New research* from Quilter, the wealth manager, reveals that 73% of people in the UAE don’t currently have a financial adviser.
Furthermore, less than half (44%) of those in the top income bracket of AED 40,000 or more a month have a financial adviser.
A financial adviser can be critical in helping someone achieve their retirement aspirations, plan for the transfer of wealth through the generations and make sure that someone’s money is working as hard and efficiently as possible.
Just 10% of 40 to 50-year olds and only 12% of 51 to 60-year olds have a financial adviser, which could mean that these age groups are missing out on getting advice at a crucial time in their life.
Out of the various nationalities in the UAE, westerners were most likely to have an adviser with 21% saying that they currently take financial advice, followed by 20% of Emiratis.
When respondents were asked what they would do if they had extra money to save or invest just 10% said that they would seek financial advice.
Brendan Dolan, global distribution director of Quilter International says:
“This research shows that there is a clear need in the UAE to change the perception and understanding of advice and financial planning and the value it offers.
“Financial advice is about more than just the investment performance. It’s about taxation, investment choices and how an adviser can help you navigate your emotions, behavioural biases, and the practicalities that life throws at you.
“For some, failing to get advice could have disastrous long-term consequences unless you have a very good understanding of the tax landscape and are able to objectively plan a sustainable retirement strategy, which very few people can.”
Mark Leale, head of Quilter Cheviot’s Dubai branch office, adds:
“Our lives are complex and as such the value that a good financial adviser brings to the table should not be underestimated. Working with a properly regulated firm and qualified adviser, should offer the guidance and reassurance that you are making the appropriate decisions based upon your individual circumstances. This should develop into a trusted relationship wherein regular reviews ensure that you continue to structure your finances appropriately.
“It is true that there may be elements that you can put in place yourself but it is often the way in which these individual products or services interact with and potentially impact upon each other in order to build up a financial plan that can be forgotten. A financial adviser should therefore be much more than just a salesman that you see to complete a one-off transaction.”
*Research from YouGov on behalf of Quilter which surveyed 1,000 people in the UAE in November 2020
For more information please contact:
Alex Berry
About Quilter International, Quilter Cheviot and Quilter plc:
Quilter International is a leading cross-border provider of wealth management solutions and part of Quilter plc.
Quilter Cheviot is one of the UK’s largest discretionary investment management firms with over £24 billion of assets under management (As at 30 September 2020).
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £117.8 billion in customer investments (as at 31 December 2020).
It has an adviser and customer offering spanning financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning businesses (Quilter Private Client Advisers, Quilter Financial Planning and Quilter Financial Advisers), the discretionary fund management business (Quilter Cheviot) and the Multi-asset investment solutions business (Quilter Investors).
Wealth Platforms includes the Old Mutual Wealth UK Platform and Quilter International, including AAM Advisory in Singapore.
Quilter plc includes:
- Quilter Financial Planning
- Quilter Private Client Advisers
- Quilter Financial Advisers
- Quilter Financial Adviser School
- Quilter Cheviot
- Quilter Investors
- Old Mutual Wealth (becoming Quilter Investment Platform)
- Quilter International
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. This communication is issued by Quilter plc. Registered office: Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Registered number: 6404270. Registered in England.
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Corporate Affairs Executive
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Quilter plc is registered in England and Wales with company number 06404270. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England.
Old Mutual Wealth is the trading name of Old Mutual Wealth Holdings Limited, Quilter Business Services Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited.
Old Mutual Wealth Holdings Limited, Quilter Business Services Limited, Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under company numbers 01606702, 01579311, 01680071 and 04163431 respectively. Registered Offices at Old Mutual House, Portland Terrace, Southampton, SO14 7EJ, United Kingdom.
Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK with Financial Services register number 207977. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority in the UK with Financial Services register number 165359.
The VAT number for Old Mutual Wealth Holdings Limited, Quilter Business Services Limited, Old Mutual Wealth Limited, Old Mutual Wealth Life & Pensions Limited is 386 1301 59.
