Big bike forced off road by car on Bangkok highway - video

[somchaimaidai]

I currently have a Friends provident fund that was sold to me by one of the larger companies in Bangkok. Since opening this in 2005 the performance was v poor and in 2010 I was convinced by a bew 'advisor' to shift it into his management. essential all that happened was that it was managed for a few months until he had tapped into my social circle for networking purposes and then it was mismanaged.

To cut a long sotry short I want to find a FA who will actually manage the fund and is results focussed. I realise the inital salesperson made the bonus so I am willnig to pay a 'monthly fee' to get this service. Any ideas appreciated.

[soi41]

Checked Friens Provident Funds. Not very impressive. Sell it and move the money to SET. If you want a safe bet, buy Thai propertyfunds. The largest one is CPNRF, which gives you an annual return of just under 8 %, paid automatically into your account quarterly. Easy to trade, big turnover every day and a small spread between buying and selling (today 13.40 against 13.50). One of the biggest shareholders in the fund are the investmentarm of the Singapore government: Temasek, known from its dealings with Mr Toxins sale of Shin Cooperation. So quite a safe investment. But there are many others, just do your homework. Good luck.

[Chivas]

Friends Provident investment performance is shocking.

Whilst I dont expect to get anywhere the Financial Ombudsman in the UK is investigating my case.

[MattCole]

It appears that some people are misunderstanding what Friends Provident provide - they provide platforms with access to other fund managers funds. Within their range they have excellent performing funds, from managers such as First State, JF, HSBC, BlackRock, JPM, Fidelity and Man Investments. Quite often, when people are unhappy with the performance in these pIatforms it is because their risk profile has not been accurately assessed by their adviser. I have already PM'd the person who started this thread. If anyone reading this would like some assistance with their Friends Provident plan, please message me. I would be happy to help.

[Chivas]

It appears that some people are misunderstanding what Friends Provident provide - they provide platforms with access to other fund managers funds. Within their range they have excellent performing funds, from managers such as First State, JF, HSBC, BlackRock, JPM, Fidelity and Man Investments. Quite often, when people are unhappy with the performance in these pIatforms it is because their risk profile has not been accurately assessed by their adviser. I have already PM'd the person who started this thread. If anyone reading this would like some assistance with their Friends Provident plan, please message me. I would be happy to help.

Matt,

I have no problem telling you on open forum that I have been in The Stewardship fund since 1997 with a single premuim policy and the capital is around just 13% higher after 14 years.

[MattCole]

It appears that some people are misunderstanding what Friends Provident provide - they provide platforms with access to other fund managers funds. Within their range they have excellent performing funds, from managers such as First State, JF, HSBC, BlackRock, JPM, Fidelity and Man Investments. Quite often, when people are unhappy with the performance in these pIatforms it is because their risk profile has not been accurately assessed by their adviser. I have already PM'd the person who started this thread. If anyone reading this would like some assistance with their Friends Provident plan, please message me. I would be happy to help.

Matt,

I have no problem telling you on open forum that I have been in The Stewardship fund since 1997 with a single premuim policy and the capital is around just 13% higher after 14 years.

That is just one fund out of a massive fund range - it is possible to switch out of funds if you feel they are not performing adequately. 14 years is a long time to stick with a fund that you are not happy with, particularly when there are so many more available. If you go to Friends Providents website you can find a list of all their funds, along with performance. I would post the link, but the forum would not allow me to. I can email you the info though if you like.

If you would like to switch out of the Stewardship fund, speak to your adviser. If you no longer have an adviser, I can help you.

[samran]

and who exactly do you work for, Mr Cole?

Disclosure is always a good thing.

Edited August 5, 2011 by samran

[MattCole]

and who exactly do you work for, Mr Cole?

Disclosure is always a good thing.

I work for Abbey International Solutions, and have been working over here for near on ten years. Originally I worked for The Halifax in the UK, then moved on to Britannic retirement solutions also in the UK. The first company I worked for over here was Inter-Alliance International, and then Infinity Financial Solutions. I have been with Abbey since last November.

