Questions to Ask Private Bankers or Tax Attorneys/CPAs

Probably a good time for a refresher on this or for new investors.

Here is a list of questions to ask your private banker:

Our readers frequently ask for advice on how to select a new adviser. Many private banking clients are insecure about the method to identify the critical information they need to know before they pick a new private banker.

 Usually in the first meeting an adviser buries you under company brochures and gives you a nice standard speech. However, our experience shows that this kind of information does not even scratch the surface of what you really need to know.
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  As a first-aid kit we have prepared a list of 12 indispensable questions you should ask your wealth manager or private banker during the first meeting.

Questions on the organization of the bank/private banker:

What is the minimum amount to be invested? (This gives you a good feel whether the bank targets private banking clients that are similar to you)

What is the value of assets under your firm’s management? (The number shows if it is a big institution with international reach or a smaller boutique. Do not forget to ask if the number has been growing or falling lately, and why)

Since when have you been in the business of private banking? (Gives you a feel about their level of experience)

Questions on the investment philosophy:

Describe your investment philosophy (Should match your philosophy as closely as possible)

What are your weaknesses? (If they can’t name any, then it stinks)

What sets you apart from other wealth managers and private bankers? (Don’t be satisfied with a general answer, insist on specifics)

Are your performance figures verified by an independent third party? (Yes: good, No: bad)

What is the process you follow for making investments? (There should be a clear step-by-step process which involves a written evaluation of your preferences and wishes)

Questions to the private banker directly:

To the adviser, directly: What qualifies you to provide wealth consultancy? (Again, you should insist on specifics like his level of experience or business degrees)

What is the your personal remuneration based on? (Is it based on how much fees he generates from you? Or is it based on the overall performance of his clients’ portfolios. If there is no clear answer assume the former)

Questions on private banking fees:

What are your fees? (Ask specifically about transaction fees, flat fees, ticket fees, government fees…there are many ways by which they plan to part you from your money)

Are there any hidden costs in the portfolio? If yes: How large are they typically? (Like fund fees, kickbacks)

These are the questions that you should definitely ask in the first round to get all the basic facts and a good first impression about the private banker. However, we highly recommend you to dig deeper before you make you final decision.  LINK

Millionday news
    [millionday] With the continuing decline in the exchange rate of the dinar against the dollar and the central bank sales since the change of Directors of the Bank, said sources familiar with the Central Bank of Iraq will begin next month to open letters of credit in the banks to re-dollar exchange rate against the dinar to normal and prevent a repeat of volatility the exchange rate

    [millionday] this is going on now >>>>

    [millionday] welcomed the Special Representative of the Secretary-General of the United Nations, Martin Kobler yesterday’s meeting which brought together Iraq’s political leaders on the initiative of Ammar al-Hakim, head of the Islamic Supreme Council of Iraq, hoping to take decisive action to contain the political differences in the country.

Iraq’s leaders held a symbolic meeting on Saturday wise initiative at a time when the country’s mounting deterioration in security and crisis-ridden continuous policy
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    [millionday] And saw a reconciliation meeting between Prime Minister Maliki and Parliament Speaker Osama Najafi, after a rupture between the two sides and the exchange of critically acclaimed in the recent period, where the two men shook hands and exchanged kisses under the eyes and applause.

Kobler said in a statement received “Twilight News” that “engage in a frank and constructive dialogue between all Iraqi leaders is the only way to get Iraq out of the current political crisis.”

 He pointed out that “it is essential to maintain the positive momentum of this reconciliation initiative,” adding, “The United Nations has called repeatedly for dialogue and urged the parties to it.

    [millionday] Kobler expressed his hope that “yesterday’s meeting leads to take decisive Agerouat to and determined to end the political differences, including in the interest of Iraq and its people.”

 The country has seen a deterioration in security carries a sectarian character which killed more than a thousand people in May, according to UN figures, while hampering the political differences since the withdrawal of U.S. forces

    millionday] so as we know there are huge announcements internationally and demestic that the meetings are going fantastic and they are resolving during the dialog    brb with more

    millionday] The Economic Parliamentary Committee attributed the continuous decline in the value of the Iraqi dinar in exchange of USD price to “the unsuccessful policy adopted by the Central Bank of Iraq.”

The Secretary of the Parliamentary Committee, Mahamma Khalil, stated to Iraqi News that ”The continuous decline in the price of the Iraqi dinar in exchange of the US dollar is a result to the failure policy of the CBI where the recent changes in the administrative staff and the intervention of the Government in the authorities of the CBI have negatively affected the efforts to regain value of the Iraqi dinar.”

