Here you will find answers to the most frequently asked questions about Gerd Kommer Invest.
Dr. Gerd Kommer is the founder and managing director of the asset management company Gerd Kommer Invest GmbH (“GKI”).
Before founding GKI in 2017, Dr. Gerd Kommer has worked in the corporate lending business and institutional asset management of various banks in Germany, South Africa and Great Britain for around 24 years. Most recently, he headed the London branch and the Infrastructure & Asset Finance division of a German asset management company until the end of 2016. In this position, he was responsible for a portfolio of structured loans and bonds with a volume of 16 billion euros. He spent a total of 17 years in European and non-European countries.
Dr. Gerd Kommer studied business administration, tax law, German and political science in Germany, the USA and Liechtenstein (M.A., MBA, Dr. rer. pol., LL.M.).
He is also a well-known author in German-speaking countries and has published several financial advice books, which have sold a total of more than 300,000 copies to date. His book Invest confidently with index funds and ETFs won the German Financial Book Prize in 2016.
We serve wealthy private customers, family offices, foundations and small and medium-sized companies.
The company was founded in January 2017 and follows a decidedly science-based, forecast-free investment approach, which is often referred to as “passive investing”.
What sets us apart?
No conflicts of interest – We do not accept commissions, commissions or other payments from financial product manufacturers or service providers. We are paid exclusively by our customers; comparable to a lawyer, tax advisor or craftsman. Our compensation is structured in such a way that conflicts of interest can no longer be reduced. This makes us fundamentally different from almost all banks, financial advisors and asset managers in German-speaking countries.
Scientificity – We are rigorously guided by science and empirical capital market research, never by the personal view or opinion of individuals, however “rationalized”, nor by that of “gurus” or “experts”.
Cost minimization – Compared to conventional active investing, we demonstrably reduce your costs by 50% or more by predominantly using low-cost index funds (e.g. ETFs) and so-called asset class funds.
Holisticness – We take into account the entire income and asset situation of the client household (if they wish), including their “human capital”, their specific risk-bearing capacity, their investment horizon, their liquidity needs and their final wealth goals.
Gerd Kommer Invest (GKI) offers asset management as well as initial and ongoing financial advice for private individuals, companies and foundations with a liquid investment volume from EUR 1 million.
The Gerd Kommer ETF (GKE) is a globally diversified equity ETF designed as a simple, one-fund solution specifically for do-it-yourself investors. It completely avoids bonds and is therefore aimed at investors who want to pursue a pure equity strategy. If you want to invest more conservatively than “100/0”, you can supplement the ETF with low-risk investments yourself. The transaction and custody costs as well as the implementation risk lie with the investor and depend on the conditions of the chosen bank or broker. The GKE particularly appeals to those investors who invest independently but still want to rely on a scientifically based investment concept.
Gerd Kommer Capital (GKC) is Gerd Kommer's robo advisor strategy, which offers a digital, fully managed asset solution for private individuals resident for tax purposes in Germany. After a short online query about goals, risk appetite and financial situation, an individual portfolio is put together from several ETFs. The administration includes ongoing rebalancing, product maintenance and a user-friendly app and web interface with functions such as savings plans, payouts and risk class adjustments. All transaction and custody costs are included in a transparent all-in fee. Personal customer service is also available via email and telephone.
The headquarters of the GKI is in Munich. Our office is located at Sendlinger Str. 41 directly at Sendlinger Tor in downtown Munich and can be easily reached by car or public transport.
The GKI currently looks after around 300 client families, divided into around 450 individual mandates.
The GKI currently employs around 20 people. You can find a more detailed insight into the areas of activity and CVs of our employees here.
Please feel free to take a look at ours Job advertisements. We also announce new job advertisements in our newsletter to.
GKI has received several awards in recent years for its independent, scientifically based and cost-efficient asset management:
You can find more information about this here.
GKI combines a scientifically based investment concept with a broad network of experts and clearly structured advisory processes. This enables us to provide our clients with competent support on complex issues that go beyond pure investing - for example in the areas of estate planning, foundations or real estate.
Our consultants receive regular training to stay up to date with the latest scientific findings and regulatory requirements. In addition to the classic day-to-day business of asset management, each advisor specializes in another subject area that is particularly relevant to our clients. This specialization is specifically deepened through ongoing external training.
