Can I trust my bank wealth manager?
How do I ensure my wealth manager isn't upselling high-commission products that serve his interest more than mine?
In economics you always ask how are incentives aligned for the desired outcome. So when you want to create wealth, is the bank RM having their incentives aligned with yours or do they have "perverse" incentives?
A long term wealth professional knows they are answerable to you for the long term on the portfolio returns. Unlike a bank RM who may move to another job in some time. Plus the poor bank RM doesn't have too much freedom or deep training on what they can recommend to you - it is usually dictated by corporate HQ based on some partnership deal. And more often than not based on maximising commissions for the bank and meeting the RM's incentives targets.
Hence I rather trust an independent financial advisor who wants my business for decades and does right by me in the short term.