Expat financial advisor in Uganda

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

I will compare some of the options available locally, alongside more portable, online, and international options like what we offer.

For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via the WhatsApp function below.

It makes sense to have a portable option as an expat, as opposed to a localized one, and that is something we specialize in. 

INTRODUCTION

Uganda, officially the Republic of Uganda, is landlocked in East Africa. The southern part of the country includes a significant portion of Lake Victoria, shared with Kenya and Tanzania. Uganda is located in the Nile Basin and has a varied but generally altered equatorial climate. The country’s population is over 42 million, of which 8.5 million live in the capital which is the largest city.

Beginning in 1894, the territory was under the protectorate of Great Britain, which established administrative law throughout the territory. Uganda obtained its independence from Great Britain on October 9, 1962. Since then, the period has been marked by violent conflicts, including an eight-year military dictatorship led by Idi Amin.

The official languages in Uganda ​​are English and Swahili, although other languages can also be used as a medium of instruction in schools or other educational institutions, or for legislative, administrative, or judicial purposes, as may be prescribed by law.

Expat financial advisor in Uganda
Kampala is the largest city and capital of Uganda. The forward-looking city is also known as the capital of the pearl of Africa. Traditionally, Kampala was a city of seven hills, but over time it has come to have a lot more. Modern buildings have sprung up all over the city. Nowadays Kampala is one of Africa’s fastest growing cities. Uganda is the country with the strongest economic growth until 2020, mainly remarkable in the upper class.

Kampala is the capital and cultural center of the country. Foreigners are welcome, the society is not very conservative, and most people speak at least a little English, so getting to know the locals is not difficult. When it comes to lifestyles, Kampala may not have as vast a selection of consumer goods as the West, but it has almost everything you need for a good standard of living.

The country clearly has a downside. Still one of the poorest in the world, it has typical problems associated with poverty: corruption, lack of infrastructure, poor health care, and high unemployment. Whatever the reasons for your stay here, be it business, working in a diplomatic mission, religious motives or working in an NGO, you are likely to face these problems on a daily basis.

Finding yourself in a new country can be frightening and frustrating at first. If you are directed to Kampala through a company or organization, they may well inform you about home agents, medical facilities, places to get your essentials. It can help you get to know people and make these important networks of friends.

Of course, not all new arrivals are so lucky, and in any case, you will want to get to know the city and meet people on your own. No matter what are your circumstances, in case you are an expat arriving in Kampala for the first time with family, the first thing you probably may need to do is find sources of recreation and entertainment for yourself and your family.

Housing can be surprisingly expensive if you live in the city center. If your organization provides housing, then great! If not, then you will probably be given a limited amount of hotel time while you find your own. There are a number of real estate agents who can help you find what you are looking for. When choosing an area to live, carefully consider the location of your spouse, as well as the location of potential schools – this can make a huge difference in the amount of time spent in traffic on Kampala’s extremely busy roads.

Housing affordability for expats ranges from impressive homes and gardens in secure complexes to condominium-style blocks and small family homes with modest gardens – again usually with their own housing complex.

Health can be one of the main reasons people sometimes hesitate to come to Africa. The threat of malaria, hepatitis, and other diseases and parasites is potentially high. However, you can significantly reduce your chances of contracting any of these diseases by making sure all your vaccinations are on time before you arrive and sleeping under a mosquito net. When traveling from Kampala, where there is a low incidence of malaria, to a more infectious area, take antimalarial pills and sleep under a net.

For an expat with health insurance or a small amount of money needed to pay for general health care, there are many good clinics and hospitals in Kampala. Unfortunately, this is not always the case in other regions of the country.

For many expats living and working in Uganda, illness is avoidable and there is a possibility of being healthy the entire time you are in Uganda, barring strange bouts of food poisoning! There are qualified health professionals and clinics here, so if you are a generally healthy family, you shouldn’t have any reason to worry about coming to Uganda.

Why do you may need a financial advisor in Uganda?

The problem for many people is that they have no control over their cash flows. As a result, they live chaotically, not understanding where they are going materially.

We are all unwittingly involved in the constant financial movement. After all, we make various monetary transactions every day. And it depends only on ourselves how conscious this movement will be on the scale of our entire life.

To manage the future, we need:

  • Manage your cash flows;
  • Transform the future into a set of clear, measurable financial goals;
  • Make a plan to achieve these goals;
  • Carry out your plan.

