Barrons: MyPrivateBanking Takes Extremely Sensible Position
We have been very honored that Barrons - probably the most prestigious investor magazine worldwide - has mentioned and approved of our research about discretionary accounts:
“SPEAKING OF MADOFF’S TREACHERY and the demand for transparency, new research findings by MyPrivateBanking Research show that only 10% of the world’s top wealth managers publish performance data for accounts that give the wealth manager or private bank the authority to buy and sell securities at their discretion.
Even more unbelievable is that just 22% offer specific information about their fees. And just 8% offer at least a three-year track record on the performance of their discretionary accounts.
MyPrivateBanking, an online independent advisor to wealth-management investors, says its results are based on an analysis of public Websites, including all reporting documents that the 40 largest wealth managers worldwide put online. MyPrivateBanking takes the extremely sensible position that discretionary accounts are like mutual funds and should open their books in a similar manner. And investors who can’t get this information (and keep in mind, some favored-few heavy hitters probably do) ought to get out, and get out now.”