Most British expat investors in Singapore have accumulated a portfolio over the years that nobody quite intended — a legacy ISA, an offshore bond from a previous adviser, a SIPP rolled together at some point, some Singapore-side investments held in joint names. Few of these portfolios were ever built around a single coherent plan; bringing the pieces together and assessing them honestly is where our work begins.
Obsidian's default investment approach is evidence-based. We do not predict markets and we do not run concentrated bets. Our remuneration is never tied to the investments selected, so our investment recommendations are entirely unbiased and made in the client's interests alone. For most clients, the right implementation is one of two routes: either a globally diversified, cost-efficient portfolio built around our philosophy, or, where suitable, ongoing discretionary management through one of our approved external Discretionary Fund Managers (DFMs).
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Our investment philosophy is grounded in decades of academic research and market data — the work of Markowitz, Sharpe, Fama, French, and others — that consistently points to broad diversification, low cost, and risk-appropriate exposure as the things that drive outcomes for long-term investors. We invest accordingly.
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We operate within the framework of the Efficient Market Hypothesis (EMH). Public market prices reflect the available information at any given moment; persistently outperforming the market through active stock selection, after fees, is something very few professional managers achieve over meaningful timeframes. We do not try to.
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The single most reliable predictor of long-term investor returns is cost. Fees and trading costs come out of the portfolio every year, in good markets and bad. Cost-efficient implementation is our default; any deviation is justified explicitly.
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A portfolio should be diversified across geographies, asset classes, and styles, and its risk level should be calibrated to the client’s situation rather than to whatever feels comfortable in this year’s market. The conversation about risk is part of the planning, not an afterthought.
For a number of clients, the right ongoing management sits with an external Discretionary Fund Manager whose approach is systematic and disciplined, and whose implementation we are comfortable recommending. Rather than running portfolios in-house — which creates obvious conflicts between adviser interests and client outcomes — Obsidian maintains a curated panel of approved external DFMs and selects the right one for the client's situation.
Each DFM on the panel has been assessed for investment approach, cost structure, regulatory standing, risk-rated portfolio coverage, reporting transparency, and operational fit for British expat clients. Critically, we only approve DFMs that adopt a systematic rather than tactical approach — rules-based and disciplined, with no predicting of markets and no unnecessary alterations — and that can demonstrate a clear value-add, net of fees, against the client's specific objectives. A bond ladder built and managed to fund known future liabilities is one example where a DFM's expertise genuinely earns its place. The panel is reviewed regularly; managers who drift from this approach or whose proposition weakens are removed.
Independence. We do not run our own funds and have no incentive to push business toward any single manager.
Philosophy alignment. Every DFM on the approved list operates a systematic, disciplined approach — rules-based and diversified, with no tactical market timing or unnecessary turnover.
Risk-rated coverage. The panel collectively covers the full risk spectrum from defensive through to aggressive growth, so the right DFM and portfolio can be matched to the client’s profile.
Cost transparency. Total cost of ownership — adviser, platform, DFM, underlying funds — is set out clearly before any engagement.
Regular review. The DFM relationship is monitored and the panel re-assessed as part of our ongoing service.
An Obsidian portfolio review brings your existing investments — UK SIPPs and ISAs, offshore bonds, Singapore-side accounts, joint holdings — onto a single page and assesses them against the plan they are supposed to serve. We look at suitability of asset allocation, total cost, tax efficiency by wrapper, concentration risk, and the role of any legacy holdings.
The output is an honest read on what your portfolio is delivering today and what (if anything) should change. Sometimes the answer is to make material adjustments; sometimes the answer is to leave a well-structured portfolio alone. We say so either way.
Obsidian Financial Planning is a trading name of Sam Barrie, who is an Appointed Representative of Synergy Financial Advisers Ltd (UEN 201217738K), licensed by the Monetary Authority of Singapore. The information on this page is general in nature, reflects rules and HMRC guidance current at the time of publication, and does not constitute financial, tax, or legal advice. UK tax law in this area continues to evolve and personal circumstances vary; you should not act on any of the above without taking specific advice on your situation. Tax treatment depends on individual circumstances and may be subject to change.
