Financial advice
Join Date: May 2005
Location: dubai
Posts: 375
Likes: 0
Received 0 Likes
on
0 Posts
I can't answer your query regarding Globaleye but my guess would be that you will regret signing anything with them. I have made 2 mistakes with investments in Dubai, the biggest being with Deveres (sometimes referred to as PIC, professional investment consultants).
These companies have a priority of interest in signing people up for investments and their biggest priority is to make money for themselves. The longer term you sign for, the more money they will make. If you happen you to do well with the investments in the long run, it will be by sheer luck and not because of sound investment advice from somewhat questionable investment advisors.
Companies such as Deveres or GLobalEye might seem like a good investment choice up until the moment you sign on the dotted line. From that point forward, they are no longer interested in what is best for you in the long run. In addition, the people who spend a year of two signing up hapless investors, then take a 'runner' and leave you in the hands of someone else, who really has no interest in your investment needs. This new guy is only interested in signing up his hapless investors before his planned 'runner'.
They make their money by 'signing' you up and after that, they receive an added bonus if you elect to increase your contributions or seek further investments with them. I have yet to meet ANYONE who, after a year or two, elected to increase their exposure to these companies. So obviously, why would they continue to offer you advice and look after your investments, when they no longer earn money for that service.
Don't fall for the glossy sales approach of these companies. Seek investment advice from other sources and not from companies whose total business relies on signing up individuals for short to long term contracts.
NEVER EVER sign a contract for a fixed period of time with an investment company! The moment you do, they gotcha, especially in a place like Dubai.
In a normal place, these companies would never survive due to word of mouth and the ability for their 'abused' clients to take legal recourse against them. Unfortunately, these companies prosper in Dubai... at our expense.
These companies have a priority of interest in signing people up for investments and their biggest priority is to make money for themselves. The longer term you sign for, the more money they will make. If you happen you to do well with the investments in the long run, it will be by sheer luck and not because of sound investment advice from somewhat questionable investment advisors.
Companies such as Deveres or GLobalEye might seem like a good investment choice up until the moment you sign on the dotted line. From that point forward, they are no longer interested in what is best for you in the long run. In addition, the people who spend a year of two signing up hapless investors, then take a 'runner' and leave you in the hands of someone else, who really has no interest in your investment needs. This new guy is only interested in signing up his hapless investors before his planned 'runner'.
They make their money by 'signing' you up and after that, they receive an added bonus if you elect to increase your contributions or seek further investments with them. I have yet to meet ANYONE who, after a year or two, elected to increase their exposure to these companies. So obviously, why would they continue to offer you advice and look after your investments, when they no longer earn money for that service.
Don't fall for the glossy sales approach of these companies. Seek investment advice from other sources and not from companies whose total business relies on signing up individuals for short to long term contracts.
NEVER EVER sign a contract for a fixed period of time with an investment company! The moment you do, they gotcha, especially in a place like Dubai.
In a normal place, these companies would never survive due to word of mouth and the ability for their 'abused' clients to take legal recourse against them. Unfortunately, these companies prosper in Dubai... at our expense.
Join Date: May 2007
Location: ME
Posts: 89
Likes: 0
Received 0 Likes
on
0 Posts
Deveres
Blog, I can't speak for Globaleye, however Mensa was spot on with the Deveres info. They are great sales men but thats about it. I have not lost money with them, except for their fees, but once I realized what I was dealing with I moved to another company with no additional charge. Austin Blair was the guy that delt with me, said he would meet with me every 6 mths, that was 4 yrs ago, never seen again.
[email protected] Try Graham, straight shooter.
http://uaefinancialadvice.com This is another good guy.
[email protected] Try Graham, straight shooter.
http://uaefinancialadvice.com This is another good guy.
Join Date: Apr 2009
Location: planet earth
Posts: 11
Likes: 0
Received 0 Likes
on
0 Posts
Globaleye are on a push with Emirates Pilots it seems. Their sales pitch to me was, we have many TRE and TRI's who use our company (what is that supposed to mean, or is it a bad way of trying to impress me?). Most pilots are notoriusly poor financial gurus, I would also appreciate any info or feedback if anyone has had experience with Globaleye.
