# Financial Advisors?



## mevans

Hi guys,
After months of phone calls I finally gave in and met with an advisor from prestige wealth solutions. I must point out, it was not this company that kept contacting me it was another that shall remain nameless. Needless to say, the pestering didn't work and I went somewhere else!

Has anyone heard of PWS? Are any of you current clients? What are your thoughts?
Having met the guy and talked for a good few hours what he says makes sense and nothing screams con to me, I'd just like to be sure before I throw a shed load of money his way and see nothing back!

Your thoughts and opinions would be greatly appreciated!


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## paulhendry

mevans said:


> Hi guys,
> After months of phone calls I finally gave in and met with an advisor from prestige wealth solutions. I must point out, it was not this company that kept contacting me it was another that shall remain nameless. Needless to say, the pestering didn't work and I went somewhere else!
> 
> Has anyone heard of PWS? Are any of you current clients? What are your thoughts?
> Having met the guy and talked for a good few hours what he says makes sense and nothing screams con to me, I'd just like to be sure before I throw a shed load of money his way and see nothing back!
> 
> Your thoughts and opinions would be greatly appreciated!


Please don't do it. The only person to make money from such investments will be the guy selling it to you.

Do not buy anything that sounds like a pension package and do not commit regular payments of large amounts of money for a long time.

I have met only one guy here who is not like the rest. He has known one of my friends in Bahrain for over 20 years and my office manager for over 12. He works by referral and does no cold calling. I made a will through one of his colleagues and will invest when my divorce is finalized.

Do you think these companies do the cold calling for fun?!?


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## mevans

paulhendry said:


> Please don't do it. The only person to make money from such investments will be the guy selling it to you.
> 
> Do not buy anything that sounds like a pension package and do not commit regular payments of large amounts of money for a long time.
> 
> I have met only one guy here who is not like the rest. He has known one of my friends in Bahrain for over 20 years and my office manager for over 12. He works by referral and does no cold calling. I made a will through one of his colleagues and will invest when my divorce is finalized.
> 
> Do you think these companies do the cold calling for fun?!?


This guy didn't cold call, I was referred by a friend. It was the devere group that kept cold calling me, needless to say they are getting nothing from me!!


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## Mr Rossi

These people pressure leads from people they've already conned or as a bargaining tool to leave people alone.

The bottom line is anyone can say *anything* to you about a policy or investment here because there is zero regulation. Even the nice guys that aren't promising you millions within five years can say anything they want with little come back.


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## Kangaroo_J

Before you do any investing, please visit andrewhallam dot com and click on the warning button.


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## ReggieDXB007

I have no idea about the company you mention, and know a few people who are honest, have integrity and try to do the best for the clients. The thing to watch out for, I am informed, is brokers who are truly independent and are therefore not focused on selling a particular product or pushing one of their funds.

Regarding a couple of companies who appear to top the list of cold callers, I was again told by someone who had the misfortune to work there that their employee model is commission only. They employ some poor sod to do the cold calling and that person is paid out of the broker's commission when they manage to sell the policy. As you can imagine this leads to persistence and pressure borne out of desperation. It is much kinder to cut them off in the first minute I always think. "Aye haf no monay" often works, followed, in extremis by "I haf no zob, can yew gif me one?"


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## Mr Rossi

ReggieDXB007 said:


> their employee model is commission only.


Most have to pay for their own stationery, deskspace, phone calls etc.


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## vantage

before getting rude, i generally go with "i never sign up to any product or policy on which an agent or broker commission is available - now, what would you like to talk about?"

then i get rude

if i'm really bored, i like to keep them talking, put them on hold for a while, and generally take half an hour out of their day to stop them bothering others. It can be fun! First the disclosure that you are about to inherit ridiculous family wealth, followed by an admission that you have no clue about money, throw in some "how would i finance a helicopter?" etc..


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## ferg13

if you are looking for a good honest financial advisor I highly recommend Matt Newman at lime financial , let me know if you want his contact details .


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## Jumeirah Jim

I have yet to meet a finacial adviser here who will work on the basis that I pay an agreed fee in cash for his/her services. 

The idea of these people getting paid in (usually undisclosed) commission can obviously sway what they advise..


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## 1D_father

You should run a mile from a financial adviser if they:

•	Are not properly qualified and properly regulated.
•	Do not openly tell you about their commissions and/or fees. (Costs should not be something to worry an adviser because people pay for professional advice)
•	Charge you for the initial meeting / review of your finances.

