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Introduction
Details are as of the time of writing this article: June 26, 2024
In a world of ever-changing financial markets and evolving personal circumstances, a good wealth management firm or company can be an invaluable partner in helping you achieve your financial goals. By focusing on areas within their control, such as asset allocation, cost-effective implementation, and tax-efficient investing, they can add significant value to your wealth management strategy. Moreover, their expertise in behavioral coaching and retirement withdrawal strategies can lead to better long-term outcomes and peace of mind.
Choosing a wealth management firm or company in Dubai & UAE
When considering a wealth management firm or company in Dubai & UAE, there are several things to consider. For starters, from a cost perspective, a good wealth management firm or company shouldn’t cost you anywhere more than 1% per annum. Furthermore, you need to ensure that you’re working with a true fiduciary; advisors who have a regulatory requirement to prioritize your best interests and are also incentivized by it, not by commissions. Another key consideration is their regulatory framework. The most stringent regulators in the UAE are ADGM's FSRA and DIFC’s DFSA. Lastly, the more transparent they are, the less likely they are to be a shark. The UAE is unfortunately plagued by inconsistent advice, mis-selling of financial products, and lack of lasting relationships, all thanks to a swamp of bad actors or better yet, sharks. Last but not least, ensure you get their fees in writing.
Comparison of wealth management firms and companies in Dubai & UAE (2024)
Holborn Assets
- Investment opportunities - Stocks, commodities, real estate
- Added services - Tax planning, retirement planning
- Regulating body - Not mentioned on website
- Fees - Not mentioned on website
- Assets under management - Not mentioned on website
- Digital platform - No
- Min. investment - Not mentioned on website
Finsbury Associates
- Investment opportunities - Diversified portfolios
- Added services - Estate planning
- Regulating body - SCA UAE
- Fees - Not mentioned on website
- Assets under management - Not mentioned on website
- Digital platform - No
- Min. investment - Not mentioned on website
Vault
- Investment opportunities - Customized diversified portfolios of global equities and bonds with access to private market opportunities and high yield savings accounts (5.48% on USD at the time of writing)
- Added services - Tax planning, retirement planning, estate planning
- Regulating body - ADGM FSRA
- Fees - 0.7% for $100K-500K, 0.4% for $500K-$5M, and bespoke for $5M upwards (No entry, exit, or product-based fees)
- Assets under management - Not mentioned on website
- Digital platform - Yes
- Min. investment - Exclusive to individuals with a min. $100K in liquid net worth
AES
- Investment opportunities - Not mentioned on website
- Added services - Retirement planning
- Regulating body - UAE Central Bank & DFSA
- Fees - Not mentioned on website
- Assets under management - Not mentioned on website
- Digital platform - No
- Min. investment - Not mentioned on website
DeVere
- Investment opportunities - Stocks, bonds, fixed-income
- Added services - Pension planning
- Regulating body - UAE Central Bank
- Fees - Not mentioned on website
- Assets under management - Not mentioned on website
- Digital platform - No
- Min. investment - Not mentioned on website
Century financial
- Investment opportunities - Stocks, commodities
- Added services - Not mentioned on website
- Regulating body - SCA UAE
- Fees - Not mentioned on website
- Assets under management - Not mentioned on website
- Digital platform - No
- Min. investment - Not mentioned on website
Conclusion
We can’t overstate how important it is to select a wealth management firm or company who is competent, ethical, and truly focused on your needs. A poor choice can lead to mis-selling, where advisors prioritize their commissions over your own best interest, resulting in potentially significant financial losses. This issue has plagued regions like the UAE, where many individual investors have lost confidence in the wealth management industry due to the prevalence of unscrupulous practices and unaligned incentives. A prime example of this is the widespread promotion of 'Whole of Life Insurance' in the UAE, where the wealth management firm makes a heavy upfront fee from the insurer to conduct the sale. In a majority of cases the policies are sold to clients seeking investments for their long-term future rather than an insurance policy
Disclaimer: The comparisons and evaluations made in this article are based on information gathered from the public campaigns and available data of the competitor products as of the time of writing. While we strive to provide accurate and up-to-date information, we do not represent, warrant, or assert the completeness or accuracy of the data. Our insights and comparisons are made to the best of our knowledge and are not intended to speak on behalf of any company's offering or to disparage any company's reputation.
Please note that this article is provided for informational purposes only and should not be construed as solicitation, investment, legal, or financial advice. Readers are encouraged to conduct their own research and due diligence or consult with a professional advisor for specific advice tailored to their situation. We accept no liability for any direct or indirect loss or damage arising from any inaccuracies, omissions, or the use of information contained in this article.
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