Some in the industry think the concept of a tight-knit titan-owned private bank is shrewd. Others dismiss it as little more than a group of elite financiers acting like a teenage Mickey Rooney exclaiming to his pals, “Hey, kids, let’s put on a show.”
“These are a bunch of guys who’ve got time on their hands,” said one competitor, who asked not to be identified. “Just because you ran a big business doesn’t mean you can play in this world.”
Another competitor asked: “What’s the end game? Is it a men’s club or a real venture with an exit strategy?”
And here’s a quote from a client and friend of mine, who just did a deal with them:
Just wanted to let you know that I just finished my closing for the permanent mortgage on the house. I ended up doing the mortgage withMarcus Zavattaro at Fieldpoint Private Bank and Trust.
If any of your clients are looking for a mortgage, they are great. I wasted so much time and effort with Hudson City and they were so inflexible it was ridiculous. Fieldpoint keeps all their mortgages and are willing to work with you. I have a colleague doing a 2nd on his house with the same experience.
Thought that I would pass it along.
I’ll go with actual experience over competitors’ sniping, every time.