Opinions on Financial Advising Firms in Thailand?

[DRoseMJD]

Obviously many of you have been approached by numerous IFA firms by phone, email, etc. What are your opinions of them? Would you ever consider becoming a client? I imagine many of you have a pretty bad feeling about the industry, what would it take to change that or is it too late now?

[ExpatJ]

I think by now most people understand that you never do business with a financial adviser who uses cold calling to get clients. if they stopped doing that, it would help their image a lot. The question is- do they perform well enough to be able to boast about their performance through adverts (tv, magazines, internet etc) and/or word of mouth sales in the way that mainstream/ blue chip financial consulting companies can?

[chiangmaibruce]

In Australia financial advisers have a bad rep amongst the general population although only a small proportion are bad apples. In Thailand, based on reading Thaivisa threads, their reputation appears worse by a factor of three. Is the difference linked to more actual scams or just more incompetent advisors? less rigorous training and licensing? A captive market of expats that are more gullible and/or less willing to spend time researching the market before talking to an advisor? baseless mud-slinging? or all of the above?

One statistic I would be interested to see though, would be the average return on investment amongst those who made investment decisions in isolation versus those who sought professional advice ... the results might not be as many would predict.

And yes, before anyone chimes in ... I have no doubt there are many highly experienced and knowledgeable investors amongst the Thaivisa readership that are travelling just fine without an advisor, but I was thinking more of folks at other points along the spectrum.

Edited October 8, 2013 by chiangmaibruce

[Loiner]

Wonder who could be hoping to elicit comments on this subject - a current favourite of mine. Could it be a regular punter looking for guidance after being cold called, or one of the enemy trawling for new marketing methods?

My opinion is that they are all sharks, shysters and charlatans, the lowest of the low in expat circles. Whether they cold call, make connections on social media, or stalk expat networking events, these silver tongued lizards are not to be trusted. This is because their financial independence is only limited to the highest fees they can muster from speculating with the expats' cash. They are commission grabbing parasites who leech of the expats' hard earned savings/pensions/retirement plans.

This applies to IFAs employed by the bigger (supposedly expert) groups of cowboys and the one man bands alike. They don't even need to be qualified or know anything about finance and the expat market - see some of the recent adverts kicking around for sales in Thailand. You could have been a used car salesman; flogging double glazing, kitchens or bathrooms; anything that's covered by "..Non-industry sales professionals will be considered...". Anybody who can rack up the signatures and sales commissions will do!

Even if the IFA is experienced and qualified they still cannot be trusted. The lure of filthy lucre is too much and your nest egg will be advised away to a dodgy property fund, or which ever bunch of fraudsters are promising the best sign-up fees, trailing commissions, plus free trip kick backs. What's more their own professional due diligence, in advising you what to do with your savings, is next to nothing. It maybe a verbal assurance clouded by champagne on the freebie trip, simply believing the spiel in the funds Product Disclosure Statement, or accepting a bullshit answer from the fund managers.

And the best part is that in Thailand they are all totally unlicensed and unregulated. When the funds, advised by IFAs advised as low risk and a safe investment, suddenly goes bust then that's the expats' nest egg gone. The many IFAs who were all on the same band wagon walk away from it untouched, except maybe for their trailing commissions!! Some of them may feel a bit sorry, but that's how it goes. There's always a disclaimer in the small print, which is what in my opinion the IFAs are supposed to advise the expat around. Trouble is - most of the IFAs actually know Jack!

Well that's my bit of mud slinging and not at all baseless. If anyone out there is thinking of taking financial advice in Thailand or offshore generally - as one of the many LM Investment victims who are currently watching their life savings rapidly dwindle away -JUST DON'T DO IT.

[yoshiwara]

I would consider speaking with Aberdeen Asset Management in Thailand.

[DRoseMJD]

So if for example a firm's headquarters are outside Thailand, and they just happen to have an office in Thailand does that change anything? Assuming of course the Thai office is following the same regulations as the base and not relatively unregulated Thai investment laws?

