'Emirates' pilots financial advisors

[QNH1013]

Hi All,
To those of you who have been around here alot longer than me, do you have any advice on the advisors that claim to look after all the Emirates pilots? I believe they are Globaleye and Deveers, that keep calling.
Thanks in advance and by the way, what's the best way to invest the C fund? With them? Cheers.

[blueside^]

QNH 1013 stay AWAY from Globaleye and Deveers. They will only reduce your hard earned investment.

Globaleye and Deveers do not look after all the Emirates pilots. The only Emirates pilots they deal with, will be those that have not been warned. Beware most financial advisors in Dubai will be paid their commission upfront and then not give a dam how your investment is doing.

The approved company in Dubai, which is engaged twice a year (for free) by EK for your provident fund issues, is Mondial, though I wouldn’t recommend them either for your investment matters.

I can make a personal recommendation of a FP (privately), but then it will also depend on where you are from.

As for what to do with you Provident Fund, have a look at http://emiratescapitalassetmanagement.*************/

Goodluck

[Kapitanleutnant]

Link doesn't seem to work but here's one I found....

http://www.ecm-ag.com/index.php?tg=articles&topics=8

K

[blueside^]

Sorry I don’t know why the link won’t work, but the one mentioned by Kapitanleutnant is incorrect, as the blog I tried displaying is by "Emirates Capital Asset Management (ECAM)".

If DM is reading this thread then would you please explain how to subscribe.

[Schnowzer]

Send me a PM, I have a decent guy that takes a global view of your finances and is in it for long term growth not the quick fix.

S

[PositiveRate876]

Stay away from Global Eye.

After the guy came in and gave a presentation, next time I called him he didn't know who I was! :ugh: Nevertheless never got involved with that company.

[dooner]

Blueside:

Interesting comment about Devere, I have been using them for 2 years now and they haven't "stolen" any of my money, we invest very cnservatively (no high risk stuff) and have seen 14% the 1st year and 16% last year on our returns. Yes there are higher returning investments but we are only targeting 10% per annum so for conservative thinkers like my wife and I, I don't see a problem with that (haven't paid management fes for the last 2 years either, should I be in for a shock one of these days?).

On the other hand HSBC have been a complete waste of time as we also invest in Royal Scandia through them and their staff on beach road can't be bothered with you unless you have a million dollars or more to invest (right from the mouth of one of their investment people who used to be cabin crew with EK). The one a-hole gave me a grilling because I wanted to move MY money from the account to another account in Jersey.

So the above was my 2 cents worth, so if you could let me know at what point Austin and James (the only 2 allowed to work with EK pilots) will suck my investments dry please tell me, as I have a 1/4ly meeting with Austin later this month and then I can withdraw everything if need be.

Waiting for the financial advice to flow...

Dooner:ok:

[blueside^]

If I am not mistaken, Deveers where once known as PIC and having lost a lot of clients money (including mine) a few years ago they disappeared from Dubai and Asia.

Dooner I would thank your lucky stars that you invested with Deveers through a global bull run and you have made a gain. For what it is worth, my opinion is we are now in a bear market and you should pull out of equities for the next 1 or 2 quarters and lock in your gains.

You may have misunderstood my earlier comment when I said, they will only reduce your hard earned investment, I didn’t mean steal it. From my experience Deveers will not be centred on your return, as they make a trailer from your investments. On some occasions if you sign up for, as an example a 10 year investment scheme, they will be paid their 10 year trailer all upfront. A reputable consultant should disclose what that is. So you are paying a fee, but it is coming out of your return and then giving you 10%.

I would recommend looking at http://www.centralbank.ae/bsed/licensedConsultation.php as this is the list of the UAE Central Bank approved Financial Investment Consultants. You will note from the list below Globaleye and Deveers are not on it. To legally offer advice in the UAE, they would have to operate under one of the licensed Consultants below.

List of Financial Investment Consultancy as at 30th September, 2002
Elfina Financial Investment Consultancy- Dubai
Landmark International Consulting Services - Dubai
Professional Investment Consultants Co. Ltd - Dubai
Regent Investment Consultants- Dubai
Financial Consultancy Services Company- Dubai
Network Corporate Services L.L.C.- Dubai
Synergy Financial - L.L.C.- Abu Dhabi
Mondial ( Dubai ) L.L.C.- Dubai
Al Sahel Financial Advisory Est.- Abu Dhabi
Continental Financial Services.- Dubai
Acuma.-Dubai
Union National Financial Consultancy -L.L.C.

