Dear financial and insurance industry, we need to talk – and yes, I’m including myself in this critique.

I’m Stephan Busch, far from perfect, not all-knowing, and constantly evolving. I’m an insurance broker, fee-based advisor, financial coach, and co-founder of PROGRESS Finanzplaner. For years, I’ve been in this industry, giving talks, recording podcasts, and writing books. And still, I know: I’m not free from blind spots, routines, and comfort zones. We’re all part of a system that’s supposed to give people guidance but too often leaves them feeling distrustful, overwhelmed, and in the dark.

Recent studies show that a large portion of the population distrusts the financial industry and financial advice – especially due to opaque pricing, complicated products, and a lack of customer focus. This isn’t just an image problem we can solve with marketing; it’s a real trust issue that requires attitude, structural change, and genuine transformation.

There are six main points that frustrate me:

These points are uncomfortable, but they’re our reality – and they’ll catch up with us if we keep ignoring them.

We like to talk about responsibility, but our key performance indicators often tell a different story: closing rates, commissions, production targets. As long as success is primarily measured by how much we sell, advice will always risk being a means to an end, rather than a valuable service in its own right. And as long as compensation models are so complicated that clients can barely understand them, we shouldn’t be surprised when they wonder whose interests we’re really serving.

I’ve clearly chosen fee-based advising because I believe a transparent model helps make my stance visible. But even that doesn’t automatically protect me from making mistakes: I can still have blind spots, explain things poorly, or get stuck in old thinking patterns. The difference is that the model forces me to constantly reflect on what I’m being paid for – for thinking along with the client, not for closing a deal.

When I say “industry,” I mean insurers, banks, broker pools, sales organizations, intermediaries – and myself. I hope we can take a few courageous but realistic steps, starting with each of us:

These wishes aren’t moral lectures from an outsider – they’re expectations I want to hold myself to.

In my conversations, podcasts, and workshops, I meet many colleagues who know exactly what’s wrong – and yet are stuck in structures that give them little room to do things differently. I don’t believe in one “bad” player and many “good” lone fighters; I believe in a system we’ve built together and can only change together.

I’m explicitly not excluding myself from this: It took me years to clearly position my business model, break away from the supposed “free” approach, and develop my own understanding of fair compensation. I’m still learning to listen better, explain more clearly, and not hide behind technical knowledge when a conversation gets tough. And I notice how much the exchange with other advisors, consumer advocates, and clients constantly forces me to question my blind spots.

This text isn’t a judgment on “the industry” – it’s an invitation for collective development. I want a financial and insurance world where we openly discuss conflicts of interest, where advice quality is measurable and tangible, and where people see us as partners on an equal footing – not as a necessary evil.

I’m ready to do my part: through transparent fee-based advising, clear language, critical questions – and the willingness to constantly challenge my own routines. If you’re reading this and recognize yourself in some of the criticism, let’s not resort to blame but instead engage in dialogue: What could you concretely change in your area of responsibility – and what can I learn from you?

Stephan Busch is an insurance broker, fee-based advisor, financial coach, and co-founder of PROGRESS Finanzplaner.