Expat Cover to scrap commission - only salaries for insurance consultants

22 June 2015: Impartial professional advice now underscored by transparent presentation of financial propositions as Dubai based financial consultancy group launches new insurance consultancy. Decision to remunerate staff on salary basis supports corporate and UAE government commitment to transparent business practices

The Mondial Group, one of the oldest and most established financial consultancy firms in the Middle East, has announced the launch of a new life insurance consultancy arm, Expat Cover Insurance Consultancy, as it also confirms company-wide transition from commission-based remuneration to a staff salary model.

As the first financial services consultancy company in the UAE to introduce staff salaries, Mondial Group hopes to raise the credibility bar for the industry in a competitive market environment where rogue or unqualified personal financial advisors have historically operated alongside legitimate and respected providers.

“All Expat Cover consultants are salaried, and this means that there is zero conflict when it comes to evaluating the best product for our clients. This has been a huge bone of contention across the industry for years, and has contributed to the negative perception of financial services providers in the region, so in making the switch from a commission-based model to full salaries we are asserting our position as market leaders,” said Sean Kelleher, Chairman, Mondial Group.

Legislative changes by the UAE government to create greater transparency in the area of corporate governance and encourage new foreign investment, has been welcomed by businesses such as the Mondial Group as Dubai, and the UAE, gears up for Expo 2020.

“Currently, independent advice in the UAE is still driven by commissions and can lead to financial and insurance consultants open to accusations of conflicting interests,” said Kelleher.

“In announcing our new employee payment strategy, which is a game-changer for the industry, Expat Cover Insurance Consultancy is demonstrating its unequivocal support of government strategy and creating a new evolutionary model for the oft-maligned financial services sector,” he added.

Consultants are responsible for examining each client’s current protection level and future protection requirements. Solutions are then recommended based on a range of options from Expat Cover-approved providers

The Consultancy Licence the company holds ensures the consultant works in the best interests of the client. A one-off fee means there is no commission for the consultant and under Insurance Consultancy rules, pricing is highly transparent.

“The Mondial Group has been working with an international client list across the region since 1988, and our focus is consistently on delivering the best possible service and choice of products as part of a long-standing mutually beneficial advisor-client relationship,” remarked Kelleher.

Expat Cover Insurance Consultancy is independently licensed under the UAE Insurance Authority and the Dubai Health Authority, and provides investment advice to a wide range of clients.

The Mondial Group’s financial consultancy arm - Mondial (Dubai) - has been practicing financial planning and wealth management in the UAE since 1988 and currently manages in excess of over US$1 billion for over 8,000 clients