ArranLass

Where are you from?

J0nah

Jersey, although I did live in England for some time, in Bristol or Brizzle as the locals pronounce it, strange bunch...where in Scotland do you come from...and what you doing in Bahrain?

ArranLass

I'm from the Isle of Arran. I'm in Bahrain thanks to work, tried to wriggle out of it but they decided I've had it too easy in Cyprus . I try to rustle up enough work in Cyprus to justify going back every other weekend and got a full week in Cyprus week after next. My fiancee works in the Middle East too so keeping our house in Cyprus for when he's home and escape hatch for me when it gets too hot and stuffy in Bahrain. It's a good hub for most of the M.E.

What brought you away from Jersey? Never been but looks great on the TV.

Eva

I don't think it's unreasonable to expect Financial Advisors to have the professional knowledge to assist clients with making a will.Okay there are differing roles within the Financial Company but isn't it core business to ensure clients monies are working most efficiently for them-even after death? I'm thinking in particular Inheritence Tax and P.E.Ts-they go hand in hand anyways don't they according to that old quotation erronously reputed to
be the words of Mark Twain:
“’Tis impossible to be sure of anything but Death and Taxes.”

J0nah

I agree that it is important to ensure your arrangements are most appropriate, tax efficient and getting proper succession planning, hence my 'jack of all trades' quote. I'd buy a house from a real estate agent, but wouldn't ask them to draw up the contracts etc. As for the financial advisers in Dubai......

J0nah

Cool, your from a 'rock' also then...I love going back home, reminds me why I left, too much village mentality. Thats one reason for leaving, amongst many others, but came to Dubai to earn better living, or at least get paid more for doing less haha......Jersey has changed a bit since the Bergerac days!!

Eva

Drawing up the Contract is rather different to an Estate Agent having knowledge and giving constructive advice. Most credible estate agents are able to help you flesh out the contract thus saving time which translates as mega $$$ at the Lawyers.
Any conveyancing contract should ultimately be drawn up by a solicitor of course.

J0nah

Sort of agree with what you are saying, my point was that someone giving financial advice should be aware of the importance of having an up to date Will and indeed the consequences of not having one. I just think that one size doesn't fit all, yes you can get a DIY Will from WHSmith or whatever, but won't meet the complexities of someone with assets in Multi jurisdictions. If you want professional and relevant advice, see a professional. Then again I am probably talking out of my **** but I've just been thru the process of getting my Will updated so have ben made aware of said consequences. MY first experience of a Financial Adviser in Dubai was not good to say the very least, he did a good job on me and stitched me up like a kipper...lesson learnt, I just caved in to the 5 phone calls a day technique! Think I've found a good guy now, lets see!!!

Eva

Well, I might be wrong but I think that's what Meow and Norm were saying....
I also think Financial Advisors on Tax Issues are probably more au fait with Succession etc than say a Maritime Law specialist solicitor....now is he gonna turn down the money for drawing up a Will. He's 'qualified' to do it but his knowledge will be patchy and he'll probably delegate it to his trusty crusty Miss Moneypenny-who's not qualified.

J0nah

Meow - "The Bahraini government does not take assets on death, but Sharia Law will apply to assets held in Bahrain (and other countries where Sharia Law applies). The laws of your home country apply to assets held offshore and elsewhere" Simply not true

Meow - "Feel free to PM me for advice" This is my point exactly, surely speak to a decent lawyer for advice!!

Meow - "In that case you should know the answer to the question you posed and be advising clients properly" I think the thread starter was right in this case, unless she is a lawyer of course! ie Knowledge speaks, but wisdom listens, a wise person knows that there is something to be learned from everyone, you can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.

Norm - "If questions like that need to be asked on these forums by someone working for a "reputable" firm I would hate to be a client of such a firm..." Just a couple of IFA Hawks in my humble opinion!!!

I may also be wrong also of course...

Eva

Well, you are entitled to your opinion, fwiw I think you're wrong at point 1 and re your opinion of them but hey it don't matter to ya.
Good luck with your man in Dubai.

J0nah

Shariah Law is strictly enforced for Muslims, strict for non muslim dying intestate....Will in home country after probate is issued taken into consideration and wishes usually followed and and and
I am sure I could be wrong about Norm, but not Meow - more see thru than clear glass

ArranLass

Ok... I really didn't want to get into this. I try to avoid fiancial conversations on here like the plague. As Jonah said, speak to a professional face to face in business hours if you want good advice.

I asked a question on a weekend night with a couple of vodkas as the question was at the forefront of my mind.

I am not a financial advisor, I was an IFA back in the UK some time ago. I'm not going to go into the ins and outs of my work as it's really not relevant and quite frankly no ones business. There is a lot more to financial sevices that IFA.

If you really want to know am in Bahrain in a training role regarding compliance for my company. We have had a number of contracts coming through recently which I have had to return. The M.E. is a non regulated area, this has meant that there have been a lot of sharp practice from other companies in the past. I am here to ensure our standards do not slip to that of other companies who have been through in the past.

I am dealing with a number of issues, from clients who have been sold multiple policies by IFA's from other companies where one would do. To employees giving advice they are not qualified to give in the mistaken belief they are helping the client. Each clients circumstances differ considerably and unless out employee is a qualfied solicitor or tax advisor in the country they are working, they can get into hot water very quickly and unintentionally give misleading advice. We are developing relationships with solicitors and tax advisors to combat this problem.

What clients think an IFA or Wealth Manager should do for them and what those consultants should be doing are often two different things.

The only comment I made on this site regarding a different thread was with the best of intentions, as I have already said, I mentioned the type of company I work for annecdotally to give a context. That was all.

Now, can we all stop jumping to conclusions please?

Thanks Johna for being the voice of reason

Eva

That'll be Jonah,the voice of reason who's just in the door 5 minutes, who has written off all Scots lawyers -nay, the whole Scotish nation as a shower of drunks,who has also described two longstanding members with proven integrity as hawks and one as see through as glass-that voice of reason is it??

Come on Arran Lass,lighten up......pouting petulance is a reserve of the male members...

ArranLass

Yep a rock in the middle of the Clyde with 4000 alcaholics clinging to it! It's good to get back from time to time as you say but all my friends have left too, it seems great when I'm there over the festive season or middle of the summer but if I turn up when all my mates are away it's a different story

Aw nooo! So everyone doesn't have a big yacht and drive around in classic sports cars??? If it's not wall to wall diamond thieves and chaps in cravats I'm not going!

Welcome to Club Mercenary !