What effects does the current low-interest phase have on the liability situation of intermediaries and advisors?

From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”:

At this point, lawyer Dr. Johannes Fiala, https://www.fiala.de, lecturer for insurance law at the DHBW Heidenheim, will answer your questions,

Your questions. Questions can be asked by emailing ott@dhbw-heidenheim.de.


Neither in the case of the statutory pension nor in the case of old-age provision via capital cover can the future development be predicted with certainty in an advisory discussion.

But the risks are fundamentally different and not at all correlated.

For example, the development of statutory pensions depends on the ratio of pensioners to employed persons and on the development of wages, but not on capital gains –

with capital cover, on the other hand, it is the other way round.

After all, neither the statutory intergenerational contract of the Deutsche Rentenversicherung Bund (DRV) nor a funded pension scheme (e.g. via an

pension chamber) any real “guarantee” for a development in value or income – this is ensured by future unforeseeable influences, for example on the part of

of politics or the capital markets.

What politicians do not dare to say, intermediaries and advisors have to make clear to their clients:

You have to raise your after-tax personal savings rate to more than one-third of your net worth. Cheaper would only make the bill,

if the compound interest effect after costs would clearly beat the loss of purchasing power, but this is increasingly turning out to be a pipe dream.

Advisers and intermediaries of investments, including life insurance, will have to pay particular attention to this,

that investor- and object-oriented advice is implemented in accordance with the BGH Bond ruling (Ref. XI ZR 12/93). For example, if e

nvesting an entire inheritance in a single product may maximise commission, but it also leads to an avoidable cluster risk.

It is particularly risky for advisors and intermediaries to rely on yield information, for example in prospectus material and in model

or forecast calculations. It will be crucial that the documentation of a counselling or mediation process should, as far as possible, be

Text modules and complete, because gaps can easily lead to a reversal of the burden of proof in court and to the impression of incorrect advice.

by Dr. Johannes Fiala

by courtesy of


Our office in Munich

You will find our office at Fasolt-Strasse 7 in Munich, very close to Schloss Nymphenburg. Our team consists of highly motivated attorneys who are available for all the needs of our clients. In special cases, our law firm cooperates with selected experts to represent your interests in the best possible way.

About the author

Dr. Johannes Fiala Dr. Johannes Fiala

Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
»More about Dr. Johannes Fiala

On these pages, Dr. Fiala provides information on current legal and economic topics as well as on current political changes that are of social and/or corporate relevance.

Arrange your personal appointment with us.

Make an appointment / call back service

You are already receiving legal advice and would like a second opinion? In this case please contact Dr. Fiala directly via the following link.

Obtain a second legal opinion

(The first phone call is a free get-to-know-you conversation; without consulting. You will learn what we can do for you & what we need from you in terms of information, documents for a qualified consultation.)