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The general restaurant service (AWD) calls itself as of Europe the largest independent financial service enterprise. The company with head office in Hanover was created 1988 by Carsten Maschmeyer. Emphasis products are investments, building saving and insurance in the target group of the private households with average incomes. The AWD mediate the products by formally independent commercial agents, who are paid on Provisionsbasis and continued in particular to win in the entire admitting and family circle potential investors. The business practices of the company developed by this direct sale structure were and are disputed and from consumer protection organizations to today are criticized.

Enterprise characteristic numbers

According to own data the AWD company, whose executive committee presidency Carsten Maschmeyer until today leads, counts approx. 5000 independent financial advisers and approx. 1.5 millions customers. The company is active except in Germany still in England, Austria, Switzerland, Italy and Eastern Europe. The assumptions were financed with capital from the stock exchange course in the autumn 2000. The conversion amounted to 2003 562.7 millions "€, 2004 691.1 millions "€. In the 1. Quarter 2005 stagnated the conversion for the first time and decreased/went back in the consequence of the yearly in Germany like abroad, in Great Britain around 10%, in Switzerland around 13%.

Enterprise history

Enterprise history is closely linked with the Biografie of the firm founder and chairman of the board Carsten Maschmeyer. Had begun Maschmeyer after broken off medicine study with the financial service enterprise OVB fortune consultation.

In the first years against the qualification of the commercial agents the all-highest requirements were not placed. From heating engineers, soldiers and students of all faculties the speech, which worked for the structure selling on Provisionsbasis, was public. Due to the quality offensive started before the stock exchange course the AWD takes up in the meantime for itself to employ strengthened also bank and insurance buyers as well as university graduates. The consultation through - so the data of the AWD - "“purposeful demand analysis with the help of the private financial strategy of Professor Dr. Steiner (University of Passau)"” applies under AWD trailers and in many press reports as "“bench mark within the range of the financial services"”. The advisory activity of the AWDs in the financial test, and various other test publications, lets the banks and consumer protection centers look bad. Only MLP knows mithalten.1991 created Maschmeyer in Vienna AWD Austria; in the next year the establishment of AWD in Switzerland followed. 1999 transferred the company the Finanzdienstleister S&C, in the year 2000 took place the contact to the Osteroder Finanzdienstleister society for economics and financial advice (GWF). 2001 merged the one year before taken over Dr. Blumrath AG and the likewise akquirierte Horbach restaurant economics GmbH into the Horbach GmbH. Thereby the AWD acquired its Premiummarke for the range of the university graduates. Both enterprises were prominent as independent restaurant consultation in their respective segment. In the same year AWD transferred also the British selling company Thomson's. the assumption that Hamburg company tecis took place 2002. Further assumptions followed in Great Britain and Eastern Europe.

In the year approximately 500 million euro incomes from the stock exchange course (IPO) flowed to 2000. In connection with the IPO and the 2001 took place admission into the M-DAX increased the criticism in the selling methods of the AWD again more strongly. In particular the voices of disappointed customers mehrten themselves concerning promotion business of edge of zone straight in East Germany. In the meantime the Finanzdienstleister refused itself it verbal dissociated from products of the so-called grey financial market, however in a multiplicity of procedures to carry payment of damages out to the customers won by it for such plant forms. During numerous processes the AWD was condemned however to the payment by payment of damages. In nearly all larger cities of Germany spezialierte law offices exist in such cases.

Already in the start times of the company Maschmeyer created also the AWD Kinderhilfe. With an annual financial volume of 10 million euro the donation acts since 1991 world-wide with own projects and within co-operation. The financing exclusively takes place from the coworkers of the AWD, which exhausts 1% of its earnings/services in large number voluntarily. Into the headlines the head of the company came thereby that he expressed himself in the apron of the election to the Bundestag 1998 with an anonymous country wide announcement for it, the next chancellor must a Niedersachse be. Old Federal Chancellor Gerhard was at this time candidate for the chancellorship of the SPD, Prime Minister of Lower Saxony and personal friend Maschmeyers. For the start of the federal league season 2002/03 the Finanzdienstleister for 2 million euro per season acquired the rights of the use of a name at the football field of the Erstligisten Hanover 96: from the Lower Saxony stadium the AWD arena became. In Bremen the town hall in "“AWDdome"” was renamed.

Supervisory board chairman of the AWD AG is Dr. Carl Hermann Schleifer.

Development of the share quotation

From a course at a value of approximately 60 "€ at the beginning of of 2001 gave way the quotation of the AWD share to at the end of of 2002 on under 10 "€. To at the end of of 2003 the share rose then approx. 30 "€, to in the middle of 2005 to scarcely 40 "€. The founder Maschmeyer had sold 20 per cent of his shares briefly before - in press reports (star 6/2006) in addition the suspicion was expressed, it had at this time already known from the negative development of the business 2005. Not least because of a clear profit break-down over over 98% on only 0.2 million "€ in the third quarter the course of the AWD share is then to at the end of 2005 again clearly pleases and noted only with plentifully 20 "€. Investors - under it also many coworkers of the AWD -, who or briefly after the IPO AWD shares acquired, must thus still with clear losses live. Since 2001 developed the share in the comparison to the DAX around -50% more badly. That applies also compared with most other enterprises of the financial industry.

AWD coworker

During training the commercial agents receive - if they decide voluntarily for it - according to data of the AWD on the average 3.000,-- EUR so-called "“monthly remuneration"”, which is de a jure Provisionsvorschuss. If the advisor does not gain this Provisionsvorschuss, these achievements are to be returned.

AWD former in the period of December 2002 until May 2003 publicly experiences painful very personal under different Internet domains in few months far over one thousand, often and described. The company tried thereupon on legal way the domains awd aussteiger.de and aussteigerforum.de to the locking to arrange, was however in the result not successful.

In the past years some court decisions with high compensation demands were obtained against AWD advisors and the AWD. As counter measure the company introduced training of the independent insurance and investment consultants with technical contents as well as audio and video training, which can be locked with an IHK examination to the technical adviser for financial services. Due to that the European Union mediator guideline in the future recognized training in this kind will be obligation. It is not certain however that this conclusion for it will find acknowledgment.

The fortune situation of most AWD advisors is frequently very bad, after agreeing reports of a multiplicity of former coworkers. That comes along, because the company charges for generally usual market fees and additional expenses for the use of the AWD infrastructure according to opinion of these mA. Those applies, even if the advisor gains no or only a small success and more frequently unfavorable commission computations debited to the independent commercial agents distinguished. The fluctuation of the individual offices is frequently enormous, so the criticism, high and the representatives come into an economic dependence is partially insolvent and would be at enormous sales pressure. In the year 2003 a number four digit of former coworkers was e.g. faced with commission reclaims partially of five figures.

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