Financial advisers in Dubai and the UAE

How do I choose the right financial adviser in Dubai?

Working with a financial adviser means trusting them with your finances and that they have your best interest at heart.

So, finding the right one is essential.

For those looking for professional financial advice in Dubai, here are a few tips:

Qualifications, experience and licencing

You must be licensed to give professional financial advice in Dubai. Always check that the company is fully licensed, so you know they are backed and approved by the relevant authorities.

You should also ensure that a financial adviser has the qualifications and experience needed to provide the advice you need.

At Holborn Assets, all financial advisers hold a minimum Level-4 certification from the CISI or equivalent.

Reputation

Make sure the person you trust with your finances is a reputable professional. You can do this by using online review websites such as Trustpilot. to verify a financial adviser in the UAE.

Clear fee structure

Financial advisers in the UAE typically charge in two ways; fees or commissions.

Fees mean a flat fee for the service they provide. If their fees are based on commission, it typically means a percentage based on the assets they manage.

Either way, a good financial adviser will be transparent about their fee structure, so there are no hidden costs along the way.

Understanding your needs

Everyone has different needs and unique goals. A good financial adviser will ask the right questions and take the time to understand you before explaining your options.

For example, if you’re a high-net-worth-individual, your needs will differ compared to others. You can learn more about financial advice for high earners in our handy guide.

If you earn quite a lot, you might benefit from the bespoke guidance proviced by a wealth management strategy instead.

Financial planning in Dubai – key things to consider

Global citizens living in Dubai often benefit from higher salaries. Not only that, but the tax-free environment allows for greater wealth-building opportunities.

However, making the most of those opportunities requires solid financial planning. Here are some key things to consider to build and protect wealth effectively.

Pension savings

While you don’t pay tax in Dubai on your income, there is a catch.

Unlike in the UK and other countries, there are no automatic workplace pension enrolments. For this reason, it is down to you to set up a pension plan.

With so many retirement planning products in the market, finding the right one for you is essential.

Holborn Assets retirement planning specialists help expats living in Dubai plan effectively for retirement. We have the knowledge and experience to get you from where you are now to where you want to be when you retire.

Offshore banking

Offshore banking means banking in a different jurisdiction to your country of origin and where you currently live. For expats living in the UAE, this can offer numerous benefits.

For example, offshore banks are better suited to receiving and making payments in different currencies. They can also provide tax benefits and open the door to investment opportunities that would otherwise be unavailable.

Insurance protection

Insurance can help protect you and your family should you need it.

There are some essential insurance options to be aware of for those living in Dubai. These include life insurance and critical illness insurance. However, medical insurance in the UAE is also highly recommended.

At Holborn Assets, we can help you find the right protection for yourself and your family. Knowing you have the right cover in place should you need it will give you peace of mind.

Tax structures

While you may not pay tax on your income or investments now, you may do in the future if you decide to move back home.

Having your investment portfolio and other assets structured properly can help mitigate future tax burdens you may face.

Cross-border tax rules are complex, and speaking to a professional is highly advised. Doing so can help ensure you are as tax efficient as possible now while also preparing you for the future.

Investment strategy

An investment strategy is a core component of your broader financial plan.

Everyone will have a different approach to investing. The asset classes you choose or whether you use an active or passive investment approach depends on your overall goals and risk tolerance.

At Holborn Assets, our advisers conduct a detailed risk analysis to help us understand your risk profile. We also take the time to understand your short-term and long-term investment goals fully. Doing so allows us to provide you with bespoke advice to help you reach your goals.

Estate planning

Estate planning is an essential yet often overlooked aspect of financial planning for expats in Dubai.

As an expat living and working in Dubai, there are not only the local rules and laws to consider but also those back home.

For example, for many British expats, their estate is likely liable for UK inheritance tax (IHT). Depending on your situation, IHT may apply to your UK assets or even your worldwide estate.

Trusts play an important role in reducing your IHT bill. But with so many different types of trusts, you need to find the right one that suits your needs. Working with a financial planning professional can make this process more straightforward.

But there is more to think about than just tax. Another vital point to consider is your will.

Even if you already have a will, it may not be recognised in the UAE. Our team at Holborn Assets can help ensure you have a will in place that complies with local laws. That way, you can ensure your loved ones are taken care of financially.