{"id":22935,"date":"2009-03-05T00:01:00","date_gmt":"2009-03-05T00:01:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=392"},"modified":"2009-03-05T00:01:00","modified_gmt":"2009-03-05T00:01:00","slug":"consignas-bancarias","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/consignas-bancarias\/","title":{"rendered":"Banking terms."},"content":{"rendered":"
\"\"<\/a>The slogans have changed. But they\u2019re still just slogans. Whereas they used to say you should invest between 30 and 45% in the stock market, today some have already given in to the pressure and are announcing that the stock market is currently at \u00abcasino mode<\/span>\u00bb (or do they mean tiresome<\/span>?). But I fear that this isn\u2019t even an attempt to find good investment alternatives; rather, they have simply found a way to explain how they are going to replace that now-defunct source of commission. Something along the lines of: What\u2019s selling at the moment? What are customers willing to buy? If they no longer want this or that, what can we offer them that will capture their interest and pull them out of this deadlock? IPF<\/a>? (pointless for the bank, of course)<\/span>. This is, of course, a far cry from the principle of selecting investments solely in the client\u2019s best interests, which any self-respecting adviser ought to apply.<\/p>\n

\"\"<\/a>It is no longer marketable today anti-crisis package (sic)<\/span> just as It was introduced to us last summer<\/a> (and it\u2019s only been six months!). Because hardly anyone whose assets are largely concentrated in a single portfolio wants even half or a third of them at risk in the stock market, let alone, of course, a 15% or a 20% in alternative investments, after what we\u2019ve seen in Bernie\u2019s pyramids and others<\/a>, which, after all, were never anything other than lavish tombs for investment pharaohs Braille<\/a>. It was therefore necessary to seek marketable strategies that would put an end to the drought in banking income caused by the dominance of fixed-term deposits offering interest rates in excess of 4%. The latest trend is the argument that there are real diamonds in the rough in the RF. And they are not wrong. But there are just as many, if not more, in the equity market, with companies whose book value is double their market capitalisation. And of course, if we are talking about preference shares, subordinated bonds and perpetual bonds as fixed-income instruments, We could also agree that they are in \u00abcasino mode<\/span>\u00ab<\/a>. And on top of that, there\u2019s the added difficulty of the lack of transparency in exchange rates, which are allowing all the banks\u2019 trading desks to make a killing, raking in a fortune.<\/p>\n

\"\"<\/a>For all these reasons, Where are we going to find the source code that will help us make sense of the jumble of opportunities that are opportunistically \u00abselect<\/span>\u00bbThe banking sector, through its slogans? We must look within ourselves for the answer. And I\u2019m not referring to each person\u2019s ability to learn about finance (that expertise<\/span> (It is true that this can be outsourced, as such services do exist), but rather to the personal circumstances of each estate.<\/span> Depending on these circumstances, we will devise a wealth management strategy which may or may not incorporate a range of investment types and time horizons. And we will do so without losing sight of two essential objectives: the sound long-term growth of wealth and the creation of happiness for the owners.<\/p>\n

\"\"<\/a>As we have said on previous occasions, investment strategies should not be prescribed without taking into account each investor\u2019s individual circumstances: Without knowing whether those financial assets held with a particular bank represent a significant or negligible proportion of their total wealth, whether they hold a large or small amount of property, whether they receive fixed, property-related, corporate or employment-related income of varying amounts, whether their ability to save is non-existent or substantial, whether their household expenditure is substantial or frugal in relation to their assets, whether they make charitable donations, whether their family circumstances involve increasing financial obligations such as caring for the sick and\/or the elderly, whether their focus is on wealth growth, in investments of one sort or another, or in the enjoyment of their resources; whether their life goals are achievable given their current financial circumstances; whether they wish to bequeath their assets in one way or another (a whole other world); whether they have a greater or lesser aversion to taxation (yet another world), and a very long etc.<\/a>. However, bank accounts \u2013 whilst being just that, accounts \u2013 only take into account the financial standing of their customers within the financial institution itself. They systematically ignore property and business assets, and of course they couldn\u2019t care less about their future growth, unless they might one day be converted into cash and boost the bank balance at the institution they work for.<\/p>\n

\"\"<\/a>\"\"<\/a>A few days ago, the regional manager of a private bank told me he was feeling very disheartened because he had just visited a \u00aban 11-kilo customer<\/span>\u00bb (that family probably had a much larger fortune, but that was none of his business), which was only to be held in deposits for a year and didn\u2019t even require significant interest rates. The regional director looked very disheartened; he\u2019s probably being eaten alive by the benchmarks<\/span> of the profit and loss targets he must meet. And if he fails to do so, the bank may take drastic measures that would not go down well with the branches he manages. He went on to tell me, in a thoroughly dejected tone:<\/p>\n

-\u00abHe told me that, when it comes to deposits, he doesn\u2019t need any adviser to fill his head with nonsense, and he\u2019s asked me not to ring him to suggest any more investment options. As a family office, you must find yourselves in the same situation, don\u2019t you?\u00bb.<\/span><\/p>\n

I replied, for the umpteenth time, with all the warmth and tact I could muster:<\/p>\n

-\u00abYour work and ours, my dear friend, are not exactly the same\u2026\u00bb<\/p>\n

When it comes to criteria and vision in wealth management, there remains a gulf between almost all advisers and high-net-worth individuals which, regrettably, in most cases is only bridged when both roles are held by the same person. But of course, they do not usually work in banking. And if they do, they tend to be in offices and suites inaccessible to clients and\/or simply have no interest in other people\u2019s wealth. Only the essence of the Wealth Management Advice<\/span>, in its various corporate forms, can meet this enormous existing need, which in the current climate has become a vital necessity.<\/div>","protected":false},"excerpt":{"rendered":"

Las consignas han cambiado. Pero siguen siendo consignas. Donde dec\u00edan que hab\u00eda que inverir de un 30 a un 45% en bolsa, hoy algunos ya han claudicado a bofetones y anuncian que la bolsa est\u00e1 hoy en d\u00eda en \u00abmodo casino\u00bb (\u00bfo querr\u00e1n decir cansino?). Pero me temo que ni siquiera es un esfuerzo por […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22935","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22935"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22935\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}