Former Hoxton Capital Management partner and director of learning and development Sophia Bhatti has launched Dubai-headquartered Wimbledon Wealth.
Wimbledon Wealth will offer a range of advice and wealth services in the UAE. It is an appointed representative of Lawsons Network – which is a partner of Securities and Commodities Authority (SCA) licensed Continental Group.
The firm is looking to have around 10 advisers by the end of 2023.
Bhatti, who was previously director at W1 Investment Group and regional manager of wealth management at Nexus Insurance Brokers, told International Adviser that the firm will offer a UK-like wealth management service.
“There will be a lot of advice and consultation rather than making clients take out a policy,” she said. “That’s how it normally works in this part of the world, unfortunately.
“I want to make sure we have clear and detailed reporting for clients by producing financial plans. I want to make sure we utilise tech to enhance client experience and offering.
“I’m also making sure that we are not offering a one-size fits all approach. I’m looking for ways to add value to clients. I want to create a boutique type wealth manager and advice firm rather than looking to expand out with hundreds of advisers.
“I have also, just purely by default, looked to take on female clients who don’t feel comfortable speaking to men or want a female adviser. I think from a woman’s point of view, they feel on a level with another woman and can open up about their finances. There is a lot of professional women out here who do need help as well.”
UAE market evolving
It is a time for growth in the UAE. Many aspects of the financial world are changing in the region – from funds regulation to making it an exciting place to retire.
This makes it an attractive financial centre for advice firms.
Bhatti added: “The figures show that there’s more and more wealthy individuals coming over to the UAE. Therefore, people need to have good quality, wealth management and financial advice.
“Essentially, that’s why we are starting off with a clean slate. I am making sure that every part of my process is geared towards quality and it’s not the old school adviser sales approach. The technical abilities are needed to add value to your client, especially high net worth individuals.
“From a client point of view, they are looking for advisers that can do more than just promote products. They’re also looking for advisers who are skilled in all areas, not just a pension transfer specialist.
“I’m looking at long-term relationships with clients. The demographics are changing here. People are staying here longer; they’re looking to retire here. Gone are the days where people are just in the UAE for a two-year contract and go back home.
“There are people looking at retiring in the UAE, so we need to be giving them the advice to enable them to be able to do that.
Estate planning
With expats looking at long-term stays in the UAE, this means advice firms need to offer more services including areas like estate planning.
Bhatti said: “I feel it is a part of financial planning that can add value to clients. I don’t think there is much offered around estate planning and inheritance in this part of the world.
“It’s going to be a fundamental part of the financial advisory offering out here because the demographics changing, people need advice on these areas. Most of the expats out here all have UK inheritance tax issues – with the assets they have in Britain and the money they are accumulating in the UAE.
“From my experience so far, they haven’t been able to find somebody that can help them with it. Some go back to the UK to try and find advisers there because they don’t know who can help them in the UAE. It’s not an area that is of focus in the UAE. But it is the future of financial planning in the country.”
Expansion
Lawsons Network also has a Switzerland licence – giving Wimbledon Wealth and Bhatti the opportunity to offer services in the European country.
“Most of our business is in the UAE, so I haven’t really focused on utilising the Swiss licence yet,” Bhatti added. “But it will be something that I’ll probably look at later this year. It’s a different market altogether.
“I’m also looking at getting a UK licence so that I can deal with expats that have repatriated back to Britain. EU as a whole is appealing and I’m looking at the licensing for that as well.
“But it will about baby steps of doing it right, rather than just trying to get out there quickly.”
