As a fee-based financial investment advisor, you independently broker financial products to clients in return for a fee from the client. However, you may not receive any commission or benefits from the provider of the financial products. In this case, you must apply for a license as a financial investment broker. However, you may not work as a financial investment broker and fee-based financial investment advisor at the same time.

As a fee-based financial investment advisor, you are limited to certain financial products due to the so-called area exception of the German Banking Act. The license covers (optionally) three product categories:

• Units or shares in domestic open-ended investment funds, open-ended EU investment funds or foreign open-ended investment funds that may be marketed in accordance with the German Investment Code.
• Units or shares in domestic closed-end investment funds, closed-end EU investment funds or foreign closed-end investment funds that may be distributed in accordance with the German Investment Code.
• Investments

In addition to the license, you must also be entered in the register of intermediaries. You can submit the application for this together with the license application.

The content of your license can be restricted and linked to ancillary provisions if the authorities consider this to be necessary for the protection of the general public or clients.
The subsequent inclusion, amendment and addition of conditions is also permitted under the same conditions.