Bringing generations of world-class financial advice to the UAE: Christo Arundel, St. James's Place

For Christo Arundel, Partner at financial advisory firm St. James's Place Middle East, delivering client-centric financial advice runs in the family.

Christo Arundel knows all about the power of financial planning and the value of long-term relationships, after following in his father’s footsteps to work for the FTSE-listed financial advisory giant.

Growing up in the UK, Arundel initially pursued a career in banking, working in London for investment banks including UBS and Bank of New York Mellon. But being stuck behind a desk crunching numbers was unfulfilling, prompting a career change to a more client-facing profession - and a conversation with his father about a rewarding career in financial advice.

"Working all day behind a computer with little face-to-face interaction wasn't doing it for me," he says. "My Dad was a Partner at SJP from 1993 to 2017. I never really thought about what he did as a career until I wanted a change from banking. When I finally discussed it with him, it was clear that SJP and its relationship-focused, client-centric model was a perfect match for my finance experience in banking. I then looked to join SJP as soon as I could."

Arundel joined SJP in 2017, and after years of honing his financial advice skills in London, was one of the first members of the SJP team to join the company's business in the United Arab Emirates. Based in Dubai's International Finance Centre (DIFC), Arundel made the move after SJP received regulatory approval from the Dubai Financial Services Authority in May last year.

As a company with $238 billion USD in funds under management globally and nearly one million customers, St. James's Place is at the forefront of efforts to deliver world-class financial advice to UAE residents and the nation's huge expat community, leaning on decades of experience in the UK, Singapore and Hong Kong markets.

Financial advice firms in the UAE have typically operated on a product and sales-driven basis, taking a short-term approach to advisory services. But St James's Place is looking to change the face of industry in the region by rolling out its unique brand of individualised, long-term financial planning. The model has resonated with locals who prioritise trust.

"Trust is what business is built on in Dubai, and rightly so," Arundel says. "When I meet with Emirati people, it is immediately clear that they want to get to know who you are before any talk of business starts. This is both a culture shock compared to the UK, but it’s also refreshing, as we're in a relationship-based business, and trust is everything to me as well."

Long-lasting relationships

Part of the SJP difference is to look at a client’s life goals decades down the line and how to achieve them. The strategy has been a core part of SJP's ethos since its launch in 1991.

"It's about building long-lasting relationships with clients and their wider family," Arundel says. "Financial planning and wealth management can too often be seen as selling investment products or funds. This is an important part of the process, however the focus should be on what really matters for a client. What do they want to achieve in their lives? Financial planning should be the backbone of this."

"There's no bigger reward than sitting down with a client at any stage of their financial journey, whether it's dipping their toe into investing for the first time, or a High Net Worth (HNW) individual with a series of complex issues, and seeing the client relax, knowing their financial worries are now taken care off. That’s why I do the job."

SJP's arrival in the market comes as the UAE sees an economic boom, driven by an influx of overseas professionals, and government policies designed to turn the region into a major financial centre. Christo says people from all walks of life, from middle-income earners to HNWs, need to think about financial planning to fully achieve their life goals.

"The UAE and Middle East have been booming, with so many expats relocating here, led by the favourable tax regime and work packages that attract top talent. However, there is little provision in the way of pensions, savings and investment advice. A lot of individuals have no plans and are not prioritising long-term wealth. Starting investment strategies early can compound and make a difference for people when they relocate or retire."

Even the smallest steps can make a big difference over decades, and SJP is driving that message home across the region.

"It sounds so simple, but 'little and often' is the most important factor when managing money," he says. "Little and often is also client specific; little to one person could be $500 a month but to another, it could be $10k a month. The emphasis is on building repeatable saving habits and investing for your future self. Imagine what your future self would want you to do with your pay cheque."

Dubai's bright future

Arundel is enjoying the lifestyle in the UAE and the change of scenery from the UK and believes Dubai will remain an attractive destination for professionals, further fuelling demand for wealth management and financial services.

"I first visited the UAE in 2008 on a cricket tour, and the trip left me with a soft spot for the region," he says. “Many of my friends lived in Dubai for around ten years prior to me moving over, and when I knew St. James's Place was launching here, I immediately wanted to make the move."

"Being able to wake up nearly every day knowing that when you open the curtains, the sun will be beating down is such a game changer. The guaranteed weather enables such an active outdoorsy lifestyle for things like golf, paddling, running, cycling, and even hiking in the mountains."

Dubai's rapid growth, and that of the DIFC, have been aided by the government's strong focus on regulation, as it looks to lay a foundation for a world-leading financial sector. The advice industry has benefited from the strong regulatory focus, with greater oversight and safeguards for investors. Christo says this is great news for the future of the industry.

"Much like in the UK, increased regulation and oversight will develop the advice-based market and ensure client security, this can only be viewed as a positive as more people move to the UAE and make it their home."

Arundel is confident that by delivering long-term results for clients over decades and forging close relationships, St. James's Place will continue its strong growth in the UAE as the region becomes an increasingly important financial hub.

"Each year, more people are making the decision to relocate to the UAE. So building a network of clients that trust us will ensure our business continues to grow."

To learn more about St James’s Place, please visit www.sjp.asia/ae

To find out more about Christo and to get in touch with him please click here

*The 'St. James's Place Partnership' and the titles 'Partner', 'Adviser', 'Partner Practice', or any variations thereof, are marketing terms used to describe representatives of the St. James's Place Group ('SJP Group'). St. James's Place (Middle East) Limited ('SJPME'), is regulated by the Dubai Financial Services Authority (DFSA) and is authorised to conduct the Financial Services of 'Advising on Financial Products' and 'Arranging Deals in Investments' Investments' in and from the Dubai International Financial Centre (‘DIFC’). DFSA Firm Reference Number F003486.

Registered Address: Gate District Precinct Building 03, Units 706, 707 & 708, Level 7, DIFC, United Arab Emirates. SJPME is part of the SJP Group. Members of the St. James's Place Partnership in the DIFC are appointed by and represent SJPME and may facilitate business with other companies within the SJP Group.