Abu Dhabi:  An interactive course entitled ‘Financial Assistance and Advice’ can now be accessed on Jahiz - future government talents platform, as part of the Wafra advanced program for proactive financial planning.

The last course amongst six others to be delivered as part of the Wafra program’s first phase provides rich financial advice regarding financial planning and budget management, with emphasis on individual needs and compatibility. 

The below topics highlighted some of subject matters highlighted during the course:

Financial advice

Individuals must ensure they receive transparent, accurate, well-defined and timely advice on the financial products they choose to invest in, alongside details on their features, prices and benefits.

Select credible financial sources

There are several ways by which individuals can obtain credible financial details. A first step is to ensure they visit authorized service providers when looking for financial products, and to ensure websites, marketing brochures and banking products are official. They can speak to a reliable and knowledgeable financial advisor or to well-trusted relatives, friends and colleagues for advice.

Financial advisor

There are two types of financial advisors, independent and restricted. Independent advisors recommend financial products spanning the entire market. This means that their advice is unbiased and unrestricted. Restricted advisers can only recommend products from certain providers and/or categories. In some cases, they will recommend products from a single company.

Financial decisions

Before making any type of financial decision, it is essential to determine needs based on current financial status, assets and liabilities, as well as the extent by which a person is able to handle financial risk. Individuals are encouraged to explore various solutions and providers and to understand the purpose of each product and how it works. This all helps make informed financial decisions prior to purchasing products, offering an opportunity to discuss the purchase cost, risks, payment method, and to understand the terms and conditions for each product.

Select the right financial advisor

Your financial advisor must possess financial fluency and confidence, and is obliged to study each individual’s case and situation. It is a financial advisor’s job to collect as much information about the individual as possible including family, goals in life, health status and more, and to conduct a comprehensive analysis on the client’s current financial situation and to search for suitable products accordingly. A comprehensive financial report must then be compiled, covering all aspects of the client’s financial situation, goals and financial aspirations, with product suggestions for the customer, and an explanation as to why those products are suitable. The customer’s financial plan must be reviewed at least once yearly, or each time the individual’s desires and requests.

Consultation fees

Before selecting a financial advisor, it is important to familiarize oneself with the fees entailed in receiving financial advice and to find out whether the financial advisor has extensive knowledge on the local or international market. Individuals must also ensure the financial advisor and the products being sold are verified and authorized. It is best to look up the advisor’s professional experience and background and compare consultation fees in order to avoid overpaying. It is extremely important to read terms and conditions on all financial transactions, and to ask for reliable and knowledgeable second and third opinions that authenticate the fee structure.

For more information, please contact:  
Dina El Shammaa
Media and Public Relations Senior Specialist
E-mail: dina.elshammaa@gpssa.gov.ae
Website: www.gpssa.gov.ae