Expat financial advisors in Tanzania – what are the options?

Expat financial advisor in Tanzania – that will be the topic of today’s article.

Compararé algunas de las opciones disponibles a nivel local, junto con otras más portátiles, en línea e internacionales, como las que nosotros ofrecemos.

Para cualquier pregunta, o si desea invertir como expatriado, puede ponerse en contacto conmigo utilizando este formulario, o por correo electrónico: advice@adamfayed.com

Tiene sentido tener una opción portátil como expatriado, frente a una localizada, y eso es algo en lo que nos especializamos. 

INTRODUCCIÓN

Tanzania covers an area of ​​947,300 sq. Km and is located in eastern Africa in the Indian Ocean. It has the longest borders with Kenya (northeast) and Mozambique (southeast) but also borders Burundi, the Democratic Republic of Congo, Malawi, Rwanda, Uganda, and Zambia. In the east, Tanzania is washed by the Indian Ocean. The three largest lakes located in Africa are also border parts of the country. These are Lake Victoria to the north, Lake Tanganyika to the west, and Lake Nyasa to the southwest.

Tanzania is made up of three geographic regions: islands and coastal plains in the east, a saucer-shaped plateau in the center and west, and highlands in the northeast. Mount Kilimanjaro, the highest point in Africa at 5895 m, is located in the northeast of this highland. Another special geographic feature is the Great Rift Valley, which crosses the center of the country.

Tanzania’s climate ranges from tropical in the coastal regions to temperate in the highlands. On the coastal plains and plateau regions, temperatures range from 25 to 31 ° C in the hottest months (November to February) and 15 to 20 ° C in the coldest months (May to August). Temperatures in the highlands range from 10 to 20 ° C.

Some parts of Tanzania only have one rainy season per year, while others have two. The southern, southwestern, central, and western parts of the country have one monsoon season, which lasts from December to April. The northern region of the country, including Dar es Salaam and Arusha, has two rainy seasons a year. People living in this area of ​​Tanzania distinguish between short rains (Vuli) from October to December and long rains (Masika) from March to May.

Tanzania is home to about 55.5 million people. In the five decades since independence, Tanzania’s population has increased almost fivefold. The population is especially concentrated in Dar es Salaam and Zanzibar and their urban areas. Despite these urban centers, just under 70% of people living in Tanzania still live in rural areas.

Tanzania is considered as one of the developed countries in Africa. On the mainland, about 99% of the population is ethnic African, originating from over 120 different tribes, almost all of which are Bantu. In Zanzibar, people are of Arab, African, or mixed Arab and African descent. On the mainland, the population is almost equally divided between Islam, Christianity (mainly Roman Catholicism), and indigenous religions. More than 99% of the population of Zanzibar is Muslim.

Life in Tanzania can be characterized by simply a mix of African, Arab, European, and Indian cultural influences. The official languages ​​are Swahili (Swahili) and English. Swahili is the lingua franca of central and eastern Africa that unites the entire country. Most people living in Tanzania speak one of the 158 local languages ​​as their first language. Arabic is widely spoken in Zanzibar. English is the main language of business, government, and higher education.

Health Precautions

But before you start your life in Tanzania, you have to make sure you have taken all the needed medical precautions. The risk of contracting a serious infectious disease is quite high. These diseases include hepatitis A, typhoid fever, yellow fever, malaria, dengue, and rabies. The level of HIV / AIDS in the country is also quite high and amounts to 4.7% of the population.

In addition to making sure all your routine immunizations are up to date, you should also get the hepatitis A and typhoid vaccine. Also consider vaccines for hepatitis B, yellow fever, and rabies (if you will be in contact with animals). Talk to your doctor about the best antimalarial medication for you and if you need to start taking it before you leave.

When you start living in Tanzania, do not drink tap water as it is full of bacteria and parasites. Many expats install water filtration systems in their homes to minimize the risk of contracting waterborne diseases. Anopheles mosquitoes are another big problem. In addition to taking anti-malarial medications, you can regularly spray your home against mosquitoes, sleep under a mosquito net, and use insect repellent. Remember that the period from May to July is considered the high season for malaria in Tanzania.

