In summary…
A wealth manager for executives is judged on five documents that he must give you in writing before any advice: his registration with ORIAS (the official register of intermediaries), his professional association approved by the Financial Markets Authority (AMF), his letter of engagement, the nature of his advice (independent or not) and his methods of remuneration.
Balmont Conseil, based in Lyon, is a consulting firm not independent in the regulatory sense We receive commissions paid by product suppliers, and we tell you this before the first appointment. This status is legal; what is not legal is not disclosing it.
«My accountant handles the company, my bank offers me its products, and nobody looks at the big picture.» This is the statement of a Lyon-based executive seeking a partner for his personal wealth management. He compares three websites with similar promises. The real question isn't to rank the firms, which is impossible to do objectively. It's «what can I demand in writing, and how can I verify it?».
1. What an advisor should give you, in order
The AMF outlines the standard procedure for an investment advisor. Financial investment advisors (CIFs) must be registered with ORIAS, with their registration renewed annually, and must belong to a professional association approved by the AMF, which monitors compliance with the rules and can impose sanctions up to and including exclusion.
- Upon entering into a relationship : an information document indicating his identity, his status, his ORIAS number, his association and any business links with the establishments whose products he offers.
- Before any advice : a letter of engagement in duplicate, signed by both parties, which describes the service, costs and remuneration.
- Before making any recommendations A questionnaire about your situation, your objectives, your experience, and your capacity to absorb losses. Without it, the advisor should not advise you.
- After the council : a written statement of suitability, which justifies the proposals, their advantages and their risks.
Specifically. If someone offers you a product at the first meeting without providing these documents, you have your answer. If you feel comfortable doing so, ask for them before deciding to proceed.
For the technician. Financial investment advisor status: Article L. 541-1 of the French Monetary and Financial Code (CMF); registration in the single register: Article L. 541-4-1; duty to act honestly, fairly, and professionally: Article L. 541-8-1; client onboarding document and engagement letter: Articles 325-5 and 325-6 of the AMF General Regulation. AMF Position-Recommendation DOC-2006-23 (document amended on July 27, 2026).
2. Independent or non-independent: what difference does it make for you?
The regulations distinguish between two ways of giving advice. Advice independent It requires a sufficiently diversified range of products from suppliers with no legal link to the advisor, and prohibits retaining benefits paid by the institution that manages the product. not independent authorizes this remuneration, provided that the quality of service is improved, for example by regularly monitoring the suitability of the investment to your situation.
Neither is a guarantee of quality in itself. According to the AMF study on the 2024 financial year, published in December 2025, 7,013 advisors were registered as of January 2, 2025; 81% 7% declared their advice non-independent, 1% exclusively independent, and 12% a mix of both. In the wealth management firm segment, commissions on entry and exit fees accounted for 60% of revenue, those on management fees for 28%, and professional fees for 12%. The dominant model is therefore one of remuneration paid by the suppliers. What matters is that you are told, with figures, before committing to anything.
| Method of remuneration | Who pays? | What you are asking |
|---|---|---|
| Consulting fees | You, according to the letter of assignment | The amount, the basis for calculation, what the fee covers |
| Commission (rebate) on entry or management fees | The product supplier, through the fees you incur | The rate, what fees it relates to, and what is done in return each year |
| Mixed | Both | A line-by-line breakdown for each product offered |
For the technician. Independent advice: the advisor may not retain benefits paid by a third party (Articles 314-18 to 314-20 of the AMF General Regulation). Non-independent advice: benefits are governed by Article 325-16 of the same regulation, referring to Articles 314-13 to 314-17. An insurance broker is also registered with ORIAS for this purpose and is subject to their own disclosure obligations.
3. The six key areas for executives that your advisor should master
A leader doesn't have one asset, they have two, and they intersect. Here's what you can test in a single meeting.
- Compensation and dividends The trade-off between wages, dividends, and savings within the company. See the executive's remuneration.
- Retirement and insurance : retirement savings plans, company contracts, and insurance for self-employed workers. See the PER deduction limit, Article 83 and Madelin pension plan.
- Employee savings Company savings plans and group retirement savings plans are available to managers under certain conditions. See access and ceilings 2026.
- Guarantees and personal commitments : what your private assets already guarantee. See the personal guarantee of the manager.
- Company ownership : holding company, contribution-sale and transfer. See the holding company and Dutreil and the new contribution-sale regime.
- Coordination : your accountant, your lawyer and your notary must be able to work with him without you acting as a postman.
A good test: ask him to explain, without a brochure, how he coordinates a sale project with your accountant. If he responds with a product, it's not business advice.
4. The office in Lyon: what you can ask us
Balmont Conseil is a simplified joint-stock company with a single shareholder, based in Lyon, established in January 2013. We have been supporting business leaders, families, and expatriates for almost 14 years. We are a financial investment advisor affiliated with an approved professional association, an insurance broker, and registered with ORIAS under number 13003497. You can verify these details in the register.
For businesses, our services include end-of-career compensation, employee savings plans, group retirement and insurance contracts, and connecting you with credit partners for financing projects. For any recommendation, regulations require that we provide you with the engagement letter, information on compensation, and a suitability statement before making a decision: you have the right to demand these from us, just as you would from any other firm.
Specifically. A local manager serves only one purpose: to meet with you and your advisors when the case requires it. Everything else is handled remotely, including with Lyon-based executives who have moved abroad.
Frequently asked questions
How can I verify that an advisor is properly authorized to practice?
Consult the ORIAS register: a financial investment advisor must be registered there, with annual renewal, and belong to a professional association approved by the AMF. They must provide you with this information when you begin working with them. In the event of a dispute, you should first send a written complaint to the advisor; if you do not receive a response within two months, or if the response is unsatisfactory, you can contact the AMF mediator.
How much does a wealth manager cost?
It depends on the payment method stipulated in the engagement letter: invoiced fees, commissions paid by suppliers, or both. No figure is meaningful without a detailed description of the service. Before accepting, demand the amount of the fees and the commission rate for each product.
Is a non-independent advisor less reliable?
No, but his interest is tied to the products he distributes, which necessitates stricter transparency. The law requires him to improve the quality of service and to inform you of his compensation. Judge him based on his written documentation and the accuracy of his answers.
Our position
You don't choose an advisor based on their reputation, but on their ability to provide you with five documents and answer three questions in writing: who pays me, how much, and what happens to the advice if I don't sign. A firm that clearly answers these three questions deserves a second meeting. A firm that doesn't, doesn't.
Do you run a business in Lyon or the surrounding area and want a second look at your assets? The initial consultation is to establish your situation and determine if there is anything that can be done. We will provide you with our regulatory information before making any proposals.
Are you a notary, chartered accountant, lawyer, or fellow consultant? And one of your executive clients is looking for a wealth management advisor? We work in a co-contracting capacity: the client remains yours, you remain in your role, and we provide you with a written and coordinated analysis.
Book an appointment
The initial consultation is to establish your exact situation and determine if there is anything that can be done—sometimes there is nothing, and we will say so as well. Thirty minutes, with no obligation.
Book an exchange with Balmont Conseil
Alexis Sagnier, financial and real estate investment advisor, insurance broker, AMF certified. ORIAS 13003497. Updated on 23/10/2026.
