How to find a financial adviser you can trust

Pocketful of Dirhams

Trust is key in any relationship, but when it comes to your money you need to be sure the person offering you advice is 100 per cent reliable. The relationship between the UAE financial advisory sector and resident investors has been dented in recent years due to the mis-selling of expensive savings, investment and life insurance products. A number of regulatory changes rolled out last year aim to reduce the risk of mis-selling. Commission is now capped on new policies and financial advisers must include a mandatory 30-day “free-look” period that allows customers to cancel it without charge within the first month. Advisers are also now required to provide a benefit illustration to customers before the policy commences and a policy statement every six months. But what more could be done to ensure residents fully trust financial advisers in the Emirates once again? Host Alice Haine is joined by William Tohme, senior regional head for the Mena region at the CFA Institute, who shares his insights on how trust can be boosted in the region.