Private Banker eligibility
I've read that it is a minimum of $1,000,000.00 in investment assets. If so, is this $1,000,000 in a single institution or can it be in different institutions?
Are there any ongoing fees?
Oct 17th, 2020 9:17 pm
Oct 17th, 2020 10:03 pm
Oct 18th, 2020 12:26 am
Oct 18th, 2020 2:13 am
Not really. I just want to know what they can do for me if I'm eligible. If I'm not, that's fine as well.
Oct 18th, 2020 5:44 am
Oct 18th, 2020 9:16 am
Two and Twenty is kind of an industry standard. $100k minimum fee per year for your guy.admiralackbar wrote: ↑ One of the best wealth advisors at Scotia MacLeod in Montreal has a $5 mil minimum account size for all the services listed above to give you an idea.
And yes, you pay a flat percentage fee of your assets yearly. There are different levels for that depending on how involved you want to be with your portfolio for example.
Two and twenty (or "2 and 20") is a fee arrangement that is standard in the hedge fund industry and is also common in venture capital and private equity. Hedge fund management companies typically charge clients both a management and a performance fee. "Two" means 2% of assets under management (AUM), and refers to the annual management fee charged by the hedge fund for managing assets. "Twenty" refers to the standard performance or incentive fee of 20% of profits made by the fund above a certain predefined benchmark. While this lucrative fee arrangement has resulted in many hedge fund managers becoming extremely wealthy, in recent years the fee structure has come under fire from investors and politicians for varying reasons.
Oct 18th, 2020 10:50 am
He's talking about private banking. Not Private equity or hedge funds..
Oct 18th, 2020 5:46 pm
Oct 18th, 2020 6:57 pm
No this guy works for McLeod and runs the portfolios for some of the wealthiest famillies in QC (has 6 billion AUM). You get estate planning, tax advice, insurance, investing yadda yadda, private banking office account, etc. Fees for a PartnershipPlus account (where you can also tell them what to buy, they manage the rest) is 0.6% which gets you all the above. They have different programs if you want them to drive the whole thing, higher percentage. Some services, such as tax advice, can only be an initial consult given the complexity of such requests.
Oct 18th, 2020 7:37 pm
Oct 19th, 2020 8:20 pm
Thank you for reaching out to us. I can certainly appreciate your concerns and will be happy to provide you with further direction.
TD Waterhouse Private Bankers do more than serve you. They look after you, take a personal interest in your financial affairs and assist you in managing your finances, including your investments, banking and credit needs, and retirement and estate planning.
Your Private Banker will give you a high degree of personal attention in all of your dealings with us ? from day-to-day banking, to business and personal credit, to individually tailored wealth management advice and solutions.This will mean that you will have to move your assets to TD Bank Financial Group.
Based on a thorough understanding of your financial goals, preferences and circumstances, your Private Banker will recommend the appropriate specialists from TD Waterhouse Private Client Services and the entire TD Bank Financial Group, and coordinate their activities on your behalf.
Our team can develop and implement fully integrated financial solutions that address both your personal and business wealth considerations. In addition, your Private Banker can work with your own lawyers, accountants and other advisors when you wish.
As part of your relationship, you will be supported by a dedicated Private Banking team who will work with you to coordinate the various aspects of your wealth management affairs, as well as provide for your everyday banking and cash management needs.
If your complex financial needs require a a high level of service and a close banking relationship, please take a moment to locate a Private Banker here and arrange a meeting.
More information on Private Banking can be found here
If you have any other questions, please let us know and we will be happy to help.
We truly value your business and appreciate your continued loyalty!
Oct 19th, 2020 8:22 pm
Same institution :-) they don’t really care about money you have elsewhere unless it’s for collateral
Oct 19th, 2020 8:26 pm
I’m with TD PB, they won’t want you unless you have $1M+ *and* is an interesting customer (e.g let them manage your money, have multiple mortgages, trade with frequency on TDW, borrow huge $ on margin). Your reputation/LOB is important.
Oct 19th, 2020 8:45 pm