You can reach Gerd Kommer Invest GmbH by telephone from Monday to Friday between 9:00 a.m. and 5:00 p.m. at the number: 089 1250 1123 10
You can reach us at any time by email at: ed.tsevni-remmok-dreg@liam
The GKI is a licensed securities institution and has permission from the Federal Financial Supervisory Authority (BaFin), among others. to provide financial portfolio management, investment advice, investment and financial brokerage in accordance with Section 15 Paragraph 1 in conjunction with Section 2 Paragraph 2 Nos. 3, 4, 5 and 9 of the Securities Institutions Act (WpIG).
Responsible supervisory authority: Federal Financial Supervisory Authority (BaFin) Graurheindorfer Straße 108, 53117 Bonn and Marie-Curie-Str. 24-28, 60439 Frankfurt, Tel. 0228 / 41 08-0, Email: ed.nifab@elletstsop, Internet: www.bafin.de (BaFin ID: 10160531).
You can find out more about GKI on our website, among other places. There you will find detailed information about the investment strategy, our advisory approach, the costs, the minimum investment volume as well as our philosophy and our awards. The following areas are particularly recommended:
Further content
In order to deal more deeply and independently with the topic of investing, we also offer the following resources:
Books by Gerd Kommer
The books have been an introduction to the world of scientifically based investing for years.
YouTube channel
Our channel regularly offers new videos on investment topics, comments on current financial debates and explanatory content on the world portfolio concept.
newsletter
Our monthly newsletter provides information about new blog posts, book recommendations, events and developments relating to Gerd Kommer Invest.
White paper
The white paper offers a compact introduction to the world portfolio concept and the basic principles of our investment strategy - ideal for getting started.
The advice begins with a detailed analysis and documentation of all assets in order to identify optimization potential. Based on this, an individually tailored, globally diversified multi-asset portfolio is developed that takes investment objectives, risk tolerance and liquidity needs into account. Existing investments such as real estate, company investments or insurance are integrated and, if necessary, evaluated. In addition, analyzes of statutory and private pension entitlements, simulations of sustainable asset use (e.g. withdrawal rates), valuations of real estate investments and advice on real estate financing are carried out. Very wealthy clients also have the option of setting up a family foundation to secure their assets.
Getting started with our consultation process begins with a free and non-binding initial consultation, which can take place in person in our office in the heart of Munich, via video call or by telephone, depending on your preferences.
This conversation offers you the opportunity to get to know our company, our investment approach and how we work better. At the same time, we gain an initial insight into your personal initial situation, your financial goals and expectations. On this basis, we can discuss together whether and in what form collaboration makes sense and achieves goals.
Of course, you will have enough time during this conversation to ask open questions and obtain comprehensive information.
Our consulting process is divided into two phases: the initial, one-off onboarding process and ongoing, continuous support.
Before you decide to work with us, you can get to know us during an initial free, non-binding phone call or video call. We would also be happy if we could get to know you personally in advance in a conversation in our Munich office. This step is optional or can also be done at a later date if time is not convenient for you or if you would like to combine your visit with us with a city trip to Munich or a trip to the mountains.
Our structured consultation process begins with you completing a short self-disclosure – comparable to a medical history form from a doctor – in order to collect initial basic information about your financial situation.
Based on this, a comprehensive analysis of your financial situation will be carried out - in the level of detail you require. We look at the income and asset situation of the entire client household (if you wish), including your so-called human capital, your individual risk-bearing capacity, your investment horizon, your liquidity needs and your personal objectives with regard to the desired end assets.
Based on this analysis, we work together to develop the basic strategic structure of your portfolio, determine the equity quota and together define the investment philosophy that is right for you.
The mandate documents are then created and the securities account is opened at one of our partner banks. After we have made the initial investment for you, we will present the specifically implemented portfolio to you in detail in the subsequent investment discussion and answer any remaining questions.
Experience has shown that the duration of the initial consultation process is between four and six weeks - we adapt this to your individual pace and needs.
After successful implementation, we remain your long-term contact for all financial questions: As part of the periodic annual meeting, we analyze the development of your portfolio together, discuss any changes to your life situation or investment goals and carry out rebalancing if necessary. Current scientific findings and developments on the product market are also taken into account.
In addition, we are available to you at any time for any event-related discussions - be it a short-term need for liquidity, a larger investment such as a property purchase or if you would like to obtain a well-founded second opinion on current market topics or specialist articles.
