financial advisor

[jerelocke]

Hi,

What follows is just my experience with Richard Colburn as a financial advisor. I have no idea if others have had similar problems.

First he got me involved in several investments with Generali. He never explained that this was a 5 year commitment with penalties for early liquiidation. He never explained how difficult it would be to sell an investment there. Generali moves very, very slowly-- taking weeks or even months to accomplish what any US investment house would accomplish in minutes. This is no exaggeration. Richard knew or should have know about this but said nothing about this important information.

But most damaging was that he recommended an investment in Touchwood Limited. On his advise I invested way too much money. This investment is now probably worth nothing. Before it became worthless I asked Richard in multiple emails spread out over several weeks if he knew anything about Touchwood. He finally replied three weeks later with almost no information. He was supposed to be monitoring my investments and didn't reply for weeks. This happened a second time months later-- same pattern of not responding to multiple emails spread out over weeks. During this period of all the emails Touchwood was being looted and Richard did nothing. If he had sounded an alarm I would and could have gotten out.

I left Chiang Mai, Thailand in October, 2010 after I made the investment with Touchwood. I was relying on Richard to monitor it and the rest of my investments. Every time I contacedt him this pattern repeated itself. He seemed not to care.

[VillageIdiot]

A fool and his money are soon parted.

What has always puzzled me is how they were able to get together in the first place.

[MaeJoMTB]

He thought his one was different!

PS

Never trust anyone called Richard or Alan.

Edited February 14, 2016 by MaeJoMTB

[amexpat]

Financial advisor: "If you had just come in earlier I could have had all that money you're paying in taxes".

[bangmai]

Those financial advisors are generally working illegally in Thailand. They have just recently come onto the radar by the Thai SEC. Even if they had a WP, they still are not licensed to sell securities in Thailand. Perhaps you could share with us what fine club or bar you were frequenting, when you met this person. I traded 500K THB in stocks last week, in America...transactions are confirmed in seconds, not minutes. Do want want to manage anyone's money here, or broker stocks for them? 100% no....will discuss markets over beer promos, that's it. Look in the mirror if you want to see, who deserves most of the blame. Next time, just try a dartboard.........

[CNXBKKMAN]

Never heard of Generali but it immediately sounds dodgy.

[bangmai]

Guess where he was a guest speaker? http://www.chiangmai-mail.com/172/business.shtml "Remember, It's all about expats helping expats." The topic was: "How to select a financial advisor."

[DaddyWarbucks]

Guess where he was a guest speaker? http://www.chiangmai-mail.com/172/business.shtml "Remember, It's all about expats helping expats." The topic was: "How to select a financial advisor."

2006... that was a while ago.

Has he been keeping a low profile since then?

Or did he do a runner after helping the CM expats?

[NancyL]

Guess where he was a guest speaker? http://www.chiangmai-mail.com/172/business.shtml "Remember, It's all about expats helping expats." The topic was: "How to select a financial advisor."

I wonder when the OP made his investments and why he's just now posting? I'm president of the CM Expats Club and have been a member since November 2006 and I've never heard of this Richard Colburn guy. Certainly we don't have anyone presenting programs like this anymore -- unless you consider the once-a-year program that someone from Bangkok Bank's corporate office gives to be "dodgy"

[SantiSuk]

Everything about the OP's post makes him sound more dodgy than he makes Richard Colburn sound!

[bangmai]

He seems to have been outdone by Alan Hall, maybe that's why you don't remember him...guest speaker 11-02-2006.

[NancyL]

Those financial advisors are generally working illegally in Thailand. They have just recently come onto the radar by the Thai SEC. Even if they had a WP, they still are not licensed to sell securities in Thailand. Perhaps you could share with us what fine club or bar you were frequenting, when you met this person. I traded 500K THB in stocks last week, in America...transactions are confirmed in seconds, not minutes. Do want want to manage anyone's money here, or broker stocks for them? 100% no....will discuss markets over beer promos, that's it. Look in the mirror if you want to see, who deserves most of the blame. Next time, just try a dartboard.........