Feel free to PM me if you want to chat.

[dooner]

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:ok:

PS always open to other investment possibilities, providing cash is available!

[Saltaire]

Experiences vary, but I had a positive experience with Skandia through HSBC. Sadly, the guy whom I first dealt with has left, and I think this becomes the problem. Any talent moves on to greener pastures quickly.

He was semi-aggressive but smart and we made some very high returns from China, India and Eastern Europe over the last few years. We got lucky and naturally because of our returns my association is positive with this company.

I have to agree on the salesmanship out there. It's really like selling any other product and the salespeople have a lot to gain and pilots are PERFECT targets.

[BIKKERDENNAH]

I know a SPIV.

Works for OFFSHORE INVESTOR. His name is Brian Stoneman.:{

Extremely frugal with information.

Signs you up,transfers your pension from somewhere else,new pension company takes their fee cut, he takes 5 percent of whatever you have in there and sets up a quarter percent direct debit for himself, from your new pension fund per annum and you have absolutely no knowledge that this has happened!! Apparently it is for ONGOING FINANCIAL ADVICE!!!!

Remember the name!! he is waiting at a corner near you!!

BRIAN STONEMAN

OFFSHORE INVESTOR

BASED IN SHARJAH!!:ok:

[Dune]

blueside^

I think this is the site you were trying to link to.

It seems the Pprune site does not accept the link for some reason (maybe because it goes to a blog site and pprune does not allow that???).

Anyway, the web page is:

www "dot" emiratescapitalassetmanagement "dot" ******** "dot" com

You'll have to type it into your browser to get to the site.

[dusty777]

Use people your friends use, with a track record. DXB is the Wild West of money deals. Very Little regulation and fast moving advisors.

We use a fellow from South Africa that is advising at least one hundered other EK pilots, and doing it queitly and conservatively. Prior to this we were acosted by the fast and furious Deverre (sp) tag team.

Look for a past record and satisfaction from friends and colleagues. Good luck.

Also on topic, the EK provident funds I'm in are down; -1.6% over the last 12 months according to the Mondial site. Only 3 months ago I was at +18%.

Caveat Emptor.

[neh13]

I agree with the post about B.S. (apt initials). He is "high pressure", which makes me think that he is more concerned about himself, rather than your investments. I told him what I thought of him. If your product or service works, it sells itself. I also agree with your post about the South African.

[B777FLYBOY]

Is it possible you give me an e-mail address I am also looking for an honest investment.

Cheers B777flyboy

[NIGHTTRAMP]

I think I probably use the same guys as dusty777, and agree with his remarks. I have used him for 6 years and would definately recommend him. PM me if you would like details.

Night tramp

[dusty777]

I suggest the Pope from SA. - doing well for several fellows in DXB for the last 5+ years I have known him.
I use him because of anothers recommendation and no complaints from any one I know. The funds have grown instead of shrink. :ok:

[Jumeirah James]

Don't ever rely on anyone else's advice regarding your money. It takes effort, but read lots or do a course on Property, Investments and Common sense and learn to invest your own money (radical I know). That way you'll :

a. Invest more wisely than any idiot that claims to offer you great returns on looking after your money (the only incentive he has is his %, which he generally makes irrespective of whether he makes money for you or not).

b. You can't blame anyone else if you don't make money. It's great oncentive to get it right - and you will

c. You'll earn more and feel greater satisfaction that you've made yourself rich :)


Good luck

[EL CAPITAN]

JJ this is the best financial advise I have ever heard here in PPRUNE and anywhere else honestly nobody can take better care of your money than yourself, guys be very vey careful with all the sharks out there they just want your hard earned $$$$ or DHs...

[NIGHTTRAMP]

Sound advice I agree, but not everyone has the time or ability. While these guys may be after a buck, surely that is why we all work.

I definately would not suggest following anyone blindly, do your homework first, as in any field there are loads of dodgy characters out there.

At the end of the day if you want someone to fly your familly from A-B, you get a pilot, preferably one with an ATPL and some experience. If you want someone to look after your money then get someone with equal quals and a track record.