Health and safety in Tanzania

The quality of local healthcare facilities in Tanzania is often well below Western standards. Most expats visit an expat clinic in their hometown when they need medical attention. In more serious cases, you will be transferred to Nairobi or Johannesburg. It is recommended that you bring all the prescription drugs you need with you for a few months to get started after arrival.

Medical insurance

Tanzania has two public health insurance schemes. The first is the National Health Insurance Fund (NHIF), that is mandatory for almost all employees and voluntary for private-sector employees. The contribution is 3% from the employer and 3% from the employee. Registration for Social Security Benefit (SHIB) is voluntary for members of the National Social Security Fund (NSSF). Despite no need for additional fees, only about 10% of NSSF members participate in the SHIB due to the relatively small network of healthcare facilities and limited coverage.

You will need to discuss with your employer if you will receive any public health insurance coverage during your stay in Tanzania. In any case, it is highly recommended that you sign up for a comprehensive private health insurance plan yourself with an international insurance company or through your company. Make sure you know exactly what your plan covers and that full medical evacuation coverage is included in your plan.

Rise in crime in the commercial capital

Although the crime rate in Tanzania is considered safer than in many other African countries, it is unfortunately on the rise, especially in Dar es Salaam. Foreigners should rent a house or apartment in a gated community with 24/7 security and alarms, as robberies are common. Pickpocketing and theft are common problems in public transport and in city centers. Violent crime and murder is also on the rise.

Use common sense when you are away from home. Always have the contact information for your embassy or consulate with you, as well as the contact information for your doctor, and know where the nearest hospital or medical facility is. Women should dress modestly, especially in Zanzibar, to avoid harassment.

Tanzanians are friendly people and are usually willing to help, but you must also be careful not to be fooled. Locals, even the police, often ask for money and bribes. They know that expats usually have more money than they do and are not afraid to ask for it. Many expats and tourists fall prey to scams and scams.

Anyway, let’s take a look in Tanzania how you can complete your financial activities, manage, invest, retire, save, etc. In such cases, you will need the help of a financial professional, local or online. That is why in this article we will mainly talk about a financial advisor, the profession, how advisors can help you, and also talk about local and online advisors and their benefits.

¿Cómo saber si necesita un asesor financiero?

El dinero es difícil de controlar, por mucho que sea. A veces necesitamos ayuda financiera profesional porque no podemos desarrollar adecuadamente estrategias y seguirlas, pero al mismo tiempo, no estamos seguros de por dónde empezar, y para el primer paso vamos a determinar y fijar qué objetivos financieros que desea alcanzar.

Are you looking to start investing or investing more money in Tanzania? If you don’t know where to start, keep reading.

This helpful blog post will be a quick guide and overview of when you should contact a financial advisor, how he can help you, the three main types of financial advisors, real estate investing in Tanzania, and more.

A menudo, determinados acontecimientos llevan a una persona a buscar asesoramiento financiero. Estos sucesos suelen estar asociados a golpes inesperados, grandes pérdidas o acontecimientos vitales importantes.

Wondering how much you need to save to retire at 65? Do you need advice on how to pay off your debt? Do you want to know how much insurance you need? Finally, are you an expat in Tanzania and need financial advice?

The truth is that some financial decisions need to be backed up; others you can probably handle on your own – at least for now.

Si se encuentra en una de estas situaciones, es posible que necesite asesoramiento financiero:

• I’m close to retirement and want to make sure I’m on the right track
• Acabo de heredar dinero de mis padres y necesito consejos sobre cómo invertirlo.
• Me casé hace poco y como pareja necesitamos ayuda para gestionar nuestras finanzas.
• Me he divorciado o enviudado recientemente y, como persona soltera, necesito ayuda económica.
• Mis padres se están haciendo mayores y necesitan ayuda para gestionar sus finanzas.
• Odio invertir y la planificación financiera, y necesito ayuda profesional para no perder todo mi dinero.
• Me encanta la planificación financiera y la inversión, pero necesito una opinión diferente para ver si puedo hacerlo mejor.

