Financial Advisors in Dubai – Do you really need them?

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Financial Advisors in Dubai

Many expats in Dubai arrive here with great plans for a better lifestyle and higher standard of living. In fact many of them get the lifestyle they are after, and enjoy it so much that they forget that need to plan their finances and goals for the long-term.

There are a number of financial advisors in Dubai who can be consulted to help you plan your finances.Financial Advisors Dubai

Good financial advisors are the ones who are not affiliated with just one or two providers. They should not have a vested interest in pushing a particular provider’s products to you. On the contrary they should act on your behalf and choose products that best suits your needs.

Obviously this can only happen if the independent financial advisors are affiliated with a broker and not providers directly.

So it is in your interest to confirm this fact prior to meeting with them. The other advantage of dealing with independent financial advisors as opposed to bank representatives who offer the same products is – independent financial advisors almost always do a comprehensive analysis of your personal financial situation as compared to a bank representatives who just ask you if you need their insurance and/or savings products.

What can Independent Financial Advisors do for you?

Generally independent financial advisors don’t charge for their services in Dubai. Also there is absolutely no obligation on your part to make any kind of buying decision at any time if you don’t want to.

Good independent financial advisors will meet you twice –

  1. In the first meeting, they will explain the concept of financial planning which revolves around the four quadrants i.e. Family Welfare and Protection, Retirement Planning, Children’s Education and Lifetime Goals and Aspirations.
  2. They also help you identify your goals, commitments and priorities during this meeting and highlight any problems with your current financial situation.
  3. If you agree that you need help with any particular area in your current financial situation, they will aim to provide you a solution in the second meeting.
  4. Prior to the second meeting, the independent financial advisors search the market on your behalf for a financial solution, customized around your personal financial situation and budget.
  5. During the second meeting they presents to you the solution which according to their experience is best for you.
  6. It is only at this time that you make a decision whether to take action or not without any obligations whatsoever.

Review Meetings with Independent Financial Advisors

Good independent financial advisors will regularly meet you at least twice a year to review the performance of the financial solution they provided you. If you have purchased a protection plan through them, the independent financial advisors will meet you probably every six months to ensure that your protection needs haven’t changed.

If you have purchased a savings or investment plan, the independent financial advisors will meet you every six months to ensure that your investment plan is performing at the rate you want. If not he will suggest appropriate actions such as fund switching to keep you in line with your targets.

Organizational support and Customer Service

Organizational support and after-sales customer service is very important when choosing independent financial advisors for your financial needs. Good independent financial advisors will have a solid brokerage organization supporting them in the background to ensure you get the best service even if they leave the organization.

It’s okay to Ask a Question. It took me many years to understand ‘How Money Works’.  You don’t need to experiment and make costly mistakes with your money.


About the author

Amit is an Independent Financial Advisor, based in Dubai since 1997. He is part of the prestigious ‘Million Dollar Round Table’ (MDRT), which is an elite club of the best financial advisors worldwide.

He has authored the ‘6-Step Financial Success Guide’, and the book ‘Creating, Preserving, Distributing Wealth’.

He helps business owners and professionals ‘Create A Second Income’ through investments.

Amit Mitbawkar

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