Interviews with Private Bankers (Sunday Times)

[dydx]

I ever overheard a middle-aged, retired investment banker - who has quite obviously accumulated his millions from many years of professional work and smart investing - said of private bankers: "If they are really good in investing, they should be rich-enough and investing their own money, either on their own or managing a fund in which they have put in quite a large chunk of their own money." I thought there is some truth in what he said.

I suppose it is quite fair to say many private bankers are merely high-class salesmen (who still need a salary job) employed to talk to those rich people who do not know how to invest on their own into parting their money, so that their employers (the private banks) can make some commissions or price differences for the transactions, and hopefully build a larger client portfolio.