[keeniau96]

You probably need a overall financial advisor rather than just looking at the various funds. I know of only one SEC registered financial investor advisor in Thailand. The SEC is the USA government agency regulating the financial industry and their registration requires a multi-day examination and regular audits for compliance. You would do well to visit www.freemancapital.net.

Edited August 5, 2011 by keeniau96

[Daveroc]

My own experience of Friends provident spreads over 5 years and two separate company advisors. The winners to date have most certainly been the advisors as they draw their commissions.

In the first experience, after a period I become aware of a discrepancy of what i had understood to be the fee structure and what was realty. The forms I signed had inconsistencies and I challenged for a refund. The advisor must have been having a real bad day or a long lunch. His response to a couple of simple questions was such that I decided to go all out and make as much noise as possible. mind you this was the first time I had heard from him in some time so that was a plus.

I laid a complaint through the singapore Office of Friends Provident and alluded to fraud without being specific expecting that I would be contacted. The response came back two weeks later "We have investigated your compliant and find no case to answer". I find it interesting that you can investigate a compliant and not speak to the person lodging it.

I was amazed to be sent a Service Survey form last year. I was more specific about what happened, again thinking someone would contact me. Even ticked the box agreeing to connecting my survey response to records held on file. Again no action.

Clearly FP are more interested in dealing with their dispersment agents than working on the client satisfaction angle. As such I never miss an opportunity to tell my story.

While i am sure there are honest operators in the industry, the standards will not improve until some regulatory authority is set up to govern the action of the cowboys in the industry.

[samran]

and who exactly do you work for, Mr Cole?

Disclosure is always a good thing.

I work for Abbey International Solutions, and have been working over here for near on ten years. Originally I worked for The Halifax in the UK, then moved on to Britannic retirement solutions also in the UK. The first company I worked for over here was Inter-Alliance International, and then Infinity Financial Solutions. I have been with Abbey since last November.

I take it, no relation to Abbey National in the UK which has since chanced its name??

Just Abbey to create the impression of familiarity...

[wordchild]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

Edited August 5, 2011 by wordchild

[somchaimaidai]

Thanks for all the input. I agree that any FP or Generali funds sold in Bangkok are for the benefit of the advisor only, but I have already made my bed and the fund is a 10 year (4 years in), therefore I just want to make it work as best as i can for the remaining 6 years.

If anybody reading this is new to LOS and paying Thai taxes my recommendation is to maximise your LTF funds before you think of anything from an overseas perspective, purely for the tax benefits.

Edited August 5, 2011 by somchaimaidai

[malcolminthemiddle]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

[rgs2001uk]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

Please be sure to name and shame the muppet that offered Royal Skandia, my advice is do not touch this with a bargepole.

Avoid like the plague, take it the advisor was another so called IFA based in Bkk.

[malcolminthemiddle]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

Please be sure to name and shame the muppet that offered Royal Skandia, my advice is do not touch this with a bargepole.

Avoid like the plague, take it the advisor was another so called IFA based in Bkk.

Can you please be more specific to why you believe this product should be avoided? Thanks.

[wordchild]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

watch out for the smoke and mirrors!check the charges, to the extent you can, on the underlying funds that you invest in through the platform? check, in particular, if they are expensive (in terms of hidden charges and kick-backs) offshore clones/mirrors of onshore funds. if they are standard onshore funds check if you are getting the full discount/rebate on any upfront commisions or trail or are you paying full price? worth being a bit cynical sadly! Ask the advisor straight up if there is any other way he is being renumerated from your investment , (make sure he hasnt got his fingers crossed when he answers!).

Edited August 5, 2011 by wordchild

[rgs2001uk]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

Please be sure to name and shame the muppet that offered Royal Skandia, my advice is do not touch this with a bargepole.

Avoid like the plague, take it the advisor was another so called IFA based in Bkk.

Can you please be more specific to why you believe this product should be avoided? Thanks.

