These financial distributors treat their customers most fairly

May 20, 2022 – Servicevalue and the editors of Focus-Money magazine wanted to know from customers how fair they felt they were being treated by the bank insurance brokers. Next to Formaxx, a newcomer to the top group, and the returning Swiss Life Select, the best results were again DVAG, MLP and Telis Finanz.

This year, Servicevalue GmbH, in collaboration with Focus-Money, has once again investigated which financial sales companies outside the banks treat customers best.

Customer reviews for 14 companies

The survey is based on an online consumer survey conducted in March and April. They could assess up to two companies of which they had been a customer within the last twelve months. A total of 1,454 opinions from 1,272 customers about the following 14 companies were collected as part of the survey:

  • ASI Wirtschaftsberatung AG,
  • Bonnfinanz AG for investment advice and brokerage,
  • Compexx Finanz AG,
  • Deutsche Vermögensberatung AG (DVAG),
  • dr Klein private customers AG,
  • Finum.Finanzhaus AG
  • Formaxx AG,
  • Global Finanz AG,
  • MLP SE,
  • OVB Holding AG,
  • Plansecur Group,
  • Swiss Life Select Germany GmbH (formerly AWD),
  • Tecis Finanzdienstleistungen AG og
  • Telis Finanz AG.

The number of test candidates increased again by two companies compared to the previous year’s survey (VersicherungsJournal 20 May 2021). Recently built are Finum.Finanzhaus and Formaxx.

That is how justice was determined

According to the information, the virtual construction “fairness” was parameterized by the following six subdimensions with a total of 25 performance characteristics:

  • Fair protection and prudence (product quality, choice of tariffs / selection of tariffs, transparency of tariffs and offers, product safety);
  • Fair customer advice (managing customer needs, professional competence, social skills, honesty, quality of advice, documentation / logging of advisory content / results, capital market-oriented proposals for asset optimization);
  • fair customer care (reward for customer loyalty, regular review of insurance coverage and premiums, handling complaints / complaints, quick response);
  • fair value for money (value for money, cost transparency, best price guarantee);
  • fair customer communication (binding nature of statements, comprehensibility of communication, employee availability, orientation aids);
  • Sustainability and accountability (economic sustainability, acceptance of social responsibility, ecological sustainability).

Respondents were asked to rate the results in four phases: “strongly agree” (1), “rather agree” (2), “rather disagree” (3), and “strongly disagree” (4). With regard to the methodology, Servicevalue further stated: “The sub-dimensions are a result of the respective evaluation criteria as an unweighted mean value. […].

All companies that are above average receive the rating ‘good’. “Companies that, on the other hand, are above the average of companies rated ‘good’ get a ‘very good’.”

The most equitable financial distributors from the customer’s point of view

The six sub-dimensions were included equally in the overall evaluation. The best results were DVAG, Formaxx, MLP, Swiss Life Select and Telis Finanz. Formaxx, and after a two-year absence, Swiss Life Select (15 May 2020) also moved back into the top group.

Global Finanz had to say goodbye to this. The actor, like Dr. Klein and Tecis a “good” rating. The customers of ASI Wirtschaftsberatung, Bonnfinanz, Compexx Finanz, Finum.Finanzhaus, OVB and Plansecur did not confirm above average results.

Only DVAG and Telis are among the best providers in all six dimensions. Swiss Life Select received five “very good” ratings (except for customer service), Formaxx each (except for customer communication and sustainability and responsibility) and MLP four times (except for value for money and sustainability and responsibility).

More details and availability

The authors of the study draw the following conclusion: “Overall, the financial sales companies were able to improve their performance in the previous year – quite remarkable in times of Corona and limited personal contact.”

Further information on content, purchasing opportunities and the price of the 164-page report on the “Customer Rating: Fairness of Financial Sales 2022” survey can be found in this survey leaflet (PDF, 524 KB).

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