This week I came across an article published in FundsPeople titled «Client risk in private banking management«. These are obviously arguments put forward by bankers and former private bankers, which already distorts considerably the reality of what wealth management in general and financial investment in particular should be, as we said back in 2008 in «...".«The unbearable lightness of management»(private banking). We advance this warning because the FundsPeople article only deals with the management of bank investments, i.e. money invested in bank investment products, shares handpicked by the bankers and ex-bankers on duty and other investment funds listed in the bank's sales catalogue. We want to make it clear that there is a fundamental deviation from the way we should treat families' money, which should include investments in unlisted companies (private equity), real estate investments and other assets in which, in order to invest, the money must come out of the bank's account. Obviously, private banks do without such investments, as their mission is to keep their clients' money in the bank that generates their income at the end of the month.
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«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the 
‘Preserving in turbulent times’ is not the title of this summer’s soap opera, but rather the pressing need for all those who manage their own wealth. It is also one of the guiding principles for some wealth managers working on behalf of others, though unfortunately the latter tend to be more concerned with retaining their long-suffering clients commercially by reducing their volatility, rather than preserving their assets and ensuring their sound long-term growth. Unfortunately, many managers of other people’s money are more interested in today’s bread (their own) and, in their short-sightedness, ignore tomorrow’s hunger (that of their clients and also their own). This brings us back to the old debate as to whether one should only entrust one’s money to advisers who have built up their own wealth and who co-invest with their clients, or whether any independent broker with sufficient technical training would suffice. But that is a discussion worthy of another article.