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Demand for UK IFAs to work as wealth managers in offshore locations like Dubai and Singapore is booming, according to WMrecruit. com - International Wealth Management Recruitment.
Hundreds of companies across the globe are keen to employ advisers from this country with salaries reaching above £18,000 a month in more developed markets like Dubai.
Kevin Turner, managing director, says the firm has recently changed from being UK-focused to recruiting solely for the offshore market.
"Sometimes the demand is for companies in areas which are unregulated and employers like the fact UK IFAs are good, solid professionals.
"They are selling to high net worth individuals and quite a lot of these are expats from the UK and Europe and their language is English."
He says there has also been an increase recently in the number of advisers wishing to leave the UK for pastures new.
"In the marketplace in the UK there has been so much change such as exams coming in before 2012 and it is getting more and more difficult to do business. Whether we are coming out of recession or not there are a lot of people moving offshore."
Turner says there are advisers wishing to move abroad from a wide range of age groups.
"We are getting guys in their late 30s/40s who are moving away from their families and then people in their mid 40s to early 50s who are not quite retired but their children have left school now and they want to do something different."
The majority of demand from employers is for wealth managers who can advise high net worth clients on a range of areas, including how to protect their assets.
Advisers deciding where to move can chose from a wide range of countries including underdeveloped or ‘Greenfield' marketplaces like Brazil, which have a huge number of potential high net worth clients. This is in contrast to areas like Singapore which are highly regulated and many require advisers to take more exams. Europe also offers a number of opportunities amongst growing expat communities.
Turner says companies will offer different levels of support to advisers when they relocate and some may require advisers to complete extra training or internal exams when they move over. Advisers tend to be paid on a fee basis.
Much of the recruitment process involves matching the IFA with the right company and geographical location to meet their needs and ensure they have the experience required.
Clients on WMrecruit.com's books currently have offices in the following locations:
Europe
Spain
France
Netherlands
Germany
Gibraltar
Portugal
United Arab Emirates
Dubai
Abu Dhabi
Asia
Malaysia
Thailand
Singapore
Hong Kong
South America
Brazil
Mexico
Chile
Venezuela
Africa
West Africa
South Africa
East Africa
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| Comment | Fancy earning £18,000 a month? Time to leave the UK |
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A reply to Harry
I reply with interest to Harry’s post, WM Recruit works with a range of different clients across the world, some offering salaried positions others offering self employed commission only positions – somewhat similar to the UK. We only work with Clients who have integrity and we are certainly not using “shoddy tactics”. We have an excellent track record having recruited candidates for opportunities around the world; most of them are doing extremely well – no complaints. My Clients will only accept CV’s from successful candidates, as professional recruiters we are very successful at finding them. I am sure that there are a lot of Wealth Mangers who work offshore (not always non-regulated – Singapore for example) who may be slightly ticked off at Harry’s comment that they were “not good enough to be here”. Also I cannot see why Harry states that this is a “shocking culture”; it takes just a small bit of research to find out that there are a lot of very reputable companies working offshore.
Posted by: Kevin Turner
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£18,000 a month?
This is absolutely shocking. This article says that "Advisers tend to be paid on a fee basis", thus implying that they are a salaried employee. Looking at their website, it is obvious that the fee is based on earnings - ie commission based. Only fools will believe such ridiculous "trying to be clean, or trying to appear to be clean" shoddy tactics. I know how the middle east markets work and beware - if you go there, can't produce and end up with debts, you can't fly back! Only "wealth managers" who are not good enough to be here will end up going there so they can thrive in a non regulated environment. Congratulations for giving publicity to such a shocking culture. How much did they pay you?
Posted by: Harry