[rgs2001uk]

Wonder who could be hoping to elicit comments on this subject - a current favourite of mine. Could it be a regular punter looking for guidance after being cold called, or one of the enemy trawling for new marketing methods?

My opinion is that they are all sharks, shysters and charlatans, the lowest of the low in expat circles. Whether they cold call, make connections on social media, or stalk expat networking events, these silver tongued lizards are not to be trusted. This is because their financial independence is only limited to the highest fees they can muster from speculating with the expats' cash. They are commission grabbing parasites who leech of the expats' hard earned savings/pensions/retirement plans.

This applies to IFAs employed by the bigger (supposedly expert) groups of cowboys and the one man bands alike. They don't even need to be qualified or know anything about finance and the expat market - see some of the recent adverts kicking around for sales in Thailand. You could have been a used car salesman; flogging double glazing, kitchens or bathrooms; anything that's covered by "..Non-industry sales professionals will be considered...". Anybody who can rack up the signatures and sales commissions will do!

Even if the IFA is experienced and qualified they still cannot be trusted. The lure of filthy lucre is too much and your nest egg will be advised away to a dodgy property fund, or which ever bunch of fraudsters are promising the best sign-up fees, trailing commissions, plus free trip kick backs. What's more their own professional due diligence, in advising you what to do with your savings, is next to nothing. It maybe a verbal assurance clouded by champagne on the freebie trip, simply believing the spiel in the funds Product Disclosure Statement, or accepting a bullshit answer from the fund managers.

And the best part is that in Thailand they are all totally unlicensed and unregulated. When the funds, advised by IFAs advised as low risk and a safe investment, suddenly goes bust then that's the expats' nest egg gone. The many IFAs who were all on the same band wagon walk away from it untouched, except maybe for their trailing commissions!! Some of them may feel a bit sorry, but that's how it goes. There's always a disclaimer in the small print, which is what in my opinion the IFAs are supposed to advise the expat around. Trouble is - most of the IFAs actually know Jack!

Well that's my bit of mud slinging and not at all baseless. If anyone out there is thinking of taking financial advice in Thailand or offshore generally - as one of the many LM Investment victims who are currently watching their life savings rapidly dwindle away -JUST DON'T DO IT.

Brilliant post.

To all the financial novices out there, do yourself a favour, print off this post and carry it with you at all times.

Whenever approached by one of these shysters, pull out the above post and read it.

Just say no.

Have been avoiding these vermin for the last 23 years in Asia.

Pan handlers and bottom feeders the lot of them, usually ex barrow boys easily spotted with their dodgy suits and even dodgier Jamie Oliver haircuts.

[yoshiwara]

So if for example a firm's headquarters are outside Thailand, and they just happen to have an office in Thailand does that change anything? Assuming of course the Thai office is following the same regulations as the base and not relatively unregulated Thai investment laws?

That's something one would follow up, but Aberdeen have a decent reputation so therefore worth looking into further if one wants a financial advisor.

http://www.aberdeen-asset.co.uk/aam.nsf/Thailand/Home

Edited October 8, 2013 by yoshiwara

[ExpatJ]

So if for example a firm's headquarters are outside Thailand, and they just happen to have an office in Thailand does that change anything? Assuming of course the Thai office is following the same regulations as the base and not relatively unregulated Thai investment laws?

Depends if their offices in Thailand cold call- if they do then no, it doesn't change anything,

[mrtoad]

Very few credible ones, probably best of dealing with an established and regulated company, with a long track record. A lot if these Tha IFA companies are run by chances and used car salesmen. There are a number of threads regarding some of these companies, but as several posters have already stated, stay away from these vermin.

[Arkady]

So if for example a firm's headquarters are outside Thailand, and they just happen to have an office in Thailand does that change anything? Assuming of course the Thai office is following the same regulations as the base and not relatively unregulated Thai investment laws?

