Living and working in the UAE presents unique financial considerations for expatriates. With no state-supported pension for non-citizens and assets often spread across multiple jurisdictions, professional financial support can be valuable.
However, the quality and range of services offered by advisers vary widely depending on their regulatory status, qualifications and experience. Understanding regulatory status, qualifications, and experience is essential when evaluating potential advisers. This blog highlights key questions expatriates may wish to consider when assessing advisory services.
1. Verify Regulatory Status
Confirm the adviser is authorised and regulated by a recognised authority. In the UAE, the Dubai Financial Services Authority (DFSA) oversees firms operating within the Dubai International Financial Centre (DIFC). DFSA regulation includes standards for conduct, qualifications, fee disclosure, and client protections.
Questions to ask:
- Are you regulated by the DFSA or another official UAE financial authority?
- What client protections are provided under regulatory your licence?
2. Check Qualifications and Professional Standards
Advisers may hold qualifications such as the Diploma in Regulated Financial Planning (DipPFS) or the CISI Investment Advice Diploma . These credentials indicate professional training and adherence to ethical standards.
Questions to ask:
- What professional qualifications do you hold?
- Are you qualified to UK Level 4 or higher?
- How long have you worked with clients who have cross-border financial needs?
3. Understand Service Scope
Some advisers specialise in specific financial products, while others offer broader financial planning services, including retirement structuring, tax alignment, and estate planning. Clients with international assets may benefit from advisers with comprehensive planning capabilities.
Questions to ask:
- Do you provide holistic planning or focus on specific products?
- How might your service adapt to changes in residency or financial circumstances?
4. Clarify Fees and Transparency
Adviser fees can take different forms, such as fixed fees, ongoing fees based on assets, or product-linked remuneration. Transparent fee disclosure helps clients understand the cost and value of services are provided.
Questions to ask:
- How is your service compensated?
- Will I receive a clear explanation of all fees?
5. Confirm Cross-Border Experience
Expatriates often maintain assets or tax obligations in multiple countries. Advisers experienced in cross-border planning may have insights into reporting obligations, pensions, and succession frameworks across jurisdictions.
Questions to ask:
- Do you work with clients with international or multi-jurisdictional requirements?
- Can you coordinate with legal, tax, or fiduciary specialists if needed?
6. Assess Ongoing Support
Financial planning can be an ongoing process rather than a one-off transaction. Some firms offer regular reviews and structured communication to accommodate changes in circumstances.
Questions to ask:
- What does ongoing service include?
- How frequently would reviews or updates take place?
7. Consider Adviser Independence
Some advisers operate on a whole-of-market basis, while others are tied to specific providers. Understanding the adviser’s permissions helps clients evaluate the range of services available.
Questions to ask:
- Are you independent, or restricted to certain product providers?
- Can you access a broad range of financial planning solutions?
8. Evaluate Communication and Accessibility
Clear, transparent communication is important. Confirm how the adviser explains complex topics and how accessible they are for questions.
Questions to ask:
- How will communication occur, and how often?
- Will I have a dedicated point of contact for questions?
9. Explore Experience Through Case Studies or Testimonials
Some firms may provide anonymised examples or client testimonials that reflect their experience with similar situations. These examples can help illustrate how the adviser approaches complex planning.
Questions to ask:
- Have you worked with clients in similar financial or geographic circumstances?
- Can you provide illustrative case studies or testimonials?
10. Consider Local and International Awareness
An adviser with local UAE knowledge and international understanding can be helpful for clients managing cross-border assets or planning future relocation.
Questions to ask:
- Can your services continue if I relocate?
- Does your firm collaborate with international partners or provide global coverage?
Final Thoughts
Choosing a financial adviser in the UAE requires careful consideration, especially for expatriates with international or cross-border financial interests. Reviewing an adviser’s regulatory status, qualifications, independence, and service scope can help ensure transparency and clarity. Asking the right questions about fees, ongoing support, and cross-border experience can support informed decision-making.
Disclaimer: Blacktower Financial Management (DIFC) Limited is regulated by the Dubai Financial Services Authority (DFSA). This blog is for general information purposes only and does not constitute legal, tax, or financial advice. You should seek independent advice from qualified professionals before making any decisions based on its contents.
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