Reply To: Bangkok Expat Financial Advisors WARNING

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I just met with a couple of the largest “financial advisors” companies in Bangkok after being barraged by cold calls…Little did they know I have over a decade of experience as a regulator in the field…Harhar!

As a note of caution, I would seriously reconsider dealing with any company that is pushing “unit linked life insurance product.” Sadly, this is ALL that the Thailand and Asia-based advisors can push…

The two major products being pushed both have fees in excess of 10% per year. The reports that the salespeople prepared for me were flawed and did not take into account the fact the fees sky-rocket after several years. Sadly, the fees were mis-represented. Basically, the advisor would have lost his advisory licence in UK or Australia given the breach of conduct. But as this is Thailand, its UNREGULATED.

Another major problem is that your “advisor” will push to get the longest term possible. Most unit linked life insurance plans offered have 25 year plans. The advisor will push 25 years because that will max out his commission..

Note that all advisors in Thailand are commission based. For example, the commissions on an expat investing 2000$ a month in one of these plans on the max term equals over 36,000$ in commissions to the ‘”advisor company” you deal with! Basically, the first 2 years of investments go straight to the company you deal with as commissions! Your advisor will do do everything possible to max out the years of the term because the commissions are massive!

And the commissions are massive because your money is locked into these accounts, often for up to 25 years. If you want to take your money out, in say 5 years, you will pay massive penalties and fees. You will basically lose all your money. Note that the clients don’t learn about that until AFTER they sign a contract.

Beware Bangkok Expat Community, and feels free to PM if you have any questions!

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