Katy McLaughlin

speaker

175 appearances 2 recordings 1 series first heard Jul 2019 last heard Sep 2019

Katy McLaughlin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Relationship Pricing: Banks Want to Be Your Everything · 26 Jul 2019 podcast

And it can be very difficult to say how much is it really going to cost you to, for example, move a portfolio from one place to another.

There's just lots of stuff that's not transparent.

First of all, when you move...

investment accounts from one place to another, you may need to change the custodian.

You know, your custodian might be Charles Schwab.

And let's say you're going to move it somewhere else.

Well, the custodian may charge fees.

You need to set up with this bank that wants to do the managing for you.

Who's going to cover that?

There are certain investments that you may be in that have surrender fees or that do not easily move from one place to another.

So really the advice that came from the private financial advisors I talked to is, you know, if somebody else wants to manage your money, let them do some work for you before they get those funds.

Let them figure out exactly what is it going to take and exactly how much is it going to cost.

And another really important thing, and this is important in relationship pricing and this is important,

Whenever you are going to work with a wealth advisor, the major question, hey, what does it cost to have you manage my money?

What do you charge?

How do you make money?

Where are the fees?

Are you always going to be advising me under the fiduciary standard where all the advice I'm getting from you is to my financial benefit, not to yours?

That stuff all has to be worked out.

So before you blithely go and grab the better mortgage rate, and we all like to play this game in a smart way and get the best rates we can, before you go and grab, you really need to sit down and run all these numbers.

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