In a region where financial advisers (mostly sales people) prey on unaware citizens and expats to sell, wildly expensive, inneffective and unsuitable savings and investing plans, a group of volunteers has risen to provide free education and a free community to help people take control of their finances and learn to invest to live more and give more.
The typical investment plan in the region costs between 4 to 6% in hidden fees. After inflation most savers and investors end up with retirement savings that are often below what they saved. The contracts favor the product providers and often traps the client into unfavourable terms.
In the absence of regulations protecting the consumers, the only alternative is good education, simple common sense personal finance principles and evidence-based long-term investing, via low-cost, broadly diversified index funds.
The difference to the average saver in the region can easily be counted in hundreds of thousands of dollars.
SimplyFI was born to represent and support retail savers and investors in the United Arab Emirates. But our members are joining from many other countries around the world.
The community is managed by a small group of volunteers that work daily on supporting the members, moderating the forum and organizing events.
Our unique value is that
– we provide 100% independent financial education (no personal investment advice) for free to anyone interested.
– we do not have any financial interest and we function without any money exchanged. The website and other services are fully funded by the volunteers.
– we are fighting an extremely powerful lobby that has massive resources, through volunteering and armed with only goodwill, generosity and strong morals.
– we have built a very strong, pay-it forward community of over 33 000 members that continually helps support our mission.