Advice is never free
The less familiar with financial matters, the more you need the advice and advice of financial advisors to banks, savings banks and independent financial services providers. No matter who you contact: the advice is never free.
Even if you do not receive an invoice for your advice from your insurance broker, bank consultant or an employee of a financial distri- bution, you will pay it indirectly through the commissions that he earns with the sale of a financial product. As a rule, the commissions are deducted from your investment sum or your work contracts, thus reducing your yield prospects accordingly.
Really well advised?
Unfortunately, investors are often recommended products that are not suitable for them, but are particularly risky for the bank or the free financial services provider. For instance, bank advisors reported that they had to lie and cheat customers in part in order to meet the bank's high revenue targets.
They were monitored daily to see if they met their sales goals. Out of fear for their job or to earn a high income, many "advisers" would have thrown overboard their once-good intentions of providing customer-friendly advice and would sell to the customer, which would bring the highest return to the bank / savings bank or financial services provider.
Alternative: Fee consulting
An alternative to financial advisors operating on a commission basis with banks and free financial services companies are so-called fee consultants. These are similar to a lawyer, tax consultant or doctor only for their consulting service money from the customer.
They forgo the commissions of product vendors. They can only advise customers. The hourly rates of fees are between 150 and 300 Euro.
What does an honorary consultant do?
A fee-based consultant can also advise you against an investment that does not suit you or just exceeds your financial resources. He can show you where you can best buy the best investment or insurance products for you and your situation. Because the fee consultant is not dependent on the provision-selling of in-house products.
If you are initially afraid to pay a fee for a financial consultation, since you have never paid directly for the consultation with your bank or insurance agent, you only need to clarify which amounts are earned through the intermediary of the financial products following the consultation become:
How much does a consultation cost?
Depending on the investment form, it is up to 11 percent, with an investment sum of 50.000 Euro can thus make the already 5.000 Euro.
Then you will soon realize that an advisory service for you can often be many times more favorable than a seemingly free consultation with a commission commission. It also becomes clear that an advisory service is suitable for everyone and not just something for super rich people.
Independent advice from the consumer centers
You can also contact a consumer center for independent advice. They provide telephone, written and personal advice on various financial issues such as financial investment, insurance, private pension provision and financing.
The offers of the counseling centers in the individual federal states differ slightly, as are the prices. About the Internet address http://www.verbraucherzentrale.de You can quickly access the homepage of the consumer center located in your state.
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