Another Financial Adviser

Old May 12th 2011, 9:28 pm
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Default Another Financial Adviser

Hi Guys, I'm in the final interview processes for a job as a financial adviser in Dubai. I have worked as an IFA in the UK for 4 years and am seriously thinking of making the move if the job is offered however, I have a number of issues that I'm hoping the expats of Dubai can kindly help me with:

1. The company is Guardian Wealth Management, does anybody have any experience with them either as an employee or customer, if so what was your experience like? are they a decent company?

2. Financial services are unregulated in Dubai which would suggest that a number of unqualified salesmen work in this field, do they have a bad reputation amongst expats?

3. The current economic climate would suggest that expats with money would prefer to bank it or move it to their home country, I'm not so sure many would want to invest in long term saving plans or make lump sum investments. Any thoughts on this please

4. From those of you that live there, what is the current feeling regarding the economic climate? I realise that many articles have been written regarding this but they all seem to be biased in one way or the other.

I have been told that this is not a 'boiler room' operation and that the staff turnaround is very low but who knows until you are out there?
The salary will be commission only with no assistance package so it is obviously very important to make the correct decision, therrfore your help is much appreciated.
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Old May 12th 2011, 10:51 pm
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Default Re: Another Financial Adviser

These guys are usually mentioned in the same sentence as Global Eye and the ****** Group.

I've known people who've worked at both Global Eye and ******. Those who were actual financial advisers left within a month; often commenting how disgusted they were at the company and its tactics, and how stupid they were to fall for their speil.

They want sales people – not financial managers. There is no need to manage the wealth from what I've been told. It doesn't go in the best product for the customer – in fact; it often goes in one of only two – the ones that offer the best commission for the sales manager.

They cold call, steal and buy lists of people from other unscrupulous types like estate agents and watch shop owners.

The way they contact clients is ethically unsound, and the advice they give is completely incorrect for 99% of people.

In Dubai, the goal of most 'wealth management companies' is to extract as much profit from each individual as possible. Their concern for sound professional advice is none existent.

My advice is forget it. It'll be the worst mistake you ever make.

If you are serious about moving out here; ONLY (and I can't stress that enough) go with companies based in DIFC. If they have a crooked bone in their system, they'll lose their licence. It's one of the few free zones that is serious about protecting its reputation.
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Old May 13th 2011, 4:34 am
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Default Re: Another Financial Adviser

Originally Posted by Alfa Q
The salary will be commission only with no assistance package so it is obviously very important to make the correct decision, therrfore your help is much appreciated.
I'd agree. It will be important. Turn it down and go for a job that at least covers your own costs, FFS you claim to be a financial advisor, take a look at what you wrote..... would you advise your client to leap into the unknown with no salary.... Could say much more, but wont.
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Old May 13th 2011, 6:07 am
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You should PM meow. She is the expert on IFA's in Dubai, impartial and reliable.
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Old May 13th 2011, 8:02 am
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Default Re: Another Financial Adviser

Originally Posted by Autonomy
I'd agree. It will be important. Turn it down and go for a job that at least covers your own costs, FFS you claim to be a financial advisor, take a look at what you wrote..... would you advise your client to leap into the unknown with no salary.... Could say much more, but wont.
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Old May 13th 2011, 8:25 am
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Default Re: Another Financial Adviser

Ok, this may seem to be a an opportunity that makes little sense with respect to the salary however I do have property income in the UK and savings that could easily support me whilst building a pipeline. This would allow me to live in a different environment and potentially make a lot of money then retire and have lots of fun or I could try it out, spend some money on living etc and if it doesn't work then come back to the UK. Many people make a fantastic living on commission only or by being self employed, my major concern is whether or not the industry has damaged itself by being non regulated and whether or not the expat community is looking to spend or to hoard.

"FFS you claim to be a financial advisor, take a look at what you wrote..... would you advise your client to leap into the unknown with no salary.... Could say much more, but wont."