    [millionday] i am all for that — get with it and put the rate where it needs to be

    [wilbur48] Millionday i have something on the Chapter7 when you are done if it is ok to bring it in let me know when

    [millionday] chapter 7 meetings are going on right now and there are no results right now — the report i just brought was from about two hours ago

    [wilbur48] this is from kuwait

    [millionday] however — they are dealing with the situation at least now and have the issues resolved  now we do know this has been going on for years and that is

    [millionday] the request of the politicians to sit around a table of dialog which is reported as successful and is going on now to resolve   sure hun — bring it

    [wilbur48] KUWAIT, June 2 (KUNA) — The UK-Kuwait Joint Steering Group (JSG) held its second meeting in Kuwait Sunday with the primary aim of boosting cooperation between the two countries.

The meeting was chaired by Kuwait Foreign Ministry Undersecretary Khaled Suleiman Al-Jarrallah and UK Foreign Office Minister for the Middle East and North Africa Alistair Burt. …

 Meanwhile, the two sides welcomed the Iraqi government’s move to implement its commitments to Kuwait as per relevant UN resolutions to remove itself from UN Chapter VII.

    [wilbur48] there is more to the artilce but this is all we are interested in

    [millionday] thank you hun

    [millionday] GCC foreign ministers have commended an understanding between Kuwait and Iraq over a mechanism to follow up the issue of prisoners and missing people from Kuwait and other countries, as well as returning the State of Kuwait’s properties and national archive.

The foreign ministers, in a statement at the end of their one-day meeting here, welcomed Iraq’s cooperation to implementing UN Security Council’s (UNSC) resolutions, namely those related to the completion of maintenance of border signs with Kuwait.

They also welcomed Iraq’s signing of a Memorandum of Understanding (MoU) regarding the border signs’ maintenance

    [millionday] Kuwait’s Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khalid , Al-Hamad Al-Sabah signed last Tuesday two MoUs with Iraqi Foreign Minister Hoshyar Zebari, included maintenance measures for border markings and financing a project of constructing a residential complex in Umm Qasr.

On Syria, the foreign ministers of the six Arab Gulf countries decided to consider taking measures against “interests” of the Hezbollah in the GCC countries, following the Lebanese party’s military intervention in the Syrian conflict.

    [millionday] The foreign ministers asserted importance of dialogue between all conflicting parties in Iraq in a drive to preserve the country’s security, stability and unity. They condemned the attacks in several Iraqi cities and towns killing and wounding innocent civilians.

They said the Iraqi government should stop some political parties’ interference in the internal affairs of the GCC countries. They condemned the massacres against the Rohingya Muslims in Myanmar, approved a strategy on e-government and established a committee for anti-corruption authorities.

    [millionday] brb with more  waiting on something to get here so i am searching while i wait too  sorry my puter put us behind

    [no-regret] millionday i have a question

    [millionday] but let me say this   with the national meeting going on and them meeting on the UN issues and the news everywhere about cbi — this is a great time to be a dinarian

    [no-regret] The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month. millionday millionday what do you think this means ? could it mean that they are changing the difference between the official rate and the street rate to less than 120 thx

    [millionday] this would have to be a combination with the process of pulling the three zeros so it is not an official rate for the usd/iqd

    [no-regret] i don’t understand what do you mean by combination

    [millionday] they have in country — out of country /stock market ect and also data entry ect for world trade so the figures should be confusing

    millionday] Deputy Prime Minister Saleh al-Mutlaq, on Sunday, the consent of the leaders of the political blocs to pass the amnesty laws and accountability, justice and the confidential informant, also pointed to the completion of the 4040 transaction for the release of detainees within the special amnesty law.

Mutlaq said in an interview for “Alsumaria News”, “The leaders of political blocs told me their consent to pass the amnesty laws and accountability, justice and the confidential informant and other laws of interest to the demonstrators,” noting that it “submitted to the Parliament.”

 He said al-Mutlaq, a meeting yesterday between Najafi and Maliki “a great start, but you need to enable real agreements that took place,” he said, adding that “the situation will remain uncomfortable or Mtmon if you catch a meeting yesterday process procedures and mechanisms will be packed fast.”

Mutlaq said that “all problems will be solved if there was the will among politicians during the next parliamentary sessions for the legislation of laws and fundamental task that has been agreed upon.”

    [millionday] He said al-Mutlaq, “I took words from the leaders of the blocks and partners in the political process that they Sioavqgua on amnesty laws and accountability, justice and other laws submitted to the House of Representatives, including the law of lifting booking for property and confidential informant and modification of Criminal Procedure,” pointing to the “we are the law of pardon is synonymous with this law. “

 Mutlaq revealed “directed a group of his own staff today to the Supreme Judicial Council to complete the 4040 release of treatment within the special amnesty law.”

