Slightly unscrupulous investment pros

[free4now]

I've had lots of temporarily big balances in my checking account, and believe me it's worse when you actually go into the bank. Every time I go in for a simple transaction the investment advisors get called by the tellers and I have to spend a couple of minutes telling them that I'm not going to invest with them and it's just a temporary balance over and over before I get my transaction done.

The upside though is that they are so hungry that they help you out however they can. I got them to waive the minimum balance and direct deposit requirements for my checking account when I retired. The way they did it was worth sharing: They just set up a repeating $25 monthly transfer from checking to savings, and that was enough to satisfy their requirements for free checking at Wells Fargo.

 

[W2R]

I've had lots of temporarily big balances in my checking account, and believe me it's worse when you actually go into the bank. Every time I go in for a simple transaction the investment advisors get called by the tellers and I have to spend a couple of minutes telling them that I'm not going to invest with them and it's just a temporary balance over and over before I get my transaction done.

AARGH. Apparently I have to go in to the bank, to initiate the wire transfer later this week. Thanks for warning me. I will allow extra time to do it, and I'll go in with the toughest look possible on my face.

The upside though is that they are so hungry that they help you out however they can. I got them to waive the minimum balance and direct deposit requirements for my checking account when I retired. The way they did it was worth sharing: They just set up a repeating $25 monthly transfer from checking to savings, and that was enough to satisfy their requirements for free checking at Wells Fargo.

Hmm!! Well, I plan to drop this account anyway when I move north in a couple of years, after ER. But it's nice to know that they can be helpful.

 

[W2R]

I felt similarly violated by my credit union.

I was getting a signature guarantee to move some cash from Fidelity to buy some Vanguard small / midcap funds. The clerk said he had to photocopy everything and left. When he returned he explained that the guys in the copy room were reviewing my investment choices and thought "now was a bad time" to be buying these funds.

I just laughed and left.

Little sh!t !!!

That's awful!!! Even worse than my tale.

 

[FinanceDude]

With that? Usually that is the primary offering by the bank reps. More like, would you like a CD or ridiculously expensive mutual fund with your annuity? Have a pen with our logo on it.

"We have this plan where our Private Bank picks portfolios for their clients. Up until last year,you had to have $25 million with us to get access to these portfolios, but now we are offering them to folks like you.

You ONLY pay 1.20% a year, on a quarterly basis. Of course you will pay the ER of the funds also, but they have done VERY WELL, and MOST of our bank customers are taking advantage of these awesome portfolios. All it takes is a few signatures"...........................

 

[FinanceDude]

I felt similarly violated by my credit union.

I was getting a signature guarantee to move some cash from Fidelity to buy some Vanguard small / midcap funds. The clerk said he had to photocopy everything and left. When he returned he explained that the guys in the copy room were reviewing my investment choices and thought "now was a bad time" to be buying these funds.

I just laughed and left.

Little sh!t !!!

I would have said: "I consider it a violation of my privacy to have unauthorized people looking at my private information, is the manager in"

 

[travelover]

I would have said: "I consider it a violation of my privacy to have unauthorized people looking at my private information, is the manager in"

I thought about it, but decided that it wasn't worth the blood pressure spike.

 

[haha]

The banks see these leads as low hanging fruit, but have never really been effective at doing much wth them, as your experience demonstrates. For whatever reason, I think the brokerages have been a lot more effecctive at capturing deposits and lending business from their customers (Schwab bank, Etrade bank, etc.).

My guess is that brokers are better at it since they have been sales organizations since day 1. Banks, OTOH, have been very good at saying "We can't do that".

Ha

 

[Bestwifeever]

I felt similarly violated by my credit union.

I was getting a signature guarantee to move some cash from Fidelity to buy some Vanguard small / midcap funds. The clerk said he had to photocopy everything and left. When he returned he explained that the guys in the copy room were reviewing my investment choices and thought "now was a bad time" to be buying these funds.

I just laughed and left.

Little sh!t !!!

This is the funniest financial planning story ever! Who else would you want to review your investment plan but "the guys in the copy room"? I am saving this--thanks for the chuckle of the week.

 

[simple girl]

I made the mistake of going to a "free lunch seminar" with a friend once. Had to listen to a lame presentation by an Ameriprise (yikes!) sales guy. Unfortunately, I didn't think to make up fake info when they asked for our contact info.

The guy called me multiple times and left voice mails. I finally answered once. He asked to meet with me to review our investment plan. I told him I had already analyzed our asset allocation and was comfortable with our % we had in lg, mid, small caps and within that in growth vs. value funds. He was quiet for a moment and said "Wow, I'd still like to meet with you. Maybe you could teach me something." Either he was being insulting or was thrown off his sales pitch, not sure...but he never did call me back again Mission accomplished.

 

[CuppaJoe]

When I deposited a teeny inheritance check, the bankers refused to notarize an associated document; I'm a notary myself and know how simple that would be--how little it would "cost" them to keep my business. Needless to say I didn't receive any annoying call from them. However I need to order checks again and may use one of the remaining checks to transfer to another bank.

W2R your story is outrageous, my first impulse would be to write the bank and complain.

