Last month, Wells Fargo made the front page for opening illegitimate bank accounts for millions of customers without their knowledge.
Earlier this month, Morgan Stanley also made headline news and was charged with ‘dishonest and unethical conduct’ for running unethical cross-selling strategies to open customer accounts and target loans to wealthy clients.*
In both of these cases, their respective clients were not seeking such services; they were pushed upon them either unknowingly, or with high pressure sales tactics.
While a large bank or globally-recognized brokerage firm might have a century-long legacy with bricks and mortar to show, is it worth appeasing its stock/share-holders by virtue of unethical sales practices to meet its bottom line? How long will clients put up with it?
It would seem that such horrible news would cause investors and banking clients to leave those institutions in search of honest and reputable alternatives that could provide the depth and personalized service for which they are seeking. It would also seem that investors and clients would rely less on pumped-up multi-million dollar national television ads, and more on recommendations from a trusted friend, family member, or neighbor.
As a local financial planning firm who can provide customized portfolio construction adhering to a client’s risk tolerance, timeline, tax concerns, and income needs, we, at Arktos Wealth Management, also provide an enhanced personalized touch. We provide a wide range of investment options to our clients and we do so while putting your interests first. We’re also active known members and residents of the community we serve.
If you know somebody who’s been affected or irked by either of these recent events, we would love to show them a brighter and kinder alternative. Our focus is working with local small-business owners and families who value a close relationship while working towards their financial goals. And although we do not provide direct banking needs, there are plenty of alternatives that may provide a much better and trustworthy experience.
Give us a call. We’d love to hear your thoughts and concerns about these events. And “no” our operators are not standing by…we prefer to answer the phone ourselves!!
*Source: Reuters – Sept. 26, 2016 and Oct. 3, 2016