Autonomy, I would advise my client dependant on his/her financial circumstances and their attitude to risk. My financial can support me and my attitude to the risk is at present balanced at 50/50. . . . I could say much more but won't

Ladies and gents, thank you for your thoughts, others are more than welcome
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Old May 13th 2011, 3:37 pm
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Default Re: Another Financial Adviser

Have you read this:

http://www.mrsmadisondubai.com/2011/...l-advisor.html

Might answer your second question.


Edited to add – having looked at Guardian on the web, it seems as if they have disatisifed customers or there are a lot of disgruntled employees (or one who posts a hell of a lot).

I also am a bit alarmed to notice that the CEO only holds a Financial Planning Certificate, and the COO doesn’t seem to fare much better. Would I trust my savings into the advice of this company? You must be joking. No Economics degree, no MBA, no PhD?

If I were you I wouldn’t bother with this venture. Depends on how cowboy you are.

Last edited by slapphead_otool; May 13th 2011 at 4:35 pm.
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Old May 13th 2011, 4:09 pm
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Default Re: Another Financial Adviser

Originally Posted by Alfa Q
Ok, this may seem to be a an opportunity that makes little sense with respect to the salary however I do have property income in the UK and savings that could easily support me whilst building a pipeline. This would allow me to live in a different environment and potentially make a lot of money then retire and have lots of fun or I could try it out, spend some money on living etc and if it doesn't work then come back to the UK. Many people make a fantastic living on commission only or by being self employed, my major concern is whether or not the industry has damaged itself by being non regulated and whether or not the expat community is looking to spend or to hoard.

"FFS you claim to be a financial advisor, take a look at what you wrote..... would you advise your client to leap into the unknown with no salary.... Could say much more, but wont."

Autonomy, I would advise my client dependant on his/her financial circumstances and their attitude to risk. My financial can support me and my attitude to the risk is at present balanced at 50/50. . . . I could say much more but won't

Ladies and gents, thank you for your thoughts, others are more than welcome
If it doesn't work out for you - and you return, say within 12 months, do you know what happens with respect to tax?

The start up costs here are massive... and you may find that your 'pipeline' of clients is more of a straw - it's a competitive market here - more so than the UK I would say.

Anyway - good luck.
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Old May 13th 2011, 4:14 pm
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Default Re: Another Financial Adviser

Originally Posted by Alfa Q
My financial can support me and my attitude to the risk is at present balanced at 50/50. .
Roughly the same odds a roulette... Why not go to Vagas and stick it all on red - at least that would be fun.
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Old May 13th 2011, 4:46 pm
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Default Re: Another Financial Adviser

Originally Posted by Millhouse
If it doesn't work out for you - and you return, say within 12 months, do you know what happens with respect to tax?

The start up costs here are massive... and you may find that your 'pipeline' of clients is more of a straw - it's a competitive market here - more so than the UK I would say.

Anyway - good luck.
I would assume if he doesn’t complete the obligatory period outside of the UK then he will have to pay income tax on his earnings. That might be a shock.

And the startup costs would be high, especially as he is not getting any assistance.

My guess is the OP will be another Dubai debt skip in a years’ time, leaving his car at the airport and a pile of debts on credit cards.

They come and they go.
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Old May 13th 2011, 4:59 pm
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Default Re: Another Financial Adviser

Originally Posted by slapphead_otool
I would assume if he doesn’t complete the obligatory period outside of the UK then he will have to pay income tax on his earnings.
It was a test for him not you...
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Old May 13th 2011, 5:27 pm
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Default Re: Another Financial Adviser

Originally Posted by Millhouse
It was a test for him not you...
In which case I failed. I thought it was a rhetorical question. Sorry.

Did you really expect a guy who is even thinking of moving to Dubai without an assistance package to take up a commission only job as a financial advisor to even care about taxation?

He is down to the “final interview processes” and only now he starts to look at the reputation of FAs in Dubai and the background of his potential employer?

