James Prince is the Founder and CEO of Prinden, a boutique Financial Advisory firm based in ADGM Abu Dhabi, UAE. With over 15 years of experience in the financial industry, James has built a reputation as a trusted wealth adviser, specializing in financial planning, wealth management, investment advice, business consultancy, and multi-family office services. As a passionate entrepreneur and investor, James has dedicated his career to helping his clients grow and achieve their financial goals. Learn more about the business and company of James Prince through our interview below.
Who are you, and what do you do?
Prinden is a leading Wealth Management and Multi-Family Office service provider that offers advice with Financial Planning, Investment Management, Family Engagement, and Succession Planning.
We are licensed and regulated by the FSRA in ADGM, and our main aim is to provide advice and to add value to our clients. We particularly enjoy working with aspirational individuals and families who aim to grow their wealth and transition it to future generations substantially. I have been advising and coaching individuals and families in Abu Dhabi since 2010.
What are the biggest challenges clients can face when they try to invest?
The biggest challenge we have seen is that clients often try to grow their wealth without investing in their personal growth as individuals.
A well-known quote goes, “If you took all the money in the world and divided it equally among everybody, it would only be a matter of time before it ends up in the same pockets as before.” This message emphasizes the importance of developing a growth mindset, acquiring new skills and capabilities, and managing wealth effectively. We are mere stewards of money, and without the knowledge and skills required to manage higher levels of wealth, our investment efforts will likely be futile.
Another significant challenge is the tendency of people to pursue “get rich quick” schemes, often overlooking the importance of a real strategy, setting goals and diversification. Investing is merely a means of getting from point A to point B in one’s financial journey. Without clear goals and a sound investment strategy, making informed investment decisions and achieving long-term financial success can be difficult.”
What is the smartest method to gain financial freedom?
The most intelligent approach is to work with a trusted advisor, to sit down and share your vision and goals and then have a strategy that is suited to this whilst simultaneously developing your personal skills and mindset. This is the best course of action individuals can take to ensure their financial success.
A Financial Advisor aligned with your goals and aspirations and with a proven track record of success can guide you on your journey to financial growth. They can share their experiences and be role model to help you achieve your goals.
What are the most common mistakes people make while investing?
- Not setting a goal in the beginning. You need a target and something to aim for. ‘A person without a plan is planning to fail’. You also need to keep looking at the goal and checking your progress.
- Don’t get too emotional. The financial markets will always move up and down. That’s life. Sometimes, our body feels different with aches and pains when we wake up; that’s just reality. It’s the same for the markets. But just because they drop a little, there is no need to panic and change your plan. Stay patient and stick to investing.
- Taking advice from people who are not experts is the most expensive advice you can ever receive. I hear people all the time saying they were listening to a friend or colleague at work. When asked how their finances are, they reply, “oh, they are in debt.” As humans, we love to give advice and be seen as experts. That’s fine, but only take advice from people who are very successful in that area. Would you take parenting advice from someone who had no kids?
- Most people need to pay more attention to how much is really needed for the future. They fail to understand the damage of inflation and how it can erode money in the future. People calculate how much a comfortable retirement might be in 10/20 years, and that becomes the target. They forget to calculate how much that equates to in the future. It can be double or triple what is actually needed.
Currently, the average family in the UAE spends 35,000 AED per month. In 15 years’ time, the family would need 72,500 AED to have the same lifestyle they have right now (with an average of 5% inflation).
What are your company’s strengths, and what differentiates it from other Financial Advisors?
We don’t just grow your money. We want you to grow you as an individual also. That’s why we like to work with aspirational people. We know what it takes to succeed because we’ve done it ourselves. I used to have a 9-to-5 job at a law firm in the UK, but I realized that if I wanted to grow my wealth and have a bigger and better future, I would have to become an entrepreneur. For the past 15 years, I have been on a journey of constant learning, development and growth. I have acquired many skills along the way, and I always pass them back to my clients to help them elevate their lives as well.
Prinden is independent advisory firm. We do not use any in house products or investments. This means we pick what the client needs and what is best for the client rather than picking something just because it generates us commission. We charge a fee for managing clients’ portfolios, which means we are directly aligned with the client.
Which services do you offer? What are your goals for your clients?
We offer financial planning, wealth management, investment advice, business consultancy, and multi-family office services.
On the wealth management side, we have designed four simple steps for our clients to follow to reach financial freedom.
Our goal is for our clients to see that there is a bigger and better future, to push the boundaries and achieve a life they didn’t know was possible.
What is the added value you can give to your clients?
We practice what we preach. Everything that we do and advise we do with our own money, and we are constantly striving for a bigger and better future, so we are on this journey with you rather than just advising you.
Connect with James Prince on LinkedIn.
Find Prinden on LinkedIn.