You would be surprised how much I have learned here. Not to throw flowers at anyone, but I bet there are plenty of excellent ideas worth exploring that we should encourage readers to voice. I would certainly work on anything mentioned here as I know from experience that someone/others most certainly know more than me.
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IBKR: converting a retail account to institutional
- Thread starter tonyf
- Start date
Firstly private bankers are out there to milk money out of you. They dont care on your tax situation; they’ll simply tell you to consult your own tax consultant. They could care less whether your portfolio makes money. They will sell funds/investments/insurance that will lend them the highest commissions. They are not keen if you buy individual stocks as they earn minimal commissions. Investing through IBKR will be a better investment decision than becoming private banking clients.
Ever heard that Warren Buffett pays a lot less taxes than his secretary? He’s been postponing paying taxes by sticking to his investments for a long time. Long term holding also will net you qualified dividend which are tax less than ordinary income.
Overall you are correct I would say. European and Swiss bankers are simply not allowed to give tax advice anymore. Tax is a very local thing and whatever adviser you end up talking with is biased toward the jurisdiction they know best. Holistic views are difficult and expensive to form if you are not Blackstone or KKR.
You are probably some kind of brokers who try to promote his services. Private bankers know nothing about inheritance laws. They just love to make high fee structures that will pay them high commissions. They are out there to rip you off. I have dealt with some of them and many of private bankers are there to enrich themselves. Singapore is one such place as many cheating private bankers/wealth managers are based in.I spoke to one last week who specifically talked about structures to corcumcent inheritance laws in Indonesia - which I’m sure are of great concern to you and your vast fortune.
I have dealt with one of the cheaters from a Swiss bank before and I reported to the CEO in Switzerland and they refunded back the amount they cheated out of my accounts. All with proofs from Finra on the bonds they think I am completely clueless.
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You are probably some kind of brokers who try to promote his services. They know nothing about inheritance laws. They just love to make high fee structures that will pay lend them high commissions. They are out there to rip you off. I have dealt with many of them and many of private bankers are there to enrich themselves.
Private bankers/Wealth managements are useless and they are out there to cheat you.
I have dealt with one of the cheaters from a Swiss bank before and I reported to the CEO in Switzerland and they refunded back the amount they cheated out of my accounts.
??
There are people on this board who know who I am or know my story - including tonyf.
if you have such vitriol towards bankers, great for you. I doubt your story is real but I don’t care either way.
One thing he ain't is a broker. But I can relate with your experience to a certain extend.You are probably some kind of brokers who try to promote his services. They know nothing about inheritance laws. They just love to make high fee structures that will pay them high commissions. They are out there to rip you off. I have dealt with many of them and many of private bankers are there to enrich themselves.
I have dealt with one of the cheaters from a Swiss bank before and I reported to the CEO in Switzerland and they refunded back the amount they cheated out of my accounts.