16/03/2015
BANKERS! WHAT ARE THEY?
Surely one day or another you have met some clean-shaven hotshot in fancy suit introducing himself as a banker. But what is a banker really?
Interestingly anglo-saxon and european cultures diametrically diverge on the definition of "banker". In the US and UK, a banker is a mere employee of a bank. Most usually a Relationship Manager. A carpet seller with a designer suit and fancy vocabulary. As opposed, in Switzerland, France and Germany, a Banker is the owner or most senior director of a bank.
What do they do? The Relationship Manager (RM in short) is simply someone in charge of developing and maintaining contact with customers. They have no further responsibilities. Whereas the Swiss Banker guarantees his dealings with his own money! That is, the Banker takes personally the risk of his business. What it means? If your money is lost, you can't take the RM's car. But you can take the Bankers house. And that makes a whole lots of difference in attitude towards the customer, you!
As a consequence, the RM may (and will) serve you any crap to earn his commissions because he's NOT responsible for the outcome. The Banker will be far more "conservative" about his advisory and will certainly not suggest any foolish dealings. Because ultimately he may have to face the outcome.
Hence the Swiss saying "If your banker jumps throught the window, follow him. There is money to make!".
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All of you have seen those movies where some rich bad guys always have "OFFSHORE COMPANIES", "ANONYMOUS SWISS ACCOUNT", "TAX HEAVENS" etc. But only a few understand about these names. Mind you, most bankers actually don't. Do you?
I have decided to share some of my experience of the "DARK SIDE" to demystify the truth behind the screen. For over 20 years I have helped big corporations and UHNWIs (stands for Ultra High Net Worth Individual) optimize their assets.
Intrigued?
Curious? Stay tuned for my next entries in this blog!