****** and ******** - is shooting too good for them?
May 2nd 2010, 6:17 am
#106
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: ****** and Partners - is shooting too good for them?
Yes I gather their commission's are paid upfront as the plans they sell are front-loaded; the client's premium's paid during the initial period cover the costs of the plan, including the broker's commission.
I don't know of an ethical firm with the right individuals or the infrastructure/support to offer a full holistic FP service, not in the UAE anyway. It's such a shame.
Broker's do bounce from firm to firm. The MD of One International is ex-DV&P and GE, so he's learnt plenty of tricks along the way I'm sure.
I think it is the environment, 100% commission jobs must be hard to bare....
The labour-attrition rate is an excellent indicator of a company's ethical stance. High turnover is not good at all, the average client will most likely be switched from broker to new broker as the former leaves and the latter inherits the client and so on.
No visa = No work. If they get caught, then they are going to be shut down and the individuals are heading home. Do the authorities impose fines on firms that break employment law in the UAE?
Can't someone just set-up a decent FP practice and do the expats justice by offering a decent service. There's enough to go around without being greedy and doing a crap job isn't there? Surely you guys agree! Who the hell wants a 25 year savings plan?
Best-UO!
I don't know of an ethical firm with the right individuals or the infrastructure/support to offer a full holistic FP service, not in the UAE anyway. It's such a shame.
Broker's do bounce from firm to firm. The MD of One International is ex-DV&P and GE, so he's learnt plenty of tricks along the way I'm sure.
I think it is the environment, 100% commission jobs must be hard to bare....
The labour-attrition rate is an excellent indicator of a company's ethical stance. High turnover is not good at all, the average client will most likely be switched from broker to new broker as the former leaves and the latter inherits the client and so on.
No visa = No work. If they get caught, then they are going to be shut down and the individuals are heading home. Do the authorities impose fines on firms that break employment law in the UAE?
Can't someone just set-up a decent FP practice and do the expats justice by offering a decent service. There's enough to go around without being greedy and doing a crap job isn't there? Surely you guys agree! Who the hell wants a 25 year savings plan?
Best-UO!
I have never arranged a long term savings plans like that and whole-heartedly agree that to do so is wrong. Most so-called advisers here don't have any qualifications and have no understanding of tax issues that apply to expats so are mis-selling on that issue, let alone anything else.
At the company I am linked to all advisers are now qualified and on proper visas. Staff tend to leave as they are no good and cannot cut it. This is a tough market with most positions being self-employed. Whilst you are given time to write business, anyone who has done nothing after a few months is asked to leave as it is, after all, a business. It is compnay policy to never cold-call anyone. Admittedly this wasn't always the way, but it is now. As we have little in the way or regulation or compliance, individual ethics and professionalism come into play and whilst not all of us need a rule book in order to do things correctly, I'd love to see a much tighter regime, especially as numerous well-known firms are operating without proper licences right now.
Whilst qualifications are not everything, I fail to see how anyone can claim to be any sort of adviser without them. I find it quite amazing that people who do nothing more than switch companies every few years as it never quite works, flog a few saving schemes, have no concept of taxation and do not understand holistic planning have the nerve to claim to be an adviser.
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Jun 2nd 2010, 2:52 am
#107
BE Forum Addict
Joined: May 2007
Location: Utopia
Posts: 1,644
Re: ****** and ******** - is shooting too good for them?
Just a note - had a cold c all from some knobhead yesterday asking me questions like who do you work for etc. I stopped him and asked
a) Why do you want to know?
b)What company do you work for/
His answer
a)I'm a financial advisor
b) I work for PIC
Guess who PIC are affiliated to - no prizes by the way. Gave him short shrift, wish I had made the never ending appointment now - could have been fun.
a) Why do you want to know?
b)What company do you work for/
His answer
a)I'm a financial advisor
b) I work for PIC
Guess who PIC are affiliated to - no prizes by the way. Gave him short shrift, wish I had made the never ending appointment now - could have been fun.
Jun 2nd 2010, 5:23 am
#108
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: ****** and ******** - is shooting too good for them?
His first answer was wrong. He's a salesman.
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Jun 2nd 2010, 11:14 am
#109
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
Meow has it in one, he's a Salesman. Ignore those chimps, as I said before apply chimp-reppelent!!!
Best-UO.
Best-UO.
