Banker is incentivized to sell products that are proprietary while the client believes he provides objective advice on a broader array of products and services.
Questions Wealth Owners Should Ask
What are the limitations of the advice you are able to give me?
What services are provided for the fees that you charge? Do you charge for these services separately? Do you charge flat/fixed fees or just AUM based fees?
How does the bank make money on non-proprietary products?
What percentage of the products that you recommend are non-proprietary products?
When offering non-proprietary products, does the bank receive any compensation from the product group (referral fees, trading or custody with the bank, etc.)?
Is your ability to recommend non-proprietary products dependent upon the client account size?
