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Financial 'advisors' Stalking This Forum

GuestHouse
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GuestHouse Diamond Member

GuestHouse

Posted
Posted (edited)

There have been a number of instances lately of Financial 'Advisors' (or their agents/go-fors/lackies) crop up on this branch of ThaiVisa to recommend Financial Services - In the most crude form we've had people openly advertising financial services, hardly more subtle are new members miraculously appearing to recommend a 'good guy they know - pm me of details'.

I'll make clear distinction here. There are regular members who have been contributing to ThaiVisa and this branch in partcular for a number of years - These are people who have real experiences to share, and who also share many of the financial concerns/responsibilities and challenges as the rest of the membership. Almost, if not all, of these people offer really valuable advice and experiences - We might disagree between each other (often do) but I think I am right in saying all these regular members come to ThailVisa and this branch in particular to share information and help/be helped in doing so.

Not so these scouts for the Financial 'Advisors' - They are here to drum up business and in doing so the put the value of this board as a source of real experience at risk. We've had people trying to sell QROPS, we have people signing up to direct members to their 'Friend/Good Guy they know' - It is my perception that the arrival of these types of member is on the increase.

We all need to be on the guard for this kind of behaviour - I think it is doing a service to the board to report instances of 'Business Trawling' - Either openly trawling on the board AND especially if you are receiving PM's soliciting business.

I also think it is doing a great service to those who might be caught out by the scammers for which the Expat Financial Services Insustry is renowned.

Much of the Financial Advice being given by these guys is misleading - I would argue malicously so - All of it is available for free in the regulated Financial Services Sector back home.

It is I am sure, widely known on this board that my personal views of Financial 'Advisors' in Thailand is pretty low (actually getting lower would be difficult) - But don't let that blind anyone to what I am saying.

These people are using the access ThaiVisa provides to solicit business and they are by the very nature of that act using ThaiVisa's (and this board's) reputation to gain access to expats.

Expat Financial Advisors in Thailand are unregulated - And they are an unecessary financial risk to Expats in Thailand.

Don't let them use this board, or ThaiVisa to make any Expat a victim of their scams and unregulated marketting.

Edited by GuestHouse
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cmsally Ruby Member

cmsally

Posted
Posted

It seems if you are active in this section, especially asking about banking products, interest rates etc. then some sort of PM will come your way.

Just ignore them. Even Financial Advisers in UK are pretty scary, certainly wouldn't trust one here.

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chiang mai Star Member

chiang mai

Posted
Posted

I agree with GH and have set out my concerns on this topic, albeit not quite as eloquently as GH :D, in a separate thread. I have also asked that thread be closed down for all the reasons that GH has stated but it continues to run. As for receiving unsolicited material, I certainly get my fair share and if anyone is feeling left out in the respect I'll be pleased to forward it to you. :o

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haybilly Gold Member

haybilly

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Posted
:o

Strange...

Maybe I've missed something but I've never seen those financial advisors or their promotions nor received any PM's from strangers....? :D

LaoPo

The answer is pretty simple--yourself, Guesthouse, Chiang Mai and a few others usually don't ask questions but answer them--ordinary folk like myself, who, as CMSally says, ask for financial advice--we're the targets--I myself got one a couple of weeks back and, but for a PM to Chiang Mai followed up with some research, I could have made a very expensive mistake--Guesthouse, you are right, your Topic title sums it up--be warned.

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chiangmaibruce Gold Member

chiangmaibruce

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Posted

Yes, good post.

Also, coincidentally (?) just in the past week I have seen (and reported) two instances of straight out spamming. Nothing to do with the topic whatsoever - just an excuse to flog their wares with web link included. First time ever on TV. A real shame if this problem really gets going.

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keestha Platinum Member

keestha

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Posted

It happened I think twice that I pushed the "report" button after seeing a thread in which bait was laid out for some kind of scam like "work at home entering data and make at least $250 per day". In both cases the thread was taken down rapidly.

It is not always so obvious though. Guesthouse raised a very valid point.

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Misty Gold Member

Misty

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Posted
It happened I think twice that I pushed the "report" button after seeing a thread in which bait was laid out for some kind of scam like "work at home entering data and make at least $250 per day". In both cases the thread was taken down rapidly.

It is not always so obvious though. Guesthouse raised a very valid point.

Yes, definitely agree with Guesthouse. I would like to see them cleared off--I find I get distracted by the gibberish posted by some of them.

