Quick backstory: My family had a good relationship with Bank A and our advisor there. They helped us get great rates on mortgages and loans in the past. But honestly, the bank doesn’t offer anything special for the significant assets we have with them.
Bank B, on the other hand, has a 1% bonus for transfers and a bunch of perks for accounts like ours. So, I decided to move most of our investments from Bank A to Bank B. Now, the advisor from Bank A has started acting passive-aggressively and even told me to book a meeting to discuss my portfolio and risk tolerance—or they’d close my account by December 31.
Before I respond, I want to know: Did I do something wrong here? Is this unethical in any way? I thought this was a free market.
You’re optimizing your money, which is what you should do. Bank A isn’t, and that’s their problem. You owe them nothing. If you want, you can ask if they can match Bank B’s offer, but if they can’t, then it’s time to move on.
Then you were fair, and they failed to deliver. Moving your money is logical. If Bank B doesn’t work out or you find a better deal later, move again. Loyalty is a thing of the past for corporations—they care about profits, so why shouldn’t you?
Your advisor’s behavior is unprofessional. If they cared about keeping your business, they should’ve offered better rates or perks. That said, some banks have policies to drop clients below a certain asset threshold to focus on higher-value customers. It’s not surprising if they want to remove you for that reason.
This is business, not personal. If Bank A wants to warn you about potential risks with Bank B, hear them out. Then compare their advice to your own understanding of your goals and risk tolerance. Just make sure you’re comparing similar services.
@Neo
No need to go nuclear. Just explain you found a better deal and had to take it. They probably already know they can’t compete and are just frustrated.
The advisor’s behavior sounds more like frustration than anything else. You’re not in the wrong here. If they’re threatening to close your account, it’s probably a bluff to pressure you. Stick to what’s best for you.
This might actually be a compliance thing. Some banks require periodic reviews of accounts to meet regulations. Still, that doesn’t excuse the attitude.
I had a similar experience. My advisor underperformed compared to the S&P 500 by a significant margin, so I moved my money to Vanguard. When they called to ask why, I told them it was because they cost me money. You don’t owe these people loyalty if they’re not delivering results.
If moving your assets significantly changed your portfolio’s allocation, the meeting request might be compliance-driven. But the passive-aggressive tone isn’t justified.
I’ve been in a similar situation. If a bank isn’t doing enough to keep your business, you have every right to leave. Their attitude just confirms you’re making the right move.
Switching for a bonus is fine, but are the perks and services better at Bank B, or are you just chasing a one-time deal? If the relationship with Bank A is already strained, just move everything and be done with it. Don’t overthink it.