Financial Planning

  • Where can you go to for financial advice?
    Banks - They will in the main have a range of products designed to appeal to the mass retail market.
    Insurance companies - They do not sell directly to the retail market but distribute their products via third parties.
    Independent advisors - Central Bank licensed companies are licensed to offer advice on investment products from all of the major local and international providers.
  • Companies licensed by the Ministry of Economy are licensed to provide advice on insurance products only with companies approved by the Ministry within the UAE. For independent advice to cover all areas of financial planning, it is advisable to deal with companies that have both licenses. This will help to ensure that you receive quality unbiased advice that meets your needs.  
  • Before meeting an advisor, write down your own financial goals. Whether your goals range from financial freedom at 50, kids education, or whatever you're medium to long-term priorities are, knowing them before the meeting will help you and the advisor.
  • Ideally, pick an advisor who comes recommended by a friend or colleague.
  • Be wary of cold calls. Many unsolicited calls are from advisors who depend fully on commission and whose interests may not be fully aligned to yours.
  • Don't sign at the first meeting. If you are looking at a regular long term commitment, it is not unreasonable to take a couple of days to fully decide on the commitment.
  • Ask about the charges and the cancellation policy
  • Ask the advisor to put his recommendation in writing, before you sign any paper work.
  • If in doubt, get a second opinion.
  • Finally, check your policy documentation, particularly the term of the policy is what you agreed to.