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Flanders Jun 15th 2016 6:17 am

Investment advice UAE
 


A while agothere was a thread posted on here about financial services here in the UAE. Imade a very quick reply as to my not so great experience with a certain companyover here. To make a long story very short, I became friends with a guy I playgolf with and basically trusted him to do the right thing. Turns out he sold mesomething totally unsuitable both for my age and my needs, to the point afterinvesting for nearly 2 years I am now looking at writing off nearly $15,000 asto put any more money in would only compound this issue. Maybe because of myexperience I am very suspicious of pretty much any ‘Independent” financialadvisor simply because it’s my hard earned money and their motivation really isthe commission they earn..not a great mix. Also, unlike the UK or the US, theregulations over here are really not the same, these people get away with bluemurder and as I’ve found to my cost, even when an issue is elevated to theirsenior management with clear evidence, they basically couldn’t care less. So becareful who you chose, check everything (one thing I failed to do), We are allhere for pretty much one reason and that’s to save cash, don’t let thesemercenaries play with your money as they see fit, especially those who masquerade as a friend, probably the worstand costliest mistake I have made. I won’t mention the company by name, (Iwould hate to get into trouble) but anyone care to PM me, I’ll gladly fill inthe blanks


Meow Jun 19th 2016 9:31 am

Re: Investment advice UAE
 

Originally Posted by Flanders (Post 11973847)


A while agothere was a thread posted on here about financial services here in the UAE. Imade a very quick reply as to my not so great experience with a certain companyover here. To make a long story very short, I became friends with a guy I playgolf with and basically trusted him to do the right thing. Turns out he sold mesomething totally unsuitable both for my age and my needs, to the point afterinvesting for nearly 2 years I am now looking at writing off nearly $15,000 asto put any more money in would only compound this issue. Maybe because of myexperience I am very suspicious of pretty much any ‘Independent” financialadvisor simply because it’s my hard earned money and their motivation really isthe commission they earn..not a great mix. Also, unlike the UK or the US, theregulations over here are really not the same, these people get away with bluemurder and as I’ve found to my cost, even when an issue is elevated to theirsenior management with clear evidence, they basically couldn’t care less. So becareful who you chose, check everything (one thing I failed to do), We are allhere for pretty much one reason and that’s to save cash, don’t let thesemercenaries play with your money as they see fit, especially those who masquerade as a friend, probably the worstand costliest mistake I have made. I won’t mention the company by name, (Iwould hate to get into trouble) but anyone care to PM me, I’ll gladly fill inthe blanks


As with everything - caveat emptor.

It amazes me that so many people hand over their hard earned cash without checking out who they are dealing with. The minimal regulations mean that there are masses of salespeople here (they aren't actual advisers) with barely a qualification or just a couple of basic exams that they have taken after having been in the industry for some time who give shocking advice. They are in it for a quick buck and have no interest in helping people.

Everyone should research who they are dealing with, ask about background, experience, qualifications and even client testimonials. Read everything you are given and if you aren't clear and/or don't get proper advice in writing walk away.

As a UK qualified IFA, with over 20 years experience, who offers proper holistic advice (including on tax issues as the get overlooked far to often and any decent adviser should be aware of this - and with a fee option) and focuses on what my clients want and need the bad applies make me very angry.

I speak publicly about the industry failings and my head is a long way above the parapet here due to all the media work I do. It also means I give up a lot of my time trying to help those who have been badly advised previously.

We aren't all bad, honestly. Some of us have built up busy practices without making a single cold call or giving poor advice because we do the job properly.

Haggis Jul 1st 2016 3:40 pm

Re: Investment advice UAE
 
On this issue my suggestion - in addition to the above - would be to also read Andrew Hallam's excellent book on expat investing. Full of useful info for expats - and his website provides good info as well. Available in Dubai mall bookstore.
He visited Dubai couple of months ago and approx 50% of the audience raised their hands when he talked about the Septic Seven...which is a very apt description of the cold caller investment bods.....


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