# Do you think he will earn



## EllieJ (Aug 28, 2008)

Hi, my husband is thinking of selling off shore investments for a company in dubai, for 12/18 months... This is a commision only job... He is leaving a £50k a year job in the UK

We are worried thinking is it actually worth it.... As we will be also living apart with lots of visits, so we need to take into consideration all the costs and heartache

He is hoping to earn in Dubai a min of £250k a year.. His friend who has been out there much longer is doing 4 times the amount

Do you think this is possible for a new starter ?


----------



## Maz25 (Jul 6, 2008)

I think that you need to factor in the cost of setting up in Dubai and supporting yourselves in the time that your husband is effectively not earning anything. Rent has to be paid upfront for the whole year and doesn't come cheap. You will also need to get a car; I'm not sure how that will work, especially with no proof of income to start with; I believe that you might be able to rent a car long term though. There will also be bills to be paid. Are you coming out with children - children take longer to adapt, hence you have to bear that in mind if you have kids!

I'm not a risk taker so wouldn't really go for it, mainly as there will be no basic salary for me to fall back on. 

If you are prepared to take the risk, then by all means, got for it. I'm sure that there are other people in the industry who would be able to give you more accurate information but in the meantime, your husband might like to talk to his friend and prospective employer and get a few pointers in regards to how to get clients, etc.

At the end of the day, you can only try! Best of luck!


----------



## Elphaba (Jan 24, 2008)

'Selling' investments to individuals? Not advising, not doing proper financial planning, not providing a proper long-term service? No wonder the financial services industry in the UAE has such a poor reputation if people think that is OK. 

I very much doubt that this other chap is earning anywhere near £1M a year, even if he is just flogging a bunch of high commision paying plans, with out regard to suitability.

The market here is not such that you can just march in and start selling on day one. It takes time to get established and build a client base, even if you have no intention of doing it properly. 

Even the suggestion of this makes me very cross indeed. Where is the professionalism?

And you don't seem to have factored in UK tax liabilities either.


-


----------



## EllieJ (Aug 28, 2008)

*Will he earn*



Elphaba said:


> 'Selling' investments to individuals? Not advising, not doing proper financial planning, not providing a proper long-term service? No wonder the financial services industry in the UAE has such a poor reputation if people think that is OK.
> 
> I very much doubt that this other chap is earning anywhere near £1M a year, even if he is just flogging a bunch of high commision paying plans, with out regard to suitability.
> 
> ...





He is FSA regualated in the UK, he is not the type of person to mislead someone, I am not saying others are not though.. 

You mentioned Tax liabilities in the uk ? This is something I thought would be tax free if paid off shore ?


----------



## Maz25 (Jul 6, 2008)

EllieJ said:


> He is FSA regualated in the UK, he is not the type of person to mislead someone, I am not saying others are not though..
> 
> You mentioned Tax liabilities in the uk ? This is something I thought would be tax free if paid off shore ?


I agree with Elphaba. I would advise that you speak to HMRC before you make any decisions - it is quite tricky to be classed as non-resident and if you fail to meet certain requirements, you might have a hefty tax bill waiting for you when you get home! Bear in mind that, even if your husband's friend is making that kind of money, there is no guarantee that your husband will be able to do the same. The financial market is tough out here and a lot of people have come out here hoping to make big bucks and have ended up going home skint! 

Have you got any savings to fall back on in case things do not work out? It might be worth considering getting a job yourself as a backup plan - with no proof of income, your husband will not be able to get you a spouse visa.

The final decision rests with you and your husband. Good luck with whatever you decided to do and I hope that things work out for both of you.


----------



## Elphaba (Jan 24, 2008)

EllieJ said:


> He is FSA regualated in the UK, he is not the type of person to mislead someone, I am not saying others are not though..
> 
> You mentioned Tax liabilities in the uk ? This is something I thought would be tax free if paid off shore ?



And I am also FSA regulated, as well as licenced by the Ministery of Economy and Commerce in the UAE.

I fail to see how anyone can do a good job if they are simply planning to jump in, make money and then leave.

If he is an adviser, then he really ought to know about tax liabilities. All income overseas is not automatically tax-free.

-


----------



## Mac (Jul 6, 2008)

I'd just remember there is no such thing as easy money! If he's planning on going over to start a fresh and doesnt have an existing client base he'll need to be prepared. Gather as much data as possible before going so he'll have people to ring when he gets there & I hope he doesn't have a problem with cold calling. 

One other thing to remember is that there are a lot of IFAs in Dubai so data that's easy to come by has usually been hit several times before. I can't stress enough that if he wants it he needs to get as much work done as possible before going over. 

For people that want it enough & are willing to really go for it.... which includes relentless cold calling until a client base has been established, there is a lot of money to be made. Again, you can still make shed loads of money and advise correctly at the same time... In fact, if you always offer best advice you'll make more money in the long term as clients will really apreciate the service you offer and you'll get many good quality refferals from them.... and that at the end of the day is what he's after. If he can stick it out in the beginning & start getting referrals through he'll be able very sucessfull in Dubai.


----------



## wikkid (Mar 13, 2008)

Just my tuppenceworth EllieJ,
I am a UK based IFA who has been watching this board quite closely to weigh up a move to Dubai. I would be very wary of any company willing to mention 'selling' offshore investments and quoting figures like £250K per year. As an individual i would not discuss finance with anybody who posts on a forum about a 12-18 month job 'selling' offshore investments.
Unless he is going to set up plans at maximum commission and never service that client or plan (which would be hard given that he is thinking of leaving in 12-18 months) he will have to misslead clients to get anyone to invest, no-one would be willing to deal with an IFA with that sort of business plan.

