Nov 21, 2004 09:29 AM
3155 Views
(Updated Nov 21, 2004 09:29 AM)
Citi Bank has wealth managers who are well trained and incentivised to damage your wealth, and they excel at that! I had a tidy sum in the Income fund of a big mutual fund. I had put it there for a long time and wished to buy a house with that fund.
Last year when I wanted to close it and use the money to buy a house, Citi suggested that I keep it as it is and instead borrow for a house! I lost about 1% (negative return on my income fund) and paid about 8% on my loan!! I had some more money in another income fund - they transferred it to an aggressive equity fund and I lost about 7-8% there!
To bridge the payment to the builder they had also given me a personal loan at usurious rates! Last month I went to a financial planner (his fees was 20k for the first visit!), he reworked my portfolio and showed how his fees was MUCH, MUCH less than what Citi's damage to my pfolio was!! Surely citi does not let u sleep!!!
