Banks have mainly their own and a small selection of other products available for sale to customers; in our experience of unwinding unsuitable investments, these products are placed with clients with scant regard paid to their suitability.
It should also be remembered that banks can afford better and more expensive attorneys than most of their customers and the enforcement of investors' rights could be a long drawn out and expensive process. Very often, depending on an individual's credit worthiness, a bank will suggest extending a loan to allow an increase in the investment in that bank's fund products.
Unless a desire for risk lies prominently in mind of an investor, such leveraging should be resisted, as any losses are directly for the client's account and a leveraged position loses money at a much faster rate than simply using available funds. Some investment advisors are biased, whether legally or emotionally, to the products of a single fund company or KAG.
The emotion all too often has a direct correlation with the level of front end fees paid to the agent. This is fine if an investor knows precisely which stocks, bonds or funds they want to invest in, but is less useful when seeking independent advice. Investor and consumer protection legislation is less advanced in Germany than in many other countries; the result is that an investor can receive assurances that stand little or no chance of becoming reality.
Independent advisors undertake their own analyses of an investor's ability and willingness to take risks, as well as using quantitative and qualitative methods to find the most suitable investments. They will provide an investment concept based on matching the clients' needs with suitable investment products and will give this report in writing for the investor to consider. We strongly recommend that if an investment advisor is unwilling to commit their thoughts to paper by providing such a written concept, a potential investor should look elsewhere.
If a foreign investor leaves Germany, the funds have to be left behind to accumulate until they mature and will then be paid out only as a life-time annuity. There is a risk ladder which offers broad guidance on investment products for investors of different temperaments; the investment markets should only be used by longer term investors and a time horizon of less than 3 years runs the risk of falling between adverse market cycles.
There is no good reason to risk capital losses within a short investment time horizon. All prospectuses have to be approved by the German authorities BaFin as far as the structure of their contents is concerned. Successive governments have worked hard to close the loop-holes that their predecessors might have thought a good idea.
Sometimes the volte-face can be retroactive, which causes consternation, but normally there is fair warning of impending changes. Many tax laws have not been as carefully drafted as one might have hoped, with the result that the courts rather than the government end up as the final arbiter of what was intended, and tax laws being newly interpreted.
The change was preceded by a fanfare of new products, but in the end came at the same time as the worst economic crisis in living memory, resulting in a muted response from investors whose portfolio values had fallen so far that it would be some time before a capital gain could become a meaningful prospect.
All new investments will however be subject to the new tax structure. There is an annual Euro Euros for a married couple tax allowance on income stemming from interest and investments; this can be divided up between institutions, but the tax authorities seriously object to any attempt at exceeding the overall allowance and the punishments can be painful and are well worth avoiding. There are some, though very few, exceptions to the general dearth of tax sparing schemes.
For instance double taxation agreements between Germany and several other countries, resulting in potentially useful tax allowances or an investment in property. It is important that all foreign investors considering an investment in any German investment market should consult a tax specialist before making a decision.
A tax consultant in Germany, ever mindful of their potential professional liability, will not normally give an opinion on the economic viability of a project, but will give a confirmation or denial if necessary , of the stated tax implications of an investment. For current updates and investment opinion from John Townsend click here. John Townsend advises clients on their investment portfolios for Matz-Townsend Finanzplanung.
Townsend insure-invest. There are dozens of categorized listings of products and services for Expats in Germany. Fintosch is open all year round with a day care option up to 7 pm. The entry level Early Year 1 begins from the age of 5. There are still a few places available in our classes! Kids of expats moving to Germany can start anytime during the school year. Come and visit our director, Mr. Frank van Poucke, at our school in Frankfurt.
Both locations are easily accessible via public transport and are open throughout the year from 7. Whatever be the context, investment means sacrificing some luxury today in the hope of gain tomorrow. One can invest directly in tangible assets like real estate, gold and other metals, commodities, etc.
One can also invest in financial instruments like shares, bonds, bank deposits and other form of securities. More recently new forms of investment like derivatives, futures and options, hedge funds, exchange traded funds ETF have become available. All in all the world of investment is a fast changing complex world and has created business opportunities for specialists in the field in the form of investment consultants.
Investment consultation means advising clients like high net worth individuals, trustees of corporate and public retirement plans, foundations, not for profit organizations etc. It helps in deciding the right asset allocation among the many options available in order to maximize the wealth of an endowment trust or meet the pay out obligation of a pension fund for example.
Investment consultation also includes recommending the right fund manager for making an investment. Whether or not to invest in equities, what percentage is to be invested in fixed income securities, how much risk one can take are all part of investment consulting job. Investment consultation begins with understanding the investment goals of the clients, the return expected and the time frame for achieving it.
Monitoring the plan and keeping track of the performance each investment class is the next step of investment consultation. Normally investment consultants have elaborate tools to track the past performance of fund managers and take the correct decision. Stay up to date on the latest financial trend by following the Fisher Investments official Facebook page. If investing in the equity market, investment consultation also includes stock consultation.
Stock consultation involves carrying out both fundamental and technical analysis of how a particular stock has performed. Sectoral analysis i. Technical analysis means analyzing the movement of stock prices over a period of time, the highs and lows, the moving averages etc. Price Relative to Gold: This simple indicator generally provides early warning of a trend reversal.
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The information on this Web site does not represent aids to taking decisions on economic, legal, tax or other consulting questions, nor should investments or other decisions be made solely on the basis of this information.
Detailed advice should be obtained before each transaction. The information published on the Web site also does not represent investment advice or a recommendation to purchase or sell the products described on the Web site. Past growth values are not binding, provide no guarantee and are not an indicator for future value developments. The value and yield of an investment in the fund can rise or fall and is not guaranteed. Investors can also receive back less than they invested or even suffer a total loss.