Absolutely right -- if's very easy to get set-up to do on-line trading and keep complete control of your funds if you want to play in the stock market, buy ETFs, etc.

Hubby and I have employed an "independent financial advisor" since we were in our 20s, but we pay the person an annual fee -- he doesn't make investments for us. Instead he gives us advice, in much the same way a lawyer does. For example, he's worked out different timelines for starting up our pensions/Social Security and drawing on our 401Ks. We "meet" with him twice a year in a long phone conference. When we first started working with a financial advisor. we had to go thru a six-week program with a huge notebook-sized workbook, videos, and weekly two-hour meetings to document our current situation, financial goals and to develop a plan to reach our goals. The advisor was very familiar with the many benefits programs of our employer and made sure we were using them fully to our advantage. When we've wanted to buy homes or cars, he's walked us thru options that made sense for financing. As we've aged, he's advised us about VA and SSA benefits that we wouldn't have known about. He doesn't make a commission from any of these financial transactions. Remember, he's paid a fee for his time by us, just like you pay a lawyer or accountant a fee for their time.

This is what "financial advisors" do -- the guys selling investment products in Thailand are just that -- sales people, working on commission. They don't deserve to call themselves "advisors". Frankly, I haven't meet anyone, expat or Thai, operating out of Thailand that comes close to being an "independent financial advisor".

[NancyL]

He seems to have been outdone by Alan Hall, maybe that's why you don't remember him...guest speaker 11-02-2006.

I wasn't a member in Feb 2006 and it seems that Richard Colburn left town long before Alan Hall.

[mamborobert]

Richard is in the Dubai and is to the best of my knowledge qualified/licensed.

http://holbornassets.com/our-team/international-pensions/richard-colburn/

Richard Colburn

Pensions Strategist

Thailand Financial Services

Current

1. Holborn Assets LLC

Previous

1. Sterling Assets,
2. RT Financial,
3. ATC International

Education

1. Chartered Insurance Institute (RDR compliant Diploma in Financial Planning)

Of course on teh internet I am a Ninja, and on Loi Kroh everyone is former SF....but still. I thought he was qualified. Certainly you would not want to be mucking round with expat money in Dubai.

Edited February 14, 2016 by mamborobert

[bangmai]

Could you show us where he has the authority to sell securities in Thailand? http://www.biznews.com/mailbox/2015/10/14/to-biznews-community-is-high-pressure-seller-holborn-am-legit-or-a-scam/ Do a little googleing....more red flags than Mao's birthday party.

Holborn Assets......http://www.professionaladviser.com/professional-adviser/news/2409617/disgraced-adviser-working-as-ifa-to-expats

Edited February 14, 2016 by bangmai

[NeverSure]

"Financial Adviser." Two of the scariest words in the English language, unless as NancyL said, they don't sell anything or get a commission.

[mamborobert]

Could you show us where he has the authority to sell securities in Thailand? http://www.biznews.com/mailbox/2015/10/14/to-biznews-community-is-high-pressure-seller-holborn-am-legit-or-a-scam/ Do a little googleing....more red flags than Mao's birthday party.

Holborn Assets......http://www.professionaladviser.com/professional-adviser/news/2409617/disgraced-adviser-working-as-ifa-to-expats

Far enough....but a few points.

On the first link (before Richard took up his position) we at least have some recognition that the company (and any compalints), and it's staff (including Richard) are regulated and subject to FCA sanctions. Richard has not been sanctioned. You can check the register on line.

The schemes beinng referred to (like Devere) were high risk for people that sought high returns...and certainly agents got high initial commissions for sale raterthan an ongoing trickle. Whether there was adequate disclosure always get brought up by those that made the loss on a high risk roll.

As far as being licesned to sell securities in Thailand....not a lot are. I buy securities over the internet with companies in Australia (subject to ASIC regualtions) that are not licensed in Thailand. There are probably tens of thousands of people in Thailand dealing with overseas companies/agents/banks/financial advisors that are not licensed in Thailand.

