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Job description / Role
Nexus is the largest IFA organisation in the GCC. It has over 400 qualified advisers and 150 support staff. Being the largest IFA in the region, Nexus has a well-established infrastructure which ensures that their advisers have access to excellent in-house training, marketing / admin support, and cutting edge IT.
Working with Nexus provides advisers with exceptional income opportunities and clearly defined career path. Our brief is to source suitably qualified and experienced candidates for their Qatar office, Nexus Financial Services WLL.
- The Qatar office was the first Qatar-based IFA to be licensed by the QFCRAin 2008.
- The office is managed by Rod Allderidge (General Manager).
- All advisers must be UK Level-4 qualified (or equivalent) with a solid track record of success in financial services.
- Nexus runs regular radio campaigns to generate opportunity and name awareness.
- In addition to staging quarterly seminars Nexus also offers marketing support for the right activities on a 50:50 payment basis. This could be purchasing prospect lists, joining a Chamber of Commerce or putting on a seminar.
- High ethical standards
This organisation would be ideal for UK advisers seeking a secure, fully licensed and well-resourced organisation within which to build their individual practice.
Qatar is a well-regulated market that will appeal to UK qualified advisers who want to maintain their high quality, professional approach to financial advice and service. The QFCRA, by applying UK-style regulations, has certainly raised the ‘standards bar’ in the region.
Each IFA organisation is required to have a (significantly high) minimum level of capital in order to apply for a QFC license and, once licensed, to have a dedicated Compliance Officer. Only UK Level-4 qualified advisers are allowed to operate under the QFC. QROPS business is not allowed
There are just 3 QFC-licensed IFA companies in Qatar (all based in the capital, Doha) and therefore there are simply too few advisers available to service the large and growing (the population of Qatar has grown from 700,000 to 1.4m in the last few years), and extremely wealthy (Qatar has the highest earnings per capita in the World), ex-pat market. Needless to say, average earnings for IFAs in Qatar are high and opportunities are immense.
The majority of business comes from English-speaking ex-pats (from UK, EU, USA, Australasia, etc.) working in the oil/gas/construction/education sectors. Advisers are expected to generate referrals from any leads provided.
The authorisation process for new recruits usually takes 4 weeks provided all the required references, bank statements and application forms are submitted in a timely fashion.
Doha – Living and Working there
Doha is safe, clean and less expensive than Dubai. It is also less frenetic than Dubai but on a recent visit the rush hour reminded me of Dubai 7 years ago (not good!). However, it offers everything to the ex-pat adviser that Dubai does.
High quality living accommodation is available at lower prices than Dubai. The general ‘cost of living’ is probably on a par with outer London. There is a wide range of excellent international hotels – many with bars and night-clubs (serving alcohol). Those interested in golf, rugby and water sports are also catered for.
With the World Cup due in 2022, there are massive infrastructural projects planned and underway. Qatar will continue to grow. This is an exciting ‘new frontier’ and will reward the financial advisers who choose it over the rather more brash Dubai. .
Where Dubai is ‘over-broked’ with financial advisers, Qatar is significantly ‘under-broked’. Each QFC regulated IFA firm is well-managed and standards are high – which should suit new advisers from the UK. This is a market for the professional, qualified adviser who wants to make – and save – money. There is no income tax in Qatar.
Requirements
- Experienced and qualified in Financial Services – UK Level-4 or equivalent
- Experience of having been self-employed
- £6k - £10k liquid cash to support themselves
- Display clear drive and ambition; a self-motivated business professional
- Proactive and prepared to invest in themselves
- Although some orphan clients will be provided initially, advisers are expected to generate referrals from those opportunities and to network with the expat community
Candidate Package
- Flights – Nexus will cover 50% of the cost for a flight to Qatar to enable candidates to visit the office prior to making any commitment to joining
- Candidates who agree to join will also have 50% of their flight to Qatar covered (effectively one full return flight will be covered by Nexus)
- Nexus will provide accommodation in an apartment close to the office for a period of up to 4 months
- 20% uplift on initial commission for first 2 years
- Visa – paid for by Nexus
- Medical cover and life assurance provided
- 20% pay-away on any leads provided
- Commission paid weekly
- Renewal and trail commission also paid
About the Company
italent has been around since 2012, when we saw that businesses needed better talent solutions for their employment requirements. By focusing our efforts on quality products and services that are simple-to-use and innovative, our team brings you the best results without any unexpected additional costs and unnecessary complications. Simply put, we love helping businesses find and keep the right people.