This is a common situation that a financial advisor works with. Along with this, special cases are also possible.

A person already clearly understands what tasks he is striving for. He only needs a specialist who will help him choose the right strategy for achieving his goal. And will offer the best tools for solving important problems. In both cases, a personal financial advisor is helpful.

Who is a financial advisor?

This is a specialist who advises on financial policy at different levels. He can work both as an individual and as a legal entity. This does not change its function.

He advises clients on saving or increasing money, assesses their financial condition, develops investment policy, a scheme for working with banking institutions, and makes management decisions.

This category includes the following specialties:

  • brokers;
  • investment advisors;
  • accountants;
  • financial lawyers;
  • insurance agents;
  • financial analysts.

The consultant may be well versed in a particular area of ​​finance, but may also be a multi-disciplinary specialist.

What should a financial advisor know?

First, he must have all the necessary skills in the profession. Secondly, it is excellent to know the provisions and laws of legislation in the field of finance and economics. Further, he must understand the market economy, trends in monetary investments.

He must also be able to evaluate financial assets and their instruments. Understand the procedures for buying and selling securities in the stock markets. In addition, he should be familiar with modern systems of lending and investment, control and taxation.

In other words, a financial advisor is an advisor with excellent knowledge in any financial, legal and accounting area.

Requirements for a financial advisor

Typically, the following requirements are imposed on financial advisors:

  • higher specialized education;
  • work experience in the field of finance for at least 1 year;
  • knowledge of financial management and accounting;
  • knowledge of the stock market and the securities market;
  • experience in analyzing and assessing financial risks;
  • PC knowledge;
  • proficiency in English;
  • sales skills.

Types of financial advisors

There are several categories of financial advisors:

  • Investment consultants, salespeople, financial company employees. They will help in cases where the client has medium-term savings and investment projects. They have certain plans that they are willing to share. This category includes bank employees, insurance agents, realtors, pension and investment fund consultants.
  • Motivational financial advisors. This is a different category. Such specialists help to draw attention to a specific problem, recognize it, and then decide on its closure in the chosen ways. In other words, the client receives instructions for action, taking into account his financial characteristics. Such specialists are approached for short-term cooperation, when the client already has a certain action plan, but he cannot decide on its implementation.
  • Independent financial advisors. Their functions include finding out the client’s capabilities, choosing a number of solutions, as well as identifying the most suitable ones for implementation within a certain time frame. As a rule, they develop plans for the long term. For example, 10 years. During this time, the client’s well-being should improve.

But in this article, we’ll mainly focus on the two most popular types of financial advisors: local and online.

Local financial advisors

There are many misconceptions about the role of a financial advisor and the differences between financial market professionals. The reality is that having an expert to help you navigate the financial market and choose a catering investment based on your individual needs can be extremely beneficial in the long run. Especially local fiduciary consultants who are legally and ethically bound to always put you first.

Many people prefer a local financial advisor because of the convenience, interaction, and more. Here are the main reasons and benefits of choosing a local consultant:

One-to-one communication

Expat financial advisor in Uganda

Yes, some people only trust personally, especially when it comes to money. If you are uncomfortable doing business on the Internet, a local financial advisor may be the right fit for you.

Many people prefer personal, human contact – especially the older generation raised on bricks and mortars rather than doing business online, which is why a local financial advisor is the preferred advisor.

In addition to managing your investment portfolio, the benefits of a traditional local financial advisor include the ability to discuss your questions and concerns as often as you want, anywhere.

Face-to-face meetings can help you clarify your costs and goals by making an assessment appointment and scheduling regular reviews. All consultants are individual, which is why it is so important to take a closer look and ask questions to find someone who suits your individual needs.

Local experience

Uganda is a foreign country and for many expats the laws may be different, investment options, savings accounts, and more may require different skills.

The key decision is a local financial advisor. They are usually educated and focused on the laws and regulations that they follow in the country. So they are a great resource if you are looking to invest locally to drive growth in your area, city, or state.

Keep in mind that local investment can bring you two rates of return – one directly for your portfolio and the other through your community. There is growing evidence that, compared to their non-local counterparts, local businesses have two to four times the impact on local economic development for every dollar spent on them.

So, if you have an investment portfolio that includes local businesses, your dollars will continue to circulate and improve the well-being of your entire community by creating new jobs, increasing income, and ultimately supporting funding for schools, parks, police. and fire services; and safe and prosperous areas.

An expert, local financial advisor can help you with due diligence to make sure your local investment makes sense.

