Bank advisors aren’t all that bad

The banking industry ruined its reputation during the financial crisis. The bank advisors learned from the mistakes. According to new studies, their advice is good – but unfortunately expensive.

Illustration of a couple giving financial advice

BAnchor consultants don’t have the best reputation. Whenever the Germans are asked about the most trustworthy professions, the bankers end up in one of the lower places. In the regular surveys by the market research institute GfK, they are not only far behind craftsmen, taxi drivers, TV presenters and actors. Instead, bank employees are shown far less trust in this country than the European average. The industry is largely responsible for the fact that its reputation is relatively battered: the bankers may appear friendly and courteous and welcome customers in an appealing atmosphere. But when it comes to the essentials, namely the investment, customers are very suspicious of their bitter experience.

The reservations come from two sides: On the one hand, from those customers who are rather unfamiliar with financial matters and therefore do not really understand much of what the consultant tells and suggests to them in his industry jargon. In the just published investor barometer by the fund company Union Investment, 61 percent of those questioned would like simple language without many technical terms for advice. Two thirds miss the fact that their individual needs are given more attention.