3 Questions to Test whether your Bank is Honest

3 Questions to Test whether your Bank is Honest

This video gives you 3 questions that you can use to test whether your bank is honest. Once you’ve viewed this video, you’ll be able to check specifically whether your bank is honest: whether it is acting in your best interests, or whether it is only interested in shifting products that will burn your cash with risky investments.
Hi, I’m Enzo Caputo with swiss-banking-lawyers.com, based on the Paradeplatz in Zürich.

You should make sure that your account manager is looking for the benefit your money than for the benefit of the bank as an institution. Instead of acting in the customer’s best interests, many bankers attempt to increase their bonuses. It’s extremely important to be aware whether you have a trustworthy advisor working for you, or if your banker is just a salesman. Kickbacks are often hidden via a complex series of layered assets. Overly sophisticated, exotic, and risky investment products are designed to create substantial commissions and kickbacks while shifting risk away from the advisor. Switzerland has some of the world’s best investment managers and your ability to gain access to high-quality investment products depends on dealing solely with professional, experienced, and honest bankers.

You must ensure that your financial products are chosen as the result of a specific advisory process. You need to be guided through the dense jungle of financial products: otherwise, your money is as good as gone. Victims of misleading advice often come to me after losing the majority of their assets. Let me give you an example: within the last month I’ve met with a Greek investor who’d lost 48 million euro on structured products. I have a university colleague who is a judge at the Cantonal Commercial Court of Zurich. Due to the high risks involved with structured products, he is in favour of prohibiting structured products for private individuals. Be direct and ask your banker whether he or she operates as an advisor or as a salesperson. Do not put off asking this question. Many banks have an in-house list of selected, recommended finance products. Ask your banker to show you the product on the bank’s internal recommendation list. Ask questions until you understand the product completely. Don’t be shy about asking questions during the consultation. It’s better to ask too many questions than too few, where your money is concerned: never invest in any product that you don’t fully understand.

Don’t be greedy! If the promised investment performance is high, experience shows that sometime the performance is too high to be true. Such products can be suitable for experienced, qualified investors with an appropriate appetite and tolerance for risk, and the financial capability to assume that risk. Be careful and benefit from thirty years of acquired experience. As the former CEO of the VSV, the Swiss Association of Asset Managers, I know the business inside out. If you have any doubts as to whether your advisor is right for you, then don’t delay – pick up the phone.

I will be glad to give you a second opinion or to introduce you to a senior advisor I fully trust. If you are not comfortable, call now +41 44 212 44 04, before it’s too late! Be wise, in defence of your wealth. Be rich and stay rich.