After Brite: How to Choose an Adviser

The Brite Advisors Collapse Changed The Rules Overnight

For many people, the failure of Brite Advisors was not just a financial shock, it was a structural one. Pensions that were assumed to be portable, flexible, or actively managed are now frozen, partially accessible, or subject to court-led processes. Trustees, receivers, and administrators are now involved in decisions that previously sat with advisers and platforms.

This means one uncomfortable truth needs to be stated clearly:
The advice model that applied before Brite no longer applies now.

What worked for a routine pension review, a standard transfer, or a long-term investment strategy may be actively harmful in a frozen or restricted environment. The margin for error is smaller, the consequences are larger, and reversing poor decisions is often impossible.

Why “Any Adviser” Is Not Good Enough Anymore

One of the most common misconceptions we see is the idea that any regulated adviser can step in and “take over” a Brite-related pension. In reality, frozen assets introduce layers of complexity that most advisers rarely encounter in their careers.

These include:

• Trustee-specific permissions and limitations
• Court-approved receivership processes
• Partial versus full asset control
• Jurisdictional restrictions based on residency
• Reporting and compliance obligations across borders

An adviser who does not understand these mechanics may not be acting maliciously, but they can still cause serious harm by submitting incorrect paperwork, proposing unworkable strategies, or setting unrealistic expectations.

In a frozen environment, competence matters more than confidence.

Frozen Does Not Mean Inactive, But It Does Mean Constrained

A frozen pension is often misunderstood as something that is completely immobile. That is rarely the case. Instead, frozen assets usually exist within a set of constraints that dictate what can happen, when, and under whose authority.

These constraints might include:

• Whether partial distributions are permitted
• Whether a change of adviser is allowed
• Whether a transfer can proceed before receivership concludes
• Whether investment changes are permitted
• Whether tax events can be triggered inadvertently

The role of a competent adviser is not to promise speed, but to sequence actions correctly so that progress happens without triggering avoidable delays or risks.

Trustees Are No Longer A Background Detail

Before Brite, many clients had little reason to think about who their trustee was. Today, the trustee effectively defines the rules of engagement.

Different trustees apply different policies when assets are frozen. Some will only work with advisers who meet strict vetting criteria. Some will permit partial action, others will not. Some will allow certain types of restructuring, others will block them outright.

Choosing an adviser without understanding how they interact with trustees is one of the fastest ways to stall your case.

This is explored in depth in our dedicated trustee article, but the key principle is simple:
The adviser must work within the trustee’s reality, not against it.

Cross-Border Complexity Is Not An Edge Case, It Is The Norm

Brite Advisors clients are rarely confined to one jurisdiction. Many live outside the UK, hold international pensions, or have tax exposure in multiple countries.

This matters because:

• Pension advice is regulated by residency, not just product type
• Tax treatment varies dramatically by jurisdiction
• Transfers that are neutral in one country can be punitive in another
• Reporting obligations differ for US, EU, and non-UK residents

An adviser who treats cross-border considerations as an afterthought is exposing you to risks that may only surface years later, often when it is too late to fix them.

Speed Is Important, But Sequencing Is More Important

It is natural to want things resolved quickly. However, in post-failure scenarios, moving too fast often creates more problems than it solves.

Examples include:

• Attempting transfers before trustees are authorised to act
• Triggering tax events during transitional tax years
• Selecting destination schemes that cannot accept frozen assets
• Assuming residency status without proper analysis

A good adviser will slow the process down just enough to ensure that each step builds on the last. That discipline is what ultimately leads to faster, cleaner outcomes.

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The Adviser’s Role Has Changed From Planner To Project Manager

In normal circumstances, advisers focus on portfolio construction, asset allocation, and long-term planning. In a frozen environment, the role shifts.

The adviser must now:

• Coordinate with trustees and administrators
• Align actions with receivership timelines
• Manage documentation and permissions
• Anticipate regulatory and tax consequences
• Communicate clearly and conservatively

This requires a different skill set, and not all advisers are equipped for it.

What Actually Matters When Choosing An Adviser Now

When evaluating a new adviser after Brite, focus on substance rather than sales.

Key questions include:

• Have they dealt with frozen or restricted pensions before?
• Do they understand trustee-specific constraints?
• Can they advise across your residency and tax profile?
• Are they clear about what cannot be done yet?
• Do they explain risk as clearly as opportunity?

An adviser who says “no” at the right time is often far more valuable than one who says “yes” too quickly.

Why Skybound Approaches Post-Brite Advice Differently

At Skybound, we treat post-Brite cases as structured recovery projects, not standard pension reviews. Our approach is designed to prioritise clarity, sequencing, and risk management over speed or complexity for its own sake.

This means:

• Understanding your trustee position before proposing solutions
• Assessing residency and tax exposure before movement
• Planning actions around receivership milestones
• Communicating what is possible now versus later
• Protecting long-term outcomes, not just short-term progress

The goal is not to rush decisions, but to make decisions that still make sense years from now.