Only 37% of expats living in the Gulf seek financial advice within their first two years in the region, according to new research
Only 37 percent of expats living in the Gulf seek and receive financial advice within their first two years living in the region, according to new research.
Abu-Dhabi based independent financial advisory firm Hoxton Capital Management conducted a survey of 1,126 expats which showed that the amount of expats receiving advice varies depending on how long they have been living abroad.
Those living abroad for more than two years seem to start think more closely about their financial planning accordingly.
The Hoxton research found that 74 percent of expats who have been abroad for more than two years, have in some format discussed their finances with a professional but out of this, almost half were unimpressed with the advisor or the quality of the advice given.
“If you are looking for financial advice, the importance of doing your due diligence can not be overstated," said Hoxton managing partner Chris Ball.
"There is a clear difference between those receiving advice and those who do not. On average people who receive advice get an increased return of 2 peercent per annum on their portfolio compared with those who do not. So if investor A, who invests on their own makes 3 percent in a year, investor B who has a good advisor will make 5 percent.
"This may not seem like a huge difference but when compounded over time it equates to a substantial amount."For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.