Sorry Blueside
Thanks for the post just re-reading some of those companies you suggested and will have to get Austins' business card....
Okay, just grabbed Austin's business card and it shows:
"...Professional Investment Consultants Middle East Limited..."
"PIC is wholly owned subsidiary of deVere & Partners Regulated and Licensed by The Central Bank
Registration Number: 13/223/2002
Are these the same outfit you are referring to.
One of the first questions we asked during our interview with Austin was if we were "tied in" for any specific period of time and the answer was no not with the Friends Provident and the Skandia funds that we chose to invest in. The fees are still there from both Friends Provident and Skandia as they are tail-end fees that reduce to zero over a period of 5 year. One could say that we are locked-in due to the end fees, but that was the same back home as we had a mix of front-loaded and tail-end fee funds, so the penalties are known going in and we don't really care as they are not too extreme. With these we can more or less do as we please as there is no committment to make any payments at all, where as the one plan he informed us about was indeed a 10 year plan with mandatory investments each month, with penalties for not doing so.
As our planned stay was not determined we wanted something more flexible and as we can't get away from either tail-end or front-loaded fees back home it didn't make much difference. As for management fees, we haven't paid a dime to either Friends Provident, Skandia or PIC.
I asked how PIC earns their money and he stated it comes from Friends Provident (or whomever they will be after the sale) and whatever fund companies their clients choose to use, now realistically I don't believe it is that simple.
So far we have asked some very pointed questions based on info from other sources and he has been giving exactly the same advice as the guys back home have been giving for our investments back there (my way of keeping tabs on things as well), so that is a little comforting. With the US dollar as it is we have a few more to ask this month and yes we are going to be protecting our profits because in the end they work or us and it is up to us to keep track and protect our investments, just like dispatch keeping a weather watch for us while we are enoute......
Cheers
Dooner
PS always open to other investment possibilities, providing cash is available!