Wealth managers and their way of thinking

The whole flyer had a vibe that it was quite old and probably hadn’t been reviewed during the past 20 years. The paragraph in question had some funny language which (translated) said ”If the renter has a dishwasher or a washing machine at his disposal, he will also take over the costs of having them professionally serviced.”

I know that not everyone has a washer/dryer but it read like having a dishwasher is a rare luxury. In the end the entire handover went well. I had one or two calls with the agent beforehand and always politely stood my ground. I believe it helped that I demonstrated the knowledge of my rights beforehand.

Based on this experience @Wolverine has already taken the correct first steps. The overall situation and liability for damages is still unclear to me but it never hurts knowing your rights and demonstrating it.

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I think I’ve started with the wrong attitude of wanting to take responsibility for the damages I had actually done, which has opened the door for him to push for damages I hadn’t in a very agressive way. It would have worked fine with a more reasonable person but with someone willing to get the most benefits possible out of the situation, whether fair or not, it’s a very wrong step to take (and it’s not always possible to tell beforehand if the person you’re dealing with is fair or a jerk - so it’s safer to play hardball from the start, which is sad but the world we live in).

So, I totally agree with @LeStache about the importance of showing you know your rights and will stand for them. Unfortunately, I’m backpedaling at least in part because I’ve not done it from the start.

Here’s your behavioral study - straight from the jungle. There was a time when a wealth manager in Switzerland could sit on his arse and wait for a wealthy German to come in with a suitcase full of cash. Of course he wanted utmost secrecy, so he was willing to pay for a numbered account, was willing to pay for retained mail. He also wanted the money to grow so he agreed to a discretionary mandate. The wealth manager knew that no one would ever challenge a poor annual return, as long as the money remained hidden from the German tax authorities. Expensive structured products and funds added plenty of bonus to his cushy salary. Long before MiFID or FIDLEG, clients were ripped off. Then came the fall of the banking secrecy. Wealth manager were suddenly required to actively attract new clients. Most of them failed, they didn’t have an ounze of sales talent in them. Projecting friendship and evoking trust was all they could, until the mask slipped.

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