Altersvorsorgedepot: app or advice?

Tilman Freyenhagen

Published on 14 June 2026 · Updated on 7 August 2026 · Managing Director & Partner, Alsterspree Verlag GmbH

1. The Altersvorsorgedepot from 2027: do it yourself or get advice?

From January 2027, you can run an Altersvorsorgedepot entirely digitally via an app yourself, or take it out with personal advice^[1]. The digital, self-directed route via an app is more cost-effective but requires your own financial competence, while professional advice reduces complexity but often comes with higher advisory fees or commissions. Which route is right for you depends on your individual decision-making confidence, your prior knowledge and your personal need for security. To give you guidance on this fundamental choice, we created the knowledge section, which provides you with a neutral, sourced knowledge base.

With the new Altersvorsorgedepot, the federal government is fundamentally reforming subsidised private pension provision from 2027^[1]. For the first time, savers can channel state allowances directly into low-cost ETFs and investment funds. This high degree of flexibility, however, also means you need to engage more closely with your investment options. While informed self-directed investors can act directly through neobroker apps, brokerage to licensed experts offers important support for everyone who prefers structured guidance.

Both options are available to you as completely equal routes. If you choose the digital path, you can easily take charge of running your account yourself. If, on the other hand, you'd like expert guidance, we're happy to connect you with competent, licensed partners through our Unabhängige Beratungsvermittlung (independent advice service). Also use the Förderrechner Altersvorsorgedepot (subsidy calculator) to transparently simulate and compare the financial effects of your decision.

2. Route 1: the digital self-directed investor via a neobroker app

Anyone who already has experience building broadly diversified wealth through ETFs can run their subsidised Altersvorsorgedepot independently via a smartphone app from 2027. This digital path stands out through maximum flexibility. You can adjust savings plans flexibly, make one-off payments and monitor your portfolio on the go at any time. Setup is completely paperless and fast, in modern self-service, so you're ready to go within a few minutes. This option is aimed at savers who want to make deliberate financial decisions without outside help.

A decisive advantage of this route is the low fees. Early providers such as Scalable Capital have announced they will offer the subsidised account without additional order fees for ETF savings plans^[2]. Over the decades, this cost saving has a massively positive effect on the compound-interest effect and the eventual final capital. Anyone who wants to select suitable investment products themselves avoids expensive distribution costs and so saves real money. On the knowledge section, you'll find well-founded, sourced guides that show you how to build the right investment strategy for your retirement provision yourself.

However, this route demands a high degree of personal initiative. You have to inform yourself about state allowances independently and monitor compliance with the statutory subsidy criteria. For a well-founded market overview, the Kriteriengestützter Anbietervergleich (provider comparison) is available, letting you compare the terms of different neobrokers neutrally. The Förderrechner Altersvorsorgedepot (subsidy calculator) also helps you work out precisely the expected allowances and the exact cost impact compared with unsubsidised forms of investment, so you can plan your savings route optimally.

Note: this overview is for information purposes only. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

3. Route 2: personal financial advice for maximum protection

For savers who want expert support or have complex questions about the reform of private pension provision, personal financial advice offers tangible benefits. It takes the complexity out of product selection, structures your individual life situation, and protects against costly poor decisions in long-term investing. In traditional distribution, commission-based advice is often on offer, where advisers primarily sell in-house bank products or high-commission policies, since low-cost investment vehicles such as exchange-traded index funds are financially unattractive for them. This structure frequently results in advice that's insufficiently aligned with customers' actual needs^[3].

A transparent choice through qualified advice

Many consumers feel overwhelmed by the choices in the new Altersvorsorgedepot and want a neutral expert assessment before signing up. Unlike classic commission-based advice, independent advice puts the client's interest at the centre. To pave the way to this qualified route, our Unabhängige Beratungsvermittlung (independent advice service) connects you with licensed, independent experts who objectively analyse your individual retirement needs. To prepare and inform yourself further, our neutral knowledge section is also available to you, where you'll find a detailed guide covering all the tax and legal rules.

