Since when have robo-advisors existed?

1990s: online brokers

Online brokers changed securities trading, first in the USA. In Germany, Karl Matthäus Schmidt founded Consors, one of the first, in 1994. Before that, fees for private investors were often at least 1 % of the order volume, and orders were often executed only once a day.

2000s: software for portfolios

Software that puts portfolios together existed in the early 2000s. Private investors only gained access to it with the first robo-advisors.

“With a robo-advisor, digitalisation makes asset management possible even for small investments.” Karl Matthäus Schmidt

2010s: robo-advisors

One of the pioneers is Betterment from the USA, on the market since 2010. After the financial crisis, trust in many advisory services fell, because in-house products and commissions often came first. In Germany, quirion was one of the first robo-advisors in 2013.

2020s: ETFs

The rise of robo-advisors is closely linked to the rise of ETFs. According to ETFGI, around 9.7 trillion US dollars were invested in ETFs worldwide in November 2021, against 417 billion in 2005. Financial services lead in digital: in the Digital Life Index by Publicis Sapient (November 2021), clients were more satisfied with them than with any other industry.

Frequently asked questions

What are ETFs (index funds)?

In recent years, exchange traded funds (ETFs) have established themselves as an alternative to open-ended, actively managed investment funds. An ETF replicates a given index as precisely as possible and adjusts its composition to match its reference value.

For example, when you buy an MDAX ETF, you get all the stocks in the MDAX in exactly their current composition on the market. If the composition of the MDAX changes, the composition of your ETF changes too.

As a result, the management and administration fees for an ETF are significantly lower. On average they amount to 0.17 percent of the invested sum per year. If a fund manager actively looks after your investment funds, the costs rise to 1.5 to 2.5 percent per year.

What does Global Portfolio mean?

If you opt for our Global Portfolio, you invest across the entire market. From the risk you are willing to take, we derive the composition of your portfolio. More equities mean more risk – but also more return opportunities. More bonds reduce the risk – but also the return opportunities.

The Global Portfolio is generally suitable for building wealth. You can also take it out in a sustainable variant.

How does account opening work?

First, you register via “Open account” on our portal. To do so, you sign up with your email address and a password of your choice.

You then receive a PIN code by email to verify your email address. Once you have entered this PIN code, your personal details, contact details and ID details are recorded.

Finally, you have the choice between identity verification in the quirion app, on your computer, or at a Deutsche Post branch. Your quirion account is then opened for you without delay.

How does online video identity verification work?

quirion has to be certain that you really are the person for whom the account or the securities account is being opened.

For banks, the German Anti-Money Laundering Act requires an identity verification check.

With quirion, you have the choice:

You can verify your identity by VideoIdent, in the quirion app or on your computer.

You can also use the online ID function (eID) of your identity card, or verify your identity with PostIdent at a Deutsche Post branch.

For this you need a valid identity card or your passport plus proof of address (e.g. a phone bill).

The easiest way is to verify your identity with our app.

Once identity verification is complete, we receive your data and can then open your account.

Still unsure?

If the AI cannot help you, write to us. Then a person from our customer service answers you.

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