In 2010, we were the first bank in Germany to introduce product information sheets, with a transparent labeling system, for investment products in our client advisory service. They document the yield and risk profile, fees and the anticipated change in value of a product.
Comparable documents for investment products and closed-end funds have only been stipulated as mandatory by law since July 2011. We additionally offer them for savings products on our own initiative.
We provide advice according to an electronically supported advisory process called “Beratermappe Online” (BMO), i.e. Online Advisory tool. It makes it easier for our advisors to adhere to advisory and quality standards that are in line with the statutory regulations as well as our own guidelines. The Advisor’s Folder is at the disposal of all advisory service staff and is used for all discussions with clients. It ensures the high quality and transparency of the advice provided. After every discussion, the essential content is documented for the client once more in the folder.
Internal findings confirm that the BMO Online Advisory tool was used for almost 100% of all discussions with our mystery shoppers in the year 2012.
Particularly in Germany, regulatory measures have been tightened after the financial crisis in order to improve protection of investors. MiFID, the current financial markets directive of the European Union on investor protection, already reflects those changes. It goes without saying that we fulfil all of the applicable specifications. Furthermore, we additionally implement voluntary measures as well. For example, we withdrew the investment fund called “db Kompass Life III-Fonds” from the market and excluded it from advisory service because it was linked to the sale of synthetic life insurance policies.