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Offshore Banks
Grosvalds
Posted: Friday, January 10, 2014 11:00 AM
Joined: 24/02/2013
Posts: 1


I know this topic has come up a couple of times but I've yet to find any real information on Waves offshore accounts through yfsol. Any one with them? have any opinions about them? are they safe? would you give them your money? etc..
BandB
Posted: Tuesday, January 14, 2014 5:08 AM
Joined: 15/12/2013
Posts: 39


Grosvalds wrote:
I know this topic has come up a couple of times but I've yet to find any real information on Waves offshore accounts through yfsol. Any one with them? have any opinions about them? are they safe? would you give them your money? etc..
Well, first Waves is not a bank but a program offered by YFSOL using a banking partner. Obviously there have been issues as they've just changed banks they use. They still don't have all the information on their new partner even set up. Personally, I don't want to deal with a bank second hand or be subject to changing relationships. As to their other services, I'm not commenting on YFSOL in this post. But I don't need an intermediary. If I wanted to bank with DB&T then I'd just do it directly. 

Pete Brooke
Posted: Tuesday, January 14, 2014 11:52 AM
Joined: 01/12/2008
Posts: 62


As a competitor to YFSOL it would not be professional to discuss the Waves offering, though I havent seen much about it.  

As an independent adviser we don't have our own product but prefer to pick and choose different institutions on their own merit to recommend to yacht crew depending on their own situation.

For banking, I tend to recommend using Standard Bank to most of my crew clients (they now have an account specifically for professional yacht crew) and they have a better client service than most of the other banks we have worked with.

You dont need to go through an IFA to open a bank account but it may help as we can often help with the opening procedure, and doesnt cost you anything.

As to investment returns, it is only worth judging them over the timescale that you have committed to (with one eye on what other investments of the same risk profile are doing, eg a Benchmark). Most importantly, I believe, that ALL investments should be as transparent as possible with respect to what they actually invest into and the risk of each asset class and how easily you can get your money out (liquidity) and how much it all costs.


 
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