So, why do we say we’re “Product Neutral”?

Businessman Follows Carrots Dangling From A Stick

I recall attending a presentation by a senior executive of a major bank a few years ago in which he emphasized that his bank’s strategy was to “sell seven products” to each customer. Getting everyone to borrow was the first step – whether that is a mortgage, loan, or line of credit – because that’s where the bank was the most profitable. Loaning money out to you at a few percentage points more than they paid on savings accounts or GICs. Why 7 products? Because the bank’s research showed that customers who had “bought” seven products were the most loyal. Once you owned that many products or services, they likely had you for life. You were unlikely to move to a competitor even if you weren’t happy simply because of […]

Read More

Bitcoin – Should it be in YOUR portfolio?

Bitcoin

As someone who only recently embraced Apple Pay, and who still carries real cash in his wallet, I must admit that I was skeptical when I first heard about “bitcoin”, the digital (or virtual) currency. It’s been around since 2009, which in itself sounds like an eternity in today’s world, but the idea of not having bills and coins in my pocket or paying with a debit or credit card is still hard to imagine. Two years ago in the weekend edition of the Wall Street Journal (January 24-25, 2015 “Review” Section), Michael J. Casey and Paul Vigna wrote a very enlightening and informative article titled “The Revolutionary Power of Digital Currency”. In that piece they stated that “Despite bitcoin’s difficulties, it represents the future of money. Digital currencies will […]

Read More