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Are you looking to consult a professional for financial advice in the UAE and need help deciding who to choose?
Here is a post that can make your life easy.
The Two terms often used interchangeably are "financial planner" and "financial advisor." While they may sound similar, they have distinct differences in expertise and services.
Who is a Financial Planner?
A financial planner is a professional who helps you design and implement a bespoke financial plan.
They work with you to assess your financial situation, identify your goals, and create a plan to reach those goals.
They typically charge a fee for their services, which can be an hourly or annual retainer fee.
What is the Difference Between a Financial Planner and a Financial Advisor?
A financial planner is a more specialized professional who focuses on developing and implementing financial plans. They focus on the planning side of your finances, and other professionals do the implementation.
A financial advisor, on the other hand, is a broader term that can refer to any professional who provides financial advice and necessary solutions to meet your goals and objectives.
Financial advisors may offer Holistic Financial Planning and various other services, including.
- Retirement planning
- Estate planning and Exit Planning
- Child Education Planning
- Investing
- Insurance
- Tax planning
- Key Person Insurance
- Health, Medical, and Home Insurance
How to Choose a Financial Planner / Advisor in the UAE?
In the UAE, you will typically find Financial Advisors who provide financial planning and help you with insurance and investment solutions.
When looking to work with a financial advisor, please consider the following;
Education and experience
Make sure your financial advisor has the education and experience to provide sound financial advice.Certifications
There are several professional certifications that financial advisors can earn. Look for a financial advisor certified by reputable institutions, such as the Chartered Insurance Institute (CII) or the Chartered Institute for Securities & Investment (CISI).
License and Regulations
You should work with Financial Advisors from firms licensed and regulated by relevant authorities. In the UAE, the Central Bank, The Insurance Authority, and the Emirates Securities and Commodities Authority are a few such entities.
Independent or tied
Working with an Independent Financial Advisor is always better, as they provide unbiased advice. Tied agents are more likely to focus on selling their products.
Planning Process and Systems
You can easily find people who can sell you financial products, but helping you build a Comprehensive plan and choosing the right solutions is critical to success. Engage with a Financial Advisor who has efficient planning and follow-up systems.
Fees
Financial Advisors in the UAE typically charge fees on the assets managed or a commission on the products distributed. Be sure to understand the fee structure before you hire them.
Communication style
Ensure you feel comfortable working with your chosen financial planner. The financial planner should be able to explain complex financial concepts in a way you can understand.
Conclusion
A Financial Advisor can be a valuable asset when looking to take charge and improve your financial well-being. By working with a financial advisor, you can develop a plan and implement the strategies to reach your goals and secure your financial future.
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Whether you are taking the first step or already on the way to financial freedom, I might have the right solutions.
