Isolde has been fighting for her money for years: where is the payout?

Isolde has been fighting for her money for years: where is the payout?

In the quiet streets of Solln there are not only fruits and vegetables, but also deep financial misfortune. 72-year-old Isolde Schleich has been fighting for over three years to get her hands on the 40,000 euros that she invested in DSS Vermögensverwaltung AG & Co. Despite paying dutifully into her retirement savings, she doesn't see a penny of her money coming back while battling health issues. Their situation is anything but rosy, and numerous promises from the DSS have so far only ended in administration and consolation.

Schleich, who receives a monthly pension of around 700 euros and relies on her fruit stand on Fellererplatz for her rent of 1,100 euros, feels abandoned. In addition to her one-off payment of over 6,500 euros, monthly contributions of 210 euros were added, which amounts to a total of around 40,000 euros by the end of 2021. After her contract was terminated, she only received letters from DSS pointing out delays due to a change in tax law firm. Her boss at the stand has already contacted a lawyer, but she recommended another specialist whose costs the elderly lady cannot afford.

The dark side of retirement planning

DSS Asset Management is not exactly known for transparency. As Jürgen Naumer's report shows, the company refuses to send investors complete financial statements, including the important profit and loss statements. The statements that investors receive are often opaque Excel spreadsheets without comprehensible figures - no profit, no light at the end of the tunnel. Even after ten years of participation, it is clear that for many shareholders only mysteries remain. The question arises: How well are investors' money really doing?

• DSS sieht bei Gesellschaftern, die nicht mehr einzahlen, eine „nachhaltige Verletzung der Gesellschafterpflichten“.
• Berichte über finanzielle Schwierigkeiten und fehlende Transparenz häufen sich, während die Gesellschaft Anspruch auf Zahlungen erhebt.

The risk of fraud in such cases should not be underestimated. Investors should strongly consider seeking professional help and reviewing their investments, particularly if their own reserves are at risk. After all, the statute of limitations for claims for damages is ten years – a period that could soon expire for many investors.

The Importance of Financial Education

Especially in times when the pension is no longer sufficient to cover living expenses, the need for solid financial planning becomes increasingly clear. Financial literacy can have a significant impact on your own retirement planning. In this context, the consumer advice center advises investing assets and diversifying them sensibly instead of relying on risky investments such as DSS. A current account as an emergency fund or a mix of fixed-term deposits and stock funds can potentially cushion severe losses.

Investors should always be aware that capital investments can incur costs that reduce returns. The fees paid by investment advisors and asset managers currently range between 1.5 and 2 percent of assets per year. Given these facts, every euro that investors put into unclear projects, coupled with a lack of transparency, seems to be a risky venture.

The story of Isolde Schleich is an example for many of those affected. She hopes that other investors will come forward to take joint action against the DSS and finally get the money they are entitled to back. Whether this will succeed remains to be seen. What is certain, however, is that financial insecurity represents a major challenge for many retirees in Munich.

For further information on the topic, you can find out more here: tz.de, juergennaumer.de and consumerzentrale.de.