As a client of GKI, you always have a personal financial advisor responsible for you as your contact person.
Your personal presence in Munich is not absolutely necessary for the initial and ongoing consultation process. If necessary, all steps of the consultation as well as all communication can be carried out completely digitally - by telephone, video call and email.
Of course, we would also be happy to meet you in person in our offices in downtown Munich.
Yes, that is basically possible. We serve customers in Germany, Austria, Switzerland and Liechtenstein and are also allowed to work for international customers. The contract language and our documents are generally in German.
GKI customers receive personal access to the so-called client portal. You can use this platform to gain insight into the portfolio we manage (composition, performance, etc.) at any time, regardless of location and on a daily basis. If desired, the portfolios of family members can also be viewed individually and consolidated (combined).
The client portal includes a secure mailbox function through which documents with sensitive information, such as reports and invoices, can be securely made available. This feature meets our standards of high security standards and ensures the protection of your data.
The portal is easily accessible via the computer's web browser - a separate app for the client portal is currently in development.
The GKI currently works with a total of eight different custodian banks in Germany, Austria, Switzerland and Liechtenstein. You can find a list of the relevant banks here.
If you already have a depot with one of our Partner banks we can easily be connected to this via transaction power of attorney.
As part of the initial advisory process, we check whether positions from your existing portfolios can be integrated into the portfolio. In this case, a portfolio transfer may be an option.
Yes – because financial education should not be a privilege. If you wish, we can give a lecture at your company on the topics of financial education and retirement planning. Our goal: to provide your employees with scientifically based, practical knowledge - understandable, product-neutral and free of financial myths.
In doing so, we are making a contribution to a topic that is particularly close to our hearts: increasing financial education in German-speaking countries. This goal is also a central part of ours Vision Statements, in which we clearly formulate our mission as a company.
For households that consider these risks to be high, we develop passive portfolios that exclude the euro.
Yes, we also take our clients’ human capital into account in our structured consulting process.
Yes, setting up and managing a withdrawal plan is part of our standard repertoire.
The Monte Carlo simulation is a statistical procedure that can be used to estimate the probability of various future developments. Instead of providing a single forecast, the simulation generates thousands of possible scenarios based on varied market return developments. This creates a probability range that shows how robust an investment strategy is to fluctuations. At GKI we use this method, among other things, for pension and withdrawal planning as well as for risk analysis. It helps our clients make informed decisions without having to rely on supposedly accurate predictions - because in investing it is often more important to understand the range of possible developments than to believe a single numerical scenario. For more information, see our Blog post on this topic.
Yes, we include intergenerational aspects of financial advice in the advisory process, if desired.
In GKI, both natural and legal persons can act as mandated parties. In addition to the classic individual portfolio for private individuals, we also offer joint portfolios, for example for spouses. In addition, asset management is possible via legal structures such as GmbHs, family KGs or foundations - for example as part of strategic asset structuring or succession planning. Children's deposit accounts can also be set up to build up assets at an early stage for children.
The notice period for asset management by GKI is one working day. We are convinced that we create long-term added value for our clients and therefore see no need to agree on long contract terms or, in the event of termination, to use “delay tactics” in order to unnecessarily prolong the mandate at a cost to the client.
The products in the portfolio can usually be liquidated within a few days. We primarily use index funds and ETFs, which can be traded or liquidated on any trading day. The value date is set within a few days, after which the liquidity is available for payment. Depending on the individual design of the portfolio, the time until a smaller portfolio component is valued can take approx. 3 weeks in order to enable favorable execution. Illiquid investments (e.g. in private equity or open real estate funds) are deliberately not used.
As a GKI client, you receive access to our protected client portal. This gives you a daily insight into your individually managed portfolio, regardless of location and time - including composition, performance and other relevant key figures. This means you can keep track of your asset development at all times.
A detailed annual meeting with your personal contact takes place at least once a year. In this exchange, we analyze the development of your portfolio together, discuss possible adjustments with regard to your personal or financial situation and check whether rebalancing makes sense. Current scientific findings and developments on the capital market are also incorporated into our assessments.
In addition, we are of course available to you at any time for specific discussions - for example if your life circumstances have changed, you need short-term liquidity or if you would like a well-founded second opinion on market-relevant topics.