Financial advisor is simply a term that includes financial planners and investment advisors. It is imperative to seek financial advisors who follow a fiduciary rule, which means they act in the best interests of their clients and only work for remuneration.

Esto significa que los honorarios de los clientes son su única compensación y que no reciben una comisión cuando usted invierte en determinados fondos o compra productos financieros.

Un buen planificador financiero certificado puede ayudarle a organizar su situación financiera general, incluyendo el desarrollo de una estrategia de ahorro e inversión para la jubilación; la planificación de grandes gastos, como comprar una casa o tener hijos; el presupuesto y los gastos diarios; y la planificación fiscal y patrimonial.

También puede plantearse contratar a un planificador financiero si está demasiado deprimido o confuso con su dinero como para tomar decisiones financieras importantes, por ejemplo cómo equilibrar varios objetivos financieros, gestionar un negocio, salir de deudas pendientes o crear un plan de ahorro para la jubilación.

Si la alternativa a reunirse con un planificador financiero es la parálisis en la toma de decisiones, es mejor que busque asesoramiento externo.

Los asesores de inversión suelen centrarse en los matices de su estrategia de inversión, como qué acciones o fondos comprar en las cuentas de jubilación, cuáles retirar y cómo minimizar los impuestos. También pueden gestionar sus inversiones, pero suelen cobrar una comisión de 0,5% a 2% sobre la cartera.

Recuerde que no necesita ser un inversor con millones en el mercado para tener un asesor financiero, por otro lado, tampoco lo necesita si sólo quiere saber cómo invertir sus fondos o qué fondos elegir cuando se jubile.

Un asesor financiero en línea suele ser una alternativa más barata, y algunos incluso proporcionan acceso a asesores de inversión o planificadores financieros humanos por una tarifa adicional.

Los servicios de inversión automatizados (a veces denominados asesores robóticos) personalizan y reequilibran automáticamente la cartera de inversión por usted en función de sus objetivos y su tolerancia al riesgo, y la comisión de gestión anual es sólo del 0,25% del saldo de su cuenta.

Un asesor financiero puede ser una inversión valiosa para sus objetivos y puede ayudarle a “fijar y olvidarse” de sus inversiones.

Asesores financieros locales

La diferencia entre un asesor financiero local y otros tipos de asesores financieros es, en realidad, la diferencia entre un enfoque de servicios profesionales y un enfoque de productos específicos. Por supuesto, una gran experiencia local es una ventaja.

Hiring a local consultant has one key advantage: you can meet with someone who will advise you according to the rules of a particular location, in this case, according to the rules of Tanzania.

Muchas empresas no pueden permitírselo. Tanto si está de acuerdo con el negocio virtual como si no, seguro que hay situaciones en las que siente la necesidad de reunirse y hablar con alguien que le proporcione estrategias y consejos valiosos.

Otras empresas de asesoramiento financiero suelen distribuir su carga de trabajo entre distintos departamentos. Lo más probable es que su “asesor” sea un gestor de cuentas que actúa como amortiguador entre usted y algunas de las otras personas de la oficina que realmente hacen el trabajo.

Your “planning” probably comes from the planning department; your investment analysis most likely comes from an analyst who is far from what really matters in your life, and those who actually implement the strategy usually see you as just a bunch of “buys” and “sells”, each of which makes shopping day. You simply won’t be able to meet with a real “advisor” because these responsibilities have been divided among several people in different offices.

On the other hand, you should be able to meet with a consultant if you choose an independent service-oriented consulting firm. Again, hiring a local financial advisor is optional, but for most people there are many benefits to having in-person meetings.