 

[FinanceDude]

The guy called me multiple times and left voice mails. I finally answered once. He asked to meet with me to review our investment plan. I told him I had already analyzed our asset allocation and was comfortable with our % we had in lg, mid, small caps and within that in growth vs. value funds. He was quiet for a moment and said "Wow, I'd still like to meet with you. Maybe you could teach me something." Either he was being insulting or was thrown off his sales pitch, not sure...but he never did call me back again Mission accomplished.

What a dumb comment.........I thought the purpose would be to teach YOU something..........

 

[rocketdog]

I would be incensed if my bank called me at home to discuss a recent large deposit! (unless they were warning me of suspected fraud or other problems)
DH taught me a foolproof method for getting rid of these parasites--although I first thought it was rather cruel... When it becomes obvious the caller is trying to sell you something over the phone, just lay the phone down gently and leave the room. You'll be surprised how long they will continue to talk, even with no feedback. Eventually they will hang up--and I have never had one call back a second time.
I dare say you will never miss any important offers that come as sales calls over the phone!

 

[FinanceDude]

I would be incensed if my bank called me at home to discuss a recent large deposit! (unless they were warning me of suspected fraud or other problems)

What if they told you that the new balance would enable you to double your interest rate, and all it would take is a couple minutes of your time? Banks are forever keeping customers that qualify for them in the wrong accounts to make more money.........

Never mind, noone would do that.........

 

[Texas Proud]

Wecome to the wonderful world of "cross-marketing." The big banks have been trying to do this for years. Some day they will get it right (maybe).

Yes... and the new one is when there is a line for the teller... one of the financial people will walk up and say "I can help you deposit that check over here".... and then walk you to their desk.... then pull up you finances and start to try and sell you..... man, what a waste of time... AND, they can not deposit your check anyhow... they take it up to one of the tellers when the line is gone!!

 

[FinanceDude]

Yes... and the new one is when there is a line for the teller... one of the financial people will walk up and say "I can help you deposit that check over here".... and then walk you to their desk.... then pull up you finances and start to try and sell you..... man, what a waste of time... AND, they can not deposit your check anyhow... they take it up to one of the tellers when the line is gone!!

Chase Bank, correct??

 

[Moemg]

DH taught me a foolproof method for getting rid of these parasites--although I first thought it was rather cruel... When it becomes obvious the caller is trying to sell you something over the phone, just lay the phone down gently and leave the room. You'll be surprised how long they will continue to talk, even with no feedback. Eventually they will hang up--and I have never had one call back a second time.
I dare say you will never miss any important offers that come as sales calls over the phone!

I'm meaner than you .I just hang up when I see where their pitch is headed. They never call back .

 

[FinanceDude]

I'm meaner than you .I just hang up when I see where their pitch is headed. They never call back .

That works well most of the time........

 

[eridanus]

That works well most of the time........

"Hello eridanus, we got accidentally disconnected, because the well mannered don't hang up on one another."

Remove me from your call list.

"Sure, I can do that but first let me tell you about...."

 

[Marquette]

I'm meaner than you .I just hang up when I see where their pitch is headed. They never call back .

I've never bothered because it is still a person on the other side of the line, but I've heard that air horns and bullhorns can both be had very cheaply. That might be useful for repeat offenders.

 

[free4now]

Airhorns would damage your hearing much more than that of the person on the other side.

I like the idea of just wasting their time. Tell them "oh, there's someone at the door... hold on a minute", and then just put the phone down and go do something else. That doesn't inflict too much emotional distress and it hits directly at the bottom line of the telemarketers by making it expensive for them to call you.

 

[CyclingInvestor]

Wecome to the wonderful world of "cross-marketing." The big banks have been trying to do this for years. Some day they will get it right (maybe).

. . .

 

[Puzzley]

Even though logic tells me that I am an intelligent person who is reading and learning as fast as I can, and I CAN do this myself, I don't really know that for a fact at this point and it is easy to feel really, really timid about it.

Want2, don't sell yourself short. Just by the fact that you're a member of this board puts you ahead of 99% of the rest of the country as regards investing, polishing, and caring for your nest egg. You have a PLAN. Most don't, and that's what your caller was banking on. He had the misfortune to hit on someone who had a plan and the moxie to stick to it.

Listening to him and investing with him would have probably been a good way to reduce your net worth......

 

[Rambler]

My assistant just got a meager inheritance and the bank guy tried to sell her an annuity...It went something like this: Deposit 30k, wait 10 years, then we give you your 30k back, 3k per year for the following 10 years. You never lose your principal...etc. So, after 20 years you get your principal back! Oh, except for the 5.75% sales charge.

She knows I have an interest in investing, but she knows nothing about it, so I have been trying to teach her little bits here and there. I brought up a spreadsheet and showed her [-]how much money [/-][-]they were stealing from her [/-]how much her money would be worth after inflation. I think I got her attention.

These bank guys really do prey on people, men or women, who look like they don't know what they are doing.

R

 

[TickTock]

I think he is trying to prey on my insecurity, find a chink and insert himself into my financial planning. I can't help but think that a man would not have been pressured like I was, though maybe I'm wrong about that.

I think a man would be pressured differently, but no less hard.

 

[TickTock]

I never discuss any specifics. I have found that if I give them information about my plans or give reasons why I don't want what ever it is they are selling, it only gets them going to explain why their service is better to overcome my objections and make a sale.

Good point; salesfolk are trained to overcome objections.

If I want to go past, "No, thank you, bye", I say, "It just doesn't feel right." How the heck can you argue with a feeling?