As we stand on the threshold of 2024, we are about to face a series of legal transformations and general trends that will reshape the landscape of wealth and portfolio management in Germany. In wealth management, staying ahead of the curve requires not only staying informed, but also proactively adjusting your strategy in this ever-changing market. Here is a short list of the most important things you should check out at the beginning of 2024:
In 2024, Germany will undergo a sweeping reform of its tax code, which will bring substantial changes that present new challenges for wealth managers. We anticipate nuanced changes, including a revision of tax brackets, changes in capital gains rates and the potential introduction of taxes on specific investment vehicles. Let’s quickly look into three examples:
A proactive approach to understanding and navigating the specific changes in the German tax code will not only fortify you against compliance pitfalls but also position you as trusted advisors in a swiftly changing financial landscape.
What to do?
Environmental, Social and Governance (ESG) considerations are increasingly becoming the basis for investment decisions. Regulatory bodies demand ESG disclosures, with non-compliance potentially leading to restrictions on funds.
What to do?
The surge in digital assets is prompting regulatory bodies to develop comprehensive frameworks, adding complexity to portfolio management.
What to do?
Data breaches and privacy concerns lead to stricter regulations on client confidentiality and data protection.
What to do?
Expectations for financial advisors are rising due to increased scrutiny on fiduciary duty, which demands greater transparency and a heightened duty of care for clients.
What to do?
In 2024, Germany will introduce mandatory registration (Eintragungspflicht) for Beteiligungs-GbR (partnership companies) in the Gesellschaftsregister (Commercial Register).
What to do?
2024 promises a dynamic landscape for wealth and portfolio management, with tangible legal changes and general trends that require strategic adaptation. Embrace these changes with foresight and agility to position yourself and your clients for success in the evolving financial landscape.
A little hint: Software helps you keep the overview.
Jill Stäbe has been part of QPLIX GmbH since 2020. Originally working in Client Success Management, she has always worked closely with various internal and external stakeholders and now draws on broad expertise regarding the platform and its users. As part of the marketing team, she is therefore primarily responsible for product-specific topics, as well as the company's social media presence and press relations.
