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8/2/2019 German Financial Planning Market_ Thomas Abel
1/13
Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
Zeist, 24.01.2012
8/2/2019 German Financial Planning Market_ Thomas Abel
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Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
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 newsegment of financial consulting and closed there subsidiaries
down
8/2/2019 German Financial Planning Market_ Thomas Abel
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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 MiFID-
directive
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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
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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, NiklasBerliner Honorarberater, Luetzel Finanzplanung)
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Thomas Abel, CFP, CFEP
asset management forcustomers (minimum assets
100.000 EUR), managementfee ca. 1% + VAT)
financial and estate planningservices, hourly rate 150
EUR + VAT advice and services in real
estate, closed end funds andloan
lecturer in financial planningclasses for Frankfurt Schoolof Finance & Management
HONORIS Treuhand GmbH what we do
www.honoris-gmbh.de
8/2/2019 German Financial Planning Market_ Thomas Abel
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Thomas Abel, CFP, CFEP
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.
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Thomas Abel, CFP, CFEP
The advisor and planner profession in Germany
established certification programs
Certified Financial Planner (FPSB) [1.300 members; 140.000worldwide!]
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 FinancialPlanner (FP) (certification over FPA) has no market relevance in
Germany, mostly because of its late arrival in the German market
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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 forestate planning services
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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
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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
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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!
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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
Thank You!
Thomas Abel, CFP, CFEP
chairman
network financial planner e. V.
Berlin
www.nfpb.de