Angry Investment Advisor Wants My Son’s Money
” Please transfer my son’s money to this investment account in this country.” The investment advisor, a banking specialist started her rant about what a bad place that country is. She strongly advised me to leave his money right there, in the bank where it’s safe.
Why was she so adamant to keep my son’s money in the bank? A withdrawal is a withdrawal. There’s no need to try to be the money police – so says my lawyer too.
Explain to me then when inflation runs at over 3% and you pay only 0.5% per annum – yes, half a percent, that is not risky? There’s a tax component too since I’m in charge of that money. The banking investibles are still either going down or simply static and likely to be for the next six months.
What about GICs and Government Bonds? A little over 4% isn’t my idea of a great investment, especially since I’ve recently moved some of my money into stocks in the Far East. Some of them have since bounced back and firmed up very nicely thank you. So much so for a bad country. Such bias or is it desperation?
A call to the headquarters’ so and so at last got this bank officer to release her “hold” on my son’s money, along with a reprimand and an apology – verbally of course.
And of course, I closed all my deposits at that bank branch.
Was I right?
China has recently seen some mixed results after their stock prices fell dramatically in 2008. And lately since October 2008, Hong Kong and Shanghai has been the beneficiary of some very significant funds seeking a place to park. Now, why is Hong Kong such a “bad place”? Especially when the Chinese government has supported some of these special and important business stocks. The Shanghai Stock Index or SCI 300 (by far China’s largest stock index) has risen 36%.
Oh, yes some foreign mutual index funds are seeing a rise in their assets. I wonder why?
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