Deveers or Candour Consultancy FORGET IT!!
PP
Deveers or Candour Consultancy FORGET IT!!
PP
Join Date: Jun 2007
Location: the galley
Posts: 94
Likes: 0
Received 0 Likes
on
0 Posts
Avoid Globaleye and PIC. They'll try to sell you a so called "tailor made" package when in fact it's straight off the shelf and it's the one that gives most commision to them, not benefit you.
Very cheerful initially, even with promises of free tickets to this or that sport event, but all goes sour when they see that you want something different or wish to pay in smaller amounts than what they want.
The charges to their schemes, especially in the first couple of years, are horrific.
Buy property instead (not Dubai).......
Very cheerful initially, even with promises of free tickets to this or that sport event, but all goes sour when they see that you want something different or wish to pay in smaller amounts than what they want.
The charges to their schemes, especially in the first couple of years, are horrific.
Buy property instead (not Dubai).......
Join Date: May 2008
Location: Dubai
Posts: 25
Likes: 0
Received 0 Likes
on
0 Posts
You dont need to go with any of these so called professionals cos they an't. Do your own investments yourself, ideally split between property, stock and shares (tracker funds have low charges in general) & cash (easy access for emergency, fixed term deposits ....) depending on how much risk you are prepared to take.Over the years, I found that any managed investment I had (company pension funds) have done fairly poorly to high fee structure eating into the returns. Any of my self investment have done much better over the long term by comparison.
Good luck. It is less difficult. at the end of the day than what most people think, you ll be a genius if you get it right 51% of the time and most fund managers cant even do that.
Good luck. It is less difficult. at the end of the day than what most people think, you ll be a genius if you get it right 51% of the time and most fund managers cant even do that.
Join Date: Mar 2000
Location: Arizona USA
Posts: 8,571
Likes: 0
Received 0 Likes
on
0 Posts
Have a look on the SE Asian forum...an outfit of a similar name was recently shut down in Colombo, after bilking hundreds of SriLankan pilots out of their savings.
Pilots are a prime target for this type of hype...normally earning big bucks, but have never invested before.
Skin the cat...and then some.
Pilots are a prime target for this type of hype...normally earning big bucks, but have never invested before.
Skin the cat...and then some.
Join Date: May 2005
Location: dubai
Posts: 375
Likes: 0
Received 0 Likes
on
0 Posts
Had to revive this thread because it is important for people to understand what companies like GlobalEye and Deveres are all about. They are making money by pretending to offer sound financial advice when in reality they are only trained in 'salesmanship'.
Pilots are the worst victims of such schemes because we make decent money, are grouped together in an easy to access database (such as crew lists etc) and in places like Dubai, we are searching for investment opportunities, without a true knowledge of financial services in our present location.
Companies like Deveres and GlobalEye anger me because they take advantage of people. They are so clever knowing what to say and what not to say, to entice people into making bad financial decisions.
What Deveres and GlobalEye do NOT offer, IMHO, is;
-sound financial advice
-investment opportunities otherwise not available without their 'take' of your contributions
-follow-up service after you sign on the dotted line
-educated and honest professionals who have your best interest in mind
GlobalEye is undergoing a concerted campaign targeting EK pilots (and to a lesser extent EK cabin crew), which will last about one year. Once they have tapped this resource, they will move on to their next target.
The best advice you might ever receive regarding your financial future, is to stay away from companies like these. At all costs, never ever let them into your home or visit their offices, because they do one thing very well.... 'take advantage of human nature' to promote themselves in spite of the fact they offer you nothing in return.
Pilots are the worst victims of such schemes because we make decent money, are grouped together in an easy to access database (such as crew lists etc) and in places like Dubai, we are searching for investment opportunities, without a true knowledge of financial services in our present location.
Companies like Deveres and GlobalEye anger me because they take advantage of people. They are so clever knowing what to say and what not to say, to entice people into making bad financial decisions.
What Deveres and GlobalEye do NOT offer, IMHO, is;
-sound financial advice
-investment opportunities otherwise not available without their 'take' of your contributions
-follow-up service after you sign on the dotted line
-educated and honest professionals who have your best interest in mind
GlobalEye is undergoing a concerted campaign targeting EK pilots (and to a lesser extent EK cabin crew), which will last about one year. Once they have tapped this resource, they will move on to their next target.