• Individual needs analysis: tailored investment strategies that take account of tax benefits, life-cycle models and state subsidies.
• Minimising mistakes: protection against emotional poor decisions during volatile market phases, and avoiding unsuitable, expensive pension policies.
• A holistic approach: advice on complex individual questions such as transferring existing Riester balances to the new account.

Whether you run your account digitally via an app or choose personal advice — both routes offer specific advantages. For independent orientation, our Förderrechner Altersvorsorgedepot (subsidy calculator) helps you simulate state allowances and the long-term cost impact. Please note: our model calculations are for illustration purposes only and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

4. The cost comparison: fee structures in detail

The choice of the right route for the new Altersvorsorgedepot depends critically on the fees involved. With purely digital administration via a modern app, you benefit from minimal account fees and mostly fee-free ETF savings plans, since no expensive distribution and branch structures need to be financed. If you opt for personal advice instead, fees for independent fee-based advisers or setup and distribution commissions at traditional banks may arise. These additional costs initially reduce your net return, but offer you valuable support for complex financial decisions. It's important to note that high advisory costs directly affect long-term performance and reduce the efficiency of the maximum subsidised own contribution of up to 1,800 euros a year, since less net capital remains invested for the compound-interest effect^[4].

To analyse the concrete impact of these cost structures on your future retirement wealth, the digital Förderrechner Altersvorsorgedepot (subsidy calculator) is available to you. This tool calculates transparently and on a sourced basis how different fee rates affect your state subsidy and final capital. If you want to organise your pension provision on your own responsibility and cost-effectively via an app, our Kriteriengestützter Anbietervergleich (provider comparison) delivers the right broker options. If you'd rather have a personal conversation to safeguard your strategy, our Unabhängige Beratungsvermittlung (independent advice service) connects you with licensed experts. That way, you get exactly the support that matches your personal preferences and prior knowledge.

Note: comparisons and cost examples are for purely illustrative purposes and do not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

5. Commission-based advice vs. fee-based advice for the Vorsorgedepot

If, for the new Altersvorsorgedepot, you decide against purely online management via an app and in favour of personal guidance, you face a further fundamental choice: the difference between commission-based advice and fee-based advice. Classic commission-based advice is often perceived as free, since you don't pay a direct fee. However, the intermediary is financed through distribution commissions that are built into the product costs. This frequently leads to more expensive tariffs and potential conflicts of interest. Fee-based advice, by contrast, requires a direct, transparent fee for the time worked, but in return gives you unrestricted access to high-return net tariffs with no hidden ongoing costs^[5].

Which model you choose depends heavily on your individual prior knowledge and preferences. Anyone seeking maximum cost efficiency and comparing tariffs themselves can save money in the long run. If you're unsure and need structured decision support, our knowledge section offers neutral guidance. You can also use the Förderrechner Altersvorsorgedepot (subsidy calculator) to work out precisely the long-term effects of different cost burdens on your state subsidy and your expected final capital.

If you'd prefer personal guidance from independent experts, we connect you through our Unabhängige Beratungsvermittlung (independent advice service) with qualified, licensed partners who support you in structuring your account optimally. That way, you combine the reassurance of human expertise with a cost structure that's optimal for you. Note: the information provided is for guidance only and does not constitute investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

6. Which type are you? A practical self-test for savers

Deciding between an Altersvorsorgedepot via app or with support from personal advice depends heavily on your financial prior knowledge and your flexibility with time. While digitally confident self-directed investors like to steer their state-subsidised investment flexibly via a smartphone app, many savers prefer the reassurance of personal guidance from experts. Consumer advocates stress that a careful weighing-up is essential, especially for complex questions on the Riester reform, tax subsidy effects, or transferring existing contracts^[6]. Through our neutral knowledge section, you can build sound theoretical knowledge on your own.

To find out which route best fits your personal life situation, you should realistically assess your priorities regarding cost, time required and personal responsibility. The overview below serves as structured decision support and shows you the key differences between the purely self-directed digital route and professional guidance.

