Financial Professional - looking to move to Dubai

[Ricardo]

Hi Everyone,

This is my first time on the site.

My husband and I with our young son are looking to relocate to Dubai. My husband holds the Diploma in Financial Planning. He can also advise on Mortgages, Equity Release and Long Term Care.

Can anyone advise on what he could expect ie salary, benefits etc. He has been in the Financial Services industry for 12 yrs.

Any info you can provide is much appreciated.

Thanks

[Geordie Armani]

Elphaba will advise, should be on later.

[Ricardo]

Ok, thanks for that.

[Elphaba]

As I have mentioned on previous threads, jobs as financial advisors are generally commission only. Equity release and long term care plans (such as in the UK) do not exist in Dubai.

There are a number of financial advisory companies, although only a handful are, in my opinion, any good.

I have to query why after 12 years your husband has just a basic qualification. Not trying to be unkind, but I would have expected rather more qualifications and a wider product knowledge after that length of time.

If he is interests in dealing with mortgages only his only option would be to work for a bank or one of the handful of mortgage brokers, although broking is generally commission only. Another alternative is to seek a role with an offshore insurance company.

Financial servies in the UAE is in its infancy. Many of us are trying to raise standards, but it is a job for someone who can obtain their own clients, knows what they are doing and is self-motivated.

[Ricardo]

Hi Elphaba,

Thanks for your note.

The diploma in Financial Planning is the new equivalent of the first level of the old style AFPC (MLIA dip?), my husband is currently working towards Chartered Financial Planning status (full AFPC). Wouldn't really be interested in advising on Mortgages but qualified to do so.

He is currently a Technical Consultant for an Offshore Life Company, however purely focused on UK biz (ie trouble shooter, technical expert for IFA's, client scenarios etc). He is now looking to widen his experience.

Can you recommend any Offshore Insurance Companies who you think would be worth contacting?

Many thanks

[Elphaba]

Ah - I see. I never remember what the new exams are called - I gained by AFPC some 12 years ago!

Is he looking to work as an IFA? If so, I might be interested. Position is commission only though.

If he wants to work for an insurance company - try Royal Skandia, Friends Provident International and Zurich.

[Ricardo]

Thanks for the info, however would need guaranteed basic plus commission / benefits package to start with, until I can get established.

Already know these companies, as I used to work for one of them....

Do you know of any private banks that may have relationship manager type positions?

If not, no worries.


Kind regards

[Elphaba]

Well advisory positions are nearly all commission only.

The insurance companies mentioned are the main and best ones. And I would expect you to know of them!

The banking industry here is not like in the UK. There are not masses of private banks who would want to take on a Brit in that role.


I suggest you may have to rethink you options as Dubai is very different to the UK.

[toni.russo]

Hi Elphaba,

I'm an italian financial adviser, master in B&A, I am 48 with 19 years of experience, fully qualified €FA (€uropean Financial Planning Association) approaching examination for €FP diploma, working (commission only) for a primary italian independent firm listed on Milano Stock Exchange. I'm a technical analyst daily working with Metastock, Excel etc. I'm looking for job opportunities in Dubai. I've read your posts but I'd like more info:I have excellent technical knowledge and good relationship qualities but I think it would be difficult to find new clients starting from zero in a foreign country and you probably know what does it mean.

[Mac]

Originally Posted by Ricardo

Thanks for the info, however would need guaranteed basic plus commission / benefits package to start with

If you're an IFA after this sort of job you're looking in the wrong place. Dubai is an awesome place and I don't want to put anyone off going there. For jobs with decent basic etc I'd try somewhere like Geneva or Brussels. You'll still be responsible for building your own client base but a lok of companuies will offer experienced advisers a good package. £40/50K pa basic etc.

If you can handle commission only, have enough money behind you to support your self for 6/12 months untill you've got a good client case built up I'd say head to Dubai. The reason people dont get a salary is that the market is a really hard market. Companies dont want people that can "sit" on a monthly salary. They want people that know that if they aint got no business they aint got no money... people that are driven like that can be a huge sucess in Dubai and make fortune. But it's all about how your hard work & risk = reward.