The best advice you might ever receive regarding your financial future, is to stay away from companies like these. At all costs, never ever let them into your home or visit their offices, because they do one thing very well.... 'take advantage of human nature' to promote themselves in spite of the fact they offer you nothing in return.
Join Date: Dec 1998
Location: The Sandpit
Posts: 34
Likes: 0
Received 0 Likes
on
0 Posts
While I can agree with all that's gone ahead in this thread about P*C/De*ere: apparently they're good at golf, as if I give a fat rat's a*se; I can also recommend a guy here in AUH.
PM's are, I think, the way to go here, rather than broadcasting to the world. PM me, if you want.
Cheers to all
FP
PM's are, I think, the way to go here, rather than broadcasting to the world. PM me, if you want.
Cheers to all
FP
Join Date: Nov 2009
Location: Abu Dhabi
Posts: 4
Likes: 0
Received 0 Likes
on
0 Posts
The problem is not the actual products, it's the people who are selling them.
In the "real world" most countries have fairly tight regulation, the UAE has next to nothing. No need to have qualifications, no need for professional experience, no need to have your client's best interests at heart, no accountability etc...it's no wonder so many people get stung badly the industry's reputation is awful.
A good Financial Planner or Advisor probably won't cold you to start with. You're more likely to be referred to them, get an email you can delete if you're not interested or find them through your own contacts. Even if you do get a cold call it will not be pushy and will likely follow an email or letter introduction. Next they will not be harassing you constantly and will be happy to go over any recommendation they make with a fine tooth pick to make sure you're fully aware of what you're taking. An excellent advisor will give you the cons and pros in that order and will only do so after listening carefully to what you want and need.
Unfortunately there's not too many trustworthy Financial Planners and Advisors in the region - partly due to lack of regulation and partly due to the short term make a quick buck mentality that's prominant in most businesses here.
If anyone needs a second opinion on anything they are thinking of signing up for feel free to PM me...I work in the UAE as a Financial Advisor and am a member of the Chartered Insurance Institute in London, working for the only Chartered brokerage in the region.
N.
In the "real world" most countries have fairly tight regulation, the UAE has next to nothing. No need to have qualifications, no need for professional experience, no need to have your client's best interests at heart, no accountability etc...it's no wonder so many people get stung badly the industry's reputation is awful.
A good Financial Planner or Advisor probably won't cold you to start with. You're more likely to be referred to them, get an email you can delete if you're not interested or find them through your own contacts. Even if you do get a cold call it will not be pushy and will likely follow an email or letter introduction. Next they will not be harassing you constantly and will be happy to go over any recommendation they make with a fine tooth pick to make sure you're fully aware of what you're taking. An excellent advisor will give you the cons and pros in that order and will only do so after listening carefully to what you want and need.
Unfortunately there's not too many trustworthy Financial Planners and Advisors in the region - partly due to lack of regulation and partly due to the short term make a quick buck mentality that's prominant in most businesses here.
If anyone needs a second opinion on anything they are thinking of signing up for feel free to PM me...I work in the UAE as a Financial Advisor and am a member of the Chartered Insurance Institute in London, working for the only Chartered brokerage in the region.
N.
Join Date: Oct 2003
Location: Wadi Al Khoud
Posts: 41
Likes: 0
Received 0 Likes
on
0 Posts
FJcruiser is spot on!
the best financial advice you can ever get is to have your own online brokerage account: it is not rocket science, very user friendly softwares, most majors nord american banks offer you that option.
what to put in your portfolio? keep it simple, check the major investment cpies online like fidelity, Franklin templeton, dynamic agf etc... look at the underlying stocks in their portfolio's (depending on your risk profile) and choose the same for your own portfolio.
lets assume you are using an advisor, his services are "free" (he gets paid from the investment cpy) but there will be a managment fee of roughly 3% on top of your gain (or losses...).
that 3% MER usually includes an "insurance" component that will garantee your capital invested.
lets look at some numbers:
you invest $100,000 over 20 years contributing $2000/mth:
-using an advisor/investment cpy at a 10% net return, you investment will growth to $2,251,545
(seems like a lot of cash but hardly enough to retire on if you consider inflation...)
