|  |
| | | | | | Most German so-called financial advisers are tied advisers and primarily salespersonnel!
ExPats, especially those from the UK, Ireland or the US, where the financial advice market is strongly regulated, are often (negatively) surprised when they find that they became an easy victim of hardselling German insurance agents or so-called "Finanzberater". The reason for this bad surprise as a result of bad advice can be found in the long-time reluctance of the German government to implement tough regulation on financial advice. Therefore, if you believe that someone who is advising you on a health insurance or a pension plan in Germany will in general have your best interest in mind (just like a financial adviser at home in the UK), you can find yourself to be severely mistaken.
Learn more and find detailed information about the financial advice market in Germany and what you have to look for when meeting a financial advisor for the first time HERE.
Generally speaking you need to understand the difference of the three types of financial advisors in Germany and determine the status of the advisor you meet in the first minutes of a talk/meeting. Is he/she
-an Independent financial adviser: Can advise you on products from the whole of the market. Has to advise you based on the "best advice" principle
-a Multi-tied adviser (German: Mehrfachagent - most large financial distribution organisations belong to this group): these advisers can only advise you on products from a limited range offered/preselected by the organisations to which they are tied, also they still have to choose and recommend the most suitable ones out of this diminished selection
- or a Tied adviser (German: Gebundener Vertreter): this group of advisers can only recommend the products of one company (insurance/bank) to which they are tied, usually by employment.
We at Chambervelt, Rooselain and Cie. are a truly independent broker and financial advisers and are neither connected nor bound to any insurance company or bank or financial sales organisation. You'll find all our license and permits information here.
If you have questions about our work or about some financial advice you have received from others, you use our Contact-form and we are happy to explain things in more detail or provide you with an unbiased second opinion..
Or call us directly at 0700-226525688.
|
| |
