Building Wealth Accumulation Plans for Foreigners Working in Myanmar

[SeaVisionBurma]

Expats living in Myanmar you have access to some very favourable wealth accumulation plans which you will not see back home. Expats everywhere have access to these because they are structured internationally in tax havens and available from anywhere in the world...

From The Myanmar Times, by Andrew Wood.

However, they are available only through professional advisers. In Myanmar there are no registered or established international advisers, though a very small number are available to counsel clients while visiting here.

Just as there are no international banking services available here yet, this is also the case for financial services. International advisory firms are poised to enter the country to offer services to expatriates. This will eventually be expanded to Myanmar nationals when licences are available for investment advice.

Read the Full Article here: Building Wealth Accumulation Plans in Myanmar

Photo from https://twitter.com/myanmarexpert

[SeaVisionBurma]

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[malcoml]

This is one of the many companies that recommends products from such companies as Friends Provident, Generali, Scandia, Royal London.

These plans pay outrageous commissions to the advisor recommending the product and have fees and charges that are so high they kill any chance of the investment giving people a decent return.

These plans also do not allow a client to get out of them early. As example you have an 18 month initial period with Friends Provident and should you be dissatisified with the plan and try to leave after twelve months you will lose every cent you put into it. So a $1000 a month would mean you lose $12,000

Anyone that meets with any of these advisors ask them how much the company they work for will bepaid. You will hear all sorts of excuses but the fact is that they get paid about 140% of your first years premium. So on a $1000 a month plan you they are looking to collect $17,000 or so.

Some of these plan are also not even invested in a direct fund but rather a derivitive of the fund. The reason this is done is simply so they can hide additional fees and charges.

If after all this you get fooled by the special offer they all have ask the advisor if you can be rebated the commission and pay him a set monthly fee on his performance. Explain to him that over a 25 year period this monthly fee will equate to much more than the initial commission would be.

Watch him run a mile.