There are a lot of advisers just interested in getting a sale and not providing a professional service.


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## CHFIII

So ...is this just a general life thread or do phonelists of high salary expats float around in Dubai generating a lot of cold calls to tell you about amazing 'opportunities'????? IE, is it any worse than anywhere else? Makes sense I guess, we're thinking of coming because there's an opportunity to put away significant savings and I'm pretty sure I wasn't the first guy that occurred to. I'm still figuring out what needs to be in a package to make it worthwhile. Am I missing something here? Once money is in the bank it's 1's and 0's and I'd assume people would use planners 'back home' where there is a more comprehensive regulatory environment environment.

What's the pitch? Are they pushing high risk, high yield stuff you can't pitch in the US unless it is to a 'qualified investor' or are they just pushing whatever can be pushed figuring there are lots of people with more disposable income than common sense working in Dubai????


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## Stevesolar

CHFIII said:


> So ...is this just a general life thread or do phonelists of high salary expats float around in Dubai generating a lot of cold calls to tell you about amazing 'opportunities'????? IE, is it any worse than anywhere else? Makes sense I guess, we're thinking of coming because there's an opportunity to put away significant savings and I'm pretty sure I wasn't the first guy that occurred to. I'm still figuring out what needs to be in a package to make it worthwhile. Am I missing something here? Once money is in the bank it's 1's and 0's and I'd assume people would use planners 'back home' where there is a more comprehensive regulatory environment environment.
> 
> What's the pitch? Are they pushing high risk, high yield stuff you can't pitch in the US unless it is to a 'qualified investor' or are they just pushing whatever can be pushed figuring there are lots of people with more disposable income than common sense working in Dubai????


Hi,
All of the above!
You find that there is a mix of seasoned expats and new expats in places like Dubai. The seasoned expats, like you say, already have their futures mapped out and work with trusted advisers.
The problem is with new expats who suddenly have a lot more money than they might be used to back home. Less scrupulous advisers will be looking at all ways to encourage these new expats to invest in the future - maybe with their high commission products and maybe without the financial protection that they may be used to in their home countries.
Cheers
Steve


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## QOFE

And you work there don't you...


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## Jowhara

I don't know about these companies, but the following is something to keep in mind:

A fool and his money are soon parted.


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## Jowhara

Here is some good financial advice:
Only invest that which you can risk to lose. 

Divide your money into three parts: 1 part to invest in real estate. 1 part to hold as cash. And 1 part to invest in business. This way, if you suffer loss, you won't lose everything.


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## rsinner

Jowhara said:


> Here is some good financial advice:
> Only invest that which you can risk to lose.
> 
> Divide your money into three parts: 1 part to invest in real estate. 1 part to hold as cash. And 1 part to invest in business. This way, if you suffer loss, you won't lose everything.


1. Invest money for pension
2. Invest money for kids' education when they get older
3. Investments (real estate is only one kind of investment avenue)
4. Disposable - as cash and for travel etc.


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## BedouGirl

rsinner said:


> 1. Invest money for pension
> 2. Invest money for kids' education when they get older
> 3. Investments (real estate is only one kind of investment avenue)
> 4. Disposable - as cash and for travel etc.


And don't forget to invest money for any potential marriages of your offspring. I've just come back from a family wedding in the UK. All I can say is WOW! That must have cost an arm and a leg. The bride is the youngest of three girls, all of whom have married in the past five years. All I can say is that her parents must have excellent financial advisors. :cheer2:


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## londonmandan

I just had a quick Google on PWS and the whole QROPS scam thing, anyway Google "pws qrops scam" Second link pws-dubai.blogspot :lol:


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## jgw99

rsinner said:


> 1. Invest money for pension
> 2. Invest money for kids' education when they get older
> 3. Investments (real estate is only one kind of investment avenue)
> 4. Disposable - as cash and for travel etc.


1. In this day and age, pension benefits to be availed of more than 10+ years later could drastically change the way it currently looks. companies/governments all doing their best to renegotiate
2. agree
3. agree
4. cash is king (even as part of an investment portfolio. you never know when the next market crash will be that will provide lots of opportunity)
5. Don't ever trust any adviser 100% with what comes out of their mouth (or anything they have written down for you to sign). At least do some research on what they're telling you to get into. Folks spend day-months researching for insurance, going to college, buying a car or a home yet they would rather pass off 100% of the leg work of where to put their investments in to financial services sales agents.


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## londonmandan

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