Greg Lowe: How to deal with Bangkok’s illegal financial advisors – CNNGo, April 12, 2011
…Just follow these simple steps. I’ve tried them. They work.
1. When they call, say thanks and write down their name, phone number and email.
2. Tell them, “I have a policy or refusing advice from IFAs who cold-call me. If you have to hard-sell your products and services they clearly can’t be any good.”
3. Ask them what the regulations are for IFAs operating in Thailand.
The typical reply is that Thailand is an “open market.” This means they are either lying or misinformed, because the selling and marketing of all financial services is strictly regulated by the Securities and Exchange Commission.
In fact, the SEC has one really good regulation that must be followed by all financial firms: no cold-calling.
That’s right. It’s illegal. Point this out to them…
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