to Tell If You’re Getting Real Advice or Just Packaging
If you’re unsure whether your current financial setup is truly tailored, try asking yourself a few questions:
- Has my adviser asked detailed questions about my tax residency and how it might change?
- Do I understand why I hold each of the investments I do, or just that they sounded good in a brochure?
- Have inheritance rules in France been factored into my planning?
- Did the solution come quickly, or was there a thoughtful process involved?
You don’t need to know everything about finance to know whether someone’s really listening to your needs. And if they’re not, it might be time to reconsider whether you’re paying for advice – or just a performance.
A Better Kind of Personal
I’m not against efficiency. Using solid, proven investment strategies makes sense. But marketing those as “bespoke” when they’re anything but doesn’t help anyone, except the institution collecting the fees.
If you’re living in France or planning to move here, the best financial decisions won’t come from glossy promises. They come from working with someone who understands how to bridge your current life and your future goals across borders, currencies, and tax codes.
And that kind of work isn’t always flashy. But it is personal.