New Bank For Dinarians?

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.

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.!!

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

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]

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.

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...

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!

Wow!

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.

OK, I'll just keep looking!

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:

You do have an honest point-I'd find a good credit union if it was me-

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!

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

No party, my peanut brittle's smashed and the only stars I'm seeing is from taking a beating over this dinar horror show!

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

Being uber wealthy is going to be challenge enough!

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.

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

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

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.

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.