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My bank won't stop contacting me about upgrading my account to HSBC Premier status. I have the one just below premier, I see the benefits of it on the HSBC website, but they really do me no good. The thing they keep pushing, at least over the phone, is that they can "help me invest my money", which I would never ever want to do. My question is, why would they keep pushing hard for this upgrade, what's in it for them, besides taking more of my money? Do I really need premier? Does anyone else have premier and is there some magical benefit I'm not seeing?
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Jul 12, 2014 17:45
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| # ? May 19, 2024 12:11 |
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I'm a HSBC premier client. Only upside is a client manager who I can contact about issues and faster service through the Premier queues when I have to do personal banking. I suspect the reason they are trying to push you into it is because you have enough cash in your account to be targeted as a potential private wealth client. They are hoping to get you into their private wealth management system, where they can get you to invest in a range of funds (listed and unlisted) and other investment products. They end up making fees out of this and its a volume game. Even if you make it clear you have no interest investing through them (and I wouldn't recommend you do), it's likely their system are flashing attention lights and triggering automatic mail outs to pressure you to level up to Premier, with the next step being marketing the private wealth management product to you. If you are keen on investing in securities, I recommend you just open an online brokerage account (eg Fidelity in US, Boom in HK - shop around for best rates). Many of the products offered through banks private wealth platforms are either exchange traded funds that you can invest in directly through a brokerage (hence avoid paying unnecessary fees to the bank) or, if not listed, can easily be replicated in an existing listed security, particularly ETFs.
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Jul 12, 2014 18:53
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Pyramid Scheme posted:I'm a HSBC premier client. Only upside is a client manager who I can contact about issues and faster service through the Premier queues when I have to do personal banking. Sans the pointless investing through HSBC, as far as I see anyway, is it worth just becoming premier? In other words I assume it wouldn't hurt me and therefore would only be beneficial somehow? In other words I should just stay non-premier just out of spite?
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Jul 12, 2014 18:57
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I don't see any downside. I've been a Premier customer in Hong Kong, Australia and the US and they haven't marketed to me in either country, other than maybe 2-3 easy-to-ignore e-mails a year and around 1 marketing letters a month that I throw in the bin. I think there is no step up in account fees, other than a minimum balance fee. Check on that. In any case, you can convert your account back to non-Premier if you're not going to meet the minimum balance.
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Jul 12, 2014 23:04
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I've got a premier account in the UK and Canada. It's a good product if you've got bank accounts in multiple countries and will be transferring money between them, and/or travel frequently out of country for work or pleasure. They offer preferential rates on loans and mortgages, but you may be able to do better at another bank anyway. Their built in travel insurance is kind of OTT, but saves having a separate policy.
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Jul 25, 2014 16:03
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| # ? May 19, 2024 12:11 |
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If only somehow there was a description of the product which they want me to purchase, if only I knew what the words they said meant. Then I would be able to overcome this problem. The thread title should be "Tell me about why I should invest in any financial products and why" I know this will generate responses. You will have to describe your HSBC thing in more detail though. There is no other investment thread in this forum that I can see. So it should be a megathread. Edit: Congratulations you are a wealthy aristocrat investor and guilty of all of the sins of "Wall Street" because you own a slice Cool Bear fucked around with this message at 08:54 on Jul 26, 2014 |
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Jul 26, 2014 08:42
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