Investing in our sustainable ETF portfolios is getting cheaper, a megatrends portfolio is expanding the product range, and the advisory services are becoming even more comprehensive: quirion has switched its offering to new service subscriptions. Our CEO Martin Daut explains what lies behind it in an interview.
quirion's service packages have new names. They are now called „Digital“, „Premium“ and „Privat“. Why the change?
Important impetus came directly from our customers and from market research. We analyzed exactly what people want and expect from us. And then we adjusted both the product and the service offering. But one reason for the change is also the clear differentiation of the offering. It is now even more obvious what price our customers pay for which service.
What is different now compared to before?
Our central service is asset management — that is, the investment strategy and its implementation. Whether for our global or our sustainable ETF portfolios: this service now costs a uniform 0.04 percent per month, or 0.48 percent per year. So the price for our sustainable ETF portfolios in the Digital package drops significantly. Alongside asset management, we also offer advice. That has always been the case. But we have now expanded this offering once again. Anyone who takes advantage of our new service subscriptions simply gets more for their money.
What does this „more“ consist of?
The Premium subscription additionally includes advice by phone or web video. And on top of that, our new financial coaching: to start with, we convey basic knowledge there for investing, retirement provision and providing for children and grandchildren. Unlike many other coaching offerings on the web, this is an interactive online format. So you can ask questions and don't just watch or listen. The Privat package is even more individual and comprehensive than the Premium subscription. Customers additionally have a personal advisor at their side at one of our 15 locations. You won't find all of this anywhere else. Here we are pioneers in the industry. Once again.
quirion's approach is based on the principle that professionals take care of the investing and customers don't have to worry about anything else. So why coaching and advice?
From the very beginning, our goal was to offer as many people as possible access to investing. But as we know from our market studies, purely digital offerings feel too impersonal for some people. They want to talk to an expert about their questions around investing. For example, because they have free capital and would like to know more precisely how best to invest it. Suppose you had come into an inheritance. And you have questions about handling the new assets. For such cases, with the Premium and Privat packages, we then have — depending on the desired individuality and depth of advice — two different services that come into consideration.
But those cost a bit more …
Service always costs something. There's no kidding yourself about that. We want an honest offering. For instance, we don't pocket any hidden sales commissions from product providers. Advice is available to all those who want it. And who pay a small surcharge for it: only this way does advice remain independent and take place solely in the interest of the investor. In doing so, we follow the line that quirion founder Karl Matthäus Schmidt was the first to pursue in Germany with Quirin Privatbank. And still pursues.
How quickly can you add or switch service subscriptions?
With quirion Digital there are no fixed terms or minimum investments. You can switch out of the other two service subscriptions on a monthly basis. It was important to us to offer customers this freedom. Only with quirion Privat is there an initial term of six months. After all, the basis of trust for very individual advice and support has to be built up first. We are convinced that customers recognize the value of our services for themselves. The way our customer relationships have developed so far makes us very optimistic about that. This shows even in the current market situation, which is truly nothing to write home about. Our customers stay loyal to us and steadily build their wealth together with us.
You have also expanded the product range once again, with the megatrends portfolio. Who is this offering aimed at?
For quite some time now, customers and interested parties have repeatedly asked us when we would offer dedicated thematic investments. But we don't want to simply sell individual products. In the megatrends portfolio, five exciting investment themes are bundled together, each of which we represent through a mix of several ETFs. This pure equity portfolio only comes into consideration for those who know their way around investing well, have a particular tolerance for fluctuations and a long-term investment horizon. Your risk profile has to be able to handle an equity allocation of 100 percent.
And if that is not the case?
New customers are then automatically proposed an investment in our more broadly positioned, global core portfolios while going through our application process. In that case, these are simply better suited. We don't want to foist anything on customers that would not be in their interest. We consider this an advisory service too. And it is included in all service packages.
More about the new service subscriptions is available here.
