🚨SPECIAL: Wiley M TOP Questions to Ask A Wealth Manager Before OR After Your EXCHANGE
02/09/2024, 19:30:03
5:36
Thank you for tuning into our channel, Goldilocks Global Banking news.
All right, so the first question that you propose for the people is, are you a fiduciary when speaking to the wealth manager?
This is important, but if I can, I want to back up just one step real quick.
If I can absolutely talk about when they go do an exchange with that banker, whoever they've already done that introduction with or have that relationship with, or even if they don't and they go to do this exchange in a bank, I would bet just about everything they're going to say, hey,
would you like to talk to one of our financial planners or would you like to talk to our, our wealth manager?
Kind of same name, just different lingo.
Inside the bank, we know that they have all kinds of different titles, but that's the opportunity to say, yes.
Yes, I would not mind listening to that.
And that door, that way, that door is open for them.
And there's 50% of the battle.
They've already gave you the introduction.
All you have to do is walk through.
So what you're saying is that it's very beneficial for, for them to establish the relationship upfront at some point, even way before it's time to exchange.
That's, that's what I'm hearing, correct?
Well, they don't necessarily have to, but if they've already established that relationship with the bank, why not ask, do you have wealth management internally?
There's possibly I could visit with one of them quickly.
Do they have a minute to speak with me?
And then that's when you get their card or ore say, hey, can I, can I at some point sit down with you and talk about some different things?
Because you're going to pick up more information from them because they're more in tune to this than the true banker is because they have different roles.
Their role is to make you money.
Because the way they make money is.
The banker is more of a administrative executive role.
And with that said, I'm sorry to backtrack on you a little bit.
Yeah, but as far as the fiduciary.
Just, I think we talked about it the other day.
Fiduciary is just somebody who works in your best interest.
And they're gonna, they're gonna talk to you about this.
They're gonna disclose how they get paid or compensated, you know, and know that they work for you.
Now if they work for the entity or whoever, they will have to disclose that as well.
They don't want to get caught in some issues with you or anything.
And let this flow like a conversation you're having with a personal friend.
It's, it's, it's not as challenging.
I've had people dm me thinking it is so.
Because ultimately the wealth manager that they're interviewing that person works.
Now if it's a scenario we spoke of just a little bit ago, now if they work for the bank, right, and they're, they're part of the bank in the wealth management division, they work for the bank, but they have to work on your best interest.
That's their fiduciary responsibility.
Which, which leads me into what I was talking about a little bit, that they're going to work in your best interest.
So one of those things that I'd ask is like, hey, I'm, hey, how much is this?
Do I have to pay upfront fees?
And these are, ask these however you want, but they will explain that to you.
But what I want to give you all tonight is just a base foundation of just a common, like, freedom.
And I talking here tonight, just having a conversation back and forth.
And that's what it should be like.
And just the easy flow with like you, like you're sitting down talking to.
Talking to a friend that you're looking to get information from.
Because you're going to visit with this guy quite a little bit as you get ramped up and as you get going to do different things and as you start learning more about what it is they can do for you and how your money is working.
And there's no such thing as a stupid question.
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