In a bid to counter decreasing revenues, German online broker Direkt Anlage Bank (DAB) last week launched an advisory service for small investors. Europe's online brokers, whilst growing in number, are currently seeing a downturn in their business generally, and the announcement that DAB was to diversify into advisory services did little to stop the company's share price tumbling.
Nonetheless, DAB - controlled by Germany's HypoVereinsbank - remains one of Europe's major Internet brokers, especially in terms of client numbers. It is also competing well with its main rivals ConSors and Comdirect, and operates one of the largest mutual fund supermarkets, offering more than 3,500 funds.
The new advisory service, said DAB, is aimed at customers with a minimum of 1,000 Euros to invest. They will be able to access independent financial advisors (IFAs) through DAB's database. Essentially, DAB wants to act as "an intermediary for advisory services", that is to say putting clients in touch with IFAs who might then use DAB to manage their customers' fund investments. DAB has a huge number of IFAs among its business clients - around 300 - and the aim of bringing them into the investment loop, says DAB, is to get client numbers rising again.
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