Todem
Footballguy
It’s all relative.And why is this a bad thing?JVD can clarify, but I thought he was making a relative comparison -- a person making $80k might get "decent rates" if "responsible" ... but will never get access to the rates and limits a 1% can get.Some of this is not correct. For example, there is no reason why someone making 80k/year can't get credit at decent interest rates if they've been fiscally responsible.
I will give a perfect example.
Clients have the ability to borrow against marketable securities (stocks, bonds, treasuries etc) I am not talking
About margin but more like customized lending.
The more assets under management a client has the more fees they generate but also the more leverage they can generate for themselves in terms of the amount of credit and rate they get.
Someone with 10MM under management is going to get a better rate than 500K.
And there is nothing wrong with that. The ROI is better on the 10MM client.
It’s business.