We are not financial advisors, and can therefore not give any financial advice.  We can however give you some guidelines about the industry in Germany and also some tips on finding a good consultant.

Here is some basic information you need when you want to use the services of a financial or wealth advisor. 

1. Independent vs employed
   Financial advisors can be self-employed (independent) or employed at a Financial institution
2. The term Financial advisor is not legally defined and is it also not a protected profession. Financial advisors can also be insurance brokers.
3. If you want to change advisors, you should check your current contract, if contractual deadlines have been agreed upon you must honour them.
4. Some work on a fee basis, (Honorarberater) where they receive a fee for their advice, irrespective if you signed a contract with the advisor. Confirm the fees upfront with your advisor. The advantage of working on this basis is you will more likely get independent advice
5. An advisor can also work on a commission basis (Provisionsberater), they offer their services free of charge but get commission on the contracts they sign. The disadvantage can be that the advisor will not necessarily sell you the best product but the one that earns them the most commission. It is a good idea to compare products from multiple advisors.
6. A Consumer advocate (Verbraucherschützer) is per se on the side of the customer and they have no interest in earning anything. They will recommend financial products based on secure data on individual banks, showing you the best possible solutions. They are not allowed to broker any products. Their services are not free, and you can find one at your nearest consumer advice centre. It is a good option if you are looking for second opinions
7. Consultation protocol (Beratungsprotokoll) – A uniform protocol was developed by the Verbraucherzentrale and offers fixed standards that can be used to make it easier for consumers to compare products and also understand the content.  It is thus more transparent. Customers must be informed in detail about the risks and opportunities that the product offers. The individual steps of the consultation and all the information provided are recorded.  The customer will be asked to sign the protocol to declare that they have been fully informed. Do not sign this document if you do not clearly understand everything regarding the protocol or contract. Never sign a blank document.
8. Independent advice from financial advisors is to be secured on the basis of fixed rules. The consultant is therefore obliged to question the customer in detail about his financial situation. At the same time, he should determine which wishes the customer has with his investment. There is then an obligation to provide advice based on the current situation and the wishes of the customer. If certain financial products are recommended, the financial advisor must be able to justify the recommendation. 
9. Financial advice according to the DIN standard is being planned by the legislator. Such a procedure would give financial advice a standardized framework. Consumers could rely on a fixed procedure of the respective advisor. With the help of the standard, the risk could be minimized that consumers could get advice from dubious financial advisors or were simply wrongly advised.
10. Automated advice (Robo-Advisor) These are automated alternatives to traditional financial advice. The application determines the risk profile and creates a corresponding portfolio. The performance is monitored and the portfolio is adjusted when needed