Investment and my bank

itsme999

jimjames said:

Why pay for a premium bank account/manager if you don't want them to highlight where you could make better use of your money?

Pay??? I don't pay a penny. I don't want and never asked for advice. 

eskbanker

itsme999 said:

eskbanker said:

How much is the omitted figure?  If you have many thousands sitting losing real-terms value in a current or savings account then he is correct to highlight that there are alternatives, so the comment is perfectly valid and accurate:



If you have a 'premium bank manager' then that would indeed suggest that you have more assets and/or income than should be left gathering dust in an inefficient account, and the role of a dedicated manager like that is to highlight that to you....

The omitted figure  were there temporarily for few months for personal reasons. Is that his business? 

Ok but he said the same in the zoom meeting and I said clearly "I do not want to invest". Why keep emailing?

The management of your money is his business if you allow it to be - if you don't want any contact then you should have just said that you weren't minded to receive suggestions, even though it's his job to offer them.  It was never too late to say that to him, so if you were against investing then why didn't you just repeat that investing wasn't for you - do you have assertiveness issues?  Why participate in a Zoom meeting at all?

That's not to say that he wasn't pushier than he ought to have been but ultimately it was up to you what to do with your money....

itsme999

eskbanker said:

The management of your money is his business if you allow it to be - if you don't want any contact then you should have just said that you weren't minded to receive suggestions, even though it's his job to offer them.  It was never too late to say that to him, so if you were against investing then why didn't you just repeat that investing wasn't for you - do you have assertiveness issues?  Why participate in a Zoom meeting at all?

That's not to say that he wasn't pushier than he ought to have been but ultimately it was up to you what to do with your money....

The zoom meeting was to introduce himself as the new premium bank manager.
I never asked this bank anything regarding management of my money. I used them as a hub, nothing more and thats for the last 20 years plus.   

As for "assertiveness issues", It's not nice to say such to someone you don't know.  Keep it professional polite or don't reply to my posts.

[Deleted User]

itsme999 said:

jimjames said:

Why pay for a premium bank account/manager if you don't want them to highlight where you could make better use of your money?

Pay??? I don't pay a penny. I don't want and never asked for advice. 

Hi,

oh well you're paying now with drop in value.

Had never heard of a Premium Bank Manager before, so had to google it, and got THIS.

eskbanker

itsme999 said:

eskbanker said:

The management of your money is his business if you allow it to be - if you don't want any contact then you should have just said that you weren't minded to receive suggestions, even though it's his job to offer them.  It was never too late to say that to him, so if you were against investing then why didn't you just repeat that investing wasn't for you - do you have assertiveness issues?  Why participate in a Zoom meeting at all?

That's not to say that he wasn't pushier than he ought to have been but ultimately it was up to you what to do with your money....

The zoom meeting was to introduce himself as the new premium bank manager.
I never asked this bank anything regarding management of my money. I used them as a hub, nothing more and thats for the last 20 years plus.   

As for "assertiveness issues", It's not nice to say such to someone you don't know.  Keep it professional polite or don't reply to my posts.

I don't believe that was unprofessional or impolite, so apologies if you feel that way, but the fact remains that you could have rejected his suggestions and it's unclear why you didn't.  The email you quoted ends with "Would you like a 5 minute chat about this? Would that help in any way?", so it should have been straightforward to say 'no thanks, I'm not interested in investing and am happy to leave my money where it is, and don't wish to discuss the matter further'?

dunstonh

Premier banking manager =  someone who is employed by the bank to sell as many products as they can to their customers.  Ok, that is cynical but probably close to the truth as the description page mentions insurances

Natwest Premier banking needs a minimum of £100k sole income or £120k joint income.  Or a minimum of £100k in savings or over £500k in mortgages.

For investments, it is not an advised service but a guided robo-basis service.  i.e. the premier banking manager is not a financial adviser.    However, for those with £250k or more, there is also the private banking wealth management service.

Audaxer

itsme999 said:

What do you call this email??? I didn't ask for any sort of advice.

"

Dear Mr xxxxx,

 I hope that all is well with you.

We met in June across Zoom and I note that you still have £k sitting in your XXXXXX Saver account earning 0.05% gross which equates to just £x per month in interest which is terrible when you consider that inflation is now in excess of 3% and shrinking the value of these funds by around £xx every single year. The disparity between inflation and savings interest rates has never been greater so please do seriously consider my suggestion from my last email to you below (highlighted section) even for a small slice of your funds as at least you will be providing an element of your cash with the opportunity of longer term growth and potentially beating inflation. Leaving it where it is certainly will not and it is so very important in the current climate to explore ways of making your money work harder for you.

 

I attach the most up to date xxxxxxx fund fact sheets. They are very impressive! We even have two funds that are specifically designed for cautious investors! (funds 1 and 2)

 

Would you like a 5 minute chat about this? Would that help in any way?

 

Kind regards,

"

That does seem a very pushy email for a major high street bank to send if the OP had already clearly stated he did not want to invest his money. I agree with highlighting that 0.05% is a terrible interest rate, but I would have thought they would have suggested moving to an account with a better interest rate. I know rates are low but I would be surprised if the bank doesn't have any accounts offering even a slightly better interest rate.

london21

itsme999 said:

london21 said:

investments can go up and go down.

Next time if someone offers you financial advice/sale  and you do not want it just say No and if they persist block number and make a formal complaint. 

I didn't ask him for investment, he kept calling and emailing.

Would you block number of your premium bank manager? 

Depends, If I have communicated clearly that I am not interested and the sales person keeps pushing Yes or move my bank to another provider. 


You should not be forced or pressured to do what you do not want to do. It is your money. 

Perhaps make a complaint if you feel the person you dealt with misled you. 

Chris_English

itsme999 said:

Daliah said:

itsme999 said:

I am thinking of the lines of complaining to the bank and say either full refund or I move bank, can I go further to the FCA? Or I have no case?

Unless you received actual financial advice (doesn't sound as if you did) which was incorrect, 

Doesn't  emailing and phone calls to invest constitute actual financial advice when I didn't ask for?
Some of his famous lines : " your money in the bank is not earning enough, rates are down, interest rate are much lower than inflation....etc". And all this when I never asked for any sort of advice. 

No, “advice” means something quite specific in finance.

Saying “in our view UK shares are likely to return more than cash over the next five years” is not advice.

Saying “having considered your circumstances we think you should use your savings to buy shares” is advice.

I find some of the facts stated here hard to believe, as all main banks are incredibly aware of what they are allowed to do nowadays regarding marketing and advice.

itsme999

Audaxer said:

That does seem a very pushy email for a major high street bank to send if the OP had already clearly stated he did not want to invest his money. I agree with highlighting that 0.05% is a terrible interest rate, but I would have thought they would have suggested moving to an account with a better interest rate. I know rates are low but I would be surprised if the bank doesn't have any accounts offering even a slightly better interest rate.

Never bothered to mention other accounts with higher interest, main aim sell investment, guess he gets commission, bonus, promotion or similar?