Monday, September 28, 2015

TNT: MARTHA UPDATE :Interviewing a wealth manager 101, 28 SEPT

I met with a wealth manager  at my local wells fargo this am. I have been with this bank almost 20 years in trust and in business. This branch is also a currency branch and i am in a county that is so big and so vested with Dinarians that it still seems that at least one of the banks would set up an exchange center for it's customers in this county. That being said, when i made this appointment, I spoke with this person and stated why I was meeting with him. He misrepresented himself in that he understood why i was meeting with him when I talked about currency.

I went to this appointment with not a lot of baggage but prepared to exchange one vnd. I went thru a brief resume of who I was but it was apparent that he was "programmed to sell stocks and bonds as his product line. I used different buzz words that went right over his head and was unwilling to ask or even seek another staff members help in this situation.

 We discussed the need for their high end wealth management but when I used the name ABBOTT DOWLING which is wells fargo private banker side, he did not even know who they were!! That was the icing on the cake. This branch, which is a currency center and buys and sell currencies is right at the tellers level and yet he knew absolutely nothing about that product line in the bank. It was quite obvious that this young gentleman is a "newbie' to the banking world and perhaps is not ready for todays changes in world economics. I mentioned how I had lost a multimillion dollar trust and real estate during the fiascal of 2008 and his comment was "I thought everyone had recovered from that "
Not every person who professes to be a "wealth manager" is prepared to handle what is about to happen.

 His mistakes included not getting me to the right person; not researching the information before the meeting since he knew what I wanted to discuss and focused on only making a hard sale for stocks and bonds which I will not let him handle in the future . He lost me as a customer but he also lost the potential of several other customers at this specific branch. He didnt even know where Abbott Dowling was even located. You will run into this as you get ready for your exchange. BE PREPARED.KNOW WHAT YOU WANT AND REMEMBER IT IS YOUR MONEY AND YOU CONTROL IT.
I was listening to Tony while writing this and he was talking the same way about getting what you want;negotiating 101 and I will add interviewing 101
I am asking DAZ and AB to add their expertise to this lesson learned for all to read and understand.
It also sounds like from the call that the timeline is SO TIGHT we are chocking on the excitement of the next few days!!!!

P.S. it looks like those of us in this Florida County are,again going to have to travel some distance to exchange but at this point who cares. We will have one big party afterwards before Vegas

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.