Jun 12th 2010, 10:34 am
#110
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
Dear all,
DV&P have recently launched an interactive fund platform. Could this encourage unsophisticated investors to take short-term views over medium to long-term investments? Day trading is not for the inexperienced and it really isn't suitable given the USP they punt into the market; medium to long-term investment, pertaining to retirement, etc,..
Again the client is assuming ALL of the risk and DV&P are unaccountable. I cannot see how the FMs are going to let policyholders trade in and out of funds without imposing a hefty B/O spread or other associated transaction costs. Can anyone shed some light on this topic? Are they trying to broker funds instead of equities?
What is the catch here?
Any thoughts both positive and negative would be well appreciated.
Best-UO!
DV&P have recently launched an interactive fund platform. Could this encourage unsophisticated investors to take short-term views over medium to long-term investments? Day trading is not for the inexperienced and it really isn't suitable given the USP they punt into the market; medium to long-term investment, pertaining to retirement, etc,..
Again the client is assuming ALL of the risk and DV&P are unaccountable. I cannot see how the FMs are going to let policyholders trade in and out of funds without imposing a hefty B/O spread or other associated transaction costs. Can anyone shed some light on this topic? Are they trying to broker funds instead of equities?
What is the catch here?
Any thoughts both positive and negative would be well appreciated.
Best-UO!
Jun 13th 2010, 6:14 pm
#111
BE Enthusiast
Joined: Jun 2010
Location: Dubai
Posts: 585
Re: ****** and ******** - is shooting too good for them?
Can I name an IFA I have met to get anyone's opinion on whether he's reputable or not ?
Jun 13th 2010, 6:23 pm
#112
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
Mogs,
Yes please do. Hopefully it'll be a professional from a reputable firm.
Best-UO!
Yes please do. Hopefully it'll be a professional from a reputable firm.
Best-UO!
Jun 13th 2010, 6:29 pm
#113
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Joined: Jun 2010
Location: Dubai
Posts: 585
Re: ****** and ******** - is shooting too good for them?
His name is Simon Naylor from One International
Jun 13th 2010, 6:32 pm
#114
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Joined: Jun 2010
Location: Dubai
Posts: 585
Re: ****** and ******** - is shooting too good for them?
he kept mentioning that he was registered in UK and had xx years experience.
Sounded genuine, but I'm very sceptical as I know little to nothing about offshore schemes (QROPS, etc)
Also met someone from Globaleye a year or two back - didn't do anything with them.
Both companies cold-called
Sounded genuine, but I'm very sceptical as I know little to nothing about offshore schemes (QROPS, etc)
Also met someone from Globaleye a year or two back - didn't do anything with them.
Both companies cold-called
Jun 13th 2010, 6:38 pm
#115
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
One International are not an IFA. Does that help?
Jun 13th 2010, 6:41 pm
#116
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
It was probably the same person who has your contact details. Half of One Int are ex-GE. Just steer clear.
Jun 13th 2010, 6:46 pm
#117
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Joined: Jun 2010
Location: Dubai
Posts: 585
Re: ****** and ******** - is shooting too good for them?
Thanks UO - any recommendations for a genuine IFA in Dubai ?
Jun 13th 2010, 6:54 pm
#118
Just Joined
Joined: Apr 2010
Posts: 22
Re: ****** and ******** - is shooting too good for them?
Yes Mogs,
(1) Holborn Assets-Dubai. (2) Acuma Wealth Management-Abu Dhabi.
The reason you may not have heard from either of these two firms is quite simple, they do not cold-call and they do not need to aggressively pursue business.
Best,UO!
(1) Holborn Assets-Dubai. (2) Acuma Wealth Management-Abu Dhabi.
The reason you may not have heard from either of these two firms is quite simple, they do not cold-call and they do not need to aggressively pursue business.
Best,UO!
Jun 14th 2010, 4:48 am
#119
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Jun 16th 2010, 11:56 am
#120
MODERATOR
Joined: Dec 2004
Location: Dubai
Posts: 6,373
Re: ****** and ******** - is shooting too good for them?
Yes speaking to Meow would be a good step in the right direction. I only know of a few individuals not working for those two companies who know what they are doing. Definately steer clear of other companies if you are looking at something serious like your pension...
I work for one of the two companies mentioned, not the same one as Meow though....it's nice to see someone is doing things properly
N.
I work for one of the two companies mentioned, not the same one as Meow though....it's nice to see someone is doing things properly
N.