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Christopher Marley
New member
Username: Grippm

Post Number: 1
Registered: 2-2008
Posted on Sunday, February 10, 2008 - 12:08 am:   Edit PostPrint Post

Hi,
I work in Australia as a financal advisor and am trying to discover about working in finance in Argentina. (Probably B.A.) I suppose that all the big fanancial institutions such as Deutche Bank, ABN Amro etc are represented there. I have been in touch with a lawyer and am across the residencey part of things. Any information that anyone has will be welcome.
Thanks.
Kit.
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Roberto
Board Administrator
Username: Admin

Post Number: 1513
Registered: 12-2004
Posted on Sunday, February 10, 2008 - 9:24 pm:   Edit PostPrint Post

Christopher, welcome!

I do not know the state of affairs currently but many investment banks got burned back in 2000/2001 and left the country. I am also under the impression that some of the smaller banks in the agricultural belt are the ones you should explore as they are now cash rich. But it appears you are looking more into a "private banking" type of job?
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Christopher Marley
New member
Username: Grippm

Post Number: 2
Registered: 2-2008
Posted on Monday, February 11, 2008 - 12:16 am:   Edit PostPrint Post

Roberto,
thanks for your reply. Perhaps I am seeking a private bank. Here in Australia we have companies (many of them International companies)who provide investment vehicles for wealth creation and other financial instruments such as superanuation and pensions for retirement. Financial Planners here assist people and facilitate these matters. I remember seeing an advert by a planner in the Buenos Aires Herald once, so I know that the role exists there. I have an interview with a lawyer to discuss residency requirements for Argentina, but will be grateful for any insight into the financial scene. The part that is not cash under the bed that is.
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Roberto
Board Administrator
Username: Admin

Post Number: 1516
Registered: 12-2004
Posted on Monday, February 11, 2008 - 9:21 am:   Edit PostPrint Post

> The part that is not cash under the bed that is.

I am afraid that is a good chunk, Christopher :-) If I hear of anything I will post it here.
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Apartmentsba.com
Advanced Member
Username: Saint

Post Number: 367
Registered: 5-2005


Posted on Monday, February 11, 2008 - 9:21 am:   Edit PostPrint Post

Christopher,

Just my 2 cents (which may mean nothing to you) is to read some of the advice I posted to someone else that posted on this forum interested in moving here and starting to offer financial advising:

http://www.travelsur.net/forum/messages/20/2443.html

Now, we never heard back from him so I assume he found out the information I posted was correct.

As Roberto correctly pointed out, most investment banks got burned here at the crash. The local banks are having record profits. I'm not sure what market you are aiming to get into but it is amazingly tough in Argentina to make money. Even if you end up getting your residency consider the fact that there are plenty of really highly educated locals that speak perfect English and Spanish and many of them did their education (University or post Graduate work) in the USA or the UK. Many of them in the banking industry have very good close family contacts in the financial industry and many of them governmental contacts high in the government. So consider you are competing against these people.

Here in Argentina people (both individuals and corporations) are very very careful with their money and what they do with it. You could have had the best track record abroad in Australia but that doesn't really mean anything here. Locals will want to see what you have accomplished HERE in Argentina NOT abroad. That is the true test. These days any financial advisor can make money overseas. Of course you probably are going to be investing funds primarily abroad most likely and not Argentina but you have the trust factor to get over with.

Consider the locals don't even trust the established banks here (for good reason) and won't put their money in the bank....so you can sure bet you will have a difficult time getting them to hand over their money to you. This is a very different country than any place in the world.

I'd say the best thing is to try to work with an established company for a period of time, get some credibility, a good track record and a reputation for making people money.

The tough thing you might have is many local companies just don't hire foreigners even if they end up getting their DNI's. I almost daily get offers from University educated from the USA employees that want to intern at one of my firms. Either the property management or the investment arm of my company. We always turn them down for various different reasons. It's surprising because some of these people have MBA degrees from places like Stanford or Harvard and we still say no. Lately people have even offered to pay US to work for free here and we still say no.

I do wish you the best of luck but know what you are getting into here. It's a beautiful country but not so easy in the financial field. Best.

Mike

(Message edited by admin on February 11, 2008)

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