Quilter International is registered in the Isle of Man as a business name of Quilter International Isle of Man Limited and Quilter International Trust Company Limited.
Quilter International Isle of Man Limited is registered in the Isle of Man under number 024916C. Registered Office at King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Quilter International Isle of Man Limited is licensed by the Isle of Man Financial Services Authority.
The VAT number for Quilter International Isle of Man Limited is 386 1301 59.
Quilter International Trust Company Limited is registered in the Isle of Man under number 095926C. Registered Office at King Edward Bay House, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Quilter International Trust Company Limited is licensed by the Isle of Man Financial Services Authority.
The VAT number for Quilter International Trust Company Limited is 386 1301 59.
Quilter International is registered in Ireland as a business name of Quilter International Ireland dac.
Quilter International Ireland dac is registered in Ireland under number 309649 Registered Office at Hambleden House, 19-26 Lower Pembroke Street, Dublin 2, Ireland. Quilter International Ireland dac is regulated by the Central Bank of Ireland with Reference Number C33610.
The VAT number for Quilter International Ireland dac is 6329649S.
Quilter Investors is the trading name of Quilter Investors Limited and Quilter Investors Portfolio Management Limited.
Quilter Investors Limited is registered in England and Wales under company number 04227837. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England. Quilter Investors Limited is authorised and regulated by the Financial Conduct Authority in the UK with Financial Services register number 208543.
Quilter Investors Portfolio Management Limited is registered in England and Wales under company number 3056894. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England. Quilter Investors Portfolio Management Limited is authorised and regulated by the Financial Conduct Authority in the UK with Financial Services register number 175524.
The VAT number for Quilter Investors Limited and Quilter Investors Portfolio Management Limited is 386 1301 59.
Quilter Cheviot and Quilter Cheviot Investment Management are trading names of Quilter Cheviot Limited.
Quilter Cheviot Limited is registered in England and Wales under company number 01923571. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England. Quilter Cheviot Limited is a member of the London Stock Exchange and is authorised and regulated by the Financial Conduct Authority in the UK with Financial Services register number 124259.
The VAT number for Quilter Cheviot is 386 1301 59.
Quilter Financial Planning Limited, Quilter Wealth Limited, Quilter Financial Services Limited, Quilter Mortgage Planning Limited and Quilter Financial Limited are registered in England and Wales under company numbers 05372217, 04500273, 05506637, 05495327 and 06784783, respectively. Registered Offices at Wiltshire Court, Farnsby Street, Swindon SN1 5AH, United Kingdom.
Quilter Wealth Limited, Quilter Financial Services Limited, Quilter Mortgage Planning Limited and Quilter Financial Limited are authorised and regulated by the Financial Conduct Authority in the UK with Financial Services register numbers 217742, 440703, 440718 and 497604 respectively. The VAT number is 386 1301 59.
Quilter Financial Planning Solutions Limited is registered in England and Wales under number 03276760. Registered Office at Riverside House, The Waterfront, Newcastle upon Tyne NE15 8NY, United Kingdom.
Quilter Financial Planning Solutions Limited is authorised and regulated by the Financial Conduct Authority and entered on the FCA register (http://www.fca.org.uk/register) under reference number 184591.
The VAT number for Quilter Financial Planning Solutions Limited is 386 1301 59.
Quilter Private Client Advisers Limited is registered in England and Wales under company number 06201261. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England. Quilter Private Client Advisers Limited is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register) under reference numbers 440703 and 440718, respectively.
Quilter Financial Advisers Limited is registered in England and Wales under number 05693185. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, England.
Quilter Financial Advisers Limited is an appointed representative of Quilter Financial Services Limited and Quilter Mortgage Planning Limited, which are authorised and regulated by the Financial Conduct Authority. Quilter Financial Services Limited and Quilter Mortgage Planning Limited are entered on the FCA register (http://www.fca.org.uk/register) under reference numbers 440703 and 440718, respectively.
The representative member of the VAT group is Quilter Business Services Limited. VAT registration number: 386 1301 59.
© Press Release 2021
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