-bypassing the middle men, doing your own portfolio with the same underlying stocks than the example above but NO MER fees, you investment will growth to $3,594,164
So, are you willing to pay an extra +million dollars for an adviser you will probably see once every 3 years ?(probably never since this industry has a 90% turn-over...)
I got approach by one of these advisor from deveere, very nice guy, trustworthy etc, I always ask the question " do you have your own online brokerage account online?" when they say "no" that means that they understand very little about finance...
These people are mostly sells person and there is nothing wrong with that, they are not the one actually investing your money, fund manager take care of that.
good luck/planning in your financial decisions.
PS: I used monthly compounding interest in my illustration.
the best financial advice you can ever get is to have your own online brokerage account: it is not rocket science, very user friendly softwares, most majors nord american banks offer you that option.
what to put in your portfolio? keep it simple, check the major investment cpies online like fidelity, Franklin templeton, dynamic agf etc... look at the underlying stocks in their portfolio's (depending on your risk profile) and choose the same for your own portfolio.
lets assume you are using an advisor, his services are "free" (he gets paid from the investment cpy) but there will be a managment fee of roughly 3% on top of your gain (or losses...).
that 3% MER usually includes an "insurance" component that will garantee your capital invested.
lets look at some numbers:
you invest $100,000 over 20 years contributing $2000/mth:
-using an advisor/investment cpy at a 10% net return, you investment will growth to $2,251,545
(seems like a lot of cash but hardly enough to retire on if you consider inflation...)
-bypassing the middle men, doing your own portfolio with the same underlying stocks than the example above but NO MER fees, you investment will growth to $3,594,164
So, are you willing to pay an extra +million dollars for an adviser you will probably see once every 3 years ?(probably never since this industry has a 90% turn-over...)
I got approach by one of these advisor from deveere, very nice guy, trustworthy etc, I always ask the question " do you have your own online brokerage account online?" when they say "no" that means that they understand very little about finance...
These people are mostly sells person and there is nothing wrong with that, they are not the one actually investing your money, fund manager take care of that.
good luck/planning in your financial decisions.
PS: I used monthly compounding interest in my illustration.
Join Date: Nov 2009
Location: Abu Dhabi
Posts: 4
Likes: 0
Received 0 Likes
on
0 Posts
Airtractor:
Forgive me if I contradict your statement that "the best financial advice you can ever get is to have your own online brokerage account:"...
Proper financial advice and planning covers all types of insurance, pensions, wills and estate planning, mortgages, specific savings for specific things (like the kids education, retirement etc), actual investment often makes up a small area of a complete profile...having an online brokerage account doesn't address half of the issues that will and do come up in life. Sound financial planning is an ongoing process and sadly one shoe doesn't fit all people since we all have different goals and situations in life.
And as for being cheaper - few things in life are free. There are fund manager fees which are ongoing until you change funds or encash the investment completely- get the wrong kind of vehicle for investing and you'll be paying high fund fees, switching fees, ongoing management fees, early redemption fees and all sorts of things without any professional advice or servicing.
On top of that if you don't set up an investment correctly you will be opening yourself to problems with taxation, including inheritance and captial gains tax at a later stage...even if you work in a tax free country at present. If you think having it "offshore" is enough to not worry about such things you're mistaken, especially if you're an EU or US citizen.
Online brokerage accounts suit some people - especially those with time to actually check them regularly, have the amounts on hand to open them and learn how things work. There are still charges for these things but they go to the bank and/or investment house rather than to an advisor who you can speak to at any time (assuming you have an advisor who sees you every few months and not a salesman who is only in the business for a few years flogging the same savings plan to everyone he meets).
N.
Forgive me if I contradict your statement that "the best financial advice you can ever get is to have your own online brokerage account:"...
Proper financial advice and planning covers all types of insurance, pensions, wills and estate planning, mortgages, specific savings for specific things (like the kids education, retirement etc), actual investment often makes up a small area of a complete profile...having an online brokerage account doesn't address half of the issues that will and do come up in life. Sound financial planning is an ongoing process and sadly one shoe doesn't fit all people since we all have different goals and situations in life.
