prudent_one
Recycles dryer sheets
- Joined
- Jul 30, 2014
- Messages
- 333
Our bank invited us to sign up for their Private Banking service. I looked at the website to see what the deal was. I saw nothing that was really interesting. Already have free checking and checks, don't imagine I'd be needing a loan, I don't have a business. We're not at a level where multifamily offices are offered to us. No financial advisor, no accountant.
Looked to be a gateway to wealth management and investment advisors. I don't imagine we'd need those either as I'm a DIY money manager. I can picture her needing help if I go first, as I do all the money stuff (she pays the bills with online billpay).
It doesn't look like there's any fee just to be in the program. Would I be smart to get enrolled in this in case I go first, so she has some existing relationship in place to help her with the finances? No one in either family is able to do this. We've only used a lawyer to get a will and POA docs done some years ago, so I wouldn't even say we have a lawyer.
If private banking would solve this, I'd give them some money to manage now just so they can make a buck and won't give her the cold shoulder down the road.
My concern is having something in place (or ready to put in place) if I go first as while she's not a spendthrift, she's dyslexic with numbers and bad with math, and really could use a trusted person to work with. Otherwise a day might come when someone quotes her $30,000 to replace the roof and she won't have any idea how ridiculously high that number is, since she might see it as $3,000 and think that's less than the $6,000 we paid last time.
Any thoughts appreciated.
Looked to be a gateway to wealth management and investment advisors. I don't imagine we'd need those either as I'm a DIY money manager. I can picture her needing help if I go first, as I do all the money stuff (she pays the bills with online billpay).
It doesn't look like there's any fee just to be in the program. Would I be smart to get enrolled in this in case I go first, so she has some existing relationship in place to help her with the finances? No one in either family is able to do this. We've only used a lawyer to get a will and POA docs done some years ago, so I wouldn't even say we have a lawyer.
If private banking would solve this, I'd give them some money to manage now just so they can make a buck and won't give her the cold shoulder down the road.
My concern is having something in place (or ready to put in place) if I go first as while she's not a spendthrift, she's dyslexic with numbers and bad with math, and really could use a trusted person to work with. Otherwise a day might come when someone quotes her $30,000 to replace the roof and she won't have any idea how ridiculously high that number is, since she might see it as $3,000 and think that's less than the $6,000 we paid last time.
Any thoughts appreciated.