Wealth advice, financial analysis, share prices, Riesterpension - for many customerswho want to deal with old-age provision is a real labyrinth. The machinations of the financial industry are by no means serious, as this investigative research reveals.
- The machinations of the financial industry
- The main thing is to exploit potential in asset advice
- To collect financial advisors to collect career units: Out to the customer
- Financial advice: this is how you specifically deceive your customers
- Consultation talk: Focus on manipulation
- Financial analysis: Six million customers or the evidence of the large number
- Consulting goal: The customer should feel that he is doing the right thing
- The investment adviser in the role of helper
- Manipulate customers
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The machinations of the financial industry
Actually, I just wanted to save for my retirement. Riester and Rürup pensions are not considered profitable from the consumer's point of view and are still recommended. That's no wonder considering the expertise of financial advisors - because one Vocational Training there is virtually no such thing as this investigative research in the financial industry reveals.
To the World of shares and Funds To really understand, I then researched and worked undercover in the financial industry. What I discovered really scared me. For example, during my training as a financial advisor.
Because my first financial training at the vocational training center confirmed exactly my expectations. It is focused on sales and not on expertise for advice. The topic is: building savings. Around 30 aspiring financial advisors are sitting in the classroom and the lecturer is making sure we know what they are doing Customer receives everything when he concludes a home savings contract: the home building bonus, the employee savings bonus, the Riester subsidy and the advantages of saving together.
The main thing is to exploit potential in asset advice
And in any case Bauspar is a cool product, especially in this low interest rate phase. Following the motto: Just make sure you get the cheap interest rate of today for sometime later, when you need it. In the best case, if the real estate is cheap again, because the interest rates are high again.
With this whole advantage argument, the investment adviser can more easily exploit the potential for building society savings in Germany. Especially as Germany, together with Switzerland, is the absolute tail light in European comparison when it comes to living in one's own four walls. Differentiations are not provided by the lecturer. We do not know what the customer is taken by closing costs and low credit interest.
This is how financial advisors collect career units: Out to the customer
Losses that the customer is apparently not supposed to be informed about. That is why the conclusion of the lecturer is like a sales order: After the analysis, every customer must be offered building savings just like a Riester product. This is a worthwhile thing for the financial adviser Shop, because home savings is a cancellation-proof product and therefore well suited for the hunt for career units. The acquisition of career units is what matters anyway. That's why the lecturer gives me and the other students some advice: we shouldn't train to become the perfect investment advisor. We should go out to the customer!
So Lechner was right in his assessment. Just like this pseudo-training, the planned role-playing games are cancelled. My supervisor doesn't think it's necessary because of my prior knowledge. He confines himself to going through with me the materials I've been through so far, most notably the interview guide for the financial analysis with the client. Every financial adviser gets this guide to the Hand.
Financial advice: this is how you specifically deceive your customers
First, I mimic the self-confident expert and belittle the guide. Let's see how my supervisor reacts to this. I can't work with a guide like that. The force me to the customer with overly submissive Ask to kiss your butt. Especially when it comes to getting recommendations from customers. I should ask:
- Do you like the way the consultation process is based on your wishes and goals?
- Is this advisory process recommendable in your view?
- Is there someone you want such advice?
Consultation talk: Focus on manipulation
A professional like me would never be so sycophantic. After all, I would have something to offer, good products and my know-how as a consultant. I would devalue that. My supervisor allows me to talk to customers like this self confident to appear and independent of the discussion guide ways to go.
However, I do not tell him that I find the interview guide to be totally dishonest. He is to pretend that it is not about the sale of products such as Riester or Rürup. Rather, I should give the impression to put the customer in the center, because I have to fulfill as a consultant his wishes. But it is exactly the opposite:
Financial analysis: Six million customers or the evidence of the large number
The customer should revolve around the financial advisor because he gives him a product sell wants and must. The sole purpose of financial analysis is to find points of contact for product sales and to claim the opposite. For this purpose, the investment advisor should first upgrade himself by presenting himself as part of the largest financial service provider in Germany. "What do you think, dear customer, are the reasons why we have been able to acquire so many customers in just a few decades?" Why do you think so?
It is the usual evidence of large numbers to be put in the mouth of the customer. Six million customers can't be wrong. The second step is about bringing the customer to the Term provide wealth advice.
Consulting goal: The customer should feel that he is doing the right thing
The aim is to give the customer the feeling that he is doing the right thing when he deals with the subject of wealth creation. At the same time he should learn what belongs to the accumulation of wealth. For this purpose, a consultant should raise awareness of his failures. But also the bad conscience.
First and foremost, the customer has claims that he knows nothing about. For example to the state. So he goes Money lost, and it's the wealth manager's job to remind him of that. How kind of him.
The investment adviser in the role of helper
In this way, the wealth advisor gradually builds up his role as a helper. It doesn't work without him. The market is too confusing. The competition is too numerous. There is the bank advisor, the insurance advisor and the building society advisor. A customer can contact anyone. However, will this help to overcome the confusion caused by the confusing market? No. Because the evil competition only wants one thing: the customer a product sell. But where is the customer with his individual needs? Nowhere. But there is one Solution. The financial adviser: “What distinguishes us from all providers is that the focus is not on the products but on your personal wishes and needs Set. "
According to Lechner's report, this discussion strategy appears all the more like a brazen deception of the customer. As soon as the financial adviser deals with this Method has insinuated itself upon the customer, he begins to draw ever closer circles. That's why he presents the advice timetable: 1. Inventory, 2. Evaluation, 3. Advice, 4. Asset realization and 5. Customer care. The financial adviser should also place the image of the navigator, who takes the customer by the hand and guides him step by step to capital formation.
The comparison with a caring doctor is also useful. “What do you expect from a doctor before he gives you a prescription? Correct. A thorough investigation. That's a financial analysis for us." Then they both get going like a doctor and a patient. In any case, I will not get involved with a financial sales company for my pension scheme that I know instructs its advisors to manipulate me as a customer in their interest in selling. With an honest finding of mine needs has nothing to do with that.
But why is the customer manipulated? Because the products are not good enough? One Handling As I understand it, influencing is against the interests of the person being influenced, and this is necessary in sales if a Seller has something to hide. A good product does not have to be brought to the customer through manipulation. It sells itself.
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