Depends if their offices in Thailand cold call- if they do then no, it doesn't change anything,

What you have to understand is financial regulation in today's world is based entirely on domicile or residence of both the buyer and seller. That means a UK domiciled financial institution's subsidiary in Bermuda, Gibraltar or the Cayman Islands is not covered by UK regulations even when providing financial products to UK residents. Many higher yield deposits have been flogged by apparently blue chip UK institutions out of these tax havens to UK residents by deliberately creating the illusion that they were covered by UK regulation which they were not. Things like UK deposit protection don't even apply to the British offshore centres of the Channel Islands and the Isle of Man which have their own financial regulations.

Your own residence also has a substantial impact. For example, if you retired in Thailand, you are not covered by UK regulators, even if a regulated UK domiciled firm sells you a product because the UK Financial Services Act only covers British residents. In addition UK regulated persons like IFAs are only subject to UK regulation when they are working for a regulated UK firm in the UK. As soon as they leave this firm or work for it outside the the UK, their licensing lapses and they are no longer regulated. Thus IFAs working in Thailand who claim to be UK licensed are by definition making a fraudulent claim. Many were never licensed in the UK anyway.

[DRoseMJD]

So if for example a firm's headquarters are outside Thailand, and they just happen to have an office in Thailand does that change anything? Assuming of course the Thai office is following the same regulations as the base and not relatively unregulated Thai investment laws?

Depends if their offices in Thailand cold call- if they do then no, it doesn't change anything,

What you have to understand is financial regulation in today's world is based entirely on domicile or residence of both the buyer and seller. That means a UK domiciled financial institution's subsidiary in Bermuda, Gibraltar or the Cayman Islands is not covered by UK regulations even when providing financial products to UK residents. Many higher yield deposits have been flogged by apparently blue chip UK institutions out of these tax havens to UK residents by deliberately creating the illusion that they were covered by UK regulation which they were not. Things like UK deposit protection don't even apply to the British offshore centres of the Channel Islands and the Isle of Man which have their own financial regulations.

Your own residence also has a substantial impact. For example, if you retired in Thailand, you are not covered by UK regulators, even if a regulated UK domiciled firm sells you a product because the UK Financial Services Act only covers British residents. In addition UK regulated persons like IFAs are only subject to UK regulation when they are working for a regulated UK firm in the UK. As soon as they leave this firm or work for it outside the the UK, their licensing lapses and they are no longer regulated. Thus IFAs working in Thailand who claim to be UK licensed are by definition making a fraudulent claim. Many were never licensed in the UK anyway.

I am sure to an extent this is very true, but regardless it's up to the due diligence of the client to investigate if what the adviser is saying is true or not. I know of some companies that truly due follow outside regulations (Hong Kong for example), some who clearly do not, and some who fraudulently claim that they do. As far as blackballing the entire industry I think that is a bit shortsighted. If you put the time into seeing what is really happening to your investment (which you always should no matter if it's an IFA, yourself, family, or your best friend) there is a valuable service being offered if the firm is reputable and operating under strict regulations.

[Arkady]

Someone recommended Aberdeen Asset Management in Thailand. Yes, they are reputable and I have investments with them but they are an asset management firm licensed by the Thai Ministry of Finance and regulated by the Thai SEC. It is also controlled by a regulated regional office in Singapore which is in turn controlled by Aberdeen Asset Management in the UK.

