A financial sales company does political landscaping
It has still not come out from whom dr. Kohl got his illegal party donations. Kohl got his illegal party donations. His close friend and party colleague dr. Reinfried pohl, however, one of the richest men in the republic, has a rough heart for the conservative party as well as its liberal coalition favorites. A look at the company, on the one hand, and the federal government’s reluctance to. Consumer protection on the other hand leaves a stale taste and is strikingly reminiscent of berlusconia.
Cabbage the gang
A reference from germany’s largest financial sales organization with 37.000 employees, germany’s largest financial sales organization "deutsche vermogensberatung ag" (dvag) to the cdu is unmistakable: the advisory board includes helmut kohl himself, his former right-hand man horst teltschick (long-time organizer of the munich security conference), kohl’s successor as minister president of the palatinate a.D. Bernhard vogel, and hesse’s minister president a.D. Walter wallmann the honor. Another advisory board position is filled by the conservative dieter stolte, who as former director of zdf put diether hildebrandt on the air and prevented political cabaret on the mainz station during the ara kohl.
Kohl’s federal finance minister a.D. Theo waigel graces the supervisory board. Kohl’s former head of the chancellor’s office, friedrich bohl, earns extra money on the board; at the time, bohl was associated with the loss of documents. Roland koch’s former minister in hesse, udo corts, who was a passionate advocate of tuition fees, now also holds a dvag board position. Dvag’s general representative is kohl’s former government spokesman friedhelm ost, which has a certain flavor because ost had hosted the zdf consumer magazine wiso in earlier times – but dvag is a red rag for consumer users.
At the regular sales conferences, one often enjoys the guest speaker angela merkel, who has little to contribute in terms of content at the mass events held in the frankfurt festhalle, but who can get herself into the conversation for a dvag breakfast director post for the time after her active political career. In view of ms. Merkel’s background, this is also noteworthy because dvag had invaded the new federal states like a plague after reunification in order to educate the east germans about real existing capitalism.
As the main sponsor, dvag also demonstrates its coarseness toward the traditional palatinate club 1.Fc kaiserslautern – its honorary member with the membership number "1" helmut kohl heibt. The paths are also short in other respects. The sports idols michael schumacher and yogi low have the wearing of the four letters "dvag" are also lavishly remunerated.
Not represented at dvag, however, is norbert blum, who describes financial structure sales companies like dvag as a "printer columns" criticizes.
The fact that representatives of well-known german banks are also represented on the dvag advisory board should have been irritating. The dvag insurance advisors consistently give the impression of being "advisors" on the side of the client, for whom they are looking for the best possible insurance and investment offers. And this then also apparently costs the customer nothing, because he is not charged for the consultation. The dvag sales representatives make their cut on the commission. In the meantime, they have to disclose these to the client, but already the range of offers dvag allows is limited.
The independence of dvag’s intermediaries can be seen from the fact that aachenmunchener versicherung has entrusted its entire distribution to dvag. Half of dvag belonged to the gigantic insurance group generali – on whose supervisory board you will find the conservative friends pohl and kohl. The generali share has since been reduced to 40%, which is boldly sold as an argument against the obvious conflict of interest. Whichever way you look at it, however, the financial sales organizations are not neutral or objective advisors, but nothing more than sales organizations of the financial industry.
Loser model commercial agent
With the "vermogensberatern" are legally so-called "sales representative". This controversial structure combines the disadvantages of an employee (being bound by instructions, ties to the company, etc.) with the disadvantages of a freelance entrepreneur (entrepreneurial risk).) are combined with the disadvantages of a freelance entrepreneur (entrepreneurial risk). Dvag is a structured sales organization in which the sales representatives at the lower levels receive commissions for concluding contracts, from which the higher-level sales representatives also earn as in a pyramid.
Dvag is in the clear, since it only represents third party "entrepreneurs" (commercial agents), but does not act as an employer towards them. The meanwhile about 37.000 self-employed financial advisors do not incur any ancillary wage costs, do not receive a basic salary, are not burdened with employee participation and trade unions, etc. Whoever becomes involved with dvag is, depending on the level in the structure, tied to the company for a certain period of time, and sometimes has to observe long notice periods, during which taking up a new activity is prohibited. Means of prere here include.A. Existence-destroying contractual penalties.
While the directors flaunt their status symbols in pr videos, in reality the sales representatives generate an arithmetic average (sales lot 1.224.3 million. Through 37.000 sales representatives) just over 2,600 euros a month.600 euro – minus costs for advertising, car, use of office, health insurance, pension plan, etc. In fact, on average, the earnings are significantly lower, because the sales representatives on the lower levels have to share their booty with the higher ones. In addition, sales success in financial sales organizations is usually distributed according to the so-called pareto principle, according to which z.B. 80% of total sales are brought in by perhaps 20% of the most talented salespeople.
The bitter side of the consistently miserable income situation of investment advisors is that they often have to sell their clients retirement plans and health insurance coverage that they cannot afford themselves.
