Posted Jul 3, 2013 by Martin Armstrong
Brown Brothers Harriman
A number of clients have been concerned about banks. The German Banks may be in far worse shape than most suspect. Because Germany has been seen as the foundation of Europe, with its banking problems, once they crack the Euro does not look very good. The crisis among trading banks leads to a highly questionable place to keep your money. Brown Brothers Harriman is very conservative, but it is not a trading bank. It does not accept even deposits. It is a custodial bank that had no problems during the 2007-2011 downturn. A custodian bank is a place to store your assets. We would not recommend any brokerage house in the USA. You are better off establishing an arrangement with a custodian type bank. Under no circumstances are we involved with them nor do we accept any commissions whatsoever. Yes, my daughter use to work for them for almost 10 years. She is no longer there. So there are NO conflicts of interest whatsoever and no behind the scene kickbacks etc. Apparently, a number of clients have been calling them. This is a fair comment received that explains the bank.
I am a senior operations analyst at BBH and wanted to share with you my experience of the bank. As you may know, it is privately owned by partners who have a substantial financial interest in the bank. As a result, they are very conservative in their business decisions as it is not only our client’s money at risk but theirs as well. I know of no other large bank with such alignment of interests. In addition, client service is paramount and stressed almost daily here at BBH. It is truly a class institution. One of the last ones left on Wall Street I fear.
BBH doesn’t accept deposits like your normal deposit bank, but if your readers have any specific questions or are interested in getting in contact with someone in the wealth management office I will be more than happy to help.
We will provide contact information to serious clients