I read TV for updates on legal issues, Thai related news, occasional other tidbits, and to gage foreigners perceptions on various issues (politics, economics, etc included). I don't read TV for investment advice, however--and definitely not for the so-called "advice" of these unregulated salesmen.

I've never been PM'ed by these types, but I used to get cold-called by them all the time. Grew to hate the way they would lie to the receptionists or my secretary, and then try to sell me something inappropriate, inferior, ridiculously expensive, or illegal. The proof of how little these folks know was in the fact that they were trying to sell me on something at all (unless their boss was messing with them).

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Marvo Silver Member

Marvo

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Posted

When I was due to shift a large(ish) sum from the UK to LOS, I posted to get some specific advice from the learn-ed members. I got two PM's from strangers offering to take my pounds and give me Baht to help with the exchange rate losses. I couldn't see how I would benefit and besides I wanted a Foreign Exchange Transaction Cert from the bank anyway. I declined the offers of course. I knew a scam was likely waiting for me but I just couldn't work out what the scam would be. Surely it wouldn't be so crude as they wouldn't suggest that first I paid my Stirling into their bank account and then "afterwards" they would give me Baht?

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GuestHouse Diamond Member

GuestHouse

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I think the answer to Private Messages that are soliciting business, or that you believe to be a scam, is to report them to the Moderators.

As I mention above, I think the Private Messages are just as much of a problem as the garbage posted by Financial 'Advisors' here on the board - Perhaps more so in that they maybe laying a trap for an individual.

And of course the fact that someone works in the financial services industry does not preclude them from giving good and impartial advice - But I think such people need to be absolutely clear in stating that they work in the financial services industry (without plugging where for for what company they ware working) and they need to make extra effort to ensure they are not selling products.

We've had one member here this last few days who I believe works in the Financial Services Industry giving very clear warnings about the risks of QROPS without plugging who he works for - I think that is an example of a valuable and impartial contribution.

I'm simply warning that we need vigilance against trawling for business, scams and soliciting. I don't think this is just a job for the mods, but for all the members - Keep the scum that are hovering over people's hard earned life savings out of ThaiVisa.

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bangkokjackk Rookie Member

bangkokjackk

Posted
Posted

Hi Thaivisa members,

I am sure I will be hated for even admitting I work in the IFA business. I will be the 1st to admitt that it is an industry that has more than its fair share of cowboys and rogue traders. This only serves to make my job 1000 times more difficult. However we are not all the same. If I ran a company based on lies and decept I wouldn't be in business for very long. I don't want to steal your money.

The best business is repeat business. A bad reputation will only scare people away. My life is made so much easier when happy customers refer me to their friends.

I will admit that I did PM a member on this forum because I saw he was willing to accept an inferior rate of return. The product I offered was safe and in my opinion better. I do not spam or seek to annoy people. I only want to help and give advice. I am sured you will all understand that IFA's can offer products in the high, medium and low risk bracket. It is only after complete understanding by my client that I would even consider going ahead with anything.

I only want to help expats understand that tax laws and different products can help them with their finances. There are opportunities out there if you look in the right place.

My point is we are not all bad. Yes be careful but don't have a closed mind.

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GuestHouse Diamond Member

GuestHouse

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^

My point is, you are using ThaiVisa and this forum as a portal for your business.

And while you claim to 'only want to help people' it is clear that your primary objective is to make a living - ThaiVisa being an 'opportunity' where you can solicit for business, as for example in the case you admit, where you PM'd a member with an alternative offer.

8) All advice voluntarily given by any member in any of the fora which constitute thaivisa.com is provided free of charge, and it is not permitted to either solicit for, or accept, donations, gifts etc. for providing such advice to visitors and members. Likewise, it is not permitted to either steer, or promote, or solicit people to go to locations or businesses in which it is necessary to pay for services or assistance with the exception of thaivisa.com sponsors, who may reasonably promote themselves.

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bangkokjackk Rookie Member

bangkokjackk

Posted
Posted
^

My point is, you are using ThaiVisa and this forum as a portal for your business.

And while you claim to 'only want to help people' it is clear that your primary objective is to make a living - ThaiVisa being an 'opportunity' where you can solicit for business, as for example in the case you admit, where you PM'd a member with an alternative offer.

