ssuh

I have been approached by a locally based Financial Advisor who wants to meet for a discovery chat.

In the UK I seem to recall agents that would sell one providers products and independents etc which I think were regulated by the FSA (maybe wrong don't flame)...

Is there a similar regulatory body over here or qualifications I should be looking out for to protect me? It appears he has a Central Bank licence does this protect me or just provide him the ability to trade?

Does the FSA have any jurisdiction over here?

Border Reiver

You need to talk to Meow. Or at least PM her. The first thing that worried me in your post was the bit that says "I have been approached by....." A lot of the financial advisers out here are like double glazing salesman and I think money is too important a product to be dealt with by people who think cold calling is a good way of doing business. Find somebody who has been recommended by others and use him/her, not somebody you have never heard of.

There is next to no regulation here, certainly nothing like the FSA, and the central bank license only gives the advisor the right to trade, it does nothing to protect you. Try to find somebody with qualifications you recognise from the real world and who operates to UK standards. They do exist, even in Dubai. Sadly most are only here to make a quick buck and don't care about mis-selling.

Desert Dweller

I'd look for one who doesn't drive a 7 year old Toyota Tercel and live with 4 flatmates in Karama.

ronandlouie

After 8.5 years me there are so many of these walking banks. Your best bet without the taxman getting you is Zurich insurance, based in Switserland and one of the most stable ones.

Regards

RonandLouie

Norm_uk

There are one or two very good advisors frequenting this forum - (in modesty myself included ). I would be reluctant to see anyone who has called out the blue. Ask them where they go your number from - if they say a database avoid like the plague. Your number should have been referred to them by someone you know well who has already done business with them...if not, be very suspicious.

Things to ask about when looking for a good advisor is firstly existing clients - no sense dealing with someone who has no happy clients. Next look at the company - are they chartered and do they encourage their advisors to get qualified to some sort of decent standard. Lastly ask about charges because nothing in life is free and will avoid lots of problems later on.

If you want a second opinion on anything recommended to you feel free to drop me or one of the other reputable IFA's in these forums a PM...

N.

Norm_uk

As I used to work for Zurich and have been in this country for 8 years I can say Zurich are not always the best bet for avoiding the taxman...

I have a Zurich savings plan for my son's education too and if it wasn't for the fact I am an IFA myself (who works for the only Chartered Broker in the region to boot) and can manage it myself I would have no idea about it's status as Zurich are lacking in regular visits from their "consultants".

Zurich's products suit some people perfectly - and are a bane to others. The best bet would be to speak to a decent Independent Advisor who comes with recommendations.

Oh and Zurich International Life's main office is in the Isle of Man, not Switzerland
N.

ssuh

Thanks Guys


Having come from the UK where I like to think the individual was fairly well protected - or at least had somewhere to go should advice fall short - the potential lack of protection does worry me.

I will take these points on board - particulary the questions I should ask 'IF' and its a big 'IF' I ever see this chap.

Having said that I have this afternoon started to receive the;

" Mr C is in you area next week, so I'm seeking to make an appointment on his behalf - phone call " I've said no but wonder if it'll be the last I hear...

We'll see..

Thanks again

twinkle-star

Simply explained...

We have a financial advisor and they do not have to be regulated by FSA out here. We have our investment in offshore account.
If the finance company out here goes under our investment is still secure with the offshore company.

In respect of the current share situation it is a good time to invest and be buying stock for a long term investment ie 7-10 years as you will be buying at a lower price. If you want a short term investment then I would think about a savings account.


If you want me to put you in touch with our finance person PM me!

ssuh

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twinkle-star

I can answer on charges on our policy!

We dont pay charges but the bank charges for the transfers into their account! Nothing they can do it is the banks cashing in!

Desert Dweller

If you really want to avoid an IFA sitting in front of you and only recommending their products, or get a second opinion on one they have recommended, you can go anonymous on a site such as www.essential-finance.com.

Bonny Boy

On the first meeting with the advisor, be aware: Are they listening to you, finding out about you? Or are they doing all the talking?

A good advisor will want to find out about you, your objectives and attitude to risk. They will do this by letting you do most of the talking at the first meeting.

If they do all the talking, then mention some little known but highly lucrative investment, but you must sign up in the next few days - it's time to walk away.

ssuh

haha...one look at my bank statement and he'll be the one walking away

ssuh

Norm_uk

Financial Advisers' International Qualification - the most basic qualification available through the Chartered Insurance Institute in London. The qualification is designed for educated people who don't speak English as a first language working in an unregulated market(for example an Indian working in Dubai)...if a Brit has this qualification it is virtually no different to not having it since it's very basic and six month's work experience with any half-decent company here will give you the same knowledge. Even full UK qualifications can be misleading here - since we are not in the UK and half the UK exams are basically about UK tax and compliance issues...if you can look for someone who has been in the UAE a long time who works for a reputable company (biggest doesn't mean best - ask them if they are Chartered Brokers etc) - someone who is happy to give referrences etc.

Anyone who says there are no charges is lying, lying, lying. There are typically ongoing administration charges and management charges (how on earth could a company stay in business managing other people's money without charging something? Where do they get the money to pay your IFA for recommending business to them? Usually these ongoing charges are low and you won't notice them unless the policy is not invested properly and reviewed regularly.

Some products have higher charges and suit bigger investors better. Other products have more charges up front...some spread the charges out through the term of the plan.

One thing you can be sure of is that there are charges...nothing is free. They are not bad things - everything we buy has charges (and most everyday goods have more than 80% mark up on their value...compare to under single digit charges for most financial services products) - the question is are these charges reasonable to you? Do you think they will be well spent? What about early encashment or partial encashment charges - are there any? Are you confident this person will give you the service standards you expect?



N.