The UAE is becoming a growing hub for UK expats, according to Danielle Lecomber, founding partner at St. James’s Place Middle East.
Speaking to FT Adviser, Lecomber discussed why SJP decided to open an office in Dubai as well as how international firms based in the UAE can change the negative connotations associated with the region.
She said: “For us [SJP] it wasn’t really a question of if, but how, we wanted to expand into the region because clients are more globally mobile than ever before and the Middle East is a growing hub for the financial services industry and also for our clients.”
Lecomber admitted when she first moved to Dubai - where SJP Middle East is based- she felt “disheartened” by some of the negative connotations associated with the advice sector in the region.
“As someone who has taken a lot of time to become chartered in the UK and has always genuinely been invested in wanting to help my clients have better financial futures, to come to this region [UAE] that is viewed negatively by people in the industry was disheartening because I do believe the industry here is levelling up,” she added.
Lecomber said companies and the financial industry as a whole in the region are wanting to raise standards.
Historically the Middle East has been perceived as having a lack of regulation but Lecomber pointed out SJP and other international firms were trying to change that perception.
She said: “For us as a company we are taking this as the opportunity to lead by example in terms of how wealth planning and management should be implemented in the Middle East.
“We have implemented exactly what SJP is doing in the UK in terms of regulation to make sure we act with integrity exactly as we would in the UK and focus on tax-led planning and building relationships with clients.”
Increased transparency
Lecomber pointed out continuing to increase the transparency of how firms in the UAE operate will help to improve the region’s image with UK-based financial advisers.
She said: “The DIFC in Dubai has been huge for the industry because it's a flagship location that differentiates itself and it allows wealth planning firms like us to show we are different from the firms that potentially caused the negative connotation of the region.”
Lecomber also believed communication and collaboration between UK and international advice firms will begin to build trust in the UAE as well as educating both advisers and clients how firms in the region can help them.
She also believed UK financial advisers having a relationship with international firms will add value to client outcomes.