8) All advice voluntarily given by any member in any of the fora which constitute thaivisa.com is provided free of charge, and it is not permitted to either solicit for, or accept, donations, gifts etc. for providing such advice to visitors and members. Likewise, it is not permitted to either steer, or promote, or solicit people to go to locations or businesses in which it is necessary to pay for services or assistance with the exception of thaivisa.com sponsors, who may reasonably promote themselves.

I might point out my advice was given free and the person I spoke with would pay nothing... Nor will they be giving any money to me. I don't know of any not for profit organisations that can help them but if you can point one out please do.

I must ask you though why you have such resentment? Were you burned in the past?

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pkrv Gold Member

pkrv

Posted
Posted

I think the term 'predator' applies here, every one myself included needs help at some point - the trick is not to be 'herded off' and separated out. If you are, IMO you are lunch!

:o

Strange...

Maybe I've missed something but I've never seen those financial advisors or their promotions nor received any PM's from strangers....? :D

LaoPo

The answer is pretty simple--yourself, Guesthouse, Chiang Mai and a few others usually don't ask questions but answer them--ordinary folk like myself, who, as CMSally says, ask for financial advice--we're the targets--I myself got one a couple of weeks back and, but for a PM to Chiang Mai followed up with some research, I could have made a very expensive mistake--Guesthouse, you are right, your Topic title sums it up--be warned.

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LaoPo Star Member

LaoPo

Posted
Posted
:D

Strange...

Maybe I've missed something but I've never seen those financial advisors or their promotions nor received any PM's from strangers....? :D

LaoPo

Me too.

Maybe they avoid people they know will bite back! :D

Or dont have any money ! :(

I asked you not to tell anybody.... :D

LaoPo :o

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LaoPo Star Member

LaoPo

Posted
Posted (edited)
When I was due to shift a large(ish) sum from the UK to LOS, I posted to get some specific advice from the learn-ed members. I got two PM's from strangers offering to take my pounds and give me Baht to help with the exchange rate losses. I couldn't see how I would benefit

and besides I wanted a Foreign Exchange Transaction Cert from the bank anyway. I declined the offers of course. I knew a scam was likely waiting for me but I just couldn't work out what the scam would be. Surely it wouldn't be so crude as they wouldn't suggest that first I paid my Stirling into their bank account and then "afterwards" they would give me Baht?

I know, because in the old days many people in Europe, Spain for instance, wanted to exchange their 'poor' valuta like Peseta's into the harder currencies like Deutschmark, Dutch Guilders, Dollars etc.

I used to do that often because they gave me a much higher rate than with a bank. So basically both parties gained as those people couldn't take larger sums of local currency out of the country.

Probably same here. People in LOS with a large stash of cash wan to exchange that with you at a profitable rate for you.

But...it could also be a scam; Í dont know and of course better for you since you need the Transaction Certificate for the future.

LaoPo

Edited by LaoPo
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Wrong Turn Silver Member

Wrong Turn

Posted
Posted
If I ran a company based on lies and decept I wouldn't be in business for very long. I don't want to steal your money.
Are you a Nigerian, by any chance?

Nigerian or not, the people that do this are salesmen/women and cheap ones at that.

I have been contacted.

It's cheap marketing, and it's cheap salemenship - financial planning, it is not.

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LaoPo Star Member

LaoPo

Posted
Posted
:D

Strange...

Maybe I've missed something but I've never seen those financial advisors or their promotions nor received any PM's from strangers....? :D

LaoPo

same same me.

Like a previous poster said: people without money don't receive those mails.

LaoPo :o

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stumonster Platinum Member

stumonster

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Posted
8) All advice voluntarily given by any member in any of the fora which constitute thaivisa.com is provided free of charge, and it is not permitted to either solicit for, or accept, donations, gifts etc. for providing such advice to visitors and members. Likewise, it is not permitted to either steer, or promote, or solicit people to go to locations or businesses in which it is necessary to pay for services or assistance with the exception of thaivisa.com sponsors, who may reasonably promote themselves.

I hope the computer subforum is excepted from this rule

Beer is the common currency of course :o

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philstone Senior Member

philstone

Posted
Posted
:o

Strange...

Maybe I've missed something but I've never seen those financial advisors or their promotions nor received any PM's from strangers....? :D

LaoPo

They known you are smarter than them and you well known they are fakers. They also hang around Gyms in Pattaya and told about how this Guy makes me at least 20 per cent a year.

Financial Advisers well get your money faster they a Bar Girl. More fun to give Bar Girl your money.

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