And ended the leaders of political blocs, on Saturday (1 June 2013), the meeting, which was held in a house head of the Islamic Supreme Council Ammar al-Hakim, after reconciliation Prime Minister Nuri al-Maliki with House Speaker Osama Najafi.

    [millionday] so as we see the laws that they need to be a democratic society with a working justice law and also accountability is closer then we think — they have been making use of the time of the parliament vacation — great progress

    [millionday] brb with more

    [millionday] Generosity of the organizers of the European Inventor Award for 2013 last Tuesday, the creators of technological inventions different Kaladraj that opens without issuing a fuss and nano-capsules that address some types of cancer.

And won the Patrick Couvreur, a professor at the University “Barry – Sud” This award in the category of research, in honor of his research on nano-capsules seventy times smaller than red blood cells distribute drugs strictly between the patient’s body when ingested.

These capsules are biodegradable disappear in the blood to reach its goal and prevent the emergence of a lot of side effects associated with chemotherapy.

    [millionday] According to Professor Couvreur, allows this technology, which is still under test to reduce the transmission of liver cancer to other organs in the body by 70 percent.

    [millionday] may be off the subject but — huge for all and for Iraq  brb with more

    [ROBINREDHED] millionday VERY NICE

    [millionday] i agree — amazing

    [millionday] The parliamentary legal committee warned the government to accelerate Iraq’s accession to the World Trade Organization (WTO), stressing the need to hold the legislation supporting the local industry in the base class.

The vice president of the Prince Kanani “We told the government the need to be patient in their endeavors to Iraq’s accession to the World Trade Organization (WTO) until the completion of legislation systems to support the domestic economy and the domestic industry.”

“It is not right for Iraq’s permanent membership of the World Trade Organization is not yet complete legislation supporting the local economy.”

    millionday] The parliamentary legal committee warned the government to accelerate Iraq’s accession to the World Trade Organization (WTO), stressing the need to hold the legislation supporting the local industry in the base class.

The vice president of the Prince Kanani “We told the government the need to be patient in their endeavors to Iraq’s accession to the World Trade Organization (WTO) until the completion of legislation systems to support the domestic economy and the domestic industry.”

“It is not right for Iraq’s permanent membership of the World Trade Organization is not yet complete legislation supporting the local economy.”

    millionday] note — due to the economic file — smile

    [ROBINREDHED] LIKEY

    [millionday] He explained that “the parliamentary legal committee member of the supreme committee which was formed to follow up the join file for Iraq’s permanent membership in the World Trade Organization.”

The World Trade Organization (WTO) has sent a group of inquiries and requests to the Ministry of Commerce to amend Iraq’s request to file WTO accession related the economic Alstraeat file. The WTO requires commitment and the commitment of the State wishing to join the signing of the Protocol of Accession to approve the application includes all the WTO agreements

    [millionday] love this

    [millionday] so this is an amended part of the economic file and all agreements are in there ? hmmmm   talk about good news  brb with more  likey likkey too  this is very interesting

    [millionday] Finance and economy ministers of GCC countries meet in Jeddah, Saudi Arabia, tomorrow to discuss comprehensive economic integration, the Gulf custom union, and negotiations with countries and economic groups.

Kuwait will table a paper over importance of economic integration for the Gulf Cooperation Council (GCC) countries and how the six Arab Gulf countries can accelerate the integration, the finance ministry said in a statement Saturday evening. Kuwait will be represented by Deputy Premier, Finance Minister and Acting Oil Minister Mustafa Al-Shimali.

    [millionday] The Gulf ministers, said the statement, would discuss completion of measures to establish the Gulf custom union, collection and distribution of custom tariffs among member countries, custom protection, local agent and bilateral agreements, and to finalize them before the 2014 GCC summit.

The finance and economy ministers will hold a joint meeting with the GCC foreign ministers on the same day. Kuwait’s Deputy Premier and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah will head his country’s delegation

    [wmawhite] millionday ………this obviously implies that Iraq will need a tariff in order to collect and distribute the process from tariffs.

    [millionday] their tariff has been decided but has not been applied yet so that would be entered in to the information i would feel comfortable saying — they have it on the table and agreed by all leaders so — this is huge for the timeline

    millionday] Washington: Mohammed Ali Saleh Source denied at the White House to be Vice President Joe Biden has returned again and put an earlier project to divide Iraq into three federal regions of Shiite and Sunni, Kurd, and in response to the reports to that effect.

The source told «Middle East», said Biden was a call last week by telephone with Nuri al-Maliki, Prime Minister of Iraq, and across his concern about the escalating violence in Iraq, particularly bombings sectarian and Biden over to the owners about U.S. support for the unity, security and stability of Iraq and the U.S. United are keen on the continuation of cooperation with the Government of Iraq to confront terrorism.