First steps in financial planning in the late Eighties - first education programs were built in the Nineties - Early market movers were major banks, like Commerzbank, Deutsche bank, HypoVereinsbank - Big insurance companies like Gerling and Allianz tried to step into the market. The advisor and planner profession in Germany today - financial planning is offered by a lot of market players: banks, insurances, financial service providers, self employed financial advisors.
First steps in financial planning in the late Eighties - first education programs were built in the Nineties - Early market movers were major banks, like Commerzbank, Deutsche bank, HypoVereinsbank - Big insurance companies like Gerling and Allianz tried to step into the market. The advisor and planner profession in Germany today - financial planning is offered by a lot of market players: banks, insurances, financial service providers, self employed financial advisors.
First steps in financial planning in the late Eighties - first education programs were built in the Nineties - Early market movers were major banks, like Commerzbank, Deutsche bank, HypoVereinsbank - Big insurance companies like Gerling and Allianz tried to step into the market. The advisor and planner profession in Germany today - financial planning is offered by a lot of market players: banks, insurances, financial service providers, self employed financial advisors.
history First steps in financial planning in the late Eighties First education programs were built in the Nineties Early market movers were major banks, like Commerzbank, Deutsche Bank, HypoVereinsbank Big insurance companies like Gerling and Allianz tried to step into the market Most of these first movers lost confidence in this new segment of financial consulting and closed there subsidiaries down
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
today financial planning is offered by a lot of market players: banks, insurances, financial service providers, self employed financial advisors there are still some problems to establish financial planning in Germany, especially as a fee based service But the service itself is established and will grow in the future, especially against the background of the MiFIDdirective Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
market requirements for a successful financial planning long term experience in financial services qualification continuing education soft skills
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
provider of financial planning services large banks (Deutsche Bank, HypoVereinsbank, UBS, LBBW) private banks (MM Warburg, Merck Finck, HSBC Trinkaus & Burkhardt) Insurances (Gerling) financial service providers (AWD, MLP, Bonnfinanz, ZSH, Global Finanz) fee based consultants (HONORIS Treuhand GmbH, Niklas Berliner Honorarberater, Luetzel Finanzplanung)
Thomas Abel, CFP, CFEP
HONORIS Treuhand GmbH what we do
asset management for customers (minimum assets 100.000 EUR), management fee ca. 1% + VAT) financial and estate planning services, hourly rate 150 EUR + VAT advice and services in real estate, closed end funds and loan lecturer in financial planning classes for Frankfurt School of Finance & Management Thomas Abel, CFP, CFEP
www.honoris-gmbh.de
The advisor and planner profession in Germany
qualification programs Financial Consultant/ Financial Planner/ Estate Planner (Frankfurt School of Finance and Management) Finanzkonom / Estate Planner (European Business School) Estate Planner (AEPD GmbH) Financial Planner (MLP Corporate University, University Regensburg) Zertifizierter Finanzplaner (university of applied sciences Frankfurt) et al.
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
established certification programs Certified Financial Planner (FPSB) [1.300 members; 140.000 worldwide!] Certified Foundation and Estate Planner (FPSB) [100 members] DIN/ISO zertifizierter Finanzplaner (ISO Nr. 22222) (FPSB/ ISO) Certified Estate Planner (VEPD) [250 members] The European Financial Advisor (FA) / European Financial Planner (FP) (certification over FPA) has no market relevance in Germany, mostly because of its late arrival in the German market
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
clients and market targets bank customers upward private banking size high income individuals (medics, pharmacists, managers, et al.) retirees wealthy clients with inheritance tax problems are key targets for estate planning services
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
compensation models fee only: including a wide range from 50 Euro up to more than 10.000 Euro without fee: payment only by commission earnings mixed calculation by fee and commission
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
best practice for the clients Financial Planning should be based on the objectives and wishes of the client the planner has to develop a individual strategy interdisciplinary approach by integration of tax advisors and lawyers use of competitive biddings as an advantage for the client (asset management, insurances, et al.) breakup between financial planning and transactions or sale Financial Planning should be seen and lived as a continuing process
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
outlook MiFID will bring a rise in market transparency this should cause a shift into a more accepted fee based advisory in Germany winners will be companies with a transparent compensation and advisory model and: qualified Financial and Estate Planners!
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
Thomas Abel, CFP, CFEP managing director HONORIS Treuhand GmbH Wangenheimstr. 11 14193 Berlin Tel.: +49 30 83218574-0 Fax: +49 30 83218574-9 Mobile: +49 174 9363135 Thomas Abel, CFP, CFEP chairman network financial planner e. V. Berlin www.nfpb.de
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