The "don't"s of wealth creation

[Deltaberry]

Really? I've had some pretty good advice from my accountant and financial adviser over the years. I would have said don't take advice from someone who gets paid a commission.

I'd take structuring and technical advice from salary people.

I wouldn't take investment or business advice and it's not in their position to give it to me any way.

 

[china]

So private bankers and financial planners employed by the major banks are no good for anything?

 

[VYBerlinaV8]

So private bankers and financial planners employed by the major banks are no good for anything?

The financial planner the bank insisted I consult when getting my margin loan was about as useful as a chocolate teapot.

 

[willair]

So private bankers and financial planners employed by the major banks are no good for anything?

China it would be the same in every Bank,all fight the same battles in the same way as the day before just to survive,and from what i'm told from data sellers
all the Banks intend to cut a high % of their staff again next year..

 

[china]

To qualify for private banking services of one of the four major retail banks, you need 2.5mil investible assets and income greater than 250k. So why would high net worth people use private banker if they are not meant to be any good.

 

[willair]

To qualify for private banking services of one of the four major retail banks, you need 2.5mil investible assets and income greater than 250k. So why would high net worth people use private banker if they are not meant to be any good.

China do some homework on who controls what,and look into it from the share holders per holdings per name,on a standalone in any of the top 4
above 10000 units,their names are in black and white for everyone too see,,,anyones private banker has no more control over any market
then the next religous missionary trying to win converts ..

 

[handyandy]

To qualify for private banking services of one of the four major retail banks, you need 2.5mil investible assets and income greater than 250k. So why would high net worth people use private banker if they are not meant to be any good.

It's called targeted marketing.

Just because someone has 2.5mil doesn't mean they know what they are doing outside of their specific specialty.

Cheers

 

[Rixter]

To qualify for private banking services of one of the four major retail banks, you need 2.5mil investible assets and income greater than 250k. So why would high net worth people use private banker if they are not meant to be any good.

I had a private banker from WBC come to my house years ago. Pulled up in a nice new shiney Subaru WRX and was sporting a nice suit. I never asked him back after I questioned him only to find out I was on a discount higher than the banks advertised top tier rate and that advertised rate was what he was personally on. He told me he wasnt aware such a rate I was getting was even available for clients.

At the end of the day private bankers are just employees working for a living.

 

[BayView]

I keep seeing new posts recorded on this thread when I look at the menu (always by Rixter), and when I open the thread, there are no new posts...

Ghost in the machine?

 

[HotRod]

I keep seeing new posts recorded on this thread when I look at the menu (always by Rixter), and when I open the thread, there are no new posts...

Ghost in the machine?

Poll is still open.

 

[D.T.]

I keep seeing new posts recorded on this thread when I look at the menu (always by Rixter), and when I open the thread, there are no new posts...

Ghost in the machine?

If someone votes on the poll it'll bring it up to the top, even if they dont comment to the thread.

 

[BayView]

Aaah! Thanks guys.