And as for being cheaper - few things in life are free. There are fund manager fees which are ongoing until you change funds or encash the investment completely- get the wrong kind of vehicle for investing and you'll be paying high fund fees, switching fees, ongoing management fees, early redemption fees and all sorts of things without any professional advice or servicing.
On top of that if you don't set up an investment correctly you will be opening yourself to problems with taxation, including inheritance and captial gains tax at a later stage...even if you work in a tax free country at present. If you think having it "offshore" is enough to not worry about such things you're mistaken, especially if you're an EU or US citizen.
Online brokerage accounts suit some people - especially those with time to actually check them regularly, have the amounts on hand to open them and learn how things work. There are still charges for these things but they go to the bank and/or investment house rather than to an advisor who you can speak to at any time (assuming you have an advisor who sees you every few months and not a salesman who is only in the business for a few years flogging the same savings plan to everyone he meets).
N.
Join Date: Oct 2003
Location: Wadi Al Khoud
Posts: 41
Likes: 0
Received 0 Likes
on
0 Posts
Hi Norm,
I agree with your post,
Life insurance is very important, as for tax planning and estate planning, tax lawyers (from your home country) would be the most suitable people to help.
Most adviser in the gulf have a very limited knowledge about tax implication in N-america or even Europe.
I totaly respect your job and I have no issues for things not "being free" (heck! we all deserve to get paid!), my illustration was here to show what the actual cost would be for people not willing to educate themself.
cheers
I agree with your post,
Life insurance is very important, as for tax planning and estate planning, tax lawyers (from your home country) would be the most suitable people to help.
Most adviser in the gulf have a very limited knowledge about tax implication in N-america or even Europe.
I totaly respect your job and I have no issues for things not "being free" (heck! we all deserve to get paid!), my illustration was here to show what the actual cost would be for people not willing to educate themself.
cheers
Join Date: Nov 2009
Location: Abu Dhabi
Posts: 4
Likes: 0
Received 0 Likes
on
0 Posts
Hi airtractor,
Thanks for your reply.
A lot depends on one's nationality and where one wants to retire...I am clear with my clients that I only give an overview when it comes to estate and tax planning and recommend several people in those areas for more in-depth advice.
I'm glad you mentioned North America - I'm meeting a US attorney next week who is a tax expert and even she has told me US tax law with regards to overseas workers is a minefield at best. Fortunately for most nationalities it's usually a bit clearer...many of us don't pay income tax etc regardless of what we earn overseas.
I agree with you that people should educate themselves, but not everyone has the time or inclination or ability to conduct a financial review on themselves, know what kind of insurance they will need and what sort of investments will help them reach at least some sort of level of financial security in years to come or how to manage those investments. In fact if we just looked at insurance alone it would take months just to learn what's available in a particular market and what each product actually does...let alone which one will suit a particular person's needs, how it affects them tax wise or if it needs to go into a trust etc etc.
N.
Thanks for your reply.
A lot depends on one's nationality and where one wants to retire...I am clear with my clients that I only give an overview when it comes to estate and tax planning and recommend several people in those areas for more in-depth advice.
I'm glad you mentioned North America - I'm meeting a US attorney next week who is a tax expert and even she has told me US tax law with regards to overseas workers is a minefield at best. Fortunately for most nationalities it's usually a bit clearer...many of us don't pay income tax etc regardless of what we earn overseas.
I agree with you that people should educate themselves, but not everyone has the time or inclination or ability to conduct a financial review on themselves, know what kind of insurance they will need and what sort of investments will help them reach at least some sort of level of financial security in years to come or how to manage those investments. In fact if we just looked at insurance alone it would take months just to learn what's available in a particular market and what each product actually does...let alone which one will suit a particular person's needs, how it affects them tax wise or if it needs to go into a trust etc etc.
N.
Join Date: Apr 2001
Posts: 125
Likes: 0
Received 0 Likes
on
0 Posts
Only time ....
discipline and perseverance will make you rich. The rest is pure speculation.
Kiplinger.com
+ a zillion sites that will help you
Today no information is hidden. Only the thieves are. Do you remember a guy named Bernie Madoff?