The individuals in Thailand who refer to themselves as IFAs are a different kettle of fish. Nearly all of them are entirely unregulated and unlicensed and many flock to Thailand to take advantage of the fact that the Thai regulators have little interest in enforcement in foreigner on foreigner cases, corrupt cops are easily paid off by successful operators and there is a large population of financially unsophisticated farang expats and retirees who are easily duped like lambs led to the slaughter. No, I would never consider becoming a client of any of them, except a tiny handful who are properly licensed and regulated by the Thai SEC and who charge transparent fees, rather them push products that charge layers of undisclosed fees. For the unwary looking for a guaranteed risk free return unscrupulous operators have prepared a dazzling array of what at a first glance look like great deals in assets as varied and exotic as Brasilian slum housing, loans to UK lawyers, tree farms in Sri Lanka, Hong Kong housing loans, housing loans to expats in Thailand, student "mansion" accommodation, UK guest houses, football funds, managed futures funds, viators (life insurance policies of terminally ill patients who often make miraculous recoveries). One can only admire their creativity. Many of the funds are managed by companies that are made to sound as if they are independent UK entities but are in fact one dollar BVI shell companies controlled by the IFA himself. Others are downright Ponzi schemes like Bernie Maddox's US$50bn hedge fund that paid consistently above average rates of return for years simply by paying out capital invested by new investors as dividends to old investors, duping a whole slew of private bankers and fund managers in the US and Europe for years. As soon as he was hit by large withdrawals the whole pack of cards collapsed. IFAs may also actually offer legitimate products but, if their remuneration is coming from product provider in the form of commissions paid from concealed up front loads, trailers, back end loads, or early withdrawal penalties, beware. They are obviously going to recommend the products that pay them the best fees. That is human nature and the scales are weighed against you. If you do deal with IFAs, make sure that all accounts are directly in your name and under your control. For example, let them help you set up an account with an online brokerage to invest in exchange tradeable funds (ETFs) and recommend you when to buy and sell them. For this service you can pay them an agreed fee but they cannot get kickbacks from the fund managers because the account is in your name. Of course, many IFAs might not find this arrangement exciting enough for them, given the range of opportunities to sell heavily fee laden products to the financially unsophisticated.

If you are approached by an IFA in Thailand and consider doing business with him, it would be prudent to ask to see his work permit which should state he is employed as a financial or investment advisor or analyst and will give the name of the employer. Ask a Thai friend to translate it for you, if you cannot read Thai. Also ask for his Thai financial advisory license number. You can check his status and the licensing status of his employer on the SEC's website. Without a valid work permit specifying that he is a financial advisor your IFA might suddenly disappear, since he is liable to arrest and deportation at any moment for violation of the Working of Aliens Act and the Immigration Act, not to mention the SEC Act. If your IFA passes this simple acid test, go and see what a licensed asset management company can offer you and compare the likely risks and returns of both offerings. If your IFA has passed such a basic due diligence test and offers the best deal, go ahead with him.

Unfortunately most people do more due diligence on buying a new camera or bluray player than they do on how to invest their hard earned savings and provide for their old age.

[Arkady]

I am sure to an extent this is very true, but regardless it's up to the due diligence of the client to investigate if what the adviser is saying is true or not. I know of some companies that truly due follow outside regulations (Hong Kong for example), some who clearly do not, and some who fraudulently claim that they do. As far as blackballing the entire industry I think that is a bit shortsighted. If you put the time into seeing what is really happening to your investment (which you always should no matter if it's an IFA, yourself, family, or your best friend) there is a valuable service being offered if the firm is reputable and operating under strict regulations.

They may claim to be following the regulations of another country but so what? If they are not operating in Hong Kong and the clients are not resident there, there is no recourse to the regulators or courts of Hong Kong. Hong Kong doesn't have a particularly strict regulatory regime but, if you feel that is suitable for you, you would do better to open account with a licensed wealth manager in Hong Kong (e.g. Citibank, Standard Chartered) and they will follow Hong Kong regulation for fear of reputational risk, even if you are not resident there and not covered by their regulation.

In any event, what credibility can you place in a claim to be voluntarily operating under the regulations of another country, while operating illegally in Thailand without a license and a work permit that accurately describes the scope of work? Most regulators will blacklist any licensed individuals or firms that are known to be violating regulations and laws of other jurisdictions. The proposition is a contradiction in terms.

