I arrived in the UAE six months ago from Australia and now earn substantially more than I did back home. This means I have spare cash to invest but I do not have the financial know-how to make the right choices. I have been approached by a number of financial advisers who claim they can help me. However, I am unsure which company is right for me and I have had heard bad stories about some companies. How do I spot a good adviser from a bad one? NM, Abu Dhabi
The expert advice:
Andrew Prince, financial planner at Acuma Independent Financial Advice
In highly regulated jurisdictions like Australia, America and the UK, the risk of picking a poor adviser is greatly reduced, plus there is a prescribed system of redress; however in the UAE, it is much harder. The good news is that within the next couple of years, we should see significant improvements in the quality of advice and regulation that supports it.
In the interim, here are 10 checks to sort the wheat from the chaff:
1. Asking friends and colleagues for personal recommendations
2. Meet two or three advisers to see who you feel most comfortable with. Remember, appointing an adviser involves entering into a relationship where you are going to share personal information, aspirations and dreams, therefore it makes sense to ensure you can trust them.
3. Some companies only have one licence, which means the solutions offered will generally come from a restricted range of providers. While this may be adequate for your needs initially, can you be confident that this will be the case going forward? So ask the adviser how many licences the company they represent holds.
4. Does the company have experienced advisers from your home country so that they are familiar with the intricacies of your home jurisdiction, in your case the superannuation? Better still, does it have offices in your home country to continue with the advice process once you go back?
5. Ask how long they have been practising and what qualifications they hold.
6. Find out how long they have been in the UAE.
7. Can they provide references/testimonials or introduce you to happy clients?
8. Find out what their job description is on their visa. This will identify if they are practising here legitimately and also, you want a financial adviser giving you advice, not an "office manager".
9. LinkedIn can be a good source of research to substantiate an adviser's history.
10. Above all, trust your instincts and don't be pressured into making a decision. If the adviser has your best interests at heart (and they should), they will ensure that everything has been explained to your satisfaction so that you may make an informed decision.
The reader’s advice:
Stephen Jones, Dubai
I have gone through four financial advisers over the last 12 years so I understand your concerns. The first adviser rocked up in a Porsche, bragged about his properties on the Palm then sold me an investment plan that locked me in for 25 years. Two more advisers then made the situation worse and taught me a valuable lesson – to only invest in products you understand. The adviser I have now is someone I spent a lot of time getting to know before I let him near my money. He is helping me right the wrongs of the past – but my top tip would be to do your homework. Read the terms and conditions fully and quiz the adviser relentlessly on the fees and penalties if you want to take your money out. When it comes to finding the right adviser, avoid the cold callers altogether. Instead rely on recommendations and trust your gut. If the adviser seems dodgy, he probably is.
The next money clinic:
The markets are up and down at the moment and the investment world feels a still unstable. So is now a good time to get back into gold? MM, Dubai.
Every three weeks The National features a reader’s personal finance problem. If you have an issue or would like to suggest a solution for another’s reader’s concern, write to pf@thenational.ae
The advice provided in our columns does not constitute legal advice and is provided for information only.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
TERMINAL HIGH ALTITUDE AREA DEFENCE (THAAD)
What is THAAD?
It is considered to be the US's most superior missile defence system.
Production:
It was created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out ballistic missiles as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles inside and outside the Earth's atmosphere, at an altitude of 150 kilometres above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then stationed them in 2016, becoming the first Gulf country to do so.
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