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New Bank For Dinarians?

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Post by SEBtopdog Sun Nov 06, 2011 7:10 pm

Wells Fargo & Co.'s new bank for the super rich is set to open in Chicago, targeting households with $50 million or more to invest.

Abbot Downing is named after a 19th century custom carriage builder who catered to the wealthy, according to UPI. The firm has $27.5 billion in client assets and about 300 people on staff -- including psychologists and staff dedicated to building family genealogies, the Chicago Sun-Times reports.

"Abbot Downing goes beyond traditional wealth planning analysis by focusing on clients' values, goals and vision," James Steiner, who will run Abbot Downing, said in a statement. "Our advisors and Family Dynamics consultants focus not only on traditional wealth planning, such as cash flow, investments and wealth transfer, but also on human dimensions, such as family legacy, governance, leadership transition, family education and risk management."

The brand will reportedly be launched in April 2012. Aside from an office in Chicago, they will also be opening in San Francisco, Los Angeles, Scottsdale, Denver, Houston, Minneapolis, Philadelphia, Charlotte, Winston-Salem, Raleigh, Naples, Jacksonville and Palm Beach.

The announcement comes as banks are increasingly desperate to increase revenues after new regulations put a stop to some fees they were charging average customers and small businesses.

“Clearly it’s a profitable area, and good businesses are always looking to leverage profitable segments,” Steven Crosby, a senior managing director for PricewaterhouseCoopers, told Scripps Howard News Service. The bank will focus particularly on baby boomers looking to sell family businesses.


Last edited by SEBtopdog on Sun Nov 06, 2011 7:18 pm; edited 1 time in total (Reason for editing : Revise Title)

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Post by Terbo56 Sun Nov 06, 2011 7:49 pm

Im sure they'll think of a way to weasel money out of people one way or the other- Just be danged careful WHO you do business with, alot of banks don't care how they do it,and W.F.is one I personally wouldn't do business with-Just being H.A.U.F.!!
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Post by telani Sun Nov 06, 2011 8:34 pm

Ha ha.. WF is practically insolvent!!! Would never do business with WF!!

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Post by SEBtopdog Sun Nov 06, 2011 9:21 pm

Yes, well the piece does say they are "targeting" rich people. (That's a marketing word that has more than one meaning bounce ) I don't know about you all, but if I want to do geneology I'll get a software program, and I don't need a bank with psychologists on staff. Does that strike you as odd? It does me!

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Post by fridayh Sun Nov 06, 2011 9:38 pm

OF COURSE THEY ARE....AND THIS IS FROM ONE OF THE RUDEST BANKS ON THE PLANT!!! WHAT HAPPEN TO...DIANR?????....IF YOU BOUGHT SOME YOUR STUPID, WASTED YOUR MONEY AND YOU DON'T KNOW DIDALY ABOUT INVESTING OR THE BANKING SYSTEM???? HA!!! THEY GO TO BE KIDDING!!! :joker: [i]

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Post by SEBtopdog Sun Nov 06, 2011 9:43 pm

fridayh wrote:OF COURSE THEY ARE....AND THIS IS FROM ONE OF THE RUDEST BANKS ON THE PLANT!!! WHAT HAPPEN TO...DIANR?????....IF YOU BOUGHT SOME YOUR STUPID, WASTED YOUR MONEY AND YOU DON'T KNOW DIDALY ABOUT INVESTING OR THE BANKING SYSTEM???? HA!!! THEY GO TO BE KIDDING!!! :joker: [i]

Hey Friday ... Remember, "He who laughs last, laughs best." There will be much merriment among we "stupid" people who "wasted our money". We will be retired while the drones at WF will still be chained to their desks! Oh well, a girl can dream. New Bank For Dinarians? 2474380249

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Post by pgo Sun Nov 06, 2011 10:40 pm

Is there such a thing as a good bank for us to put our money in??? My mattress is starting to sound like a good spot...
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Post by daktarmel Sun Nov 06, 2011 10:59 pm

fridayh, I find it amusing that you have such an amazing lack of perspicacity as to criticize our intelligence for buying dinar in the same sentence in which you prove yourself incapable even of the most rudimentary spelling and sentence construction. Your humor is so dry I almost missed it! Rolling Eyes Laughing

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Post by dinarstar Sun Nov 06, 2011 11:47 pm

Wow!

