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Questions for Private Bankers and Tax Attorney/CPA's

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Questions for Private Bankers and Tax Attorney/CPA's

Post  .dinarmama7 on Sat Apr 06, 2013 12:30 am

Private Bankers and Tax Attorneys/CPA: Questions to Ask

Here is a sample list of questions to ask your private banker.

Many private banking clients are insecure about the method to identify the critical information they need to know before they pick a new private banker. Usually in the first meeting an adviser buries you under company brochures and gives you a nice standard speech. However, our experience shows that this kind of information does not even scratch the surface of what you really need to know. As a first-aid kit we have prepared a list of 12 indispensable questions you should ask your wealth manager or private banker during the first meeting.

Questions on the organization of the bank/private banker

What is the minimum amount to be invested? (This gives you a good feel whether the bank targets private banking clients that are similar to you)

What is the value of assets under your firm’s management? (The number shows if it is a big institution with international reach or a smaller boutique. Don’t forget to ask if the number has been growing or falling lately, and why)

Since when have you been in the business of private banking? (Gives you a feel about their level of experience)

Questions on the investment philosophy

Describe your investment philosophy (Should match your philosophy as closely as possible)

What are your weaknesses? (If they can’t name any, then it stinks)

What sets you apart from other wealth managers and private bankers? (Don’t be satisfied with a general answer, insist on specifics)

Are your performance figures verified by an independent third party? (Yes: good, No: bad)

What is the process you follow for making investments? (There should be a clear step-by-step process which involves a written evaluation of your preferences and wishes)

Questions to the private banker directly

To the adviser, directly: What qualifies you to provide wealth consultancy? (Again, you should insist on specifics like his level of experience or business degrees)

To the private banker, directly: What is the your personal remuneration based on? (Is it based on how much fees he generates from you? Or is it based on the overall performance of his clients’ portfolios. If there is no clear answer assume the former)

Questions on private banking fees

What are your fees? (Ask specifically about transaction fees, flat fees, ticket fees, government fees...there are many ways by which they plan to part you from your money)

Are there any hidden costs in the portfolio? If yes: How large are they typically? (Like fund fees, kickbacks)

These are the questions that you should definitely ask in the first round to get all the basic facts and a good first impression about the private banker. However, we highly recommend you to dig deeper before you make you final decision.

Practice in front of the mirror. If you don't like the answers, walk. Interview more than one. Find someone who matches your needs.


Posts : 641
Join date : 2012-06-12

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Great tips

Post  ddsnp on Sat Apr 06, 2013 11:23 am

Thanks for the great questions to ask a private banker. I've never had to deal with this before & it can be quite intimidating. Appreciate the effort to educate those of us who do not know about the world of finance & banking. I've certainly learned alot & will put to good use!


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Join date : 2012-06-20
Age : 54
Location : Louisiana

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Re: Questions for Private Bankers and Tax Attorney/CPA's

Post  SpecialAgentGibbs on Sun Apr 07, 2013 9:50 am

IMHO, it would be most prudent for all members to print this and review it several times.
There is good info within, that just might save you a ton of money and possible future issues.

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Join date : 2012-06-10

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Post  LuvDinar on Sun Apr 07, 2013 3:19 pm

SAG... I'm actually PRINTING this out in a 1-2-3 format. I have PAGES of things to keep my head on straight while at the bank, as I know from my experience in Psychology, that we will have so many neurotransmitters flooding the synaptic gaps in our brain, that we will be HIGH on endorphins and may not be able to recall everything we wanted to ask or make sure we covered in our meeting. Thank you for the invaluable advice and guidance. GREATLY APPRECIATED!!


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Location : California

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Re: Questions for Private Bankers and Tax Attorney/CPA's

Post  .dinarmama7 on Sat Sep 28, 2013 6:39 pm



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Re: Questions for Private Bankers and Tax Attorney/CPA's

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