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Understanding Differences
[By Dr. David Edward Marcinko MBA CMP™]
SPONSOR: http://www.CertifiedMedicalPlanner.org
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There are several different kinds of banks.
A general understanding of these types is suggested for any medical professional prior to launching a self-directed [ME, Inc], or even a guided investment strategy or wealth building portfolio effort with a financial advisor [FA], stock broker or wealth manager, etc.
This banking information is usually not included in any text on financial planning, or related, until now.
CITE: https://www.r2library.com/Resource/Title/082610254
Definition of Retail Bank
A retail bank is a typical small mass-market financial institution in which individual customers use local branches; usually of larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans, debit/credit cards and certificates of deposit (CDs).
Definition of Commercial Bank
A financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit. The traditional commercial bank is a brick and mortar institution with tellers, safe deposit boxes, vaults and ATMs.
However, some commercial banks do not have any physical branches and require consumers to complete all transactions by phone or Internet. In exchange, they generally pay higher interest rates on investments and deposits, and charge lower fees.
Definition of Investment Bank
Investment banking activities are different than those of retail and commercial banking and include underwriting securities, acting as an intermediary between an issuer of securities and the investing public, facilitating mergers and other corporate reorganizations, and also acting as a broker for institutional clients.
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Assessment
This brief review provides a retrospective on implications for modernity.
More:
- How Banks Make Money From Home Loans
- Video on Physician Loans and Doctor Mortgages [Why Over-Pay Big Banks?]
- Mortgage Investors Join Outcry Against Banks
- Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™
Conclusion
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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com
OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
- DICTIONARIES: http://www.springerpub.com/Search/marcinko
- PHYSICIANS: www.MedicalBusinessAdvisors.com
- PRACTICES: www.BusinessofMedicalPractice.com
- HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
- CLINICS: http://www.crcpress.com/product/isbn/9781439879900
- ADVISORS: www.CertifiedMedicalPlanner.org
- BLOG: www.MedicalExecutivePost.com
- FINANCE: Financial Planning for Physicians and Advisors
- INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
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Filed under: "Ask-an-Advisor", CMP Program, Financial Planning, Glossary Terms | Tagged: Certified Medical Planner™, CMP, Commercial Bank, hree [3] Types of Banks, investment bank, Marcinko, Retail Bank, Types of Banks |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Why Bank of America deal might not cost it $17-B?
Dr. Marcinko – So, how much will Bank of America’s expected $17 billion mortgage settlement cost the company? The answer is, almost certainly not that much.
http://money.msn.com/business-news/article.aspx?feed=AP&date=20140820&id=17872896
In mega-settlements negotiated with the government, a dollar is rarely worth an actual dollar.
Any thoughts?
Judge
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Goldman Sachs
GS has just agreed to a settlement worth $1.2 billion to resolve a U.S. regulator’s claims the bank sold Fannie Mae and Freddie Mac faulty mortgage bonds.
http://money.msn.com/business-news/article.aspx?feed=OBR&date=20140822&id=17878486
Darin
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The Sorry State of Bank Apologies
Dr. Marcinko and Judge – According to Jesse Eisinger, securing admissions of wrongdoing is a step in the right direction, but there’s much work to be done to hold giant banking corporations accountable for their misdeeds.
http://www.propublica.org/thetrade/item/the-sorry-state-of-bank-apologies?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter
Barron
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Banks’ fee bonanza dries up
Changes in rules and customer behaviors are squeezing what was for decades a key source of revenue.
http://money.msn.com/top-stocks/post–banks-fee-bonanza-dries-up
Dr. Carey
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Definition of Credit Unions
Dr. Marcinko – A credit union is a member-owned financial co-operative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members.
Many credit unions also provide services intended to support community development or sustainable development on local levels.
So, don’t forget these institutions.
Gregory
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The pitfalls of online banking
A bank will invest hundreds of thousands of dollars to insure the integrity of their IT systems, but the average online bank client will have a $50 dollar router / wireless access point / firewall and some virus protection software protecting their information.
If there is an account breach, where do you think it will come from? 99% of online account breaches come from the device that the end-user is using to access their accounts.
When this occurs the bank or FDIC is not responsible for losses and generally will not reimburse for the losses.
Dr. David Edward Marcinko MBA CMP™
http://www.CertifiedMedicalPlanner.org
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Secret Tapes Hint at Turmoil in New York Fed Team Monitoring JPMorgan
Examiners are reportedly blocked from doing their job as “London Whale” trades blow up.
http://www.propublica.org/article/secret-tapes-hint-at-turmoil-in-new-york-fed-team-monitoring-jpmorgan?utm_source=et&utm_medium=email&utm_campaign=dailynewsletter
Jozef
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Modern Update
The most contentious conflicts (and partnerships) will be between banks and financial services startups that are completely reengineering decades-old practices, and traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes:
• Traditional Retail Banks vs. Online-Only Banks: Traditional retail banks provide a valuable service, but online-only banks can offer many of the same services with higher rates and lower fees.
• Traditional Lenders vs. Peer-to-Peer Marketplaces: P2P lending marketplaces are growing much faster than traditional lenders—only time will tell if the banks strategy of creating their own small loan networks will be successful.
• Traditional Asset Managers vs. Robo-Advisors: Robo-advisors like Betterment offer lower fees, lower minimums and solid returns to investors, but the much larger traditional asset managers are creating their own robo-products while providing the kind of handholding that high net worth clients are willing to pay handsomely for.
As you can see, this very fluid environment is creating winners and losers before our eyes.
Dr. David Marcinko MBA
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