Advising clients responsibly: prime focus on client satisfaction

Following the financial crisis, the public has taken a skeptical view of the relationship between banks and their clients. Many people criticize business practices that seemingly focus exclusively on sales targets and products that are virtually incomprehensible. We are making every effort to strengthen our clients’ trust and improve their level of satisfaction.

To systematically ensure client satisfaction, it has become an important management parameter for the assessment of the performance of our client advisors. That is underpinned by a code of values and principles, and we expect and verify compliance to that code. The decisive aspects for us in this respect are transparency and a high level of advisory quality. Existing regulations relating to consumer protection are self-evident minimum requirements that we even exceed in the interest of our clients. And we are aiming to achieve a better balance between the interests of our clients and the requirements of the Bank’s shareholders.

In 2010, we were the first bank in Germany to introduce product information sheets for investment products, with a transparent labeling system. We did so even before product sheets became a legal requirement. Since July 2011 they have been a mandatory part of investment advice.

In conjunction with the Responsible Business Initiative of our Private and Business Client division, we introduced a code of values and product principles in 2012. They define requirements and exclusion criteria for developing new products and reviewing our existing product portfolio.

Products and sectors that do not fulfil our standards are excluded from our advisory service.