Financial advisor in Berlin
Hardly any other job is associated with as many clichés as that of a financial advisor. Black suit, straight hair and a greasy character – this is how a lot of people today imagine the typical representatives of this professional genre.
Only a few, on the other hand, deal with the actual areas of responsibility. Which activities does the job include and where are there any differences. Questions that are briefly presented below.
The duties of the financial advisor
The very name consultant suggests that at its core everything revolves around giving advice on what has to do with the finances or assets of the client. More specifically, it can be said that the pool of activities ranges from acquiring new customers to establishing a holistic financial plan. Good analytical skills and a skill in dealing with people are therefore an advantage. But not all financial advisors are created equal – this will be discussed below.
The distinctions of the financial advisor
There are basically three types of financial advisor – the commission advisor, the fee advisor and the consumer advocate.
The commission advisor
He is probably the most frequently represented financial advisor in Germany. The conversation is free of charge, so any fees are only incurred when a contract is concluded. However, since the consultant earns money from the mediated products, conflicts of interest can easily arise. While the customer wants the best product for himself, the commission advisor often wants to sell what brings him the most.
The fee advisor
The fee advisor, on the other hand, acts completely independently of third parties. His main competence therefore lies in pure advice, since he does not earn additional money from the brokerage of products. To be fair, it must be said that the fee can quickly add up to a few hundred euros. Not everyone can and will not afford it.
The consumer advocate
Risk-averse investors are best placed here. As a rule, a consumer advocate has no advantage if he stands against the customer. Instead, he works closely with the clientele to find the best possible solutions.
General differences
In addition to these characterizations, there are often legal differences. Some consultants are not allowed to sell financial services in this way, for example if they do not have permission under the Banking Act. In such a case, he only has permission according to the trade regulations.
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