who we are
Mondial [Dubai] LLC is a UAE Independent Financial Consultancy, regulated by the Securities and Commodities Authority [SCA], Licence Number 608007.
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FORMATION
Mondial [Dubai] LLC is one of the UAE’s oldest established financial planning and wealth management organisations, established in 1988. While the origins of the financial services industry can be traced back to 1,300 AD and the abacus, the UAE’s financial services sector may be in its relative infancy, but is nonetheless extremely dynamic. Mondial has matured along with the UAE as the country has translated its fledgling urban vision into a world-class physical and economic reality. We share with the UAE a common pride in our heritage and our achievements.
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REGULATORY HISTORY
When the UAE Central Bank defined the operating standards for the provision of financial advice, Mondial was one of the first companies to secure its license in December, 1996. The Central Bank inspection teams were vigilant when it came to business conduct. As a result, the first set of standards instituted by Mondial, were linked to the UK-recognised Chartered Institute of Insurers (CII).
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At Mondial we follow the letter of the law. Mondial became the first ‘Financial Consultancy’ to migrate from the UAE Central Bank to the UAE Securities and Commodities Authority [SCA] as the regulatory environment switched to a model, seemingly separating prudential government from the conduct of business.
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Mondial (Dubai) LLC is licensed by the UAE's Securities and Commodities Authority
Mondial (Dubai) LLC is an accredited training partner of the Chartered Institute For Securities & Investments
AN INDUSTRY BECOMES A PROFESSION
The new regulator is now getting to grips with the standards required of financial consultants. The minimum standard is set at the Financial Analyst level. What is important to note is that the ‘old days’ of financial advisors who perhaps chose the profession as a second career, with little or zero knowledge of how to provide credible and complex financial advice, is under threat. That "dollar-counting" salesman is now being replaced by professionally qualified advisers. Here, at Mondial, the ‘used car salesman’ left the building a long time ago.
The UAE' Securities and Commodities Authority Financial Consultation and Financial Analysis Licensing Requirements page can be found here. While SCA utilises an academic equivalency programme to allow comparison between different international standards, and to enable exemptions, the main standard bearer for SCA exams is the UK’s Chartered Institute of Securities and Investment (CISI). At Mondial, we have taken stringent steps to enforce a minimum standard. The Financial Analyst standard is that minimum standard. The other internal standards are steps towards the SCA-level Analyst. At Mondial we separate the Financial Planner from the Financial Consultant, from the Financial Analyst [Wealth Manager]. All levels of our advisers must pass the CISI International Wealth Management Certificate (IWMC), which demonstrates a basic level of competency.
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HOW WE GIVE ADVICE
Mondial’s activities are strictly controlled by the SCA [for a full definition of financial planning click here]. As a consultancy we don’t take or touch the money that our clients invest. Mondial advisors work best when they know what investors dream about and what they want to achieve in the future, so they can provide plans for their future security and wellbeing.
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We look at where a client is today, asses what they have and what they need, and help them manage the ‘gap’ on an ongoing basis by making recommendations on what actions they should consider to achieve their goals. Any and all actual decisions remain with our clients.
This may sound like a simple process but financial planning is a journey with many twists and variables, and documenting it is critical.
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To view Consultant and Staff Profiles please click here
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To view our Organisational Chart please click here
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