Our investment strategy is based on the scientifically proven belief that the global market economy grows in the long term - despite all political, economic and social crises. This growth is the engine behind the returns of productive asset classes such as stocks and corporate bonds. Anyone who invests worldwide benefits from the innovative strength and performance of thousands of companies on all continents.
At the same time, we assume that capital markets - especially the markets for listed stocks and bonds - will have a high level of Information efficiency have. This means that almost all publicly available information about a security is already included in its price at any time. It follows that attempts to beat the market through targeted selection of individual securities or through “market timing” are not systematically successful from a financial science perspective – at least not after deducting costs and taxes.
What we do because of that explicitly don't do it, are so-called investment bets - for example on:
From our point of view, these forms of speculation “bad risk” - that means: risk that is not reliably compensated for with an additional return.
Instead, we invest:
The products are selected so that, when aggregated, they represent a portfolio of several thousand individual stocks in up to 190 countries (around 45 countries, depending on the stock exchange listing).
Our core investment principles are::
You can find a detailed description of our investment approach in our White paper.
As part of our asset management, we offer a structured selection of portfolio variants that are based on the scientifically based world portfolio concept. The construction of every customer portfolio begins with determining the equity quota. This strategic division largely determines the long-term return-risk profile of the portfolio.
There are three implementation variants available within the share section. Firstly, the “Market Cap” portfolio, which is based on the global proportionate market capitalization. Secondly, the “GDP” portfolio, which weights the world regions towards their real proportionate economic power. Thirdly, the “FI” portfolio (“Factor Investing”), which specifically overweights scientifically well-proven factor premiums.
As part of our initial onboarding process, we provide you with a variety of well-structured and carefully prepared information that enables you to make an informed decision. We will give you a recommendation at every step of the process.
We will be happy to provide interested parties with detailed information on this upon request.
In our view, the Gerd Kommer ETF (“GKE”) is an efficient way to implement the equity part of the world portfolio concept on your own with just a single product. For investors who want to invest exclusively in stocks, have a long investment horizon and want to take care of issues such as rebalancing, risk management and the selection and management of the stock portion, the ETF can be a suitable solution - but only for the stock portion of the portfolio.
Our asset management at Gerd Kommer Invest goes well beyond what can be covered with the ETF. We offer a broader and deeper implementation of the world portfolio concept - both in the structure of the equity part as well as in the integration of additional asset classes and the individual adjustment to the personal financial situation of our clients.
In addition, we not only take care of portfolio management but also provide holistic support in matters relating to liquidity, life planning and other financial goals. With a pure ETF investment, these tasks remain entirely your own responsibility.
Conclusion:
If you want to invest exclusively in stocks on your own responsibility, the Gerd Kommer ETF can be a simple and sensible solution. However, if you want a globally diversified overall portfolio with professional support, ongoing monitoring and a structured investment strategy, you are better off with our asset management GKI.
No. As an asset manager who is committed to acting as free of conflicts of interest as possible, we make conscious decisions in our client portfolios no own financial products (especially not the Gerd Kommer ETF). Our product selection is based exclusively on objective, scientifically based criteria such as costs, liquidity, replication quality and tax efficiency - not based on economic self-interest. For us, the separation of product providers and asset managers is a central principle of professional and independent advice.
No. We refer to our two blog posts “Private Equity – Desire and Reality” and “The Cash Drag Problem” in private equity returns on this topic.
Direct raw material investments are generally not part of the global portfolio. With the exception of precious metals, they are simply not possible for normal private and institutional investors. Commodity investments can only be implemented in practice in the form of so-called commodity futures.
With direct investments in physical raw materials, the costs for transport, storage and insurance would absorb (“eat up”) any conceivable positive gross return and turn it into negative territory.
The historical returns on commodities (spot market) and commodity futures are lower than many retail investors believe. The risk of commodity futures, e.g. B. measured by its volatility, is higher than that of the world stock market.
Commodity futures, which also exist in the form of ETFs (commodity ETFs), have lost their attractive return expectations that existed until around 2007 as the popularity of this form of investment increased sharply from around 2002. Therefore, we do not consider commodities, with the exception of gold, to be a sufficiently attractive component of a global portfolio.
In our blog post “Commodity investments – do they make sense?” let's explain why this is so.
Cryptocurrencies are fundamentally not part of the world portfolio. However, under certain conditions, a small amount of Bitcoin and/or Ether can be added - if the client expressly requests this.
