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Explain me private banks like I'm 5 please?
- Thread starter PinkCat
- Start date
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Haha yeah... By now I know I have to hide having money. Everyone constantly wants to "borrow" from me. I lost a lot of friends because of it.
We hear you! It's sad!
C'est la vie, mon ami! 😎
PS. I'm going to do a thread on this and on an Italian economics professor at UC Berkeley*** who, in my opinion, best explained human nature.
*** It was the 1950s, so it was not a crazy liberal college (yet).
Well, I think @Sols described it here right Unlock the Gates of Success: Mentor Group Gold! . I would just amend that in a good private bank you can enjoy also (valuable) advisory with structuring your wealth, trusts etc. If you are able to manage all of this on your own, then in fact you do not need private banking.
A sad, unfortunalely not rare, story. My sympathies are with you. (Perhaps you just know that these friends lost were not really friends...)
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Let's say one liquidates $5m in crypto via MtPelerin and sends it to Cite Gestion. What would they provide? They are obviously part of CRS so if the UBO is a US person, no benefit. Is that accurate? They'll surely provide a credit card etc. but anything else that one should be excited about? Genuinely curious because I want to be tempted to do this.
There is absolutely nothing to be tempted by at any bank, and it is a very bad idea to exchange $5m (Or any amount) of crypto into fiat.
If you really feel the need to do that for your own reasons, then this is a reasonable choice. Much like execution by hanging might seem reasonable when compared to torture.
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