With an ponzi or high risk investment you are going to get poeple complaining after a loss (like the OP)..Presumably the OP has not gained any satisfaction through the more appropriate avenues for appeal. after several years, Richard still has his FCA accreditation, and the OP is now appealing to the Thaivisa Tribunal who;s sanctions (unlike the FCA) are unenforceable.

Also a bit more recent info on client base and FAC approval.

The company opened offices in London and Manchester at the end of last year and was awarded full regulatory status by the Financial Conduct Authority in February 2015. - See more at: http://www.portfolio-adviser.com/news/1019270/holborn-assets-enters-uk-offices#sthash.UeK51Gym.dpuf

Either way people really need to do their own research...and as you and I have found out there is more than enough infor on Google......but greed always seems to over ride common sense.

Edited February 14, 2016 by mamborobert

[bangmai]

Even if they are legit; you are still basically giving them the authority to act as a bank, and the temptations for them to co-mingle your money (a huge no-no) is just to great. It's a case of the fox guarding the hen-house. Some of these people are hard core gamblers....I suggest getting caught up on the episodes of American Greed with Stacy Keech....there are several recurring plots...people getting introduced to scammers at clubs/church/golf, fund managers cutting and pasting make believe statements, pure ponzi schemes, forex trading, gold coins, over and over again....and the big players just never, ever, quit. And the real estate scammers? If only the victims had simply bought a piece of property in their name, from a licensed broker.....didn't even need to physically visit the property...just get the deed with their name on it, and an insured title.....

[bangmai]

Could you show us where he has the authority to sell securities in Thailand? http://www.biznews.com/mailbox/2015/10/14/to-biznews-community-is-high-pressure-seller-holborn-am-legit-or-a-scam/ Do a little googleing....more red flags than Mao's birthday party.

Holborn Assets......http://www.professionaladviser.com/professional-adviser/news/2409617/disgraced-adviser-working-as-ifa-to-expats

Far enough....but a few points.

On the first link (before Richard took up his position) we at least have some recognition that the company (and any compalints), and it's staff (including Richard) are regulated and subject to FCA sanctions. Richard has not been sanctioned. You can check the register on line.

The schemes beinng referred to (like Devere) were high risk for people that sought high returns...and certainly agents got high initial commissions for sale raterthan an ongoing trickle. Whether there was adequate disclosure always get brought up by those that made the loss on a high risk roll.

As far as being licesned to sell securities in Thailand....not a lot are. I buy securities over the internet with companies in Australia (subject to ASIC regualtions) that are not licensed in Thailand. There are probably tens of thousands of people in Thailand dealing with overseas companies/agents/banks/financial advisors that are not licensed in Thailand.

With an ponzi or high risk investment you are going to get poeple complaining after a loss (like the OP)..Presumably the OP has not gained any satisfaction through the more appropriate avenues for appeal. after several years, Richard still has his FCA accreditation, and the OP is now appealing to the Thaivisa Tribunal who;s sanctions (unlike the FCA) are unenforceable.

Either way people really need to do tehir own research...and as you and I have found out there is more than enough infor on Google......but greed always seems to over ride common sense.

but we are buying stocks in the US or Aus, etc, through our accounts in those countries...not from an individual promoting them here...legally, there is a big difference. The place where the transaction is executed for one. Where the cash is held for another....The biggest scam lately seems to be with the pensions....I wouldn't touch that company with a barge pole.

Apparently, the Thai SEC are starting a round-up....two last week...http://www.internationalinvestment.net/regions/thai-sec-acts-2nd-expat-adviser-2-days/

Edited February 14, 2016 by bangmai

[mamborobert]

OK.....your call. And neither would I...but then I do it all myself comfortably others may not.

He is Dubai not Thailand.....

Oh...and Touchwood was a Sri Lankan based investment company....who in their right mind.....