In our view, there is a lack of sufficiently long return data series to assess the long-term investment benefits for private investors - 25 years or more are considered sufficient. Bitcoin has only been around for 15 years, other cryptocurrencies even shorter. The historical highs until 2025 will not change this. Since cryptocurrencies do not generate cash flow and have not yet had any substantial economic use, their fair value cannot be estimated using traditional methods.
The scientific evidence is so far thin and there is no reliable consensus. Political risk has long been high but has fallen since the US approval of Bitcoin ETFs in early 2024 - a milestone towards the mainstream. In Europe, crypto ETFs have been available for private investors since 2018, with a similar economic structure.
Therefore, only Bitcoin and Ethereum are possible additions - they are the most established. Other cryptos are highly speculative: over 20,000 currencies have existed in the last 15 years, most of which are effectively meaningless today.
A crypto investment should make up a maximum of 5% of a global portfolio. The simplest implementation is through exchange-traded products such as ETPs, which minimize operational risks - such as loss of private keys, hacker attacks or stock market bankruptcies. These products can be kept in a portfolio like other securities.
According to the current status in Germany, there is no difference between purchasing direct coins and purchasing them via ETP when holding them as private assets - provided there is a right to physical delivery.
By default, gold is not part of the world portfolio concept.
In the approximately 50 years since the price of gold has been able to form completely freely on the world market since 1975 and is no longer essentially controlled by central bank intervention and ownership restrictions (“gold bans”), as was previously the case, gold has produced a worse risk-return combination than stocks. Its return development is also even more erratic (unreliable) than that of stocks, the most profitable of all established asset classes.
Nevertheless, there are some arguments that potentially speak in favor of adding gold to the amount of 5% to 10% of a global portfolio.
If GKI asset management clients expressly wish for gold to be included in a global portfolio, we can implement this for them in the form of a gold ETC.
Gold ETCs are taxed just as favorably as a direct investment in gold. Such ETCs are secured by physical gold and are just as “real” as a direct gold investment. For security reasons there are even good arguments for preferring a gold ETC to a physical investment in gold (see here).
We deal with gold from an investment perspective in much more detail in our blog posts “Gold as an investment – do you need it?” and “The Gold Standard: An Engine for More Economic Growth?”.
Our portfolios are very broadly diversified – both at the asset class level and within the individual components. In concrete terms, this means: A portfolio contains several thousand individual stocks from numerous countries, industries and currencies - spread globally across stocks and bonds.
In this way, we systematically distribute the risk and reduce dependence on individual markets, regions or companies. In the equity part of the portfolio, we rely exclusively on broad, low-cost funds (mainly ETFs), each of which represents several hundred to several thousand individual stocks. In addition to geographical and sectoral diversification, we pay attention to the spread of factors (e.g. value, size, momentum) if you choose a portfolio with an overweighting of factor premiums.
In the bond section, we use short-term bonds primarily in the home currency of the respective client. The bond portion is individually tailored to the equity quota. Here too, we ensure appropriate diversification, particularly to limit issuer risk.
In principle, we can invest in all “major” currencies. However, we recommend choosing the trading currency that corresponds to your functional currency - i.e. the currency that you use in everyday life and in which you typically fulfill your financial obligations. In the vast majority of cases this will be the euro.
We take tax aspects into account to the extent that they are practical within the framework of standardized asset management. Basically, a buy-and-hold approach with rules-based rebalancing is the best form of tax-optimal investing. However, tax optimization is not the primary goal, but rather a secondary framework condition - it must not distort the portfolio construction, but rather complements it where it is possible and sensible. Under these circumstances, we optimally align the portfolios for tax purposes.
Yes, the portfolio is regularly reviewed and adjusted if necessary - but not based on market forecasts or short-term events, but rather systematically and structured. A central instrument for this is so-called rebalancing: The portfolio is returned to the originally defined target weighting at specified intervals in order to keep the risk-return profile stable.
How often a rebalancing is carried out depends on several factors - not least the investor's living circumstances. If e.g. If, for example, your income, your family situation, your professional plans or your investment horizon change fundamentally, it may make sense to also adapt the structure of the portfolio. In such cases, we will discuss with you whether and which adjustments are necessary.
