Our Premium package includes advice — and real advice at that, not disguised product sales. One of our advisors is Jens Gottheiner. What the Berliner loves about his job — and what investors can expect from him and his team.
He had sent off his application on a Friday. Then, on Saturday, he first headed off on vacation. After all, Jens Gottheiner hadn't expected HR to call as early as Monday. That was a good four years ago now. Today 42, he had already been through a number of roles at various banks. "I asked myself whether I really wanted to keep going the way I had been. I had simply had enough of product sales."
Gottheiner saw a job posting from Quirin Privatbank. And recognized his chance. While most banks in Germany earn money on advice through commissions for products sold, at Quirin Privatbank clients pay for the advice itself. Only in this kind of fee-based advisory is true neutrality really guaranteed. That was something Gottheiner wanted to be part of.
The human factor
By now he is also part of a team of 13 advisors that quirion's Premium clients can turn to as well. How important is advice when it comes to investing? "Everyone has to answer that for themselves," Gottheiner believes. He simply doesn't want to force anything on anyone. "Some deliberately opt for a purely digital investment, some want a sparring partner." Often it is also about emotional aspects, about questions like: Is what I'm doing here actually the right thing? "Topics like these weigh especially heavily on many people when prices are swinging sharply."
Many of those who approach him ask about a suitable investment strategy. But some are also interested in the "right" moment to get in, or want a hot investment tip from Gottheiner. "There's the expert — surely he must know" — he still frequently encounters this kind of expectation. "In such cases, you have to say openly and honestly: the right timing or the surefire tip, something like that simply doesn't exist." That this expectation persists so stubbornly is also down to the flowery promises of numerous sales specialists and "investment gurus" who supposedly do know better. "That's why we also have to do educational work here again and again."
Knowing the client's needs
In his 22 years in the profession, Gottheiner has come to know many facets of the business. After training as a bank clerk came various roles in retail banking: client advisor, wealth and investment advisor, branch manager, advisor to high-net-worth private clients. "In traditional banks, the sales pressure is very high," he says. "Sometimes I would be asked by superiors, even before the first meeting, what I intended to sell. But how am I supposed to answer that question when I don't even know the client's needs?"
At Quirin Privatbank and at quirion, the approach is completely different. The focus is on systematic, forecast-free investing. What are the investors' needs and experiences? What investment horizon do they have and what is their risk appetite? "A sensible investment strategy is derived from the answers to questions like these." The lines between his work for clients of Quirin Privatbank and of quirion are fluid here. Because the offerings of quirion and Quirin Privatbank complement each other. That way, clients of Quirin Privatbank can also switch to the more affordable digital offering if it better suits their individual needs — an offering unique in Germany.
More time for clients
The distinctive features of the advisory approach show up elsewhere too. In the past, Gottheiner was at times responsible for up to 5,000 clients. Now it is 150 to 200. "I take more time for individual clients, because here I actually get that time." A typical first meeting lasts at least an hour. And Gottheiner doesn't have to go "fishing for clients" anyway. "Two thirds of prospective clients get in touch because existing clients have recommended us."
Advice costs money. Always. Even if that often isn't so obvious. quirion's Premium package, which includes the advisory service, currently comes to 0.88 percent of the assets under management per year, with a minimum investment of €20,000. Compared with many robo offerings without advice, that isn't particularly much. "And it is far cheaper than, for example, the management fees typical of active funds, which are usually between 1.5 percent and 2 percent per year," Gottheiner points out.
Clients sometimes ask him where the catch is in the model of Quirin Privatbank or quirion. Speaking for himself, after roughly four years there he says: "I still haven't found one."
You can find the advisory contacts here.
