Comments on: Expats do not trust financial advisors - Expatriate Finance Dubai and UAE http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/ The Dubai Expat Diaries is an online expatriate journal for expats moving to, living and working in Dubai and the United Arab Emirates Thu, 20 Nov 2008 17:55:59 +0000 http://wordpress.org/?v=2.6.3 By: Paul Frame http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7643 Paul Frame Sun, 24 Feb 2008 07:42:27 +0000 http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7643 I an a Uk Trained IFA who has come over to Dubai recently. Unfortunately, I have found that people here do not seem interested in paying for their advice, like in the UK (and how long has that taken and we are still not there even now!!). so the only way to get paid is via the commission route. There are good advisers out here, but there are also some bad ones too, who are selling inappropriate products to unsuspecting clients. Example of which is 25 year savings plans to some one who may only be here for 10 years max. I can only say that make sure when discussing your needs that you feel comfortable with the adviser concerned and that he is qualified to give you advice, as some of them out here have no financial services experience at all !! I am not saying that this will cure all problems but it will go some way to helping. Paul Frame ACUMA Wealth Management Dubai Tel 971 4 3328582 I an a Uk Trained IFA who has come over to Dubai recently. Unfortunately, I have found that people here do not seem interested in paying for their advice, like in the UK (and how long has that taken and we are still not there even now!!). so the only way to get paid is via the commission route. There are good advisers out here, but there are also some bad ones too, who are selling inappropriate products to unsuspecting clients. Example of which is 25 year savings plans to some one who may only be here for 10 years max. I can only say that make sure when discussing your needs that you feel comfortable with the adviser concerned and that he is qualified to give you advice, as some of them out here have no financial services experience at all !! I am not saying that this will cure all problems but it will go some way to helping.

Paul Frame
ACUMA Wealth Management
Dubai
Tel 971 4 3328582

]]> By: Jim Stiner http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7602 Jim Stiner Thu, 14 Feb 2008 22:18:08 +0000 http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7602 The biggest problem with financial advisers is that most of them are paid on straight commission, so they push the product that pays them the most. I know from personal experience. I thought about charging a fee, but didn't know how to make the transistion from commission based to fee based. The best advice comes from following fundamental basics. Most people skip this step when investing. The biggest problem with financial advisers is that most of them are paid on straight commission, so they push the product that pays them the most.

I know from personal experience. I thought about charging a fee, but didn’t know how to make the transistion from commission based to fee based.

The best advice comes from following fundamental basics. Most people skip this step when investing.

]]> By: Louise Fraser http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7217 Louise Fraser Mon, 12 Nov 2007 18:03:34 +0000 http://ixpats.com/dubai-expats/2007/10/25/expats-do-not-trust-financial-advisors-expatriate-finance-dubai-and-uae/#comment-7217 People are right not to trust financial advice in the UAE. I was an ex-pat there for four years working in advertising. I took some really bad financial advice and put my savings in completely the wrong package for my needs, because that package offered the biggest commission payback to my advisor (I now know). I could not touch my money for 10 years, and believe it or not, my Old Mutual investment, after 10 years, is now worth nothing. I lost everything I invested with them. I feel really cheated, and am now going to try and find the name and the company who misguided me so that I can discredit them on as many forums as possible and hopefully help others avoid the losses I encountered from being pushed by one of the so called professional investment advisors in Dubai. If you have a bad gut feeling, go with it! I wish I had. People are right not to trust financial advice in the UAE. I was an ex-pat there for four years working in advertising. I took some really bad financial advice and put my savings in completely the wrong package for my needs, because that package offered the biggest commission payback to my advisor (I now know). I could not touch my money for 10 years, and believe it or not, my Old Mutual investment, after 10 years, is now worth nothing. I lost everything I invested with them. I feel really cheated, and am now going to try and find the name and the company who misguided me so that I can discredit them on as many forums as possible and hopefully help others avoid the losses I encountered from being pushed by one of the so called professional investment advisors in Dubai. If you have a bad gut feeling, go with it! I wish I had.

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