Product-related changes in the portfolio, apart from rebalancing and changing the equity quota, are decided at GKI by the in-house Investment Committee - an experienced team of experts who work systematically and based on evidence. New products go through a strict selection process: They must meet clear criteria in terms of costs, diversification, liquidity and transparency.
We constantly monitor the ETF and fund market and only integrate innovations if they offer sustainable added value for our clients. Adjustments are not made on a whim, but rather in a targeted, structured and measured manner.
Rebalancing refers to the regular return of a portfolio to its originally planned structure - i.e. the target weighting of the individual parts of the portfolio, for example 60% stocks and 40% bonds. Since the various components develop differently over time, so-called “drift movements” occur: Some portfolio components grow more strongly, others less - and the portfolio gradually moves away from its original strategic orientation.
Rebalancing brings the portfolio back into the desired balance. And this is crucial for three reasons:
Risk management:
Without rebalancing, the risk in the portfolio often increases unnoticed. Who e.g. For example, if you start with a 60% equity quota and don't take action for years, you can suddenly find yourself with a 70% equity quota - with a significantly higher risk of loss than originally intended. Rebalancing prevents this.
Disciplined countermeasures:
Rebalancing forces us to act countercyclically – i.e. to sell shares in the “expensive” asset classes and buy them in “cheaper” ones. This often feels counterintuitive in the short term, but makes sense in the long term and has been proven to produce a small but measurable additional return effect.
Avoiding gut decisions:
Those who do not carry out systematic rebalancing often react emotionally - for example out of fear of price losses or greed for further price rises. A fixed rebalancing mechanism protects against such psychological traps.
With GKI, rebalancing does not take place according to rigid calendar rhythms (e.g. annually), but rather threshold based: As soon as the deviation of an asset class from its target weighting exceeds a certain tolerance range, readjustments are made based on facts. This is more efficient and often tax-efficient than regular reallocation “according to the calendar”.
In short: Rebalancing is an unspectacular but indispensable tool for successful investing - and an integral part of our professional portfolio management.
Passive investing means not trying to beat the market - but rather trying to reflect it as efficiently and cost-effectively as possible. In concrete terms, this means: Investors do not invest in selected individual stocks or try to make profits through market forecasts (“market timing”), but rather rely on a broad, rule-based investment strategy to reflect the entire stock market.
In contrast to active investing, the passive approach avoids speculation and subjective assessments. Instead, people rely on the long-term value creation of the global economy and the findings of financial science. Numerous studies show that the vast majority of active investors – be they fund managers or private investors – do not manage to do better than the market after costs and taxes in the long term. Passive investing not only performs better on average, but is also more transparent, robust and cheaper.
At GKI we take a passive, forecast-free investment approach based on scientific principles. We invest worldwide, long-term and broadly – with a clear goal.
You can find a detailed description of our investment approach in our White paper.
In factor investing – often also called smart beta investing – so-called factor premiums are overweighted compared to a market capitalization-weighted index. In a “normal” securities index (e.g. the DAX or the MSCI World), the individual stocks are weighted according to market capitalization. This means that the weight of an individual stock company in the index, be it Apple or BMW, is determined by its market capitalization (also called stock market value). Market capitalization is the market value of a company's equity (or, to put it simply, its enterprise value).
With factor investing, it is no longer just the market capitalization that determines the weight of a company in the index, but also other “factors”, i.e. “factor premiums”. An example: The value factor expresses whether a share is inexpensive relative to certain business variables such as profit or book equity.
Factor premiums are statistically identifiable drivers of return and risk in an asset class (here in the asset class stocks). They explain a large part of the return-risk combination of a diversified portfolio. By overweighting factor premiums in a portfolio relative to a "market neutral" portfolio (the overall market), its expected return can be increased relative to an appropriate market neutral benchmark. We have a blog post about this titled “Factor investing – the basics” published.
GKI's investment strategy takes into account several scientifically well-documented factor premiums.
The focus is initially on the equity premium – i.e. the long-term return advantage of stocks over lower-risk asset classes such as bonds or overnight money. In addition, the following factor premiums are used specifically:
We rely on an integrated one Multifactor investing, which combines multiple scientifically based factor premiums within a single, consistent investment approach - rather than reflecting them via separate individual factors or indices. In this way, potentially disadvantageous interactions between individual premiums are reduced and at the same time synergy effects are used: certain factors such as size and value or size and quality have a stronger effect in combination than in isolation.
