Financial Services in Dubai

[Stevie Mojo]

Are any of you boys n girls over there financial advisers. I'm an IFA in England and was just wondering what it's like as an adviser in Dubai?


Cheers

Steve.

[Asterix]

The 'wealth management' guys that I've met have tended to be the widest of wide boys.

That's obviously no indication of all of them but as there is little (or no) regulation, then it's open to the bad boys.

[Stevie Mojo]

I've heard it's like that. However I've also heard that within a couple of years or so, there'll be similar regulation to what we have over here with the FSA which should lead to a need for qualified advisers. Could be an oportunity for someone like myself who could do with a few years in the sunshine

[oilydan]

My experience of FA's is more an experience of a Marketing visit.

Sell the product, move on.

[Stevie Mojo]

If that's the case then surely people would appreciate an adviser who would provide full holistic advice.

[Maverick_JDL]

Steve I have a close friend out there working as a wealth manager now. he is doing OK and no more than OK. He is very good at what he does and is very pro in his approach. As with everything but especially so in Dubai it seems that your individual reputation is everything along with you ability to get recommendations and keep your clients happy. If you can do that you will make a living from what I can see.

[Stevie Mojo]

Thanks for your replies.

[Maverick_JDL]

what decision have you made?

[Stevie Mojo]

I haven't really decided on anything to be fair, I'm just keeping an open mind at the minute. The problem is that the economic mess that we're in at present is a global situation so presumably even folks in Dubai will be feeling the pinch currently. If your friend has only done OK up until now then the prospect of moving my family to the middle east in a bad economic climate could be a bit risky.

[Maverick_JDL]

there is an argument of sticking to what you know in these times. I think it could be a very sound one too.

[Stevie Mojo]

Yeah, you're probably right John.