[DRoseMJD]

I am sure to an extent this is very true, but regardless it's up to the due diligence of the client to investigate if what the adviser is saying is true or not. I know of some companies that truly due follow outside regulations (Hong Kong for example), some who clearly do not, and some who fraudulently claim that they do. As far as blackballing the entire industry I think that is a bit shortsighted. If you put the time into seeing what is really happening to your investment (which you always should no matter if it's an IFA, yourself, family, or your best friend) there is a valuable service being offered if the firm is reputable and operating under strict regulations.

They may claim to be following the regulations of another country but so what? If they are not operating in Hong Kong and the clients are not resident there, there is no recourse to the regulators or courts of Hong Kong. Hong Kong doesn't have a particularly strict regulatory regime but, if you feel that is suitable for you, you would do better to open account with a licensed wealth manager in Hong Kong (e.g. Citibank, Standard Chartered) and they will follow Hong Kong regulation for fear of reputational risk, even if you are not resident there and not covered by their regulation.

In any event, what credibility can you place in a claim to be voluntarily operating under the regulations of another country, while operating illegally in Thailand without a license and a work permit that accurately describes the scope of work? Most regulators will blacklist any licensed individuals or firms that are known to be violating regulations and laws of other jurisdictions. The proposition is a contradiction in terms.

In what way does that mean they are operating illegally in Thailand if they are following top down Hong Kong regulations from the head office?

[yoshiwara]

I am sure to an extent this is very true, but regardless it's up to the due diligence of the client to investigate if what the adviser is saying is true or not. I know of some companies that truly due follow outside regulations (Hong Kong for example), some who clearly do not, and some who fraudulently claim that they do. As far as blackballing the entire industry I think that is a bit shortsighted. If you put the time into seeing what is really happening to your investment (which you always should no matter if it's an IFA, yourself, family, or your best friend) there is a valuable service being offered if the firm is reputable and operating under strict regulations.

They may claim to be following the regulations of another country but so what? If they are not operating in Hong Kong and the clients are not resident there, there is no recourse to the regulators or courts of Hong Kong. Hong Kong doesn't have a particularly strict regulatory regime but, if you feel that is suitable for you, you would do better to open account with a licensed wealth manager in Hong Kong (e.g. Citibank, Standard Chartered) and they will follow Hong Kong regulation for fear of reputational risk, even if you are not resident there and not covered by their regulation.

In any event, what credibility can you place in a claim to be voluntarily operating under the regulations of another country, while operating illegally in Thailand without a license and a work permit that accurately describes the scope of work? Most regulators will blacklist any licensed individuals or firms that are known to be violating regulations and laws of other jurisdictions. The proposition is a contradiction in terms.

In what way does that mean they are operating illegally in Thailand if they are following top down Hong Kong regulations from the head office?

As is clearly pointed out above it means you have little or no legal recourse in the event of a dispute.

[wordchild]

It might help if the OP could explain how being HK regulated (in HK but not directly in Thailand) helped protect those clients (of Barclay Spencer) who were investors in the (now notorious) Football Fund, set up by London Nominees which was an affiliate of Barclay Spencer (since renamed Platinum Financial services). From other posts he has made it seems the OP works for (or at least has links with) PFS

Andrew Drummond did a great piece on Barclay Spencer and the Football Fund but I am not sure if we are allowed to post links to his site on here; anyone interested can google it

Edited October 9, 2013 by wordchild

[rgs2001uk]

To the OP,

lets cut to the chase here, are you looking to invest money in Thailand, or are you selling products in Thailand?

Aberdeen has already been mentioned, I hold assets with them here in Thailand and also the UK.

UOB, formerly ING is another I hold assets with.

If you are looking for advice on how to flog dodgy products, ask yourself why I have invested with the two instiutions above and not from some fly by night, therein you may find the answer.

If you are looking for advice on how to invest in Thailand, please ask.

[DRoseMJD]

I simply asked a question, everyone is entitled to their own opinion, and I am curious as to what those opinions are.