We support clients with an investment volume of one million euros or more and an assets under management fee of 0.90% (including VAT) per annum. This fee decreases in percentage terms with the amount of investment (discount scale) and drops to just 0.32% (including VAT) for very large assets. A detailed and transparent list of costs can be found here.
The total costs for our services consist of several components: the asset management fee, custody fees, transaction costs and product costs. The latter three positions vary depending on the partner bank you choose and the specific structure of your portfolio. You can find detailed information about the individual cost components here.
No, GKI does not collect any performance fees or profit shares from its clients. These would almost inevitably cause harmful conflicts of interest and would not - as is often claimed - increase customers' long-term returns, but rather decrease them. In our opinion, performance fees are simply unfair fees. We have a blog post about this titled “Performance Fees – Appearance and Reality” written.
Our remuneration is designed in such a way that harmful conflicts of interest cannot arise, as is unfortunately the norm in banks. This means that we do not use any in-house products and do not accept any commissions, commissions or “kickbacks” from financial product manufacturers. We are compensated exclusively by our clients via the assets under management fee (AuM fee).
Yes, that is possible. If several members of a family take out a mandate with us, we grant each family member a discount of 10% on the asset management fee calculated in accordance with our discount scale. This results in an additional cost advantage for all family members involved. You can find further information about the costs of our asset management here.
In the case of a corporate mandate (e.g. an asset-managing GmbH), the assets under management fee (AuM fee) of the GKI can usually be deducted from tax as a business expense. As far as we know, it is unfortunately not possible for a private client to deduct the AuM fee from tax as business expenses. For individual and binding information, please contact your tax advisor.
When restructuring the portfolio, e.g. B. due to a desired reduction or increase in the risk profile, only the transaction costs are incurred by the respective custodian bank. GKI's implementation is already covered by the assets under management fee and there is no additional fee.
The assets under management fee (AuM fee) is billed quarterly on an exact date. As the amount of assets increases, the percentage AuM fees decrease in line with the discount scale (see here). A temporary fall below the minimum investment amount of currently EUR 1 million due to market fluctuations will of course not result in termination by GKI.
Neither GKI nor the respective custodian bank has ownership or ownership of their customers' assets. The securities in the portfolio legally belong to the customer and are held separately from the bank's assets.
In the event of GKI's insolvency, all customers retain unrestricted access to their securities portfolios at the respective custodian bank. Although GKI's asset management ends, the portfolio remains and can be continued independently or with the support of another service provider. An insolvency of GKI would therefore have no direct impact on the customers' assets held in the custody account.
Even if the custodian bank goes bankrupt, the customer's assets are protected. The securities held in the securities account are considered so-called special assets and are not part of the bank's insolvency assets. In such a case, customers have a legally secured right to return their securities. The custodian bank only acts as a custodian and not as the owner of the securities.
Balances in the clearing account at the custodian bank - i.e. money that has not yet been invested - are subject to statutory deposit protection up to an amount of 100,000 euros per customer. In addition, many custodian banks offer additional protection through the deposit protection fund of the Federal Association of German Banks (BdB). Further information can be found at
Should Dr. Gerd Kommer dies, this has no direct impact on the existing asset management or on the invested customer assets.
GKI is a regulated, professionally structured company with an experienced team and clearly defined responsibilities. The services are not provided by an individual, but by an institutional provider with regulated internal processes and continuity measures. This applies to both classic asset management and digital asset management via Gerd Kommer Capital.
The investment approach - the so-called world portfolio concept - is not tied to a single person, but is based on scientific principles that exist regardless of people. These principles are represented and implemented by the entire team.
In such a case, the Gerd Kommer ETF would also continue to operate unchanged, as the ETF is managed by the ETF provider Legal & General Investment Management. The underlying investment strategy is documented and institutionally anchored.
In short: a possible death of Dr. Gerd Kommer would have no influence on the security or management of your investments. All structures are designed to function independently of individuals.
Yes, your assets are protected in multiple ways at GKI – both legally, operationally and technically. Our security measures are based on the highest standards in the industry and are designed to protect your assets from operational risks, conflicts of interest and unauthorized access.
Ownership and Custody
Your assets are legally and economically yours at all times. The assets are held at a custodian bank in your name. In the event of GKI or the custodian bank becoming insolvent, your assets will not be included in the insolvency estate of the named parties.
