Negotiating At Your Exchange by Mother Esq.
From Recaps Archives
MotherEsq: Negotiating at your Exchange
Dear TNT family,
Taking another day off here and wanted to comment just a little bit about the “Exchange”. I am not an Intel provider but simply an “educator” on what I perceive to be tactics.
Again I admonish. You to be discerning in who you listen to among the Intel providers. As Rayren has stressed this week and last week, “there is some crazy stuff” out there.
A lot of it starts out good and then as you get near the end “the yellow submarine” takes effect and and the lunacy comes out.
I received many positive comments on my last posting thank you. And only a few negative. I do not read everything – time constraints to be candid. However, I approach my analyzing like a lawyer approaches “evidence”.
When a lawyer looks at a document or listen to testimony we are looking at “context” – a document we apply the “4 corners” test which is often referred to as “Parole Evidence”.
Not going to give you all a dissertation here but – when I read a posting or even listen to a call – in the back of my mind I am running through the tests for heresy statements, relevant facts, lineage etc.
Lastly I apply something that is applied in “criminal proceedings”. The doctrine of “Fruit from the “Poisoness Tree”. This doctrine says that if there is a violation in the collection of evidence in other words things like “chain of custody” or someone lied to obtain an affidavit or something was done wrong in the pursuit of evidence then anything obtained from this “Tree of evidence” is tainted and therefor thrown out.
This all applies to investigations done by the state in criminal investigations. You may be asking how does this apply to my thinking? Well when I look at a blog or posting and I see something crazy in it – then in my mind the whole thing is “tainted”.
Many of said take the good and discard the bad. That is like separating the “wheat from the chaff”. However if the source is bad how can you trust anything the person says? What is their motive? What is their agenda?
To my main purpose this morning. Negotiating. Please do not over complicate your first visit to the bank or exchange center by:
1.Taking an entourage of folks with you
2.Telling the banker you want to be a philanthropist and give away a lot of money
If you take someone with you to the bank you may block or prevent yourself from having a shot at “contract” rates. Because everyone knows a NDA will have to be signed. And that agreement is between you and the bank acting as agent for the government.
Do you really want to make the circle larger and create possible leaks that would jeopardize your future? If you take someone with you and they do not have a stake in this – it is easy for them to put you in jeopardy. Of course not willingly but why do you want o expose yourself? Remember, “Lose lips sink ships”.
I heard earlier this week from some outfit or notes from a call. Tell them the banker at the exchange you want to give to humanitarian causes and be this great philanthropist. Why in the world if I am a banker would I want to do business with someone who wants to give it all away?
I am representing the bank or financial institution. When you go into the bank – you need to tell the banker or exchanger, “Hey first of all thank you for working me into day. I know you are busy and have been dealing with a lot of folks.
Please I want and it is my hope we can establish a solid banking relationship and your institution can give me guidance for long term stability, planning. I want this to a mutually great profitable partnership, I would like to obtain the highest possible rate or contract rate available..”
Now your talking the banker’s language. They are there to make money for the bank and collect assets for management.
If right out of the gate you tell them how great you are and how much you want to give away – what is their incentive to help you?
Remember when negotiating, do not play all your cards, and the second rule upon making an opening statement, “first one who talks loses”. Just make a nice opening statement, then be quiet.
You have 1. Been gracious to the banker or showed empathy, 2. You have set the table – that you are sophisticated and want a solid relationship, 3. You have shared your expectations. Now be quiet.
Again you want to play to the vanity and greed of banks. If you go in saying you’re going to give money away – how does that benefit them? And remember “Planned Giving” is a part of “Planning” it is not about Exchanging. You are there to do an exchange not “plan”. So keep the two separate.
At your next appointment even then is not the time to “blab”. It is the time to meet the Planner and or Wealth manager and lay out goals and objectives to sustain your wealth into the future and grow it and put structures together that maximize “asset protection”, “provide for yourself and possible heirs” and to “minimize tax liabilities”. Planned giving fits into the last category because through planned giving you effect tax liabilities.
Anyway I hope in some way this helps a lot of folks.
Be courteous, kind and gracious upon your exchange. Keep it simple you are there to exchange and obtain the highest rate as possible if you chose that route. And you want to communicate stability, a level of sophistication and you want to get it over with so the banker can move on to the next person. Simple keep it that way. Be as “Wise as a Serpent and as Harmless as a Dove.