By now, if you have been in Dubai for more than 6 months, you would have been called by 8 banks, 56 ‘financial experts’ and countless other people vying for your attention and money.
The script is often the same and so are the products, with financial advisors a dime a dozen. It is safe to say that most of the advisors and institutions who call you, are out to ‘make a sale’.
Believe me, I get the calls myself.
So I write this article in the hope of showing you what’s ‘Good’, what’s ‘Bad’ and what is downright ‘ugly’ in the investment world in the UAE, at least in my humble opinion. I have been a client of the industry myself since 1998. I started my first ‘Savings plan’ back in 1998 on the advice of a financial advisor who was referred to me by a dear friend.
I respect people who are referred to me because they tend to be honest more often than not, and since I trust the judgement of my friend or colleague who may have used their services.
I joined the company that was my financial advisory firm 5 years ago because I liked what they did for me and the positive impact proper financial planning had on my life. I still am a client of the industry myself with my own investments and insurances that take care of my personal goals. So most of the following advice is also based on my own investment experience.
You see, I have been there, done that, and learnt from my mistakes.
Step 1 – Understand the Basics, and consider the following
Step 2 – Know the 3 Musketeers of Investment
The next biggest hurdle you will face is balancing the 3 musketeers of investment. Read about them here.