How to avoid becoming an ‘equity punk’: advice on speculative investments

Journalist: Hereward Mills, FT Adviser

ended 09. March 2026

News that BrewDog has been sold for £33m, with many retail shareholders from its “Equity for Punks” crowdfunding rounds likely to see little or no return, is a reminder of the risks of narrative-led investments.

It raises broader questions about how advisers deal with speculative or illiquid investment ideas, particularly when clients are enthusiastic about them.

Advisers:

What is the most concerning or speculative investment you have discovered when onboarding a new client?

Have you ever failed or succeeded in persuading a client not to commit significant capital to a high-risk opportunity? What made the difference?

What red flags do you look for when clients bring you unlisted, crowdfunded or narrative led-investments?

When an investment does go wrong, how do you manage the client relationship and any compliance risk?

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Jordan Reid0

Chartered Financial Planner at Serenity Financial Planning

Following a tip from an "expert" on YouTube, a new client held investments spread across three different US based Cannabis stocks. By the time I had a chance to do anything, these speculative investments were, sadly, up in smoke. The money was lost and a lesson was learnt.

Through ongoing education, the client has avoided making another investing mistake. But the temptation is always there with finfluencers and social media a constant distraction. I simply remind the client "How did that work out for you last time?"

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