New rules apply with the FinSA

For example

  • Suitability and appropriateness test of the customer
  • Customer segmentation
  • Contractual and due diligence obligations for all business transactions
  • Transparency and information obligations regarding consulting services, product selection, fees, charges, countersigned meeting minutes
  • Documentation concerning GwG
  • Secured filing of contracts, correspondence, and documents

A paradigm shift is taking place

Customer consultation changes significantly

  • Personal circumstances and the customer’s risk capacity and willingness determine the objectives of the consultation
  • The risk of an investment recommendation is no longer in the product itself, but in the customer’s circumstances
  • The cost of living and not the future retirement pensions determine the measures
  • All operations and relationships between the customer and the consultant must be historically and transparently documented
  • A digital provision plan becomes the basis of every consultation
  • The computer becomes the document folder – accessible to both the customer and the consultant

Retirement planning is the top issue

Financial consultants have to adjust completely

  • Blick, NZZ, and 20Minuten report on an almost daily basis about problems with retirement provision and AHV (Federal Old Age and Survivors’ Insurance) and pension fund restructuring
  • Retirement provision is the number one concern according to Credit Suisse Sorgenbarometer (worry barometer) 2018 – People are looking for help and advice
  • Simultaneously, all financial intermediaries – banks, insurances, and financial service providers – must adapt to the completely modified framework conditions due to the new financial legislation

Even after FinSA/FinIA, they are number one when it comes to quality thanks to the FiplaPro® Financial Tools!