Duoduo

Yes the region is one thing and a big region it is. I’m working in Saudi though with regulatory approval and that’s a big shift in credibility. Listen if you can’t stand financial advisers irrespective of the background, I’m certainly not going to try and change that opinion. But like I said earlier, we’re not all the same.

1 bad accountant, lawyer, sparky, plumber etc I’m sure doesn’t give you the same opinion. Other industries deserve respect too.

csdf

I'm qualified to read T&Cs and see that these plans have egregious management expenses and uncompetitive lock-in periods.

Completely agree - and this is entirely possible, at low cost with zero lock-in, by buying ETFs or funds through an offshore broker.

Duoduo

[QUOTE=csdf;13159313]I'm qualified to read T&Cs and see that these plans have egregious management expenses and uncompetitive lock-in periods.

Your not familiar with the new adviser charging model that's now available in the Middle East? The way advisers are paid is now in line with the same as the UK, commission based is still available too, but investors can choose which model suits them better.

I enjoy these objections, because I think I can educate others with the actual correct information.

I don't disagree that ETF's are a very efficient low cost model of investing, but you need to know what your doing and I very much doubt the majority unless qualified will. Whilst most are busy doing the jobs they are qualified to be doing, the markers are also working. So at what point during your busy working day are you meant to switch off, update yourself on the market and know what funds to switch into?

People might have no issue changing a plug socket or even a light fitting, but would you feel comfortable rewiring your home or get a professional in to do it? Your money your risk, I prefer to pay specialists that know what their doing that rather to try and wing it on the cheap.

Each to their own though.

scrubbedexpat141

[QUOTE=Duoduo;13159319] Problem with finance 'professionals' in this part of the world, is that most aren't. They're decent sales people, not money makers for others.

The other problem, in general, with investment advice is it's typically like the above, fear driven and rear-facing. You're too busy to keep doing things, whereas the reality, it's 15 minutes a month to plop it in and buy what's needed and an hour or two every year to rebalance.

I'm sure my Mother's FA spends at least 10 mins telling his assistant which colour bars to use in Excel to show the minimal growth (before fees deducted) for him doing the exact same thing.

Duoduo

[QUOTE=Scamp;13159326] Scamp you are very funny, if only it was that easy. I can assure you one thing, taking the approach you highlighted above will end in disappointment! I'm 4 months off 18 years in the industry and seen so many mistakes by self made investors in that time.

Your entitled to your opinion/views but you are so very wrong my forum friend. I just hope that other members aren't reading this thread and agree with your strategy for their own.

I do agree with the sales man comment though, this is why for any investor, they need to do their thorough due diligence on the adviser and their qualifications.

Have a lovely weekend...

nonthaburi

Just joined.

Dishing out financial advice from the goodness of his 💓💓💓....😆😆😆

scrubbedexpat141

Thanks, I'm not trying to be funny though, just hoping that any new person to the world of NEOM doesn't get lured in by the unscrupulous financial product sellers this part of the world allows to thrive.

Whether you're included in that lot or not is largely irrelevant, as a community, these forums are here to help people. I'm sure when I first arrived to the region I was warned off the likes of DeV / G.Eye (etc) and it's only right to keep passing that information on.

Duoduo

No issue with that, I'm the voice of the ones who don't fit that model. Like I've said before, not all FA's are the same, there are also some very good ones in the ME. Rather than continually bash, why don't you mention to others too look for advisers who work on fee and commission basis, that way the client has a choice on how the adviser is remunerated. You'll find the best advisers will be the ones who offer a fee based service, just like in the UK. Absolutely no commission bias then.

Please take something from what I'm saying, you have every right to be more than disappointed if someone has done you wrong, but the industry although slow, is moving in a positive way offshore.

scrubbedexpat141

I'm afraid I wouldn't recommend anything or anyone I don't believe in. I'd recommend people a book and to avoid wasting money.

Call it a fee, call it commission or even confuse the two and combine them, it's not sounding revolutionary.

Duoduo

Fee based financial planning takes any doubt out of provider bias, the onus is on the adviser. Remember, there's no commission lock in or unscrupulous exit fees on fee based advice. It's most definitely progress in the right direction.

An investor has he ability to switch off the ongoing advice fee, should they feel it's not value for money, like yourself.

Pulaski

You're being too generous. I will have to put it down to your Christmas spirit, good will to all men and wotnot.

I was called a couple of times by them - the upfront "advice" was not just misleading, it was incorrect. Luckily I was a lot better informed that the salesman thought I was, as his recommendation would have left me paying fees to his firm so that I would avoid taxes that I am not actually facing. I threatened to report the salesman to his Compliance Officer, and I never heard from him again!

Dxbstu387

I can vouch for G.Eye/TS being one of the worst decisions my family ever made. As Scamp has already said, read Expat Millionaire, I wish I did all those years ago.

Meow

Commenting as a well qualified and experienced adviser, this is not true. Offshore regular savinsg plans are nothing like an ISA in any way. They are expensive, limited in fund options, and not tax-efficient. They pay HUGE amounts of commissions to sales people.

Expats can invest via offshore platforms without exit penalties, with great fund choices, and with full transparency in terms of charges and adviser fees. They just need to speak with a real adviser, not salespeople. Vastly different.

Duoduo

It was platforms that I was referring too and not the commission based products from the likes of RL360/Zurich etc.