Far too many stories of guys doing a fast track course in finance and then thinkng they are experts.

[Jumeirah James]

Nightie,

No offence, but I'm not suggesting anyone EVER do a fast track course. You get a pilot to fly your family 'safely' from A - B. The incentive for the Pilot to get from A - B is as much for his survival as the said Family. A financial advisor doesn't give a sh1t about you, EVER! PERIOD! He will only care about his own financial gain, himself and future business. Can you really blame him if he doesn't make you money? Nah, cos' you willingly gave him control of YOUR money.

Guys, it does take effort and time, but you can do it without relying on anyone else. I'm sure there are good financial advisors out there, but I'd suggest you make the time to learn the basics. It's not that difficult and really doesn't take that long. You owe it to yourself and your Family to look after YOUR money. But if you really believe a FA wants to make you rich, go ahead...it's your hard earned cash

just my opinion of course :E

[Rabbitwear]

Only invest in a country preferably your own that is regulated. The same returns are possible everywhere dont sit on the back of Dubais glitz.
Also has anybody ever thought what would happen to your investment if you were sacked and thrown from the country you wouldnt see one penny ever again.....................

[harry the cod]

So If I own a house here in Dubai and got sacked next week, I lose the house? I don't think so!

Plenty of people invested here in Dubai and don't even live here. You'd even get your own Provident B & C fund returned so what you're saying is incorrect.

Please don't spout off nonsense.

[Rabbitwear]

Dont bet on it Cod, if you have loans here in Dubai and you default you can lose your entire property 100% even if it was the last repayment. It happened to me and i was forced to sell at a below market price to avoid losing a property.

[harry the cod]

Well, Bunny, you can hardly do a runner with loans outstanding and not expect them to do something, can you?

[Internationalpilot]

There is plenty of possibilities to self manage your investements. On line trading on equity or funds it is quite easy and you can also find a lot of information and technical sites the explains how the various financial instruments works.
I'm doing this since 7 years and I had better return that all the managed investements i could compare. It is a little bit like the plumber that comes to your house to fix the tap...proably its just a matter of tighting a screw but he knows you don't know a s##t about it and he charges you a 100 bucks....
So I strongly .. agree stay away from financial advisor especially in Dubai.
Stay away from property for the next 24 36 months unless you have lots of cash and willing to speculate...on the skin of the indian workers..but i doubt that it will still work..anyway.
You want a hint? Go green energy!! But... just curiosity... unless you are from the US just explain to me... with dollar at its minimum ( euro 1.504 )... where do you find all this money to invest? My salary is getting lower then my previous one..and i stopped calling the cleaners...i clean myself!
Bye the way...no...I'm not revolucionpilot in disguise... he is not the only one with a culture in this company..eh eh eh.

[NIGHTTRAMP]

IP. If your online equity trading is resulting in you having to cancel the cleaners, then you might as well let your dodgy plumber invest for you.

As I said, lots of stories of fast track financial experts.

[Internationalpilot]

I sure don't use my investments profit to pay the cleaners.. I reinvest. I use, better, I used my salary that is constantly shrinking....Mein got 1.5091 dollars for one euro....now.
I'm not playing the part of the guru..I'm not.
I just followed the market very closely in the last 7 years and i have my ideas..ideas that last year paid me 1.5+ emirates yearly salary.
Then everybody does what he feels like... The hint was just a hint..that's it.
Look at Gamesa...sold it at 130% profit ..time to get back on it..
Cheers

[baobeier]

Very surprised with the earlier comments by BIKKERDENNAH and neh13. I have been using the same advisor (Brian Stoneman) for more than 3 years and am more than happy with the ongoing advice and service that he provides!

It's true that most brokers are 'here today and gone tomorrow' and only interested in the fast buck and selling you more products. However, this guy is still here, i receive regular updates and valuations and not once has he tried to flog me any more!

Speak as you find i guess but my personal experience and investment returns have both been positive.

[Juliet-Echo]

I don't mind paying a small fee to get good returns. My dad uses a guy in SA who takes 0.5% commision of any profit he brings in. Surely if a guy makes more money on your investments if they do well, it will be in his best interest to keep making more for you.

Is there anyone in Dubai who works on this principle?

[baobeier]

Yes, this fella charges me a fund advisor fee but you get what you pay for. I think it's called having a vested interest.