Structural conflict of interest
What to make of commission-based advice is obvious to the rational: an investment advisor who wants to make a living will recommend the products that yield the biggest commission. The most generous commissions are usually paid by those providers whose products cannot be sold by other quality features. Commission tables signal to the sales representatives which suppliers are likely to be sold the most. So called "premium partners" at the sales conferences of financial distributors, they award sales representatives who have brought them particularly large numbers of customers with prizes such as trips, etc. From such extraneous influences on the "consulting" the clients do not learn anything.
If dvag has a press at all, it is usually a bad one. However, an irritating exception is sometimes made by the "manager magazin", which last year strained its credibility so much with an uncritical hymn to the patriarch dr. Pohl, which so strained its credibility that it could only be undercut by the bild newspaper.
About the quality of the financial structure distributors as "advisor" and as (pseudo) "employer" expert opinions diverge little. With the same result, as it had been able to win everyone by an internet search in consumer portals – only unequally more expensively -, consumer protection minister ilse aigner came up, which ied in a study to the financial advisors a destroying report card. Whether it will become generally accepted with the thesis paper building up here, seems questionable, because its boss goes regularly with the dvag celebrate and betatigt itself unblumt as their mouthpiece.
The real scandal, however, is that the federal republic of germany delayed implementation of the eu’s consumer protection intermediaries directive from 2003 to 2007. Until then, the federal republic of germany, which was so offensive in regulating, had even been the only country in which really every school dropout was allowed to sell financial products without the intermediaries even being registered. And even then, for some reason, the financial sales lobby had managed to exempt from the proof of expertise now required for financial advisors precisely those providers who needed it most – namely the sales representatives organized in structural sales organizations ("strukkis"), such as dvag, which is so remarkably close to politics. Thus, the expert lutz reiche rightly mocked the german implementation of the law as a "laughing stock" – it may be speculated whether he is referring to the marketing man of dvag, dr. Helge lach, alluded to.
But why did the spd, which after all governed for a long time without the cdu, not really hurry with the implementation of the intermediary directive either?? Well, maybe it has something to do with the fact that in hanover there is the spd version of dvag called awd, whose founder carsten maschmeyer once complimented his friend gerhard schroder to the chancellorship and later supported his ex-government spokesman bela anda and pensioner rurup. But maybe it is all just a coincidence.
Apart from their common lobbying interests, the two companies are otherwise linked by a deep-rooted rivalry.
The mysterious reinfried pohl
According to manager magazin, pohl was the 67th richest german in 2007. Grunder reinfried pohl, who left the financial structure sales company ovb in 1975, likes to be celebrated as a rough patriarch. Pohl spread his vita in his biography "i have made financial history" which not only drew scorn and ridicule, but also a minor scandal, because dvag people were supposed to help the book achieve a higher ranking by buying it.
Pohl’s "financial history" essentially consists of bundling the sale of banking products and insurance products and developing the sales concept of ovb or. To adapt from bernie cornfeld, who also peddled conservative ex-politics. For the dvag strukkis, dr. Pohl is an idol
Perhaps pohl’s memoirs were an attempt to increase the pr impact of the tell-all book "advised and sold" of ex-strukki wolfgang dahm to relativize. Dvag had gone to court against this book and had unsuccessfully tried to have the revelations contained in 97 of it banned. In this book dahm reports of a strange personality cult around pohl and compares the organization of the dvag with a sect. Jens klingenbiel, a dvag dropout, takes the same line on his slightly riotous website ex-dvag. In this way, the company presents itself as a kind of family, which also wants to involve the social environment of the individual sales representative. Even the vacation of the sales representatives one organizes in dvag-own vacation plants and cruise contingents with, while one is not to be spoken on criticism well.
The personality cult around pohl, who earns better than the head of deutsche bank from trading in the financial products of other providers without adding any value of his own, is difficult to comprehend outside the dvag world. This is how the inventor of the trivial distribution channel "allfinanz" reverently as "the doctor" a call from the doctor has the significance of a papal audience, for example.
However, if you want to leave the company, the familiar tone is also over. The commercial agents often have to fight for the payment of the outstanding commissions in court. Corresponding judgments and personal experiences are meanwhile blogged by a lawyer who is frequently involved with dvag (in cooperation with the author). Since this year, awd and dvag have also been running company blogs, where they talk about the nice world of insurance banging.
So now donates "the doctor" for his coalition of choice. An analysis of dvag’s donation behavior reveals that the financial services provider increased the proportion of donations to the fdp at the expense of the cdu/csu in 2008, and last year increased the proportion of donations to the fdp at the expense of the cdu/csu with the same amount of 100.000 euros.
For the union, which in the previous year had provided dvag with 230.Had been worth 700 euros, these are of course now only peanuts. The thesis as to whether this is intended to punish the weakening resistance to the eu’s consumer protection requirements is, of course, speculation. The fdp however, which understands under liberty primarily the trade liberty, will know the signals already to interpret.