SimonCheg
Hi. I have visited Bali many times over the last 20 years and would like to spend more time there. I'm originally from the UK and now live and work in Singapore. I've worked as a financial adviser for the past 15 years and was wondering if anyone has had any experience with financial advice in Bali? There is very questionable 'advice' given in and around Asia (not by all advisers, but I've definitely seen some shocking examples). Has anyone heard any stories in Bali, know advisers there, or had any experience? If you know the island, do you think there is a need for good quality financial advice in Bali?
Many thanks in advance
Simon
spicyayam
I don't have any personal experience but I have heard of many horror stories of foreigners losing all of their savings to financial advisors in Asia. I think it would be tough to find clients to trust you. The people who retire here I would imagine that many would keep their savings/investments offshore.
mugwump
Because there are few restrictions here in licensing the island is full of quacks claiming they are one thing or the other. A prime example is the real estate business where there are no tests to pass nor licenses to acquire, and hence no punishment for malfesance. By the same token an individual in business is driven to poverty by all the various government requirements for a cut of your income.
Finally what are your qualifications as a financial planner? What certification do you have from elsewhere including education and examinations passed to practice in this field? Other countries have these requirements in order to prove an individual practicing in the field has the qualifications.
JackStraw
If you're talking about coming here to work as a financial advisor, then I'd say "good luck." Bali isn't exactly a financial epicenter and the local governments are generally unfriendly towards bule working here. Of course, if you did it all by the book, then it would be fine but I can't imagine there would be much money in this sort of thing.
BUt If you're just looking to move to Bali and collect income in the process, I might suggest moving some significant funds (if you have them) here to local banks and living off the interest. They can be pretty high depending on what bank you choose (at least compared to USA standards where the banks rape you for all you've got).
I know a bloke who lives off interest rates alone. Just goes around to banks once a month to collect and he's golden.
