Generation consultants, succession planners and financial planners together with initiators in conflict with the Legal Services Act

For decades there has been the training as Financial-Planner (financial planner), Estate-Planner (succession planner) and for some years now as Generation Consultant with IHK certificate. Surely only the trainers will make money from this for the time being. At second glance, it is a guide to the violation of the Legal Services Act (RDG) and […]

Occupational pension provision: The imperative of equal value – void occupational pension provision?

bAV-Handelsblatt Forum: Invalidity of deferred compensation Dr.Reinecke, chairman of the pension senate at the Federal Labour Court (BAG), has dropped the bomb. Its core statement is that contracts for the implementation of occupational pension schemes can be (partially) null and void. Insurance intermediaries are surprised – have they been brokering ineffective contracts for years? The […]

Reduction of liability and plausibility check for investment advisors for closed-end fund offers – Part I

The liability risks of insurance brokers, investment brokers and consultants, but also of distributors and financial planners, differ depending on the customer (advice suitable for investors), capital investment (advice suitable for the property) or the risk involved (advice following property inspection and risk analysis). Obligation to disclose commissions – or reverse the transaction: This first […]

Property damage liability: Risks in the event of reorganisation and termination of insurance cover

– Whereupon in particular financial plant mediators in accordance with § 34 f exp. 1 GewO and intermediaries of financial services according to § 34 c GewO, as well as insurance brokers have to pay attention to –   Currently, thousands and thousands of advisors and brokers are receiving notices from their asset protection liability […]

Trained in liability

Because the market for private health insurance has become increasingly narrow, insurers are promoting poaching in other companies’ portfolios through training courses. The liability risk involved is downplayed. Few brokers are aware that the usual statutory minimum cover in VSH is often likely to be too low in view of the liability risk.   The […]

Insurance brokerage contract: typical traps and invalid clauses

*by Dr. Johannes Fiala, Attorney at Law (Munich), MBA Financial Services (Univ.), MM (Univ.), Certified Financial and Investment Advisor (A.F.A.), Lecturer for Civil and Insurance Law (BA Heidenheim, Univ. of Cooperative Education), ( and Dipl.-.Math. Peter A. Schramm, expert for actuarial mathematics (Diethardt), actuary DAV, publicly appointed and sworn by the IHK Frankfurt am Main […]

Russian Roulette

Many financial service providers are dramatically underinsured and expose themselves to unnecessarily significant liability risks. By Johannes Fiala Year after year, a five-digit number of financial advisors and insurance brokers are hauled before the cadi due to claims for damages. The number of out-of-court settlements is many times higher. A particularly large amount of “backlog” […]