Wêrom de measte finansjele adviseurs advys jouwe yn har eigen belang
April 17, 2025 · Frisian News
A study of 1,000 financial advisors reveals that most recommend products that earn them higher commissions, not products that serve clients best. Regulations remain weak enough to allow this practice across Europe.
FryskIn bankier yn Amsterdam siet foar in stel mei 50.000 euro om te investearjen. Sy ried in strukturearre obligaasje oan dy't 4,2 prosint per jier opbrocht. Wat sy har net fertelde: sy fertsjinne 2,8 prosint komisje op de ferkeap, wylst in ienfâldich yndeksfûns har hast neat kostje soe om oan te rieden. Beide soene it stel ferlykbere rendemint opleverje, mar allinne de iene folle har bûsen.
Dit toaniel spilet him tûzenden kearen per wike ôf yn hiel Europa. In nij ûndersyk, publisearre troch de Nederlânske konsumintengroep Consumentenbond, ûndersocht it gedrach fan 1.000 finansjele adviseurs yn Nederlân, Belgje en Dútslân. Ûndersikers diene har foar as kliïnten mei ferskillende bedrachen om te investearjen. Yn 78 prosint fan de gefallen stjoerden adviseurs kliïnten nei produkten dy't sels hegere kommisjjes generearden, sels doe't goedkeapere alternativen bestienen dy't de kliïnt better tsjinje soene.
De regels dy't finansjeel advys regulearje bliuwe toskleas. De Markets in Financial Instruments Directive (MiFID II) easket dat adviseurs yn it belang fan de kliïnt hannelje, mar de hanthavenning ferskilt sterk per lân. Boetes oerstigen selden inkele hûndertûzenen euro's, en banken sjogge dy as in bedriuwskosten ynstee fan in echt gefolch. In adviseur dy't miljoenen fertsjinnet mei min advys beteallet minder oan boetes as in lytse bedriuwseigner oan belestingen beteallet.
Guon stelle dat adviseurs ienfâldich mear ynformaasje hawwe of dat har kommisjjes de wearde dy't sy tafoegje wjerspygelje. Dit mist it punt. As de adviseur mear fertsjinnet troch dy ferkeard te stjoeren as goed, is de struktuer fan prikkels sels brutsen. Do soest in autodealer dy't betelle wurdt nei it gewicht fan de auto dy't er ferkeapet, net freegje hokker auto do keapje moatst. Dochs dogge wy dat krekt mei finansjeel advys, en dan fernuverje wy ús dat minsken belânje mei ûngeskikte produkten.
Konsuminten moatte ophâlde mei te fertrouwen op it label 'adviseur.' Freegje rjochtstreeks: hoefolle fertsjinnet dizze persoan as ik dit produkt keapje tsjin dat? As sy har fersette tsjin antwurden, rin fuort. Noch better: sykje adviseurs dy't fêste fergoedingen ynstee fan kommisjjes yn rekken bringe. Oant de regeljouwing werklik belangekonflikten straft, nim oan dat it advys dat do hearst earst iemand oars syn bûse tsjinnet.
A banker in Amsterdam sat across from a couple with 50,000 euros to invest. She recommended a structured bond that paid 4.2 percent annually. What she did not tell them: she earned a 2.8 percent commission on the sale, while a simple index fund would have cost her almost nothing to recommend. Both would have earned the couple similar returns, but only one filled her pockets.
This scene plays out thousands of times each week across Europe. A new study, published by the Dutch consumer group Consumentenbond, examined the behavior of 1,000 financial advisors in the Netherlands, Belgium, and Germany. Researchers posed as clients with varying sums to invest. In 78 percent of cases, advisors steered clients toward products that generated higher commissions for themselves, even when cheaper alternatives existed that would serve the client better.
The rules that govern financial advice remain toothless. The Markets in Financial Instruments Directive (MiFID II) requires advisors to act in the client's best interest, but enforcement varies wildly between countries. Fines rarely exceed a few hundred thousand euros, and banks treat these as a cost of doing business rather than a real consequence. An advisor who makes millions in bad recommendations pays less in penalties than a small business owner pays in taxes.
Some argue that advisors simply have better information or that their commissions reflect the value they add. This misses the point. When the advisor profits more from steering you wrong than right, the incentive structure itself is broken. You would not ask a car salesman paid by the weight of the vehicle he sells which car you should buy. Yet with financial advice, we do exactly that, then express surprise when people end up with unsuitable products.
Consumers need to stop trusting the label of "advisor." Ask directly: how much does this person earn if I buy this product versus that one? If they resist answering, walk out. Better yet, find advisors who charge flat fees rather than commissions. Until regulation actually punishes conflicts of interest, assume that the advice you hear serves someone else's wallet first.
Published April 17, 2025 · Frisian News · Ljouwert, Fryslân