Private Banker/Wealth Management Services

[Ingrid B.]

Has anyone used private banker services? Chase, Wells Fargo, Goldman Sachs, etc? Do you recommend them? Any pros and cons? Here's something to throw out there we too have several rentals. Our banker suggested we use their wealth management services, which means invest in their products. Would like to know if anyone can share their experiences, is it a good move? Does your portfolio perform better than real estate or vice versa? Again, pros and cons? Thank you.

[Dan Mahoney]

@Ingrid B.  Trust your instincts.  If you feel you are being sold something, you are right to be suspicious.  In general, if someone approaches you to sell a financial product you were not actively seeking out, it's not likely to in your best interest.  

The financial services industry is, above all, a powerful sales machine.  We all need financial products but we get better results if we take the initiative to research the best solutions for our specific needs.  Be a proactive buyer rather than letting yourself be sold.

I also have a clarification regarding @Tyler Mullen's comment.  It is certainly true that wealthy clients get preferential treatment from financial services companies.  But that's not what you're being offered.  Chase Private Client is what the industry calls a "mass affluent" offering.  You get some perks that aren't available to entry level clients but it is not a fundamentally different experience, nor will anybody "drop everything" for you.  To use an analogy, it's like being Silver Elite with an airline.  You get some recognition and perks but you're still riding in the back of the plane.