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Post by SEBtopdog Mon Nov 07, 2011 12:04 pm

daktarmel wrote:fridayh, I find it amusing that you have such an amazing lack of perspicacity as to criticize our intelligence for buying dinar in the same sentence in which you prove yourself incapable even of the most rudimentary spelling and sentence construction. Your humor is so dry I almost missed it! Rolling Eyes Laughing

daktarmel: Nice word ... "perspicacity". I love those old words we don't run into much anymore. But the reason for my comment is I think fridayh was commenting on WF Bank, not on those of us here on OOM. Maybe I'm wrong, but JMO.

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Post by silkysand Mon Nov 07, 2011 12:29 pm

pgo wrote:Is there such a thing as a good bank for us to put our money in??? My mattress is starting to sound like a good spot...

Sorry had jump in on this one lol...the mattress is something you really really really want to consider twice lol, reminds me of a friend whom had issues with the hubby (money wise) she thought the best safe keeping place was her old mattress...well lol, her hubby decided to buy new matresses for themselfs and pulled out the old ones , and had the city pick them up from the curb..having said this , you can imagine what took place next .....yep!....a point of no return...Funny true story, but sad at the same time....so you might want to discuss over dinner if new mattresses are in the santa list. lololol be blessed.
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Post by pgo Mon Nov 07, 2011 1:21 pm

OK, I'll just keep looking! lol!
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Post by Purpleskyz Mon Nov 07, 2011 1:24 pm

Having to deal with any bank is a problem for me with this dinar investment. Any ideas how to cash out that does not include running to a bank? If the world economy is still crashing and burning I have been wondering if keeping any amount in a bank is wise.

GO RV 11.11.11 !!!! :flower:

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Post by Terbo56 Mon Nov 07, 2011 1:28 pm

You do have an honest point-I'd find a good credit union if it was me-
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Post by SEBtopdog Mon Nov 07, 2011 2:24 pm

Well, purpleskyz, you could invest in hard assets like gold and silver. Trouble is, the neighbors might notice the delivery trucks bringing in a load of precious metals! New Bank For Dinarians? 3973136183

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Post by Terbo56 Mon Nov 07, 2011 2:29 pm

I'm thinking a Rooms 2 go, or a U-Haul truck-
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Post by SEBtopdog Mon Nov 07, 2011 2:34 pm

terbo56 wrote:I'm thinking a Rooms 2 go, or a U-Haul truck-

Good one, terbo56! lol!

I notice you're at 987 posts....Getting close to that magic 1,000 mark. What happens when you hit 1,000? Do the Mod's and Administrators throw you a party? Do you get a second row of stars? A box of chocolates?

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Post by Terbo56 Mon Nov 07, 2011 2:39 pm

No party, my peanut brittle's smashed and the only stars I'm seeing is from taking a beating over this dinar horror show!
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Post by Purpleskyz Mon Nov 07, 2011 2:41 pm

Sure don't want to draw that kind of attention! Smile

Being uber wealthy is going to be challenge enough!

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Post by pgo Mon Nov 07, 2011 3:27 pm

I've considered a credit union, but will have to check to see if they will offer the benefits of personal banker, Investment team, as I will need help with knowing what to do with all this money.New Bank For Dinarians? 3568750529
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Post by 1alaskan Mon Nov 07, 2011 7:36 pm

Sounds as tho Wells is grasping at straws, Don't see many savy folks joining in, and I would bet that anyone with 50 million to invest, not net worth, to invest is a bit savy

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Post by Guest Mon Nov 07, 2011 8:12 pm

Investing with an investment banker sounds like a good way for your money to grow legs and walk off! AJ

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Post by Guest Mon Nov 07, 2011 8:18 pm

Here's a good investment Idea. Private 75% reverse mortgage's for seniors, with no interest and give the heirs 1 year to sell after death or turn back to lender with no penalties.

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Post by Guest Mon Nov 07, 2011 8:21 pm

Or, viaticles. Where the lender loans on life insurance up to 75% to Hospice clients with 6 months or less to live. So that the client can enjoy the last days of their lives and pay medical bills, with lender being the beneficiary.

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