What Banks Don't Tell You About Wealth Management

What does your bank actually do for your wealth, and what changes when you move to private wealth management? In Episode 18 of The Up Side, Eli Kirchmaier sits down with Myles Martin, Private Wealth Consultant at Up Financial to discuss what he learned from nearly a decade working at a major Canadian bank, why he made the move to private wealth management, and what Canadians should understand about building, protecting, and transferring wealth. From the limitations of traditional banking to the family conflicts that can arise during inheritance and estate planning, Eli and Myles explore the financial decisions that become increasingly important as your wealth grows. They also discuss the growing use of AI tools like ChatGPT and Claude for financial planning, why generic advice can overlook important Canadian tax considerations, and how social media can distort our perception of financial success. In this episode, you'll learn: Why Myles left traditional banking for private wealth management The differences between a bank financial advisor and a private wealth manager How investment risk and financial priorities change as you build wealth Why preserving wealth requires a different approach than accumulating it How inheritance, estate planning, and family business succession can create unexpected conflicts Why personalized financial planning matters, especially for Canadians The risks of relying on AI-generated financial plans How social media can create unrealistic expectations about wealth Why ongoing relationships with financial advisors matter Whether you're approaching retirement, managing significant investments, navigating family wealth, or wondering whether your current financial advisor is the right fit, this conversation offers a closer look at what thoughtful wealth management involves. Learn more about Up Financial: upfinancial.ca/book Connect with Eli: @elithemoneyguy Connect with Myles Martin: @mylesmoneystrategies Subscribe to The Up Side for conversations about Canadian wealth management, retirement planning, investing, tax strategies, and financial decisions that matter. ____ 00:00 Meet Myles Martin of Up Financial 00:45 Myles's journey into financial services 03:40 Lessons from nearly a decade in banking 05:45 Managing investment risk and market downturns 08:45 Why Myles left traditional banking 11:00 The limitations of big-bank wealth management 15:00 Why personal relationships with advisors matter 18:00 Financial advisor vs. private wealth manager 21:10 Building wealth vs. preserving wealth 23:00 Lifestyle inflation and spending decisions 25:45 Family wealth and inheritance disputes 27:30 Estate planning and family business succession 30:00 Preparing the next generation for inherited wealth 31:00 Who benefits from private wealth management? 32:30 The risks of AI-generated financial plans 34:45 Why ongoing financial advice matters 36:45 Social media and the illusion of wealth 38:45 Connect with Myles and final thoughts