The honorary consulting now by the Federal Government officially recognized experts in this long is considered the more transparent form of consulting fees advising. Now the extraordinarily high quality of concurrent objectivity was attested in the part of the consumer finance quality offensive on the part of the Federal Government for the first time her. That the quality of financial advice and the qualification of many financial advisors to be desired and urgently had to be legislated, was already in July 2009 for the first time in the Federal Ministry of food, agriculture and consumer protection (BMELV). Even then, consumers already should be informed prior to the consultation on the status of the consultant and know if he is a mediator who lives from the sale of financial products or whether he lives exclusively from its consulting services as a consultant. Here clarity to ensure that the profession of the Honorary Adviser should be established. Legally enshrined was this profession now in the Bill on the amendment of the Financial investment intermediaries and investment law.
The planned law should finally ensure attention receives honorary consulting in Germany, which is available to you. Because differently as a Commission-driven consultant of honorary advisers will be paid exclusively for its consulting services. He advises his clients in specific financial issues as the meaningful composition of its asset portfolio or as to the correct form of financing a property. The consultancy services will be paid in the form of a fee, which is negotiated in advance between the consultant and his client on the basis of an hourly rate. In contrast to the intermediary the honorary consultant receives paid no Commission from a company, whose product he recommends. It is also not interested in a product on the basis of the Commission to select the honorary advisors can rather independent product that is his opinion-right from the given product portfolio. Thus the honorary consulting is ultimately the only objective and customer-oriented form of advice that goes exclusively to the needs of the clients, but not having the interest of the consultant in the focus. The Bill, the Federal Government has confirmed for the first time the high quality demands of the honorary Advisory.
It remains to be seen how it will be implemented in practice. Speaking candidly Andy Florance told us the story. In any case, he will provide for more transparency in consulting and grant the consumer a very high security. So in the future comprehensive documentation requirements will, today explicitly in the insurance advice and also in the honorary advice however already largely are used. With the amendment of the law, one may assume the honorary consulting with the help of the Federal Government now finally so placing, as it corresponds to its high quality standards.