Why Does Mondial Need a Client Charter?

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The Problem: Mondial’s ability to adhere to it's Client Charter is hampered by the range of expatriate needs arising from our market place in the UAE which include a considerable mix of base currency and tax issues arising from the different expatriate groups on the one hand. On the other hand we face the usual mix of financial conundrums: different investment attitudes to risk (or tolerance to losses), different time horizons of clients and the huge variety of financial planning goals. The potential for confusion arising between clients and financial consultants is significant. The Apollo 13 refrain “Houston we have a problem” springs to mind. 

 

The Solution: Mondial has focused it’s Client Charter on laying down “Guiding Principles” for the building of every relationship.  These “Guiding Principles” are founded in our three core values of: integrity, reliability and value. Historically, we have been successful in establishing long term relationships with individuals and Corporate Employee Benefit Schemes. However, in this fast-changing world, whatever worked back in 1989 when Mondial started does not necessarily work as well today. The growing knowledge of our client base has become one of the drivers behind re-thinking our business approach.

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What is its Purpose?

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The main purpose of any Client Charter is to provide a tool for building trust within a key stakeholder group. Mondial’s four key stakeholders are it’s Clients, Consultants, Shareholders and Regulators.

 

Clients stand out as the most important as without them we have no business. Our Charter, therefore, is mainly for them. For clients, it is a boiler plate for their relationship with Mondial, it's consultants and the service we provide. Therefore, Mondial only recruits and maintains staff who subscribe to this Charter and those who honour its spirit and intention. We will endeavour to:

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• Act in the clients best interests and treat them fairly

• Undertake an initial process based on the regulators definition of financial planning. Namely, to review a clients current financial position, and plan with them on how to achieve their medium to long term financial goals.

• Ascertain a clients financial circumstances, needs, risk profile, and investor experience level as well as other preferences before making a recommendation

• Provide any recommendations in a written Suitability Report

• Provide clear information about any financial products and services we offer, including fees and charges before clients invest. We aim to be fully transparent on charges

• Provide financial advice that is not dependent on clients purchasing a product

• Only recommend a course of action that is affordable, sustainable and suitable for clients medium to long term needs

• Explain the risks and impact of the financial advice we give in an understandable way

• Encourage clients to ask if there is something they do not understand

• Ensure that clients understand investments can fall in value as well as rise, and that they may not get back the full amount they invest

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To view our client Charter please click here or alternatively download it here

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