Costs for financial advice: Brussels takes on the banks – Economy

Those who seek advice on investing are often sold expensive and bad products. The EU Commission is now considering banning commissions. The powerful financial lobby is positioning itself.

from

Jan Diesteldorf and Meike Schreiber, Frankfurt

There is a big misunderstanding between banks and their customers. It’s easy to spot, but hasn’t been explained to this day: an account holder who has money left goes to his bankadvisor and accordingly expects someone to advise him. Someone who will work with you to find the right solution for investment, retirement provision or home savings. In such cases, however, bank customers sit opposite salespeople who, in the best case scenario, also advise them. Banks earn money with the sale of financial products, they receive commissions for funds sold and contracts concluded. The same applies to the approximately 40,000 free financial intermediary and the 190,000 insurance brokers who also prefer to act as consultants.

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