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