Abstract
Introduction
The recession is causing investors to seek advice, and FS providers are
focusing their attention on their advisory models.
Scope of this research
- Structure of the German advisory market including distribution data
- Retail investors' use of financial advice based on our proprietary survey
- HNW investors' views of, and use of, financial advice based on our
proprietary survey
- Regulatory environment for financial advice in Germany
Research and analysis highlights
Germany' s retail customers remain undecided about professional financial
advice, however signs point towards a movement to independent financial
advisors (IFAs) in the future.
Germany' s financial advisors have not been held in high regard in recent
years, initially through lack of training but more recently due to misaligned
incentives. High court developments have highlighted the conflict between
consumers' best interests and commission-based remuneration, and damaged
consumer confidence in tied advisors.
Insurance intermediaries are now forced to declare the distribution and
administration costs per transaction. This is a solid step forward and price
transparency can only help to remove the negative connotations attached to the
mystique of the kickback system.
Key reasons to purchase this research
- Understand the structure of the financial advice market, and the broader
financial services distribution channels
- Understand what customers are demanding from their financial advisors,
both now and in the future
- Understand the impact that regulation has had on the financial advice
market landscape
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