As Jason Jackson prepared to leave the navy, he wondered how he would support his family. Property was a good investment — he had always been told — so he started to look at ways to put his cash into bricks and mortar. That’s when he discovered the world of property investment influencers.
Seminars promising “financial freedom” through property investing are nothing new, but social media users now are being bombarded with trainers advertising their credentials. These self-appointed gurus post videos telling their followers that they can be financially successful — all they need to do is hand over a few thousand pounds in exchange for the guru’s investment secrets.
Jackson believes that the relative financial insecurity of veterans when they finish their service leaves them vulnerable to hard-sell tactics. According to the SSAFA, the armed forces charity, some 86 per cent of veterans in 2023 faced financial challenges such as paying bills or clearing debts, and 15 per cent struggled to hold down a job.
When Jackson, who left the navy after a period of poor mental health, first came across property investing gurus, he was sceptical. But a trainer who touted his own former military credentials convinced him, and he ended up spending about £20,000 on training.
Despite trying every technique that he was taught, Jackson has not been able to make a success of investing. The courses focused on “mindset” instead of investment tips, he said.
“I have tried every one of the strategies he talked about and they just don’t work,” he said. “When you get to the end of one course, they say that to learn the next level you need another one, so you ignore your gut feelings. It wasn’t value for money.”
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Such property training courses usually begin with a one-day taster session held in a conference centre or hotel and focus on positive mindset, with a smattering of investment advice. Students then graduate to longer seminar-based courses, which typically involve between three and seven days of training.
Attendees often report that many of the investment techniques are either too basic or not appropriate for ordinary investors. Crucially, property training courses are not regulated.
Other veterans had similar experiences to Jackson. Shaun Hopkins, 56, from Cheshire, who left the Royal Marines in 2003, saw videos posted by his trainer on YouTube before he signed up to a seven-day “elite” course, paying £9,800 in total. “It’s all high energy and positivity. It’s a bit like a cult really,” he said. “We were taken for a ride.”
Hopkins works with military veterans and said that they are easy prey for those offering financial freedom. “If someone says, ‘Do my course and take home three times your salary as a sergeant’, you’re going to be drawn in,” he said.
Another army veteran, who did not want to be named paid £18,000 for different courses. He said: “I was looking for a way to change my life and they were selling the dream. A lot of the people who go there are in a vulnerable place.”
The three men attended courses run by Steven Green’s Property Investment Academy, which is based in Redcar. Green says his 12 years in the army set him apart from other investment instructors because he “says it like it is”.
In a video on his website he says you can get started with “no money, no credit”. He adds: “You don’t need a lot of money to get started, it’s a myth in property. If you understand how to structure a deal in a creative way, you can get started with no money.”
Green, whose Instagram page says he is “the UK’s leading property and mindset coach”, also offers to “support you for life, or untill [sic] you achieve your property goals”. Jackson claims that this promise equated to membership of a Facebook group in which investors offer each other advice.
Green did not respond to a request for comment.
Scott Gallacher from the financial advice firm Rowley Turton said: “There’s no legitimate information you can learn from a generic seminar which will be worth five figures. If you spent £100 on books from Amazon you would learn enough.
“I would be very sceptical of anyone targeting niche groups, particularly veterans. To think anyone might be taking advantage of them is very concerning.”
Danny Butcher, a 37-year-old army reservist, took his own life in 2018 after paying £13,000 for property investment training. His family said he was already in debt before borrowing more for the course.
His father, Alan Butcher, set up the Danny Butcher Foundation in memory of his son. “He saw it as a way of bettering himself for his wife and son and he got totally invested in it,” Alan said. “When you are a soldier, you are trained and confident in what you are doing. But when you come out and are in a different environment, you’re vulnerable, whether you feel it or not.”
Veterans get funding for retraining under the Enhanced Learning Credits scheme — a government-funded programme to help ex-military personnel to improve their education. The Times has learnt that a training company owned by Green has been accredited to receive taxpayer funds under the scheme.
The Ministry of Defence said that it evaluates all learning providers and that they must be registered with OfQual, which regulates qualifications, exams and tests.
A spokesman added: “We expect high standards from all accredited learning providers and accreditation can be revoked if their performance is unsatisfactory.”
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