Online financial advisors

Online financial advisors have been steadily gaining popularity over the years and for a variety of reasons.

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 with their financial advisor when a phone call or Zoom meetings are simple. also.

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.

Location is the first advantage

Investors looking to hire a consultant in cities with high cost of living often struggle to find a consultant who is affordable or accepts them as a client if they do not meet the requirements based on their minimum assets.

Having a virtual relationship allows investors in, say, San Francisco or New York, to hire a consultant in Delaware or Mississippi who is likely to be more accessible and have a lower declared minimum asset, even if they have the same experience and level. service offers.

Everything should be in your time

Those professionals who work hard get good salaries, but they often cannot find a consultant who is available when they are – after hours. An online consultant is usually not limited to “office” hours and can contact you when you need it!

In times of intense financial stress, simply revising the annual plan is often not enough. As an investor, you will most likely prefer to have your financial planners or advisors available throughout the year.

The client/consultant relationship is not a set-and-forget relationship, but rather a continuous dialogue. This includes ongoing text or email conversations, which are much more convenient than scheduled face-to-face meetings once a year.

Increase your chances of finding the right advisor

Often, due to location restrictions, people choose financial advisors that are not right for them. Rather than focusing on finding a reliable consultant who cares about your interests and is experienced with your specific needs, physical limitations may prompt you to hire a low-quality consultant who happens to live nearby. The ability to find a working consultant practically expands the pool of potential candidates, so you can find the most suitable one for you!

Financial advisors have different backgrounds and the value they add can vary greatly. Even if a consultant is paid, this does not mean that they have the same level of expertise, offer the same services, or serve the same types of clients. Zoe will help you find the top 5% independent paid consultants in the country, so you can find a highly qualified consultant wherever you are.

Once you can trust that your potential online financial advisor has the right experience, you will need to assess whether his or her experience suits your needs and your investment. The value that consumers expect from a consultant has changed dramatically over the past few decades.

In the past, advisors were prized for their ability to try to beat the market by choosing stocks, bonds, or mutual funds on your behalf. Technology and product innovation have commodified many of these tasks through more passive and cost-effective investment vehicles such as index funds or ETFs. An online financial advisor practice can provide an interactive service that has already been redesigned for virtual work with its clients.

Expat financial advisor in Uganda

When do you need a financial advisor?

By “financial advisor” we mean someone you trust and with whom you can discuss your financial situation, plans, and how you handle money. By no means am I referring to banking or brokerage employees – at least not most of them.

Below is a fairly extensive list of situations when it is time to think about this question.

1. When you have made a major financial mistake. Example: If you decide to sell all stocks in the midst of a corona crisis and withdraw money from the stock market, this is a sign that you cannot trust yourself in money and investment management. As a rule, past behavior is good at predicting your future behavior, and if you were scared in early 2020, then the next time, especially with large sums in control, you will probably also succumb to emotions and make an even bigger mistake.

2. You are tired of financial decisions, investments, etc. After 10 years of active work and investments, you have accumulated an amount at which you are satisfied with the income from rent – dividends from value companies, real estate funds, etc. If you are tired of choosing stocks, news tracking is a good reason to think about transferring at least some of your concerns to another professional.

3. Not enough time. If you have a non-market job and in addition to that, you have a lot of family concerns, it is unlikely that the 15-20 minutes you spend a day after a hard day at work will help you manage your affairs effectively. family money. In such conditions, thinking about rebalancing the portfolio and choosing one or another ETF or even more so a stock is the last thing you need to do.

4. When the “shares” have risen so much that the cost of a mistake can set you back years. It’s one thing when you’re young, full of energy, your brokerage account is only $ 5,000, and your entire working horizon is still ahead – in this case, even a complete loss of capital is unlikely to seriously affect the way you live. after retirement. It’s another matter, when you are already over 40, investments amount to several annual salaries – in this case, you already have less time and effort to correct possible mistakes before retirement (and they will certainly be).

5. You have a specific goal – to buy a second home in 10 years and retire in 20. It is clear that the financial consultant does not have a crystal ball. But, using his knowledge and experience, he will at least tell you what risks can be realized over such a long period, and will assess whether you have at least some chance of achieving what you want.

Pained by financial indecision? Want to invest with Adam?

Financial Planner - Adam Fayed

Adam is an internationally recognised author on financial matters, with over 340.1 million answers views on Quora.com and a widely sold book on Amazon

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