If you recognise yourself in the left-hand column of the table and want to manage your investment structure yourself, our digital Kriteriengestützter Anbietervergleich (provider comparison) takes you straight to the right, cost-effective account providers on the market. If, on the other hand, you'd prefer tailored protection that covers detailed tax questions and your personal risk appetite, we connect you through our Unabhängige Beratungsvermittlung (independent advice service) with qualified, licensed financial experts. Either way, we recommend using the Förderrechner Altersvorsorgedepot (subsidy calculator) beforehand to work out your expected state subsidy and the cost impact with mathematical precision.

Please always note: all calculations, scenarios and comparisons are for your general information and illustration only. They do not constitute investment or financial advice within the meaning of the Banking Act (not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG).

7. Special case: switching from Riester — why advice is often essential here

The planned transition from an existing Riester contract to the new Altersvorsorgedepot from 2027 is one of the most complex tasks of the now-enacted reform.^[8] While simply opening an account via an app is straightforward for self-directed investors, switching an old contract requires careful legal and mathematical review. Many savers face the question of whether terminating the old contract pays off financially, and what tax consequences arise. In particular, preserving already-credited state allowances and giving up the contractual contribution guarantee of the old Riester model call for a well-founded assessment that's error-prone without expert support. By law, the switching fee is capped at a maximum of 150 euros for a contract term of under five years, while switching after five years is even entirely free of charge^[7].

The challenge lies primarily in correctly determining the so-called present-value delta (Barwert-Delta). Because Riester contracts often carry high ongoing administration costs, switching can be worthwhile in the long run despite the switching fees involved. Anyone who takes this step without an independent analysis, however, risks the irreversible loss of guarantees or missteps in the tax declaration to the tax office.

To find out whether switching pays off for your personal situation, the knowledge section offers comprehensive, sourced guides. With the interactive Förderrechner Altersvorsorgedepot (subsidy calculator), you can also calculate the financial delta between staying and switching, and work out the break-even age. If the result shows high complexity or uncertainties remain, our Unabhängige Beratungsvermittlung (independent advice service) can help further. Through it, you get access to licensed experts who review your Riester contract neutrally and guide you through the transfer process with legal certainty. Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.

Conclusion and next steps: your path to the Altersvorsorgedepot

The reform of private pension provision from 2027 represents a historic turning point for savers and, for the first time, allows a high-return, state-subsidised equity investment with no rigid guarantee requirements^[1]. This new flexibility, however, also brings the responsibility to make a deliberate decision about the right route to sign up. Whether you manage your Altersvorsorgedepot yourself and cost-effectively via a smartphone app, or use personal advice, depends primarily on your prior knowledge, the time you have available, and your individual need for security. Both paths are entirely legitimate and reflect different types of investor.

• The route for self-directed investors: you choose your own ETFs or portfolios, monitor your savings rates flexibly via an app, and minimise ongoing costs by forgoing personal support.
• The route for those seeking advice: a licensed expert guides you through the tax details, making the most of the subsidy, and long-term risk allocation, to rule out poor decisions.

To make this fundamental decision as easy as possible for you, our portal offers transparent tools. With the Förderrechner Altersvorsorgedepot (subsidy calculator), you can work out the expected effects of state allowances on your final capital with mathematical precision. If you've decided to go the digital route, the Kriteriengestützter Anbietervergleich (provider comparison) supports you in choosing the ideal neobroker with excellent terms. If, on the other hand, you prefer the reassurance of human expertise, our Unabhängige Beratungsvermittlung (independent advice service) arranges a free, unbiased initial conversation with a qualified financial adviser.

Whichever route you choose — the app or a personal adviser — thorough preparation protects you against costly poor decisions in long-term wealth-building. Use our comprehensive knowledge section to read up on all the regulatory rules and strategic options in detail. (Not investment advice within the meaning of § 1 Abs. 1a Nr. 1a KWG.)