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Institutional Investor, Switzerland. United Kingdom. Private Investor, United Kingdom. Institutional Investor, United Kingdom. Private Investor, Italy. Institutional Investor, Italy. Private Investor, France. The money of the countries participating in the agreement ceased to have official gold content, the exchange began to take place in the free currency market at free prices.
The establishment of a floating exchange rate system led to three significant results: - Importers, exporters and their banking institutions were forced to become regular participants in the Forex market, since changes in foreign exchange rates can affect the financial results of their work, both positively and negatively.
Description of modern world currency markets. Modern global currency markets are characterized by the following main features: - The international nature of Forex markets based on the globalization of world economic relations, the widespread use of electronic communications for operations and settlements. The number of currency speculators has risen sharply and includes not only banks and financial-industrial groups, TNCs, but also many other participants, including individuals and legal entities.
The modern Forex market performs the following functions: - Ensuring the timeliness of international payments. The possibility of implementing concerted actions of different states in order to achieve the goals of macroeconomic policy in the framework of interstate agreements.
Currency market instruments. Currency operations with immediate delivery are the most mobile element of the currency position and involve a certain risk. Derivatives transactions with foreign currency. Derivatives currency transactions include forward, futures and option transactions, as well as currency swaps. Forward transactions. Forward transactions include the purchase and sale of currency, in which the price purchase and sale rate is determined at the time of the transaction, and the supply of currency, that is, the fulfillment of obligations by the parties, is provided for in the future.
Futures transactions. Futures transactions include standard contracts for the sale of currencies that are traded on the exchange. Such transactions are made on the conditions that the exchange develops and which are binding on all who make transactions with futures. Futures have standard maturities. The most common is three-month futures. To assess the trading positions of the participants of the offsets, the ruble to dollar exchange rate, which is formed at the MICEX, is used.
Physically, rubles are not exported. The one who correctly predicts the exchange rate wins. Futures trading is carried out through the clearing house, which is a seller for each buyer and a buyer for each seller. Options transactions. An option from lat. Optio, optionis - choice is a derivative financial instrument, a contract under which the buyer of the option acquires the right, but not the obligation to buy or sell a certain amount of currency in the future at a fixed price strike price.
The buyer of the option, when paying the premium on the option to the seller, which is essentially the price of the option, acquires the right to either buy call option or sell put option on any day, if it is an American option; or on a specific date once a month, if it is a European option. Currency swaps transactions. Currency swap eng. Swap - exchange is a transaction that combines the purchase and sale of two currencies on the basis of immediate delivery with simultaneous counter-transaction for a certain period with the same currencies.
Each side is both a seller and a buyer of a certain amount of currency. Currency swap is not a standard exchange contract. For swap operations, the cash transaction is carried out at the spot rate, which in the counter-transaction urgent is adjusted for the premium or discount depending on the dynamics of the exchange rate.
At the same time, the client saves on margin - the difference between the rates of the seller and the buyer in a cash transaction. Swap operations are convenient for banks: they do not create an open position the purchase is covered by the sale , they temporarily provide the necessary currency without the risk associated with a change in its exchange rate.
Daily turnover. The Bank for International Settlements periodically conducts a large-scale study of the Forex market every three years, starting in The final report contains information on market turnover, structure and dynamics. The latest report was released in September and is available on the official website. However, there is no exact data, since it is an over-the-counter market, and there is no requirement for the mandatory registration and publication of transaction data.
A part of this volume is provided by margin trading, under the terms of which it is allowed to conclude contracts for amounts significantly exceeding the actual capital of the transaction participant. Regardless of the nature and purpose of transactions, a large daily turnover is a guarantee of high liquidity of this market. Participants in the Forex market. Participants in the foreign exchange market are: central and commercial banks, currency stock exchanges, brokers, firms and other economic agents.
Central banks. Central banks - their function is to manage state currency reserves and ensure exchange rate stability. To implement these tasks, both direct foreign exchange interventions and indirect influence can be carried out through regulation of the refinancing rate level, reserve standards, etc. Commercial banks. Commercial banks - they conduct the bulk of foreign exchange transactions.
Other market participants hold accounts in banks and carry out through them the conversion and deposit-credit operations necessary for their purposes. In addition to satisfying customer requests, banks can conduct operations on their own at their own expense. Ultimately, the international currency exchange market Forex is a market for interbank transactions. The largest influence is exerted by large international banks, whose daily volume of operations reaches billions of dollars.
The volume of one interbank contract with a real supply of currency on the second business day spot market is usually about 5 million US dollars or their equivalent. The cost of one conversion payment is from 60 to dollars. In addition, you have to bear the cost of up to 6 thousand dollars a month at the interbank information and trading terminal. Due to these conditions, small amounts are not converted at Forex.
With a large number of clients and multidirectional orders, a situation of internal clearing regularly arises, when the intermediary does not need to contact a third-party counterparty there is no need to conduct a real conversion through Forex. But intermediaries always receive their commission from customers.
Due to the fact that not all client applications fall on Forex, intermediaries can offer clients commissions that are significantly lower than the cost of direct Forex transactions. At the same time, if intermediaries are eliminated, the cost of conversion for the end customer will inevitably increase. Currency stock exchanges. Currency stock exchanges - in a number of countries there are national currency stock exchanges whose functions include the implementation of currency exchange for legal entities and the formation of a market exchange rate.
The state usually actively regulates the level of the exchange rate, taking advantage of the compactness of the local exchange market. Currency brokers. Currency brokers - their function is to bring together the buyer and seller of foreign currency and carry out a conversion or loan and deposit operation between them.
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