Go for it OP, go for it. You have nothing to lose but the shirt on your back.
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Old May 14th 2011, 8:30 pm
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Default Re: Another Financial Adviser

Originally Posted by Alfa Q
Hi Guys, I'm in the final interview processes for a job as a financial adviser in Dubai. I have worked as an IFA in the UK for 4 years and am seriously thinking of making the move if the job is offered however, I have a number of issues that I'm hoping the expats of Dubai can kindly help me with:

1. The company is Guardian Wealth Management, does anybody have any experience with them either as an employee or customer, if so what was your experience like? are they a decent company? Be wary. There are companies with decent reputations, but this is not one of them

2. Financial services are unregulated in Dubai which would suggest that a number of unqualified salesmen work in this field, do they have a bad reputation amongst expats? Some do as many are salesmen not advisers and have given shockingly poor 'advice'..

3. The current economic climate would suggest that expats with money would prefer to bank it or move it to their home country, I'm not so sure many would want to invest in long term saving plans or make lump sum investments. Any thoughts on this please I'm not going to give the secrets away, but you should know that equities outperform cash and bonds over the long term. You should also have looked into plans & realised that long term schemes are not suitable for 95% of expats!

4. From those of you that live there, what is the current feeling regarding the economic climate? I realise that many articles have been written regarding this but they all seem to be biased in one way or the other. The streets of the UAE are not paved with gold.

I have been told that this is not a 'boiler room' operation and that the staff turnaround is very low but who knows until you are out there? What companies may say and the truth are frequently different

The salary will be commission only with no assistance package so it is obviously very important to make the correct decision, therefore your help is much appreciated. Any decent company would offer you assistance for the first few months. Lack of support from outset should give you a big clue about the company

There are decent, qualified and ethical IFAs in the UAE, but the industry has been badly tarnished by a bunch of cowboys. It is possible to make a good living, but it takes time to build up a client base and establish a good reputation. So many so-called advisers come out here, think it is going to be easy, fail to learn the market (re: clients, products, tax) and end up returning to the UK having lost money.

For any IFA wanting to make a new start, you need to be experienced, self-starting and able to do it for the long haul. Do your research and for heaven's sake avoid the hard-sell stitch-up merchants. If you are properly qualified and ethical, feel free to contact me directly.

Last edited by Meow; May 14th 2011 at 9:30 pm.
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Old May 14th 2011, 10:38 pm
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Default Re: Another Financial Adviser

Originally Posted by Alfa Q
Hi Guys, I'm in the final interview processes for a job as a financial adviser in Dubai. I have worked as an IFA in the UK for 4 years and am seriously thinking of making the move if the job is offered however, I have a number of issues that I'm hoping the expats of Dubai can kindly help me with:

1. The company is Guardian Wealth Management, does anybody have any experience with them either as an employee or customer, if so what was your experience like? are they a decent company? Yup, gave them 50k AED to invest in January, should be worth about 250k AED by end of this month, although struggling to get hold of them on the phone at the moment

2. Financial services are unregulated in Dubai which would suggest that a number of unqualified salesmen work in this field, do they have a bad reputation amongst expats? Nope, we all love them.

3. The current economic climate would suggest that expats with money would prefer to bank it or move it to their home country, I'm not so sure many would want to invest in long term saving plans or make lump sum investments. Any thoughts on this please. 25 year plans are the way forward, no-one will tell me any different. Would also suggest QROPS as they are suitable for 99% of expats staying on average 3-5 years.

4. From those of you that live there, what is the current feeling regarding the economic climate? I realise that many articles have been written regarding this but they all seem to be biased in one way or the other. Contrary to Meows information, the streets of Dubai are paved with gold. You can't fail.

I have been told that this is not a 'boiler room' operation and that the staff turnaround is very low but who knows until you are out there?
The salary will be commission only with no assistance package so it is obviously very important to make the correct decision, therrfore your help is much appreciated. You can rent a 5 bed villa with pool for about 5k AED p/annum, IKEA is 5% of the UK costs, you'll be fine mate. I'd suggest you offer to pay your own airfare to make a good impression.
Good Luck
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Old May 14th 2011, 11:22 pm
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Default Re: Another Financial Adviser

Originally Posted by Brains1983
Good Luck
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