German politician: 30 billions blown by finanzberaters!
The germans are betrayed by finanzberaters in an unbeleavable way: According to Bundesverbraucherministerin Ilse Aigner (secretary of consumer protection) the lousy financial advisers burn between 20 and 30 billions of the german’s money each year!
In DIE WELT/dpa she said:
„Im Vordergrund sollte nicht die Provision stehen, sondern die korrekte Beratung. Eine Finanzberatung, bei der nicht zwingend ein Produkt verkauft werden muss, sollte unterstützt werden. Ich bin auch dafür, dass die Verjährungsfrist bei einer Haftung von drei auf zehn Jahre verlängert werden sollte.”
This means in english that an accurate advise is needed, not one looking for percentage. A consultation that is not focused on a certain product should be supported. She wants to expand the time bar for bad advise from 2 to 10 year.
The diplomatic politician avoided to mention names, she is only bashing the little advisers. The real problem is NOT the single adviser. It is the organisation that forces the adviser to bullshit the customers. The leading firms in this silly business are: Deutsche Vermögensberatungs AG (DVAG), Allgemeiner Wirtschaftsdienst (AWD), Money Lost Permanently (MLP), Hamburg-Mülleimer International (HMI) and so on.
German magazine STERN offers a plan how to deal with finazberaters. Most important:
Hin und Her macht Taschen leer!
(Seesaw changes drain birefcases.)
According to a current study no other country is plagued more by financial advisers than Germany.
Picture by Deutscher Bundestag