Alchemist - Bank Story

I have cultivated a relationship with the bank manager where I manage a business account. He had heard about the IQD prior to our talks, but had not invested. He purchased an unspecified amount about six months ago. We occassionally talk about our investment. About three weeks ago I asked him if he hears any thing that could suggest his bank preparing for the RV, if he could give me a heads up. He told me that he would be bound by a confidentiality agreement and would not compromise that. On July thirteenth, he told me of something that one of his friends from another bank told him. His friend is not invested a far as he knows, and they have not ever discussed the IQD. Today I asked if I could share his story and he gave me the go-ahead as long as no name or names of banks were mentioned. Here is what he told me:

His friend works at a well known bank in Ohio. According to his friend, there is a recruiter employed by the same bank whose job it is to hire individuals to work as wealth management advisors. What is anomalous is that these new employees have no experience in this field. They may have a business background, work at a bank, but they have no specialty in wealth management. They are not filing these positions with current wealth advisors who are credentialed, rather training them from scratch.

My friend told me that this is anomalous due to these factors:
(1) The fee structures have decreased for banking due to new regulations so that there can be no sizeable growth without the growth of business.
(2) Business growth is lacking in this economic climate.
(3) The entire economic six month to one year outlook shows no opportunity for turn around.
(4) The expenses associated with these new hires are:
a. They probably have good salaries
b. Training cost bringing these people into a whole new career
c. Benefits and associated costs beyond salary

Usually financial advisors are already licensed and seasoned to advise well when hired at this level. His friend was dumbfounded as this just doesn't fit. Experience usually begets success. Business experience not in that field then converting to something else and the costs associated make no sense in this business climate.

Moreover, according to my friends conversation, this has also occurred in most of the major banks based on the West coast. My friend, the local bank manager, contemplates whether this is a move to hire fresh, unbiased individuals without preconceived notions to serve a new class of millionaire and serve them at cash-in. It seems many things are falling in line. Go RV Dinarlings!