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Financial sales consultant put to the test: long line despite digital service

Personal-Financial.com tested 14 financial companies for their offer – only one received a 5-star ratingimago images / PhotoAlto

The testers needed a lot of patience for the second ranking of financial sales. Because the appointment process was often extremely slow. On behalf of Personal-Financial.com, the employees of the analysis company Teralog fanned out to the major German sales organizations for 42 test consultations.

The test revealed: Although the industry has entered the digital sales age due to the corona, it is still struggling with considerable weaknesses. Especially when it comes to product education and product selection.

In particular, the laborious establishment of contact made study leader Christian Apelt from Tetralog pause for thought: “In 29 percent of the cases, making appointments was associated with considerable effort. With real potential customers you will seldom find enough stamina for this. “

The results were not only mediocre in terms of service, but also in terms of advice and product selection. Every third consultant failed to discover the two loopholes that the test customers came up with. Only one in four sales employees addressed both gaps. In the previous year, this was still 36 percent.

Cost as a major factor

The overall result is also sobering: only one provider achieved an overall rating of five stars: Swiss Life Select. In terms of costs, however, Swiss Life did not do very well either. Plansecur was better here. Since costs are an essential indicator for the recommendation for customers, the test this year also took the costs of the selected products more into account.

Without exception, these were clearly in need of improvement for all providers. Cheap products such as pure fund savings plans were rarely recommended by the providers. Instead, the product selection revolved almost exclusively around subsidized old-age provision products in an insurance cover.

Overall, the test underlined this time as well: It was not the large distributors who did the best work, but the smaller ones who delivered better customer discussions. In order to test the financial operations, the Tetralog employees took part in three test consultations. Among other things, they rated the sales service, the explanation of products, the comprehensibility and the selection of recommendations.


The full article with all test results will appear in Personal-Financial.com 11/2020. interested in Personal-Financial.com? Here is the Subscription shopwhere you can order the print version. Our digital edition is available at iTunes and GooglePlay


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