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  • Mar 22nd, 2017 12:15 am
[OP]
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Feb 7, 2017
13 posts
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Private Banking

Morning,

Interested to know if there are any private banks/ wealth management out there worth dropping an inheritance at.

So, wife and I about to inherit a sizeable sum in American dollars, most of which we don't want touched, and leave it to the kids.

We looked at RBC, BMO, and UBS. Nothing really stands out about them or any other, other than reports on who is consider "safer", or better investor.

Wondering if anyone here have some insight, something perhaps I'm just not seeing on google searches.

Thanks for your time.
52 replies
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Sep 15, 2009
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Xavier88 wrote:
Mar 15th, 2017 9:51 am
Morning,

Interested to know if there are any private banks/ wealth management out there worth dropping an inheritance at.

So, wife and I about to inherit a sizeable sum in American dollars, most of which we don't want touched, and leave it to the kids.

We looked at RBC, BMO, and UBS. Nothing really stands out about them or any other, other than reports on who is consider "safer", or better investor.

Wondering if anyone here have some insight, something perhaps I'm just not seeing on google searches.

Thanks for your time.
Which Province/City are you in?
Certified Financial Planner (CFP)

"Our goals can only be reached through a vehicle of a plan in which we fervently believe, and upon which we must vigorously act. There is no other route to success...."
[OP]
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Feb 7, 2017
13 posts
9 upvotes
I'm currently in Halifax area, but will most likely move to BC.
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Oct 19, 2016
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FYI most likely you will have to invest with their fund services atleast 0.5m or 1m minimum with them to get private banking services or you will have to buy some of their other services. Are you ready to do that ?
[OP]
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Feb 7, 2017
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mrtrump wrote:
Mar 15th, 2017 12:08 pm
FYI most likely you will have to invest with their fund services atleast 0.5m or 1m minimum with them to get private banking services or you will have to buy some of their other services. Are you ready to do that ?
That's not an issue.
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I can do a better job of investing your money and will cost 80% less than those guys. PM me or reply here if interested.

Also you will not find much information on pvt banking services online. Its a small crowd and definately dont think most of them will hangout at RFD. lol...
Xavier88 wrote:
Mar 15th, 2017 12:41 pm
That's not an issue.
[OP]
Newbie
Feb 7, 2017
13 posts
9 upvotes
mrtrump wrote:
Mar 15th, 2017 1:00 pm
I can do a better job of investing your money and will cost 80% less than those guys. PM me or reply here if interested.

Also you will not find much information on pvt banking services online. Its a small crowd and definately dont think most of them will hangout at RFD. lol...
What r we talking about, a hedgefund?
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Mar 9, 2012
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Be careful about these sharks on the forum trying to take over your money.
Bank may charge you higher fees, they may provide you with less returns but they will remain a safer pick.
Safety > Greed

My 2 cents,
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Nov 22, 2015
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skunkyjosh wrote:
Mar 15th, 2017 2:08 pm
Be careful about these sharks on the forum trying to take over your money.
Bank may charge you higher fees, they may provide you with less returns but they will remain a safer pick.
Safety > Greed

My 2 cents,
Xavier88 wrote:
Mar 15th, 2017 9:51 am
Morning,

Interested to know if there are any private banks/ wealth management out there worth dropping an inheritance at.

So, wife and I about to inherit a sizeable sum in American dollars, most of which we don't want touched, and leave it to the kids.

We looked at RBC, BMO, and UBS. Nothing really stands out about them or any other, other than reports on who is consider "safer", or better investor.

Wondering if anyone here have some insight, something perhaps I'm just not seeing on google searches.

Thanks for your time.
Skip the Big Banks and find yourself a good fee-based advisor. You want to have an advisor who's job isn't just to sell you his/her company's funds.

Look for an advisor with their CFP designation and ideally, you want one that can act as a fiduciary, since it sounds like you don't want to make any investment decisions.
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superfresh89 wrote:
Mar 15th, 2017 2:13 pm
Skip the Big Banks and find yourself a good fee-based advisor. You want to have an advisor who's job isn't just to sell you his/her company's funds.