I would love to know which company he has been offered this by, but only so that i can cross them off of my list.

Sorry if this doesn't sound good.

Wayne


----------



## Maz25 (Jul 6, 2008)

wikkid said:


> Just my tuppenceworth EllieJ,
> I am a UK based IFA who has been watching this board quite closely to weigh up a move to Dubai. I would be very wary of any company willing to mention 'selling' offshore investments and quoting figures like £250K per year. As an individual i would not discuss finance with anybody who posts on a forum about a 12-18 month job 'selling' offshore investments.
> Unless he is going to set up plans at maximum commission and never service that client or plan (which would be hard given that he is thinking of leaving in 12-18 months) he will have to misslead clients to get anyone to invest, no-one would be willing to deal with an IFA with that sort of business plan.
> 
> ...


Better to be honest than to mislead them. Unfortunately, a lot of people have the misguided view that the streets of Dubai are paved in gold and by the time they find out otherwise, they have effectvely given up on a good life and already made the move here!


----------



## Elphaba (Jan 24, 2008)

wikkid said:


> Just my tuppenceworth EllieJ,
> I am a UK based IFA who has been watching this board quite closely to weigh up a move to Dubai. I would be very wary of any company willing to mention 'selling' offshore investments and quoting figures like £250K per year. As an individual i would not discuss finance with anybody who posts on a forum about a 12-18 month job 'selling' offshore investments.
> Unless he is going to set up plans at maximum commission and never service that client or plan (which would be hard given that he is thinking of leaving in 12-18 months) he will have to misslead clients to get anyone to invest, no-one would be willing to deal with an IFA with that sort of business plan.
> 
> ...


Hi Wayne

You have no doubt seen what I do for living . Feel free to contact me with questions.

-


----------



## wikkid (Mar 13, 2008)

I have noticed your occupation,
I have a good friend who has lived in Dubai for 14 years now although i have never visited as yet. I have read lots and think i know what its like out there. I am 38, married and kids live on their own now.
I am an IFA with about 8 years experience in Financial Services, only one exam away from Diploma (best do some work before Oct then) and have experiance across the board especially pensions and investment, with some HNW clients. The main thing holding me back is the thought of leaving a good, well paid job to take a risk and have to pay out a fortune to rent a place for a full year without any guaranteed income.
I know the streets aren't paved with gold, but just how hard is it to earn good money out there? What would be a realistic first year income for a hard working IFA looking at building a long term client bank? To give you some insight, i have been instrumental in changing our company business model to lower initial commission/ fee and more emphasis on recurring income in return for ongoing advice/ service. This is the way that most 'decent' advisors over here have been going in the last few years, i am very wary of those still working on high upfront/ no recurring - thus the reason that i originally butted into this thread.

I will be planning a fact find trip before making any major decision, but any info or help gratefully received.

Wayne


----------



## Elphaba (Jan 24, 2008)

wikkid said:


> I have noticed your occupation,
> I have a good friend who has lived in Dubai for 14 years now although i have never visited as yet. I have read lots and think i know what its like out there. I am 38, married and kids live on their own now.
> I am an IFA with about 8 years experience in Financial Services, only one exam away from Diploma (best do some work before Oct then) and have experiance across the board especially pensions and investment, with some HNW clients. The main thing holding me back is the thought of leaving a good, well paid job to take a risk and have to pay out a fortune to rent a place for a full year without any guaranteed income.
> I know the streets aren't paved with gold, but just how hard is it to earn good money out there? What would be a realistic first year income for a hard working IFA looking at building a long term client bank? To give you some insight, i have been instrumental in changing our company business model to lower initial commission/ fee and more emphasis on recurring income in return for ongoing advice/ service. This is the way that most 'decent' advisors over here have been going in the last few years, i am very wary of those still working on high upfront/ no recurring - thus the reason that i originally butted into this thread.
> ...


To be frank, the UAE FS market is a bit like the UK prior to 1988. Very little regulation. In the UK my business has been renewal/fee orientated for over 10 years, but that is a little known practice here, partly as many people only plan to move here for a few years and aren't bothered about the long term. I am one of very few who also offers a fee structure here.

Looking at examples in my own company, I would say that it takes most people a year to build up a good income stream. It takes quite some time to build trust and a client bank, so whilst there are excellent opportunities for good ethically-minded advisers, it is not as easy as many think. It is always best to have money behind you.

_


----------



## wikkid (Mar 13, 2008)

Thanks for that Elphaba,
I will likely continue to look into things and have a break over there first with the wife before even beginning to look seriously into the options. I will let you know when i am coming over and i could pay your office a visit if thats OK for a chat.
I'd rather weigh up the options before making a jump than regretting after. Does your company have a web-site? I've been looking for this sort of thing and most don't seem to have, and if they do it more or less says 'we're advisors and we are great' without reference to what they offer or specialise in like UK site tend to do.
With 8 years experience, i have pretty much been regulated my whole career, but i do see companies over here who act like they are not - NOT my idea of a suitable employer, and amazing to think that they manage to get any clients (i guess there's one born every second).

Cheers
Wayne


----------

