[Boomer]

I would not use a bank.

The reason?

I don’t know if this is how it is in TV, but I know that there are banks in the city I’m from where tellers are instructed to pay special attention to customers who maintain large balances in their checking accounts. (They are told to be especially aware of older customers who can sometimes tend to keep larger balances.)

Then — as part of their “customer service” — the teller is supposed to suggest an introduction to the bank’s investment advisor. (I am pretty sure there are incentives for tellers who make these connections.)

How do I know this?

I know two people who have been tellers, one is a friend who retired from a tech career with a big company but wanted to work part time. She got a job at a branch of the biggest bank in the city.

She said the tellers were constantly pressured to sell, sell, sell — might be just a credit card, but even better, getting money into the hands of the bank’s investment department.

She would not do it. But she did not need the job so she was immune to pressure. She was also very good at being a teller so the boss left her alone.

The other story made my skin crawl. This one was from a woman who had worked as a teller in a downtown bank. She had been there for a long time, and knew many of her customers who had been coming to her window for years. I remember she said her customers were among the richest and the poorest in the city. She loved her job because she liked interacting with people and the day went by fast.

Then the bank was sold and Cruella DeVil was the new manager. The pressure was on to grab those big accounts for the bank.

One older lady had an especially large balance and the teller was told to reel it in.

The teller had known the woman as a customer for a long time. She said to the boss, “I can’t do that. I am afraid she is slipping into dementia.”

To which the boss replied, “So much the better.”

The teller quit.

The banks I am talking about are not in TV. But the stories I am telling you are the reason why I would never put investments in the hands of a bank. Whatever they are selling has to be super high commission to cause that kind of pressure on tellers.

I bank only with community banks, but I do not invest with them either. I have an aversion to big banks because of the stories I just told you. (I guess online banking has cut down on the in-person opportunities for “customer service.”)

Fidelity or Vanguard can help, as can others like them. You can arrange to talk with someone and see if you click. If you are rolling money from a 401(k) or a 403(b) into an IRA, they can help you do that so you don’t cause a tax consequence. They should also help you evaluate your risk tolerance. With companies like this, you also have the option to manage your own accounts.

(Oh my, you asked for the time, and I built you a clock. I must feel like typing tonight.)

Anyway, take your time and find your comfort zone.

Boomer