UAE becoming a 'growing hub' for UK expats

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. 

As someone who has taken a lot of time to become chartered to come to this region [UAE] that is viewed negatively by others in the industry was disheartening Danielle Lecomber , SJP Middle East

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. 

“We want to get the message out there that we are here to handhold clients through the transitions of moving abroad because solid foundations need to be put in place if someone decides to relocate. It's about getting appropriate bespoke information to them that can add real value to their circumstances.

“We live in a society where we've got information at our fingertips, whether it be through social media or the news but what clients are really missing is this filtration process to enable them to actually tailor the information to their specific circumstances and for globally mobile clients, that's more important than ever,” she added.

Responsibility of entire industry to change perception

Lecomber said while there was a huge responsibility on international firms to work to change the negative perception associated with them, the entire industry had a responsibility to change it for the good of clients. 

She said: “The best outcome for us is to better our clients lives through financial planning and my hope is to be able to get to a stage where we can do it on a global scale and through collaboration with UK advisers we can take clients on that journey together whether it be expatriation or repatriation.

“The only way that we can do that is to work together proactively to be transparent about how we can assist clients and to make sure that a client has a strong team around them across the different jurisdictions they're in and to adhere to the standards that we always have done in the UK.”

I'm optimistic and speaking to people in the industry there is definitely more of an open-mindedness Danielle Lecomber, SJP Middle East

Lecomber added there needed to be a shift in UK adviser’s perception to view working with international firms as an opportunity to provide better outcomes for their clients rather than focusing on the negative perceptions that existed because the international advice landscape in the region is changing for the better.

“I’m optimistic and speaking to people across the industry and in the UK, there is definitely more of an open-mindedness about the fact the world is shifting and clients are becoming more globally mobile and firms like us need to bang the drum and spread the message that we can cater for them because we are different and we are trying really hard to turn the tide in the UAE.”

alina.khan@ft.com