Erfolgsfaktoren kleiner und mittlerer unabhängiger B2CFinanzberatungsunternehmen im deutschen Markt für Kapitalanlagen - Eine empirische Analyse der branchenspezifischen makro- und mikroökonomischen Einflussgrößen sowie der Informationsasymmetrien in einer Kunden-Finanzberater-Beziehung

This thesis examines the success factors of small and medium-sized independent financial advisory firms (uFB) in the German retail investment sector. Furthermore, the specific problem structure of the advisory relationship between client and financial adviser is explained within the framework of principal-agent theory. Despite their importance for private provision uFBs have so far been under-represented in research and practice. In Germany there is a need for independent financial advice, as private households often lack adequate financial literacy (including high cash holdings in current accounts and low equity holdings). Whilst many studies focus on banks or client behaviour, this thesis examines for the first time the business perspective of uFB in Germany, the interaction between micro- and macroeconomic industry factors affecting uFB, and recommendations for action on how to reduce information asymmetries between clients and advisers.

The empirical study is based on problem-centred expert interviews with owners and managing directors of uFB, supplemented by interviews with private clients for external quality control. The qualitative content analysis was conducted using MAXQDA and followed a categorisation system that structured the identified influencing factors.

The empirical findings show that successful financial advisors address the principal-agent problem primarily through a high degree of transparency, clear communication, financial literacy for clients, and a transparent rationale for product recommendations. From this, it can be inferred that the recommended course of action is to establish transparent, easily understandable and standardised advisory and documentation processes. This strengthens private clients’ emotional attachment and trust in their adviser, which in turn fosters long-term client relationships. From the perspective of the private clients surveyed, the adviser’s integrity, credibility and reliability are of central importance to their sustained success.

Whilst small uFB primarily address agency-theoretical issues through personal relationships of trust, the owner’s reputation and lean governance structures, medium-sized uFBs require greater institutionalisation and formalisation of corresponding control mechanisms. The study illustrates that the long-term success of uFB does not rest on a single factor, but rather on the interplay of absolute long-term client focus combined with appropriate specialisation in target groups and core business, strategic selection of network and product partners, regulatory adaptability, digitalisation with AI, and efficient cost management. Crucial to sustainable success remains the alignment of socio-cultural values, as well as a minimum of information asymmetries between client and adviser.