Regulatory oversight
GKI is a financial services institution licensed and supervised by BaFin (Federal Financial Supervisory Authority). We are subject to strict legal requirements for risk management, data protection and avoidance of conflicts of interest. Our processes and our annual financial statements are carefully examined by an auditor on an annual basis.
Technical security
Our IT infrastructure is designed for the highest level of data security.
Processes with the four-eye principle
All operational processes at GKI - from portfolio management to administrative changes - are subject to a four-eyes principle to avoid human errors and unauthorized actions.
No conflicts of interest
GKI works on a fee basis, does not accept commissions or kickbacks from third parties and only uses investment products that are subject to a strict selection process. In this way, we ensure that all decisions are made in the interests of our clients.
Conclusion: Your assets are comprehensively protected at GKI – through legal structure, technological protection, regulatory control and a values-based business model. For us, safety is not an additional promise, but rather an integral part of our philosophy.
If that were to happen, it would be a criminal matter. The employee would be in a particularly serious case of breach of trust in accordance with Section 266 Paragraph 1 Alt. 1, Paragraph 2 i. V. in accordance with Section 263 Paragraph 3 No. 2 Alt. 1 StGB punishable by a prison sentence of six months to ten years.
In addition to the criminal law relevance of the matter, our client would have a civil law claim against the employee in accordance with Section 823 Paragraph 1 of the German Civil Code (BGB). The client could therefore sue the employee personally for the embezzled amount. In addition, there would be a claim against the GKI in accordance with Sections 280 Paragraph 1 and 249 Paragraph 1 BGB. If the relevant prices have risen in the meantime, the client could in principle also sue for lost profits in accordance with Sections 280 Paragraph 1, Paragraph 2, 286 BGB.
We are also insured against such risks. Here are the basic data for our current fidelity insurance:
In addition, we are at the Compensation scheme for securities trading companies (EdW) insured, which in certain cases provides compensation if the company in question cannot do so itself.
Yes. GKI is independent – legally, economically and methodologically. This is rare in an industry where conflicts of interest are often part of the business model. We see our independence as a central part of our value proposition.
Discretion and data protection are our top priority.
Your identity and all confidential information are in safe hands with us. Only authorized GKI employees have access to personal data - it will not be passed on to third parties.
The protection of your data is particularly important to us. To achieve this, we rely on a modern, secure IT infrastructure. All personal information – such as your address, bank details or information about your financial situation – is stored exclusively in data centers within Europe.
We also offer the option of encrypted communication via our client portal.
Every form of capital investment, especially in the stock market, is associated with risks. Even with a scientifically based, globally diversified and cost-efficient investment strategy like that of Gerd Kommer Invest, temporary losses in value can occur.
At GKI, we do not invest speculatively, but rather systematically, broadly and with a long-term focus. We specifically avoid risks such as cluster risks, unnecessary costs or tactical market timing. And we will help you find the right investment strategy for your personal risk-bearing capacity - so that you can sleep peacefully even in turbulent market phases.
A total loss is very unlikely with a globally diversified ETF portfolio, but temporary losses are completely normal - and part of the path to long-term wealth creation.
The legal ownership remains in place, and the custody account and the clearing account at the respective custodian bank pass to the heirs as part of the legal or testamentary succession.
The heirs or an appointed executor must identify themselves to the custodian bank and us - usually by presenting a certificate of inheritance or will, including a court opening minutes.
Once the legal heirs have been identified, they can decide whether they want to continue, transfer or liquidate the existing portfolio.
In these cases, you can easily take care of a power of attorney for a trustworthy person.
Apart from you, only authorized GKI employees can trade in your depot. A payout is only possible to the reference account specified by you. A payout to other, third-party accounts is not possible.
Yes, both access for the custodian bank and access to our client portal are secured by two-factor authentication.
If you want asset management and financial advice with a personal contact from an investment amount of 1 million euros If you are interested, we will be happy to assist you Free and non-binding initial consultation available.
We will answer all your questions in a personal conversation and help you find out whether we are a good fit for each other.
Monday to Friday from 9:00 a.m. to 5:00 p.m
If you want asset management and financial advice with a personal contact from an investment amount of 1 million euros If you are interested, we will be happy to assist you Free and non-binding initial consultation available.
We will answer all your questions in a personal conversation and help you find out whether we are a good fit for each other.
Monday to Friday from 9:00 a.m. to 5:00 p.m