Regardless of how many people have been burned by "fly by nights" there are still reputable companies operating here that aren't "flogging dodgy products." It isn't that difficult to separate the two, but I guess it is even easier to condemn it all...

[rgs2001uk]

I simply asked a question, everyone is entitled to their own opinion, and I am curious as to what those opinions are.

Regardless of how many people have been burned by "fly by nights" there are still reputable companies operating here that aren't "flogging dodgy products." It isn't that difficult to separate the two, but I guess it is even easier to condemn it all...

I learned a long time ago, not only in Thailand but elsewhere in Asia and the UK, dont play with fire and you wont get your fingers burnt.

My experiences were from observing fellow workers and expats being sold products that were totally unsuitable to their needs.

When questioned why they had invested in a particular product, the answer was usaully, that what the guy recommended.

Anyway to answer your questions,

Obviously many of you have been approached by numerous IFA firms by phone, email, etc. What are your opinions of them?

To be avoided at all costs.

Would you ever consider becoming a client?

Never.

I imagine many of you have a pretty bad feeling about the industry, what would it take to change that or is it too late now?

To change it would mean Thailand getting its act together and regulating the industry, should that ever happen, which I doubt, it may sort out the wheat from the chaff.

Personally from my own point of view, its too late the damage has been done, for that you can thank your financial colleagues who washed up on these shores before you.

Theres a certain pub on Suk where you may find the answers to your questions.

[DRoseMJD]

thank you for the response, asked and answered

[mimithewoof]

I note that Platinum, formerly Barclay Spencer of Football Fund fame, got a very favorable write-up in the Chiang Mai Mail's latest edition for their seminar held here recently....is this the start of a BKK takeover bid to fill the void? If so, no change there (or rather here) then.

For those who want to read - the head is 'Professional Services from Qualified People'....

[khunken]

I would like to echo what Loiner & Arkady wrote.

I have personal experience of one of the local 'IFA experts' and they and others recommended an Australian fund which has recently gone bad. Due diligence - round of golf with the sales rep.

The fund group LMIM (it's all over the internet), which my fund is part of, has been recommended by these used car salesmen in Thailand, HK, Dubai, Australia, China, Malaysia, Malta & who knows where else.

My recommendation is to do your own research. There are sites like Bloomberg, Trustnet offshore & others that have details about funds & their performance. Local fund management groups like Aberdeen are also worth a look. Read any prospectus thoroughly and check out the fund group's performance. Get a second opinion if you have a knowledgeable friend.

Look at ETFs if you are prepared to invest in the stock market. ETF are exchange traded funds that can be bought & sold daily and have a much lower management fee structure than mutual funds.

[mrtoad]

DeVeere pestering me again on the phone today, probably one of the worst bunch of chancers around. Avoid at all costs.

[Arkady]

I am sure to an extent this is very true, but regardless it's up to the due diligence of the client to investigate if what the adviser is saying is true or not. I know of some companies that truly due follow outside regulations (Hong Kong for example), some who clearly do not, and some who fraudulently claim that they do. As far as blackballing the entire industry I think that is a bit shortsighted. If you put the time into seeing what is really happening to your investment (which you always should no matter if it's an IFA, yourself, family, or your best friend) there is a valuable service being offered if the firm is reputable and operating under strict regulations.

They may claim to be following the regulations of another country but so what? If they are not operating in Hong Kong and the clients are not resident there, there is no recourse to the regulators or courts of Hong Kong. Hong Kong doesn't have a particularly strict regulatory regime but, if you feel that is suitable for you, you would do better to open account with a licensed wealth manager in Hong Kong (e.g. Citibank, Standard Chartered) and they will follow Hong Kong regulation for fear of reputational risk, even if you are not resident there and not covered by their regulation.

In any event, what credibility can you place in a claim to be voluntarily operating under the regulations of another country, while operating illegally in Thailand without a license and a work permit that accurately describes the scope of work? Most regulators will blacklist any licensed individuals or firms that are known to be violating regulations and laws of other jurisdictions. The proposition is a contradiction in terms.

