Financial advisors worldwide are concerned about the growing ‘gap’ they observe in their industry between financial planning and asset management. Many say that it’s a struggle for them to align the financial plan of a client with their investment portfolio.

One financial advisor described it as: “two halves of a bridge built from opposite banks that don’t meet in the middle: each side may be well engineered, but without coordination, the client can’t get across.”

Few people in the finance sector deny that this gap exists. They offer several differing reasons to explain it, however. Some blame chaotic markets, others say it’s due to a tug-of-war between clients wanting personalisation and financial firms wanting to grow rapidly.

Peter Dougherty believes this gap has a different cause: the limitations of modern portfolio theory. He thinks the problem begins with the one-dimensional assumption that ‘volatility’ equals ‘risk’ in an investment portfolio. As Dougherty explains: “if over three years two stocks have each earned 7%, portfolio theory tells us that the stock whose annual returns have been 9%, -1%, and 14% is ‘riskier’ than the stock that returned 8%, 6% and 7% over the three-year period. They each earned 7%. Yet, because the standard deviation of the first stock’s returns (6.24) is higher than second’s (.816), which means its returns vary more, buying the first stock is viewed as subjecting the investor to more ‘risk’ than buying the second stock.”

But Dougherty doesn’t believe this ‘volatility’ (variance in price) equals risk. Instead, he says that “not having what you need when you need it is the risk. Volatility is an important characteristic, but it is not risk. To most clients, ‘risk’ is the chance of not reaching their goals, like running out of money in retirement. That chasm between the textbook definition and the client’s definition is the reason financial planning and investing need to be designed together.”

So, four years ago, when Peter Dougherty arrived in Spain as a financial planner, he deliberately went to work for the only Spanish firm that brought financial planning and investments into alignment: Bissan Wealth Management. His aim was to help Americans in Spain with their financial plans and investments. To enhance his abilities, Dougherty earned a master’s degree in Spanish taxation from Universidad Nebrija and became Spain’s only U.S./Spanish dual-accredited financial planner: receiving the European Financial Planner certification in Spain and the CERTIFIED FINANCIAL PLANNER® credential in the U.S.

Now, four years later, he recognises that it’s often wiser for Americans to leave their investments in the U.S. rather than transfer financial assets to Spain. He recently arrived at this ‘aha moment’ — ‘when the penny dropped’ — as he was adjusting a wobbly table at a neighbourhood café. Dougherty placed a napkin under one leg and a different leg started rocking because the floor itself was uneven. That’s the moment it dawned on him that the real problem for Americans in Spain, like a rug that doesn’t fit the room, is that U.S. investment rules are incompatible with the Spanish financial ecosystem.

That’s the reason Dougherty left his job at Bissan and founded USpain Financial Consultancy, where he provides independent financial advice and planning to English-speaking expats in Spain. He still believes that financial planning and investing need to be designed together rather than handled by separate people or processes. But he also realises that Americans in Spain seldom need assistance with Spanish wealth management. That explains why USpain Financial blends cross-border financial planning for expats in Spain that works well even if their investment portfolio is predominantly in the U.S.

To draw a parallel between what his new firm is doing and technology, Dougherty jokes: “How do you know a computer is European? It has a five-week vacation policy, but it has an operating system, installed software, and a processor that are from California.”

Peter Dougherty, CFP®, CRPC®, EFP (Spain), is a financial planner at USpain Financial Consultancy, where he specialises in advising Americans living in the country. He is the author of two financial planning books, one in English: “The Dougherty Code: Secrets of Financial Planning in Spain Revealed” and the other in Spanish: “La Hoja de Ruta Fiscal y Financiera para los españoles en EE.UU.”

For more information: https://www.financial-planning-in-spain.com

This article is for informational purposes only and does not constitute financial, tax or investment advice. Tax and investment rules differ for US citizens resident in Spain and depend on individual circumstances. Always seek independent regulated advice before making financial decisions, and check that any adviser is authorised to advise you in your jurisdiction

From interviewing famous faces to entertaining listeners across southern Spain, radio presenter Hannah Murray has built a loyal following among English-speaking residents on the Costa del Sol. Whether on Talk Radio Europe, discussing books with well-known authors or appearing on Good Morning Spain, she has become a reassuring presence for many. Behind the microphone is a broadcaster who has crossed paths with celebrity chefs, Hollywood personalities and more than a few unexpected moments.

We caught up with Hannah to talk about her career, the people she has interviewed and what keeps her busy on the Costa del Sol.

Learning the art of interviewing

You started at Talk Radio Europe as a producer and researcher before stepping in front of the microphone. What did that journey teach you about interviewing people, and what do you know now that you wish you’d known at the beginning?

Starting as a researcher and producer was really great grounding, and I’m so grateful for it. Mary Harboe was the best person to learn from. Getting guests for other presenters gave me a real understanding of what the presenter wanted, and didn’t want. Producing outside broadcasts, before I ended up doing them regularly myself, also taught me the importance of constant communication between the person in the studio and the person on location.

I remember watching Mary and asking her how she knew what to ask someone if they didn’t have much to say. She told me something I’ve never forgotten: “The key to being a good interviewer is to be a good listener.” People think it’s all about knowing what to say, but if you’re actually listening, the conversation flows naturally. That’s how an interview should sound. I never prepare questions beforehand, just like you don’t in life.

Famous faces and unexpected answers

You’ve interviewed some famous names over the years. Has there been a guest who completely surprised you?

I’ll never forget chatting to the late Gary Rhodes. I mentioned some of his career highlights, from cooking for Manchester United to cooking for the Royal Family, and asked him what he was most proud of. He said, without hesitation: “Without question, I am most proud of marrying my wife.” What a nice man he was.