Look for an advisor with their CFP designation and ideally, you want one that can act as a fiduciary, since it sounds like you don't want to make any investment decisions.
Read up about stories from people getting ruined and stolen by these "fee-based advisors". Good luck getting your money back after.
Jr. Member
Sep 9, 2016
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Follow Warren Buffets advice.

1.Invest in Index funds. In the last 10 years index funds have outperformed a select group of hedge funds. Google warren buffet bet.

2. Also avoid the pitfall of most rich people who are accustomed to getting what they want by paying more for it. Paying more for investment advice WILL not guarantee better advice.

If you have the time read, Warren Buffet latest letter (there is a thread in the investment forum). He explains the above points in greater detail.

The fact that private banking was the first thought when you came into this money is proof you are already falling into this psychological trap. Avoid it at all costs and good luck.
[OP]
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Feb 7, 2017
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Mythical09 wrote:
Mar 15th, 2017 7:02 pm
Follow Warren Buffets advice.

1.Invest in Index funds. In the last 10 years index funds have outperformed a select group of hedge funds. Google warren buffet bet.

2. Also avoid the pitfall of most rich people who are accustomed to getting what they want by paying more for it. Paying more for investment advice WILL not guarantee better advice.

If you have the time read, Warren Buffet latest letter (there is a thread in the investment forum). He explains the above points in greater detail.

The fact that private banking was the first thought when you came into this money is proof you are already falling into this psychological trap. Avoid it at all costs and good luck.
Not looking to invest. Private banking wasn't my first thought, just wanted to know more about it. In the end, I really don't care, just want to park most of my money in a safe place.
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Apr 21, 2009
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Xavier88 wrote:
Mar 15th, 2017 8:05 pm
Not looking to invest. Private banking wasn't my first thought, just wanted to know more about it. In the end, I really don't care, just want to park most of my money in a safe place.
I use private banking with TD, but I do it as I had an opportunity to get the service at a good price, and it's been very convenient. I didn't do it for managing investments and such - though as I'm sure with any bank they'd be more than happy to do that. Though as with all banks, I don't feel like you'd get the most intelligent advice from so called advisors that work at the bank.

Can you share what kind of amount you are inheriting? If you prefer to keep it private that's ok.
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Aug 8, 2012
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Xavier88 wrote:
Mar 15th, 2017 8:05 pm
Not looking to invest. Private banking wasn't my first thought, just wanted to know more about it. In the end, I really don't care, just want to park most of my money in a safe place.
Safe from what?

Safe from robbers?
Safe from volatility?
Safe from erosion due to inflation?

If it's not for you, but for your kids, that's a long time horizon. Put it into a Vanguard low-cost index ETF that charges on the order of 0.1-0.3% fees and forget about it for several decades.
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[OP]
Newbie
Feb 7, 2017
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joey003 wrote:
Mar 15th, 2017 8:17 pm
I use private banking with TD, but I do it as I had an opportunity to get the service at a good price, and it's been very convenient. I didn't do it for managing investments and such - though as I'm sure with any bank they'd be more than happy to do that. Though as with all banks, I don't feel like you'd get the most intelligent advice from so called advisors that work at the bank.

Can you share what kind of amount you are inheriting? If you prefer to keep it private that's ok.
Enough for a few generations to live well.
ace604 wrote:
Mar 15th, 2017 8:27 pm
Safe from what?

Safe from robbers?
Safe from volatility?
Safe from erosion due to inflation?

If it's not for you, but for your kids, that's a long time horizon. Put it into a Vanguard low-cost index ETF that charges on the order of 0.1-0.3% fees and forget about it for several decades.
Banks needing bailout money in 2008 was what I was thinking of when I said "safe." I'm also a big fan of the show "American Greed", therefore will never trust hedgefunds, or that sort.

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