Investment advisor - that's the training
When researching the subject of old-age provision, I went deep into the world of equities and funds. To be very specific, because I researched undercover in the financial industry and worked there. What scared me the most was the way financial and financial advisers are trained.
Financial advisers without a professionally trained language awareness, ie the recruited tilers and carpenters, probably cling to this guide and shimmy along it. That's why the structure sales can say how thoroughly she prepares her financial advisers for their job as a financial navigator: Look, we have a prepared discussion guide!
Financial Advisor Freshlings are allowed to go on sale immediately
This gives the company the opportunity with this guide to blame the financial advisor himself in case of failure. You have everything! Why did not you make it? Thousands have already made it. Only you do not. That's not up to us. The interview guide has worked well with most other distributors for years. As a result, the group once again increases the pressure on the individual advisor to function as a seller.
It has apparently proven that the freshly recruited financial advisors are immediately put on sale. That's why I'm knocking on the bush and suggest that I now deepened expertise to acquire. I do not want to harm customers like a bank adviser with a dangerous half-knowledge. But my supervisor guesses against that. I should not spend too much time acquiring expertise. That way, I would not make money fast enough.
Customers for the financial industry: Best advised without training
A tactic change would therefore be advisable. If I wanted to earn money as quickly as possible, I should get straight to the customer and attend the technical training gradually. Here he resembles the lecturer, who has explained the Bauspar. I suggest that for a start, I focus on life insurance. In my understanding of didactics, it is best to work through one topic after the other. He refuses. That would contradict the all-finance idea.
It is important to write for the first time asset analysis. That's why he hands me the investment advisor contract. I could jump in as agency manager directly. If I write six financial analyzes before.
Financial analysis: Let's start with three fake analyzes
This oral offer confirms the previous development. Six analyzes are enough, and I'm already ahead without enough qualifications. Especially since I am allowed to advise clients as an agency manager. I also do not need to work out the usual career units. No 450 Career Units to become Investment Advisor Assistant, and no 600 Careers Units for three consecutive months to become Agency Managers. In the same way, I am spared the examination as an asset advisor assistant. I only have to take the agency exam. But that should not be a problem for me. At least my supervisor will find that.
If I can easily become an agency manager, he will get his analyzes. I start with three analyzes. Three facsimile analyzes with names of people from my circle of acquaintances, but with sophisticated financial data such as life insurance, funds, pension and health insurance, which have nothing to do with their lives. I also invent the necessary insurance numbers or use my own. My supervisor has nothing to complain about at my next meeting on my analyzes.
Sales potential in the circle of acquaintances
I portray the people with partly decorated professional profiles: a graphic designer, an event trader and a university lecturer. My acquaintances will forgive me for adding something to their professional biography.
Then my supervisor jumps on immediately and combined from my data conceivable product sales plan with the sales potentials. A unit-linked Rürup basic pension for 100 Euro monthly for the designer, a Riester Premium pension and a free investment fund for the businessman and another Riester pension for the lecturer. Everything that is provisioned as high as possible, between 20 and 22,5 percent of the base commission.
Riester and Rürup products: evaluation according to scheme F
The consumer perspective, according to which Riester and Rürup products are questionable products, does not seem to be part of the reality of an asset adviser. In the process, enough consumers warn in the securities forum before the DWS Riester premium pension:
High costs in the first years, saving phase effectively starts later, much higher cost than starting a fund savings plan with his house bank or an online broker, low guaranteed payout due to the uncertainty of fund history, inflation-adjusted most likely capital loss despite allowances and tax benefits, adverse mortality tables with very high expected life expectancy.
Consumer advocates warn
The unit-linked Rürup basic pension of the Aachen Municher gets from the consumer advocates with almost similar vocabulary their fat away: high closing and administrative costs, the Rürup pension can hardly be terminated, the insurer does not guarantee the paid contributions, a secure income necessary to be able to lift the contributions permanently.
Here, then, a high-level executive manager implies that the customer is no more than a milking cow. Without personal knowledge of the customer's life circumstances, he evaluates them according to Scheme F for how the sales potential is estimated. So nothing with a doctor and navigator, who makes an individual request for the customer. The result of the consultation is already known.
Career boost: rhetorical tools and large network
In order to make myself even more attractive, I offer to see how I can turn the heads of the management into better and more confident financial advisers by teaching them the art of leading questions. I could also optimize his rhetorical tools. "I certainly do not come too close to you when I say that I am the more eloquent of both of us." Last but not least, through my network I can open up access to the academic scene. This market does not have to be left to the competition. The only question is: do you want to earn or not?
He wants and classifies me immediately as an agency manager. So now for this post three analyzes are enough. "Direct entry on the basis of appropriate pre-qualification and existing number of analyzes", he enters in the remittance form under comments. As soon as possible next week he wants to lead the first consultation with me. It works so fast. I just skip a few career steps without expertise. From finances I know as much as a frog from make-up.
Financial ignorance does not matter
With this absolute ignorance I am now released on customers - by a member of the Examination Board of the IHK for expert examinations. First in his company, but soon in his own direction. Financial ignorance does not matter. Crucial is my knowledge of various sales techniques and the prospect of my network. Therefore, my supervisor and I agree on the conclusion of the Investment Adviser Agreement for the next meeting. Nevertheless, he points out that as an agency manager I have to give up my coaching activity for the most part. My status as a sales representative would not allow that.
A strange understanding of self-employment is that. Therefore, I am not allowed to be a part of the education industry, even though I really do not compete with the financial services of the company. When I prepare high school graduates in my school for the final exam and work with them in the crab run by Günter Grass, I'm really not in competition with financial advisors who sell insurance. My supervisor, however, forces me to work for just one client. Now, a secondary activity is not completely excluded according to the investment advisory agreement.
Secondary activities not desired
According to section 1 paragraph 5 of the contract, every investment adviser of the structure distributor I have visited must specify in writing a sideline in writing before commencing this activity. He also has to submit the contracts to the company. Start at the earliest 21 days after display at the company. The independent representation of the commercial agents of the company, abbreviated to IHD, calls this "a complete informative self-expression of the consultant with regard to other activities". Whether this contravenes against trust matters in relation to the employer of the secondary activity, I can not judge. Whether here the fact of a bogus self-employment exists, just as little. That's the business of lawyers. But one thing seems certain:
The control exercised by the Executive Committee here probably increases the selling pressure on the individual investment adviser. And to whom does the consultant pass on this pressure? To me, the customer. That's why he can certainly not be a caring doctor, pilot and navigator for me as a customer, especially not in retirement. So why should I, as a customer, get involved in providing for a consultant who is not free and can not provide neutral advice? The answer is to give me a once successful financial adviser.
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