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| Building Your Family's 100 Year Plan: The Series |
100 Year Plan Part II: Are You Being Served?
Michael Sisk
01/01/2004
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The following article is an excerpt from The 100 Year Plan series from the December, January, February and March editions of Robb Report Worth. To subscribe or to order back issues, please call (800) 777-1851 or order online now.
Your Family's Institutional Relationships
Robert Kiyosaki relied on his private bank for years as his
entrepreneurial endeavors flourished globally. He controls
three companies—in mining, publishing and real estate—and has built a $100-million net worth through aggressiveness, -persistence and intelligence. Yet, he realized he had outgrown the scope
of his bank when he ran up against a shortsighted and  rigid lending policy. His private banker ignored Kiyosaki
loan to purchase a health club in California—an acquisition the banker knew Kiyosaki could have funded with cash,
had he been so inclined. "He said, ‘We don’t loan on those kinds of properties. We don’t do health clubs.’ And I didn’t have time to explain to him why it was a good deal," Kiyosaki recalls. The entrepreneur raised the money elsewhere and has since relegated that private banker to mundane matters such as handling his checking account, communicating with him now only indirectly through one of his accountants.
"As my wealth increased and sophistication increased, I went beyond the banker’s capabilities," Kiyosaki explains. "For 11 to 12 years, my banker was educating me, but then I was educating him, and I got tired of it. Today, I have a team of accountants and three different mortgage guys," he says. "The lesson is to know when you need real expertise."
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