Bank and Private Wealth Managers and Strategies - Reasons To Dodge Some

[surfer]

First off, when you go into the bank to exchange and the conversation about (possibly on a later visit) investment strategies comes up.  Just be aware that anything anybody inside the walls of a bank recommends is strictly going to be in the banks favor....this person works for the bank and has their best interest in mind first and foremost........ and this is as it should be, they are protecting their employers' best interest. 

 

On the other hand, when you start looking for private professionals in the investment business, one of the main things to look for is whether they work on a commission or are fee paid.  If they work on a commission, your red flag should go up because anything they recommend is most likely going to be in their best interest.  And they will promise you the moon, "oh I'm going to do this or that but not do this or that."  When the door is closed, they forget that promise and their greed kicks in and it is going to cost you dearly, believe me, I have experienced this.  At least with someone who works for a flat fee, you know where you stand and there are no surprises when the bill comes in......but make sure you have this in writing also.  Sad but that's the world we live in.  Hopefully we are going to be talking about big gains and greed as well as envy will raise its' ugly head.  BE CAREFUL OUT THERE and hopefully this train is getting close to the station.  God Bless!!