Financial Advisor Question
 

For the financial people out there - I've just had a call from ***, who seem to be a part of a larger company most people know of.

He was the usual pushy dickhead who started asking questions why I politely declined his help.

Then he gave a list of people in my company who apparently use them.

Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?

Re: Financial Advisor Question
 

I know someone who sold a list of names to one of these firms just before he left the country. I guess if that had lists of names and numbers from one company then they'd use that as a tactic.

If it's not illegal, it's pretty poor.

Re: Financial Advisor Question
 

There's probably not anything specific, and probably there isn't anything specific about recording telephone conversations either. I would imagine that if one of your other colleagues were to record a conversation if/when they get targetted the authorities might be interested. Unless, of course, someone has some wasta...

Re: Financial Advisor Question
 

It is only illegal to cold call if the company is regulated by the Central Bank, a ruling that was introduced in 2011.

http://financialuae.me/2011/03/23/th...-cold-calling/

I don't think any of the financial sales companies are regulated by the Central Bank these days. Authorisation is provided to the company by the Ministry of Economy & Commerce and whilst steps are bring slowly introduced to bring in some regulation it is still very limited and more about making sure companies are solvent.

I'll add that there is still no qualification requirement to work as an adviser in the UAE. Too many that have the most basic of exams claim they are qualified. A couple of simple exams is no substitute for professional qualifications. Whilst exams aren't everything, they do give a guide to those who take their work seriously and aren't just about flogging long term savings plans.

Re: Financial Advisor Question
 

Indeed. I was amazed when he told me.

Re: Financial Advisor Question
 

There is a particular company that operates here - they who cannot be named and who have bought another known adviser - that teaches a specific tactic to their sales people (I won't credit them with the title of adviser). When with clients, at the first meeting no less, they ask for 10 names and telephone numbers. They pressurize people to give these and go to the bathroom asking that they be given a list when they get back. I am told, somewhat amazingly, that they aren't generally told to get lost.

Re: Financial Advisor Question
 

The advent of Linkedin makes it relatively easy for them to pull together a convincing list of people from a given company that they can list off. That, main office reception number and enough patience = sales leads.

I faced that tactic, the adviser was very pushy, having been my best new mate for the previous 30 min. I told him wasn’t prepared to recommend him or give him names of anyone else until he’d proved he was any good. Needless to say that didn’t happen.

Re: Financial Advisor Question
 

It was not the cold calling I was referring to - more the fact that they are telling people in my office that I am a client of theirs when I'd never even heard of them.

Re: Financial Advisor Question
 

I'd call that a target, not a lead.

Exactly. Why on earth would you recommend someone who hadn't done any work for you? I don't even ask for specific referrals and do no more than mention that my business is build on referrals. If people are happy, then they will suggest me to their friends and colleagues without me begging. And I am very busy.

Re: Financial Advisor Question
 

Not sure about it's legality but the administration or HR guys in my company definitely sell contact details for people in our company to these financial types.
Perhaps this is where they are getting the names from in your company also.

Re: Financial Advisor Question
 

I believe that's immoral, rather than illegal. It might even fall under the definition of defamation, which is illegal here.

Re: Financial Advisor Question
 

Not surprising. I ask for referrals but generally from people I know quite well but occasionally complete strangers, only one set ever come up with the goods! (Surprise surprise)

Can you imagine how hard my job was pre-linkedin?

Re: Financial Advisor Question
 

Not really. The barrier to entry was still the ability to use a phone. :D

Re: Financial Advisor Question
 

Yeah yeah yeah. True.

I use the phone as little as possible. I only use it to pressure people into taking pay cuts, working for shit companies and telling porkies about rent prices.

Re: Financial Advisor Question
 

What do you do the rest of the day?