Focus on financial service providers: This is how the Diffw seal of quality protects your savings!

Focus on financial service providers: This is how the Diffw seal of quality protects your savings!

Trust plays a crucial role in finance, especially after the turmoil that rocked the industry in the late 2000s. Investors' distrust of financial advisors has left deep scars, underscoring the need for quality standards and seals of approval to identify reputable providers. The Diffw seal of quality, awarded by the German Institute for Finance and Securities Trading (Diffw), represents transparency, competence and customer orientation in the industry.

The quality seal is viewed as an indispensable proof of quality and is based on objectively verifiable facts. Diffw's independence from the economic interests of market participants guarantees that the evaluation of providers is fair and transparent. The testing criteria for the seal of quality include, among other things, the qualifications and further training of employees, the transparency of costs and fees and the quality of the consulting documentation.

Test criteria and certification process

In order to obtain the Diffw seal of quality, companies must go through a comprehensive certification process. This includes the submission of a self-disclosure, a document check and an on-site audit, which includes employee interviews and observation of consulting situations. After completing the audit, certified companies receive a strengths and weaknesses report. The quality seal is only awarded if all minimum requirements are met and is valid for two years.

The advantages for financial service providers who receive the seal of approval are manifold. These include differentiation from competitors, increasing customer loyalty, higher conversion rates in new customer conversations and a reduction in complaints. At the same time, the quality seal offers consumers orientation and protects them from dubious providers.

Comprehensive testing and future developments

The Diffw seal of approval is considered a reliable quality filter and guarantees fair information without hidden costs or manipulative techniques. Compared to other certifications, it offers deeper and more comprehensive exams. In the future, Diffw plans to integrate ESG criteria and take digital consulting processes into account. In addition, a European expansion of the quality seal into other EU countries is being sought.

The German Society for Quality Analyzes mbH (DGQA) complements the efforts to establish quality standards in the financial services industry. It examines the professional competence and service of financial advisors in a multi-stage process that, among other things, assesses the advisors' training, professional experience and further training activities. This exam is divided into eight sections, which together enable a comprehensive assessment of consulting skills.

Consultants who achieve at least 70% of the points are allowed to have a seal of quality in various categories, while particularly outstanding performance can be awarded a “platinum” seal. This shows how important it is to make the quality and service in financial advice more transparent and to regain consumer trust.