Edited February 14, 2016 by mamborobert

[buddhalady]

I was misssold an FPI insurance-linked bond by Hall when I first arrived in CM in 2006 - stupid - but dumped him 18 months later. Shortly after that, Colburn gave a presentation at a local hotel which I attended. I related my experience to him and he said he would help. However, his 'help' was confined to attempts to get me to invest my remaining capital - when I refused he disappeared in a puff of smoke! Guess I was lucky - at the end of my eight-year FPI lock-in , I'd only lost £15,000.

Bargepole, don't, with, touch - please arrange into a well-known phrase or saying.

As regards Dubai, no way are expats there safe from the same-style financial fraudsters - they infest every expat destination across the world. Again, Google is your friend

[CMBob]

The story is a bit puzzling in itself. Here we are in February of 2016 and the OP posts a story in the Chiangmai forum about what he claims was dodgy advice/assistance by a financial advisor about investments the OP made apparently about 10 years ago.

Presuming the OP is willing, I'm wondering if he would be willing to answer a couple of questions:

(1) Given it would seem you made these "investments" about 10 years ago and you left Thailand about 6 years ago, why are you posting this information here now?

(2) You indicate you left Thailand about 6 years ago and you say (it seems) you were still relying on the individual to monitor your investments then (or thereafter), when was it you first had a clue that the investments you made were bad in any respect? And, when you left Thailand, did you even know where this advisor was working/living at the time?

(3) Without listing amounts, what percentage of your investment funds were made through this so-called financial advisor?

[Trujillo]

Not only are the returns diminishing, but the fonts here are shrinking....

[canopus1969]

Never heard of Generali but it immediately sounds dodgy.

You need to get out more : LINK

[CNXBKKMAN]

Never heard of Generali but it immediately sounds dodgy.

You need to get out more : LINK

Thanks for that link but an Italian insurance company in a country that is supposed to be one of the weakest financially in the EU would still not inspire any confidence in me to invest. That's just my initial gut feeling and I would go with it.

[fey]

can't understand why people use financial advisors.

investing for the long term is pretty simple these days and can be done online with major brokerage firms.

i don't want to blame the victim to much, but these types of setups do have something to do with your own greed and the advisors role is to play to that.
you need to work on this within yourself before you entrust money ever again to anyone other then a large bank or similar.

[neilrob]

Does not seem to have much to do with Chiang Mai. OP left Thailand years ago, financial advisor left Thailand years ago, investments were in Italian and Sri Lankan companies.

Edited February 15, 2016 by neilrob

[Chicog]

Certainly you would not want to be mucking round with expat money in Dubai.

I can only assume that you have a good sense of humour.

"Independent Financial Advisers" have been ripping off expats for at least the three decades I've been here in the sandpit.

The same scams as the OP mentioned, lying about the investment requirement to bump up their commission, spending customers money as their own, etc.

Most have done a runner; a few are trapped here because their private ponzi schemes have collapsed and they are blacklisted from leaving when they owe Arabs money.

[true blue]

some people hold a grudge for years,if they have lost money by putting trust in some one, instead of doing a bit of research and checking the advice given,lot of people are greedy and when johnny flash starts building dreams in your head common sense disappears,if it sounds to good to be true,it propaly isn't.big returns, big big risk,and big commission and charges,as they say its a medium to very very long term investment.meaning forget about it for a few years,as I will be left and gone on to some other con by then.

[CNXBKKMAN]

can't understand why people use financial advisors.

investing for the long term is pretty simple these days and can be done online with major brokerage firms.

i don't want to blame the victim to much, but these types of setups do have something to do with your own greed and the advisors role is to play to that.

you need to work on this within yourself before you entrust money ever again to anyone other then a large bank or similar.

For a lot of people what you say is very true but there are many people who have had zero interest or understanding of the financial world, economics, investments, exchange rates, the stock market etc etc. They may have worked for all their lives and at age 65 have a lump sum that they feel needs to be invested but no idea what they can do with it. These are people the dodgy financial advisors search out and prey on.

One good thing about this thread is there may be somebody out there reading this who is about invest with some BS advisor in some BS scheme and it may just jolt them into doing a bit more research or pulling out completely.