If you go to the bottom of this page you will see a site search facility.

I suggest you type in the words royal skandia and hit search.

Go and put the kettle on and make a large pot of tea, you will need it as you wade through the relevant information, if you smoke get at least 2 packets of your favourite brand handy and empty the ashtray, you will need about 2 hours of spare time and no distractions.

Happy reading.

[tombkk]

I found this thread a bit late, but I am very happy with Friends Provident. Main reason is the flexibility, I can increase or decrease the monthly contributions depending on my income and even suspended contributions for 18 months at one time. I also added one-time contributions. I think this flexibility is quite unique.

I leave the management up to my financial adviser, who has made profit for me at all times, even during the Global Financial Crisis. The guy is good. I cannot post his contact details here, but if you want, please PM me.

[CHFarang]

You probably need a overall financial advisor rather than just looking at the various funds. I know of only one SEC registered financial investor advisor in Thailand. The SEC is the USA government agency regulating the financial industry and their registration requires a multi-day examination and regular audits for compliance. You would do well to visit www.freemancapital.net.

I Just checked this website, looks promising.Do you have first hand experience with this company? Or do you work for them??

thanks.

[SolarOhm]

Thanks for all the input. I agree that any FP or Generali funds sold in Bangkok are for the benefit of the advisor only, but I have already made my bed and the fund is a 10 year (4 years in), therefore I just want to make it work as best as i can for the remaining 6 years.

If anybody reading this is new to LOS and paying Thai taxes my recommendation is to maximise your LTF funds before you think of anything from an overseas perspective, purely for the tax benefits.

If you are paying Thai Taxes just going into a Fund to save tax makes little sense if the Fund a) locks up your money under-performs c)

has big commissions to agents d) does not enable you to gear your investment.

If you are an employee (as distinct from being an incorporated entity) you and your employer should investigate salary packaging options which can benefit you both and which can create capital that can be invested both in and outside of funds. My preference is for investing outside of managed funds so that you can leverage your investment capital and have all your gains tax free if you have the smarts.

If you are incorporated or have the opportunity to restructure your employment to a company so you become a contractor you can drop your employee income to the minimum threshold and take advantage of some enormous tax deductions permissible through company allowances which are not available to employees.

Additionally, with the planned reduction in the company tax rate to 23% the differential between C.I.T and P.I.T will widen considerably - even more reason to be structured as a company. (The pay increase for low income workers will actually propell them into a higher bracket where the Government will reap benefits of more tax revenue from the higher incomes.)

There is also a tremendous opportunity to use a Provident Fund (not a Friends Provident Fund ) as a place to stash cash legally - exempt from tax for compounding until either you retire and get the loot all tax free - or as a reserve of capital which your company or employer can access as a Free source of capital ( tax-managed efficiently this will improve profitability of the business entity).

[DarwinK]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

If that were the only fee. If you know where to look, you'll find there's a number of hidden layers of fees involved with the total probably more like 3-4%. Why pay this when any reasonable discount broker charges a fraction of that?

[wordchild]

From what i have seen dealing with any Bangkok based financial advisor is high risk (at best!). They seem to want to push you into products and structures which are lucrative to them but very bad for you. In particular stay well clear of any "offshore bond" products or platforms (such as Friends Provident). These pay very high commisions to the sales people who put you into them (out of your money) so reducing significantly any returns you might make. You would be much better off finding a UK based and regulated IFA if thats where you are from.

The offshore platform I have been offered is the Royal Skandia Executive Investment Bond that charges 1% per annum of the premium paid without any establishment charge. This appears quite reasonable?

If that were the only fee. If you know where to look, you'll find there's a number of hidden layers of fees involved with the total probably more like 3-4%. Why pay this when any reasonable discount broker charges a fraction of that?

That is spot on except 3-4% is conservative, more like 5% plus !

Think of the platform as the guy who ties your hands and feet while your advisor and the fund manager go through your pockets!

Edited August 19, 2011 by wordchild