When you open up a trust account at Devon Bank, they liquidate all your assets into cash. If you have a gold coin collection, jewelry, stock portfolio, bonds, annuities (or planned well for your retirement and are living off the interest of your investment portfolio), the trustees will sell everything then invest your money into bank stocks. (I'm looking at all their clients and they're not making them any money.)
What do they get out of this? Why are they investing money into Washington Mutual, Bank of India, Federal National Mortgage, etc.? The client makes nothing on interest so why do they even bother?
If you have personal property (like jewelry, coins, a car, etc.) that have sentimental value, too bad for you. The trustees at Devon Bank liquidate all your assets whether you like it or not. (I'm sure Rick Block and Sally Griffin wouldn't like it if their personal property was being sold, they're thanking their lucky stars they don't have themselves as Guardians of their Estate).
I don't understand it? My college education is accounting (and their accounting mistakes alone give me nightmares) and I can't figure out what they're getting out of liquidating someone's portfolio only to invest in bank stocks that yeild nothing in return for the investment? (1-4% in interest, really.) What am I missing?
I'll publish a list of banks that Devon Bank invests their clients money into next week when I have more time.
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