People say to me a lot 'oh I'm ok, I don't need your services, I've been dealing with my bank for 30+ years. They'll do what I need'
I hear this often and I have one good story that hits a little too close to me and some past clients.
I know of an older dear couple that the wife had just passed away and the husband needed to get out a $30k unsecured line of credit. Not that he needed the money. It was that all his investments were tied into GIC's (which is not good)
His bank, with which he's had a relationship for 30+ years, turned to him and said "sorry the max we can do without securing against your home is $20k" This wasn't enough for him. A funeral now a days is pretty darn expensive.
So he complained a little, told them he had more than enough in his GIC's to cover it etc.
They let him leave saying we'll look into doing something and will call you back in a couple days.
Finally they did and this is what they did for him. 2 line of credits of $15k each. One at Prime +.50% and one at Prime +3.5%. Secured against his GIC's.
They would NOT give him a full $30k, with a good rate, unsecured. I think this is wrong as he's been such a huge supporter of this bank for so many years.
The moral of this story is, no matter how long you've been with your financial institution, it does not necessarily matter. Not to say this is the case all the time, I just hear about it a lot. Using an independent whomever mortgage, insurance, investment, adviser is always the way to go as we are unbiased and do not use just one lenders products.
Remember the banks are in it to make a profit. This is their sole drive.
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