Natok: May this be the most memorial day ever. Salute to those who have did service for our countries, our loved ones we have said goodbye to, and to all those we will pif to! Thanks to everyone here on TNT, their services to all of us. It will not be forgotten. Thank you, thank you all!
Demcoit: Everyone has to know by now what to do if not go back and research all the info while you can. The end will just be rates and formality issues. PAM HAS ALWAYS SAID YOU KNOW MORE THAN YOU THINK.
Lovinglife: When this happens, we need to first, be grateful, then stay calm the best we can and utilize what we know!!
Demcoit: OLD NOTES: Currency Update -SO after lots of HOLD music, here is what I learned.
WELLS FARGO updates once a day, so each business day has one set of currency rates. That update occurs when branches are closed at night.
CHASE updates constantly throughout each day, so the rate is called "market" as it fluctuates with the markets.
Demcoit: Before your second appt make sure you understand AUM AND BANK PERKS
LC: Bank Perks (AUM - Assets Under Management)
(Note: All Bank listed may or may not fit your individual needs or wants....this is just a good guideline of what you may want to discuss with your wealth manager post -RV)
No fees ever for foreign currency exchanges
Provide a Private Banker/Wealth Manager at the time of exchange to initially park the funds in an overnight high yield interest rate account that will yield a minimum of 1% per month.
Family Office Services
Perks can be based on AUM (Assets Under Management) in a tier grid
Discounts on AUM fees
No fees ever - no fee to deposit/wire transfer money
No Broker fees ever
Free Safe Deposit Box, Certified Checks, Notarized, Courier Services
Provide Excess Deposit Insurance (i.e. Lloyds of London and/or Travelers)
Provide Senior Wealth Managers/Investment Bankers for selection
Tax/Business/Estate Attorney & CPA
Private transactions representation –assistance in buying a house/car/anything
Free Due Diligence Services provided for outside investment opportunities
100% funding availability
Unlimited Platinum or Black Visa Signature Debit & Credit Card with no ATM fees
Line of Credit available
Group Health Insurance - to cover the signers and families of depositors
Guarantee 12-15% interest per year on deposits
Bank Trading Platforms & Repurchase Agreement Sweep Accounts
Short Term/High Yield Interest Rates
Assist in opening an offshore bank account with affiliate bank for foreign investments
Access to information on great investment opportunities
Provide free Executive Privacy Plus subscription with Reputation.com
Sports tickets in suites and on the floor (Football, Basketball, Baseball, Boxing, Tennis, Golf, NASCAR & etc.) Also, special events like the Super Bowl, NBA Finals, College Bowls, NCAA Final Four, World Series & the Olympics. Based on AUM in a tier grid
Entertainment & Concert tickets in suites and on the floor (Music Concerts, Entertainment Awards Shows, Premier Movie Screenings, TV Show tickets & etc.) Based on AUM in a tier grid
Limousine & VIP transportation based on AUM in a tier grid
Private Jet Travel (5-25 flight hrs. per mo.) based on AUM in a tier grid on flight hours per month
First Class seats/commercial airlines based on AUM in a tier grid
Private Yacht access/usage (40 hrs. annually) based on AUM in a tier grid on access/usage hours per year
Donations to our favorite charities (Banks matching a certain percentage)
Prime seats at charity events
Suites at Luxury Hotels & VIP Dinners at Restaurants based on AUM
Membership fee & Annual fees to Inspirato Core resorts & residences
Membership fee & Annual fees to Exclusive Resorts & Residences for 60 days with Priority Holiday Access annually
ClubCorp Private Membership based on AUM
Spa & Massage Club Membership based on AUM in a tier grid
Concierge Services 24/7 based on AUM
Provide a free Vertu Ti cell phone & concierge subscription service for members with $1 million and over AUM
Free Family Financial Education provided for group family members
Provide any and all other perks that was not mentioned
Global Leader Risk Mitigation & Response
Luxury Destination Clubs
Private Business Club
MOT: What NOT To Say To Your Wife At The Supermarket......
Eddie and his wife June are shopping in their local supermarket.
The husband picks up a case of Heineken and puts it in their cart.
'What do you think you're doing?' asks June.
'They're on sale, only $15 for 24 cans,' Eddie replies.
'Put them back, we can't afford them,' demands the wife, and so they carry on shopping.
A few aisles further on along June picks up a $30 jar of face cream and puts it in the basket.
'What do you think you're doing?' asks Eddie.
'It's my face cream. It makes me look beautiful,' replies the wife.
Her husband retorts: 'So does 24 cans of Heineken and it's half the price.'
Eddie never knew what hit him. The next thing he heard on the supermarket PA system was: 'Cleanup on aisle 19, we have a husband down.'
Karla: Still think you need a Multi-Currency Account? Learn something about correspondence banking and KYC principles first!
"I have a multi-currency account!!!" Oh, that sounds so sexy... so sophisticated! So "de jure" in our circles, huh?!
Well it's not that simple... Watch out who owns your money, and where it lands! I'm not trying to scare you at all - I'm trying to help you understand YOUR opportunities and risks in the real world of international banking.
Just be sure that you understand whose books your money is on, and what the Dodd-Frank legislation does if a bank goes belly up.
This is a great article from the BIS on Supervisory functions for bankers:
In it, in section 2.2.7, Correspondent Banking is defined in broad strokes for us to understand what happens with our monies if we choose to open an Multi-Currency-Account.
In essence, if you open a Euro account with Wells Fargo, Wells will go to Europe, open a correspondent account with... let's say Deutsche Bank, Germany or Bank National de Paris in France or somewhere else and open a bank to bank account. Then they take your dollars from your account in the USA, exchange it on ForEx, then deposit it in the European bank. Wells holds those Euros in Europe at this correspondent bank
Here is another link to help us understand this banker principle better!
Now on to KYC principles: KYC stands for Know Your Customer!!!
Try to understand this from the Institution's point of view... speaking with their wealth manager. the KYC principle is something that WE, YOU AND I can help with! Don't try to hide financial things from your banker. Don't overload him, but be transparent with who you are, what kinds of regular banking transactions you have or will be doing.
One of the things that the banker will try to do is to put you into some kind of template. Umm... this is where I have had the biggest challenges!
All I'm trying to help you with... is being transparent with your banker. It can be to your advantage. If you have huge amounts of monies - I say more than maybe $50 million, you can even ask your banker to help YOU put in place offshore relationships.
With clients that size, it's a common thing. I'm not making suggestions, but I'm just saying make sure you have the discussion with your banker about it.
Comments from bankers and finance people are welcome.
Oh, and please don't snark me - I'm sort of getting tired of that! Karla
Tizzy: And to add to her information, remember, the banker will ask you WHY you need a Multi-Currency Account. and if you dont have a viable reason like you are doing business in that other country, guess what, You WONT GET IT!!!!
These accounts, as I and DC have mentioned before are NOT FOR HOLDING CURRENCIES. They are working accounts for doing business so you can bring your money back into the USA from your foreign business projects. Hope that adds a little bit!