Just take your time and do your homework.
Good luck and when you reach 65 don't forget to sent me a message with an invitation to have a beer. Of course it will be on your tab LOL
Kiplinger.com
+ a zillion sites that will help you
Today no information is hidden. Only the thieves are. Do you remember a guy named Bernie Madoff?
Just take your time and do your homework.
Good luck and when you reach 65 don't forget to sent me a message with an invitation to have a beer. Of course it will be on your tab LOL
Join Date: Mar 2012
Location: Singapore
Age: 53
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Financial advisors
Best is to deal with a certified advisor. These deVere's GLobalEye and what-not guys you get that parachute in after a weeks induction 'training' (usually ex-washing machine salesmen) are expert salesmen, but NO follow through or real experience
My Skandia policy lost a LOT of money over 5 yrs because things were not monitored and looked after as promised....plus took a nice currency hit as well.
I'm back at home now, but decided to Google and found "Daniel van Niekerk" on google, actually the guy is all over the net...so no matter where I looked his name kept popping up.
Anyway, I made contact and although he's all the way out in SE Asia he managed to sort out my investment in no time. These days you can do everything via SKYPE and email. I got out of the looser fund, and managed to already gain a couple of points with another non market correlated strategy being formulated.
I can highly recommend Daniel, and he so happens to be UK certified as well. He is also quick on the draw as they say.
Harold Fouche
My Skandia policy lost a LOT of money over 5 yrs because things were not monitored and looked after as promised....plus took a nice currency hit as well.
I'm back at home now, but decided to Google and found "Daniel van Niekerk" on google, actually the guy is all over the net...so no matter where I looked his name kept popping up.
Anyway, I made contact and although he's all the way out in SE Asia he managed to sort out my investment in no time. These days you can do everything via SKYPE and email. I got out of the looser fund, and managed to already gain a couple of points with another non market correlated strategy being formulated.
I can highly recommend Daniel, and he so happens to be UK certified as well. He is also quick on the draw as they say.
Harold Fouche
Join Date: Nov 2006
Location: N/A
Posts: 41
Likes: 0
Received 0 Likes
on
0 Posts
Any company that is calling YOU for business isn't worth your time. They are nothing but scammers working on commission.
All these mentioned companies (globaleye, etc etc) harassed me with high pressure tactics for months after joining EK. I demanded once how they got my number and the guy hung up on me. Another guy gave me a name of a pilot that referred me that didn't exist on the seniority list.
I would like to see the Emirates employee getting everybody's numbers off the Portal get hanged.
Just send your money to your home country or send it to your EK C fund and forget about it.
halas
All these mentioned companies (globaleye, etc etc) harassed me with high pressure tactics for months after joining EK. I demanded once how they got my number and the guy hung up on me. Another guy gave me a name of a pilot that referred me that didn't exist on the seniority list.
I would like to see the Emirates employee getting everybody's numbers off the Portal get hanged.
Just send your money to your home country or send it to your EK C fund and forget about it.
halas
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
All and sundry......... DO NOT invest one dirham, one dollar one Euro or one peso in the ME market or investment management companies.
You have NO protection and there is no regulation or recourse when it goes bad.
I made what I believed to be good decisions 5 years ago and now have nothing as those involved were just looking to make money for themselves and DO NOT have your interests in mind.
Mensaboy for once I give you a big elephant stamp for good positive advice and hope that all reading this take heed and only invest in the 1st world markets and property.
You have NO protection and there is no regulation or recourse when it goes bad.
I made what I believed to be good decisions 5 years ago and now have nothing as those involved were just looking to make money for themselves and DO NOT have your interests in mind.
Mensaboy for once I give you a big elephant stamp for good positive advice and hope that all reading this take heed and only invest in the 1st world markets and property.
Join Date: Dec 2004
Location: Asia
Posts: 186
Likes: 0
Received 0 Likes
on
0 Posts
Another Alert: Boston Asset Group
Run by Keith Wotherspoon and Bryan Gauson.
Under no circumstances invest in this company. They will scam you!
Let's keep this thread going. Spread the word on these thieves.
Under no circumstances invest in this company. They will scam you!
Let's keep this thread going. Spread the word on these thieves.