Financial 'advisors' Stalking This Forum

[Moonrakers]

I am in the business myself, although not as an IFA as I am not yet qualified.

I am surprised that anybody would even use a PM in an effort to drum up business as it smacks of desperation and loses credibility. Should a specific question be asked then fair enough, but that question should only be answered on the thread, possibly with a "PM me if you want to know more". Although I would not/have not even attempted to answer questions on here because despite my current lack of product knowledge, my company has no credibility here (We are new to Thailand)

In my eyes people also lose credibility when they say things such as "I do it for free". IFA's work on a commission only basis and so if they do it for free then how on earth will they pay the rent? It's a sales pitch, and should they sell a product then they still receive a commission even if it is not payed by the client.

It is unfortunate that there are so many cowboys here, it is an unregulated market and this lack of regulation allows the cowboys to operate unchecked. I shan't name names but it seems to be the same old culprits each time. In the trade they are known as 'flog a policy merchants', because they operate by selling whichever policy pays the most commission to the IFA regardless of the clients needs and circumstances, some have even been known to change the duration of a policy on the application for without the clients knowledge.

It is a real headache for us as we are seen in a bad light even before we contact the potential client. I suppose that this can only be countered with time although even a company such as MBMG, which has earned itself a positive reputation falls under the 'cowboy' category to many (I do not work for MBMG)

People really do need to be careful and it is difficult for the client to be sure that they are not being "ripped off", but there are some 'checks' that spring to mind.

1) Ask to see a work permit, a work permit may not necessarily prove good ethics, but the lack of a work permit would be very questionable to say the least.

2) Also ask for a break down of charges, of course there are charges as nothing is free but obviously the benefits should outweigh those charges.

3) Another check could be to shop around and ask for a second, even third opinion.

4) Always remember that a good salesman have an answer for EVERYTHING, and so NEVER just take their word on something.

5) Ask around, for example post on here asking if anybody has dealt with xyz company and if they would recommend them or not.

I hope this helps.

[Crash999]

Lying scum - used to call the office and use all kinda of lies to get past the secretary. Arrange a meeting in a deep soi in Chaeng wattana, week days, around 6:30 and dont show up. do it a few times, and they get the message.

Seems to be a phenomenon I've found much more in Thailand than in other locales. When I was working in our Thai office I'd get a call maybe once a month from guys who managed to get past my secretary. The names of the 'companies' were sometimes quite fanciful- for example Lehman Barclay Investments.

Friend of mine who was looking for a career change wound up working for an IFA outfit and shared the business model with me. Very straightforward- essentially the IFAs are salespeople for front-loaded mutual funds from folks like Royal Skandia. They get a commission off the level of investment committed to by the customer and so long as the customer doesn't stop in the first year or two (I can't remember what the exact clawback period was) the commission was theirs to keep. The customer (via the load in the fund) is paying this commission.

So the actual financial advice is just the type of product the IFA is trying to pitch and there's little incentive to keep a long-term relationship unless the customer looks to have more income to invest in future.

Wheres some people may sneer at the thought of paying a commission for something which they could get for free, there are some people who can benefit- a lot of folks simply don't know how to invest at all and keep their money in cash. So in my opinion it's better for someone to pay a fee to invest rather than not invest at all.

[mrmajestic]

My company was targeted about 4 weeks ago. A foreigner, speaking English called my office. I overheard the conversation and my secretary was giving away the names of all us farang in the office. After when I asked her what the conversation was about she told me the man claimed to be working for a free magazine for foreigners. She couldn't tell me the name so I called them back. The number was for Devere and partners, not a magazine. I checked the company name on the internet. We are deciding what action to take with our secretary. She didn't understand the issue. When they call me I'll give them a good ear full I can tell you!

[imaneggspurt]

Ill never forget , i had a lad of about 20 knock at my door offering financial services advice, he was driving a 10 year old ford cortina, i had a 2 year old lexus gs430 outside the door, i just couldnt take him serious , first impressions and all that,

[AlexLah]

I had some PM's from girls that were interested in me, they said they liked my profile......

If they would ask for a financial compensation after an intimate meeting would that also be considered as a financial service?

Just asking.......

[mrmajestic]

I had some PM's from girls that were interested in me, they said they liked my profile......

If they would ask for a financial compensation after an intimate meeting would that also be considered as a financial service?

Just asking.......

At least with the girls you know you'll be getting value for money. They are honest about f***ing you. Too many of my good friends have trusted these unqualified financial advisors and now they are paying the price. Has anyone actually made money by investing with them?

[Bizz]

Strange...

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

LaoPo

Strange...

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

LaoPo

same same me.

None received as yet.

I have no money as she who must be obeyed says what’s yours is mine and what’s mine is my own.

So I have zilch.