La mayoría de los asesores de grandes empresas financieras, como los bancos, recibirán una parte o la totalidad de la remuneración por venderle un producto, ya sean acciones, bonos, fondos de inversión, pólizas de seguros o rentas vitalicias.

Esto crea un inevitable conflicto de intereses. Las leyes de valores de este país reconocen este hecho y exigen a estos “asesores” un nivel inferior. Esto se denomina norma de “idoneidad”, lo que significa que sólo tienen que considerar si los productos que venden son adecuados para su amplio perfil de inversión.

La norma más estricta es la “fiduciaria”. Un asesor independiente, ya sea online o local, que acepte cumplir esta norma está obligado por ley a ponerle siempre a usted en primer lugar.

These consultants never sell products, take commissions, or do anything else that could create a conflict of interest. They weigh all the factors in your situation before making any recommendations. Their advice is 100% objective. Whether you are hiring a local consultant or not, remember that they are objective and always prioritize their clients. Speaking of online financial advisors, let’s talk a little about them.

Asesores financieros en línea

Los asesores financieros en línea han ido ganando popularidad a lo largo de los años y por diversas razones.

One of the first reasons people started working with virtual financial advisors was to buy time in the olden days, since they didn’t have to get in their car or sit in traffic to meet their financial advisor during a phone call or Zoom meeting.

For people who travel frequently or plan to relocate to another part of the country (or live abroad), working with an online financial advisor will also ensure that your relationship doesn’t end wherever you are.

Perhaps the most significant advancement accelerating the trend towards virtual financial consulting is the ability of financial consultants to specialize in serving a niche that would be impractical if limited to working with clients in their hometown.

This way, you have the opportunity to hire a financial advisor who truly understands your individual needs, based on their education, experience, and commitment to helping people like you.

What you can get from working with your online financial advisor?

Individual approach to your business – An online financial advisor is not the same as a robotic advisor or even a bank advisor in many ways. First, you will receive real and personalized advice from a real expert who is well versed in finance and investment, not someone who wants to sell you banking products.

This is important for those who want to look at their finances in a healthy way and give advice like professionals. Sometimes the software or algorithm doesn’t work, especially if your problems are a little more complex.

Relatively low fees – Of course, the cost will come down if you choose to hire an online financial consultant as it does not have a luxury office and other trappings that will affect the cost. What he needs is a computer, the Internet, and a good experienced brain.

They also cost less than conventional companies or financial institutions that provide financial advice. It’s also a smarter choice if you want to save money and spend less, but still understand if you really need a financial advisor. The benefits you get from this will multiply when you decide to do a second or third session.

Contrate sólo a un asesor financiero en línea fiable para obtener el mejor servicio. Al fin y al cabo, su dinero se lo ha ganado con esfuerzo y sin duda necesitará a alguien que le muestre cómo mantener y hacer crecer su fortuna hasta nuevas cotas.

Documentación en línea – Financial planning really requires a lot of different documents. Those receiving basic financial planning advice will easily find hundreds of pages of advisory documentation.

Habrá muchos documentos que también requerirán su firma. Como asesores financieros online, aprovechamos los avances tecnológicos, ya que existen muchas nubes y plataformas seguras que almacenarán sus datos financieros. Por lo tanto, podemos enviarle de forma segura todos estos documentos online por correo electrónico.

¡Pero lo más increíble es la posibilidad de poner una firma electrónica! Utiliza unos pocos clics para firmar documentos para dar la vuelta a tu superusuario, personalizar archivos adjuntos y poner en marcha el Plan B.

Todos estos documentos se publicarán de forma segura en un portal en línea al que sólo tendrán acceso usted y su asesor financiero en línea.

Muchas personas pueden abordarlo con escepticismo, lo que también tiene su explicación. Se trata de un concepto relativamente nuevo y es difícil que la gente se acostumbre a algunas de las cosas que también se pueden hacer en una plataforma en línea, pero es una gran herramienta que le ahorra tiempo y beneficios en primer lugar.