Just to let you know that I am no banking neophyte...I was a corporate Senior VP in retail banking for a top 15 retail bank. At one point, Fortune ranked our management team as the best in the industry.
I know about banking. I know how to move money around. And I’ve worked with our “Finance Professionals” who were mostly recent college grads who did not want work with insurance companies.
I know that the real money is in private banking and trusts. I know that banks have struggled with fees since the advent of internet banking and the desire to move everything online.
Did you post your credentials? Or did I pretty much guess them.
I’m a 26 year Registered Investment Advisor. I have managed thousands of client relations and portfolios of 9 figures. I currently own a private brokerage firm that caters to HNW investors.
My former, and last major “employer” was full of “banking vps” that were jealous of what we made in earnings. There are NO reputable banks, SLs, or CU that will employee a fresh out of college newb.... so stop that silliness.
And yes, like any profession, advisors make money. The average in our industry is about 85 bps per year, hardly a scam.
The decent advisors with tenure in this country are 85% conservative, are a big part of our free market capitalism, and ensure that retired Americans have diversified investment portfolios that generate income for them to live off of.
Yes, those nefarious investment advisors huh?
Ok, so my asset allocation to Bitcoin and crypto nonsense is exactly ZERO.
It has no dividend, no earnings, has no equity, no collector/precious metal value.. Enron was far more of a company and an investment than Bitcoin...