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Getting closer to the customer
Whoever looking for some hopefully competent advice from an "investment advisor" from their own bank has already lost part of their investment success to commission costs, if a contract is entered into. Finding information on standard products like the great "Riesterrente" is much more quick and effective with Google or a phone call to a consumer advice centre than a date with an "investment advisor". If these "investment advisors" are such experts in the many capital market products etc, why are they still working :-) Their earnings are the commissions, not their personal profit on the capital market. There are many possibilities for reducing costs of issuing premiums for funds, or for buying stocks and shares, with the new internet platforms, some of which are entirely free. Using these depots has become easier through a certain amount of standardisation, so that the customer receives a single tax certificate for the taxman. In the next few days, the media will turn their focus to the open real estate funds. But this class of asset was also sold as a secure investment by the "investment advisors" :-)
