Fee-based Financial Adviser License

If you advise clients on financial investments for a fee (rather than earning commissions from product providers), you need a license as a fee-based financial adviser (Honorar-Finanzanlagenberater) under Section 34h of the Trade Regulation Act. Unlike commission-based brokers under Section 34f, you may not accept any payments from fund companies or other product providers.

The license is issued by the local trade office or IHK. You must pass the IHK competence examination (Sachkundeprüfung), demonstrate personal reliability, show orderly financial circumstances, and carry professional liability insurance. After licensing, you must register in the intermediary register maintained by the DIHK. Continuing education of 15 hours per year is mandatory.