Food critic Michael Winner was also a real character. Off air, before interviews, he could be quite abrupt and would say “Five minutes!” before hanging up, even though the timings had been confirmed the day before. When I eventually got him on air, he was so charming, calling me darling, and happily said, at my request: “Calm down dear, it’s just a radio show!”

The interview she would love to do

If you could spend an entire day shadowing any fictional character, historical figure or celebrity, with no restrictions on time or budget, who would you choose, and what would you most want to find out about them?

The person who springs to mind is Nadia Comăneci, the Romanian gymnast. I did gymnastics as a child and watched the film Nadia over and over again. I would love to have been there when she achieved the first-ever perfect 10 at the 1976 Montreal Olympics. It was quite a moment – people thought she had been given a score of one because they had never seen a 10 before. I’ve tried many times over the years to interview her properly but haven’t managed to. I did get her on as a guest before I was a presenter myself. I called in from home and went on air, asking her if she was still friends with her former teammate Teodora. After I hung up, I burst into tears. Thankfully, that’s the only time that’s happened.

A surprising side to the familiar voice

What is something about you that would genuinely surprise people who listen to you regularly?

Something people might not know is that I’ve jumped out of a plane … twice. I did a skydive on my 21st birthday in Australia, and another about a week before my 30th birthday in Seville. I was hoping I’d enjoy it more the second time around, but nope. I’ll stick with just doing it twice, thanks.

What’s next for Hannah Murray?

Where’s Hannah going from here?

I’m pretty busy. I’m back to booking my own guests for my radio shows … TRE in the Afternoon and The Book Show … which is fun to do again. I really enjoy joining Nicole King on Good Morning Spain each week. My husband and I also host a weekly podcast called Marbella with Him & Her about our lives here. I still host a weekly quiz at The Hogan Stand in San Pedro every Thursday, something I’ve been doing for nearly 16 years.

I love singing in the choir, The Del Sol Singers, and being an active member of the International Theatre Studio. I’m also excited about going to Sri Lanka next year with The Sisterhood, an amazing group of women I went to India with last year. We’ll be driving tuk-tuks across the country, raising money for women and girls. When we did the India trip, we raised over £100,000, which was incredible. I’m looking forward to doing more with these women and getting more involved with event hosting in the UK.

Where to hear Hannah

You can catch Hannah every Monday to Thursday on Talk Radio Europe from 4pm to 6pm, with The Book Show every Friday from 2pm, repeated on Sundays from 1pm. Her weekly podcast, Marbella with Him & Her, is free to listen to and download on all major podcast platforms. You can also follow her on Instagram at @radiohannah.

Wizz Air, the popular low-cost Hungarian airline, launched two new operational bases in Spain this week in Valencia and Madrid, as part of a growth and expansion plan. The airline will also add another base in Santiago de Compostela beginning in December, giving residents and visitors in Spain a chance to travel for the winter holidays.

Wizz Air opens its first Spanish bases

The company opened its first-ever base in Valencia on Monday, November 2, and followed up with a new operational base in Madrid-Barajas on Tuesday, November 3. The latter boasts two Airbus A321neo, in order to increase the airline’s capacity to meet demand in the Spanish capital.

Madrid gains new routes and flight capacity

Along with these new bases, Wizz Air has put 2.6 million seats up for sale, distributed across 27 routes. Madrid is now connected with 12 different countries through the airline, and according to Wizz Air, the Madrid base is expected to generate more than 80 direct jobs.

In the Madrid base, the domestic routes include flights to Asturias; Palma de Mallorca; and Santiago de Compostela.

Madrid has been a particular focus for the initiative of this airline. According to the general director of Wizz Air Malta, Mauro Peneda: “Madrid occupies a fundamental place in Spain’s tourism and business landscape, and we want to make it easier for its residents to travel to more European destinations, while attracting a greater number of visitors to the city.”

Valencia: Connecting residents, expats and holidaymakers to the Spanish hub

In Valencia, the airline will operate a total of 23 routes to eight different countries, increasing capacity by 76 per cent at the Valencia airport and reaching 3.6 million seats offered. More than 80 direct jobs are expected to be created thanks to this new base as well.

The Valencian base opened with domestic routes to Asturias, with five weekly frequencies; Santiago de Compostela, with four; Brașov, with three; and Santander, with two. In December, Bilbao, Palma de Mallorca and Naples will be added, totalling seven destinations.

Wizz Air’s summer of success in Spain

The launch of these bases is a direct result of Wizz Air’s successful first half of the year; the airline transported 8.6 million travellers and carried out an impressive 28,000 operations in Spain from January to June 2026. Additionally, the airline just closed a record peak season in Spain, moving 3.8 million travellers during the summer, representing a 51 per cent increase compared to the summer of 2025.

Over its 22 years of operation, the low-cost airline has transported more than 15 million passengers. Currently, the airline is present in 16 Spanish airports, with a network of 151 routes connecting 15 countries, although this is the first time the Hungarian company has operated a base from Spain.

Thanks to these new bases and connections, residents will have more direct access to a greater number of destinations, while tourists and business travellers have new options to fly to the Spanish hubs of Madrid and Valencia.

Wizz Air’s Santiago de Compostela base is expected to open on December 17 and will permanently station an aircraft operating seven routes: five domestic and two international.

Standing in solidarity with victims of Spanish railway tragedy

In addition to these exciting new ventures, Wizz Air is also standing in solidarity with the people in Spain affected by the recent railway tragedy: the company will launch two new domestic routes that will link Madrid with Malaga and Sevilla starting on Friday, November 6. Two daily frequencies will be operated on each connection, allowing more options for those who need to meet with their families, travel for work reasons or make other essential trips. These trips will begin at €45.99, and will not exceed €99.99.