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10 Questions

with Roman Stieger
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By František Bouc
Staff Writer, The Prague Post
February 7th, 2007 issue

RENÉ JAKL/THE PRAGUE POST
Stieger says his firm focuses on families and doesn't only target clients with disposable incomes.
Looking at the crowded financial consultancy market, one would expect a little consolidation rather than further expansion. Still, the Marshaly Insurance Financial Associated company — a part of Zepter International group, which previously only sold kitchenware — became a new player in mid-January. Company Director Roman Stieger talks to The Prague Post about the challenge of succeeding on the market and changing people’s perception of the Zepter group. He also reveals what gives consultancies more business: what he calls the government’s failure to introduce key public finance reforms.
❶ In January, Marshaly entered the Czech financial market and became one of many companies focusing on consultancy. Are you afraid that you’ll have little room in the crowded sector?
I believe we’re coming just at the right time. The market has been literally flooded with various financial products offered by various institutions, and it has become nontransparent for regular citizens. People are sometimes using services that they don’t really need. That’s why consultancy provided by independent companies will be more and more significant. The field of family finance that we are focusing on is just a niche with significant growth potential.
The Stieger File
  • Job title: General director, Marshaly Insurance Financial Associated
  • Age: 39
  • Nationality: Czech
  • Education: Studied Russian and geography at the Palacký University in Olomouc
  • Previous job: Managing director at MBI Czech Republic
  • Family: Married, two children
➋ How do you want to differ from your competitors?
There are many companies in this country that use the label “financial consultancy” as a catchy term for reselling financial products. And, in doing this, hardly anyone can be really independent. Our philosophy is to offer only those services that our customers need. We focus mostly on families, and we don’t target only those with disposable incomes.
➌ In the early days of doing business here, you opted to offer your services free. Is that the only way to establish your company on the Czech market?
The thing is that the high expertise and longtime experience that are essential for financial consultancies have not yet been fully appreciated in this country. As a result, success can be achieved by the volume of work rather than its quality. We plan to switch to paid services as soon as possible once we’re ready.
❹ Is it likely that a price war similar to the one raging among low-cost airlines will one day break out in the sector of financial consultancy?
Once financial consultancy services are measurable and transparent as much as they are in the field of air travel, then it’ll be possible. But there’s still a long way to go.
➎ Do you think Czechs will turn a deaf ear to recommendations to invest in their pension accounts or additional health insurance, for example?
I’m quite optimistic about this. In fact, our country ranks high in terms of the volume of savings accounts in building societies. Also, more and more people — soon more than 4 million — are taking advantage of state subsidies, and they make contributions to their own pension accounts. With respect to the current low interest rates offered by commercial banks, I can see a lot of room for transferring money from savings accounts in banks to more profitable financial products.

➏ Is it possible for a family to secure a comfortable pension if the government fails to carry out public finance reform?

It depends on each family and whether they prioritize current spending or saving for the future. However, the state must work toward supporting the saving schemes, especially in the situation when people here are so responsive to subsidies.
➐ On the other hand, does the absence of reform and the threat of the pension system’s collapse create better conditions for more effective work by financial consultants?
Yes, of course. But also adequate tax reliefs or other state subsidies of financial products that public finance reform could introduce would become a good incentive for experienced financial consultants.
➑ Will you attempt to capitalize on the developed sales networks of your parent group, Zepter International, which has been so far recognized here as a retailer of kitchen and household products?
We count on the network of motivated consultants, be they experienced professionals or graduates of our international Marshaly Academy. We want to appeal to customers by carrying out precise Personal Financial Analyses, which should indicate the level of customers’ hedging, debts and investments in relation to their actual needs. Based on this analysis, we’ll issue recommendations on how to optimize expenditures in order to gain bigger profits.
➒ How difficult will it be to change people’s perception of Zepter International as a financial servies provider, a brand that once focused on kitchenware?
We want to capitalize on the great potential and sales success of Zepter International group, and we want to offer the group’s customers financial products and independent financial consulting — services based on trustworthiness. The Zepter brand has a strong image thanks to top-quality products, so I believe that extending people’s perception of the company as a financial services provider should not be too difficult. The example of General Electric demonstrates that such expansion is possible.
➓ You’ve been working in the financial sector for a while. What’s the best advice that you’ve come across?
The motto of our successful carmaker, Škoda, says it all: “Simply clever.”

František Bouc can be reached at fbouc@praguepost.com


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