From the series of newsletters of the DHBW (Baden-Wuerttemberg Cooperative State University) Heidenheim on the topic “Mediation Law in Practice”:<\/p>\n
At this point, lawyer Dr. Johannes Fiala, https:\/\/fiala4instalive.instawp.xyz<\/a>, lecturer for insurance law at the DHBW Heidenheim, will answer your questions,<\/p>\n Your questions. Questions can be asked by emailing ott@dhbw-heidenheim.de<\/a>.<\/p>\n\n 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.<\/p>\n But the risks are fundamentally different and not at all correlated.<\/p>\n 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 –<\/p>\n with capital cover, on the other hand, it is the other way round.<\/p>\n After all, neither the statutory intergenerational contract of the Deutsche Rentenversicherung Bund (DRV) nor a funded pension scheme (e.g. via an<\/p>\n 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<\/p>\n of politics or the capital markets.<\/p>\n What politicians do not dare to say, intermediaries and advisors have to make clear to their clients:<\/p>\n 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,<\/p>\n 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.<\/p>\n Advisers and intermediaries of investments, including life insurance, will have to pay particular attention to this,<\/p>\n that investor- and object-oriented advice is implemented in accordance with the BGH Bond ruling (Ref. XI ZR 12\/93<\/a>). For example, if e<\/p>\n nvesting an entire inheritance in a single product may maximise commission, but it also leads to an avoidable cluster risk.<\/p>\n It is particularly risky for advisors and intermediaries to rely on yield information, for example in prospectus material and in model<\/p>\n or forecast calculations. It will be crucial that the documentation of a counselling or mediation process should, as far as possible, be<\/p>\n 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.<\/p>\n \n by Dr. Johannes Fiala<\/p>\n \n by courtesy of<\/p>\n