In what way does that mean they are operating illegally in Thailand if they are following top down Hong Kong regulations from the head office?

You are operating illegally as a financial advisor in Thailand, if you have no license from the Thai SEC as a financial advisor and work for a company that is not licensed by the Thai SEC as a financial advisor. You are also operating illegally in Thailand, if you are a foreigner and have no work permit or have a work permit that has been applied for under false pretences because it doesn't specify your job accurately, i.e. financial advisor, which it obviously wouldn't, if your company had been unable to submit a copy of its financial advisory license along with the application for your work permit. In such a situation it is also quite likely that you and your company would be operating illegally, if you are were booking most or all of the company's your personal income offshore and failing to declare to the Revenue Department company income and personal remuneration that was actually derived from operations or work performed in Thailand.

Do you think that a Thai court would accept arguments that, in spite of all the above, you were operating legally because you were following regulations from a head office in another country? Does Hong Kong have extraterritorial jurisdiction in Thailand or is there perhaps some sort of bilateral treaty that also allows Thai financial advisors to go to Hong Kong and cold call people there trying to flog them Thai investment schemes, as long as they are following top down regulations from their head office in Bangkok?

[yoshiwara]

I would like to echo what Loiner & Arkady wrote.

I have personal experience of one of the local 'IFA experts' and they and others recommended an Australian fund which has recently gone bad. Due diligence - round of golf with the sales rep.

The fund group LMIM (it's all over the internet), which my fund is part of, has been recommended by these used car salesmen in Thailand, HK, Dubai, Australia, China, Malaysia, Malta & who knows where else.

My recommendation is to do your own research. There are sites like Bloomberg, Trustnet offshore & others that have details about funds & their performance. Local fund management groups like Aberdeen are also worth a look. Read any prospectus thoroughly and check out the fund group's performance. Get a second opinion if you have a knowledgeable friend.

Look at ETFs if you are prepared to invest in the stock market. ETF are exchange traded funds that can be bought & sold daily and have a much lower management fee structure than mutual funds.

Trustnet is particularly useful for looking at the breakdown of funds

[ajarnpot]

I am looking at this assuming op is somehow a believer in financial services. Or a newbie believer?

I view it like spam in your inbox. I assume that you work the %'s the same way as spam to find the truly gullible.

How any body is prepared to pay for this stuff is way beyond my understanding ( which probably is not that far reaching)

a fool and money separated..

[ajarnpot]

 

I simply asked a question, everyone is entitled to their own opinion, and I am curious as to what those opinions are.

Regardless of how many people have been burned by "fly by nights" there are still reputable companies operating here that aren't "flogging dodgy products." It isn't that difficult to separate the two, but I guess it is even easier to condemn it all...

 

What is the percentage uptake on these "reputables" out of interest?, perhaps you believe your own ... sales blurb

[54321]

I personally wouldn't touch them with a barge pole. What's so difficult in buying a few shares or bonds? After all that's more or less what they do, and charge a hefty commission for the privilege.

When they make you money they make money, when they lose you money they still make money, what's the point I'm that.

Invest in companies you know and are involved with and feel are well run. If for example you bank with bkk bank and they appear to be busier every month it's a good sign, if the customers are always complaining and the bank is always empty it might imply its going downhill and best avoided

[GuestHouse]

Two years ago a colleague and I were approached by one of the commonly mentioned on TV "reputable" financial services companies with wonderful offers to transfer our gold plated final salary pension funds to a QROPS scheme.

I declined their kind offer, he took it up.

The last time I spoke to him on the matter he told me a third of his fund had disappeared in the past two years (over boom times in the market) - his fund is being eaten by management charges and recycle-buy-sell charges.

He made a totally unnecessary change to a solid pension fund on the advice of an unregulated carpet bagger and will pay the price for this for the rest of his life.

IFA in Thailand - Read SCUM.