In summary…
A wealth management advisor in Lyon costs what their letter of assignment, and no reliable market price allows us to estimate it in advance: therefore, we don't provide one. It is paid in three ways: fees that you adjust, some commissions (Rebates) that the product supplier pays back to them from the fees you incur, or both. To compare two proposals, ask for both amounts. in euros per year, and nothing else.
Balmont Conseil is a firm not independent In regulatory terms: he receives commissions on contracts signed, and can also bill for a customized service by the hour. Our rates are detailed below.
A Lyon-based business owner receives two proposals for investing the same capital. The first is "free": the advisor charges nothing. The second is billed as a fee. Which one costs less? It's impossible to say until both are converted into the same unit: euros per year. That's the whole point of this article.
1. Three ways to pay an advisor: fees, commissions, or both
What changes from one firm to another: who pays, and where the cost appears.
| Fashion | Who pays? | Where you see it | What you are asking |
|---|---|---|---|
| Fees | You, directly | On an invoice, as stipulated in the engagement letter | The amount in euros, what it covers, and whether it is repeated every year |
| Commissions (rebates) | The product supplier, based on the costs you incur | Nowhere on an invoice: they are included in the product's entry, management, or exit fees. | The rate, what fees it relates to, and what is done in return each year |
| Mixed mode | Both | An invoice, plus fees within the product | A line-by-line breakdown for each product offered |
The trap is in the second line. A "free" advisor is paid: you simply don't receive an invoice. The commission is a cost to you, added to the contract fees. It's no less legitimate than a fee, but it needs to be explained. view in euros to compare it.
2. What the AMF figures say about the remuneration of consulting firms
The French Financial Markets Authority (AMF) publishes key figures for financial investment advisors (FIAs) each year. In the 2024 edition, published in December 2025, section 3.1 describes the CIFs specializing in wealth management consulting. Their income is distributed as follows:
| Source of revenue for wealth management firms (fiscal year 2024) | Share of total revenue |
|---|---|
| Rebates of entry and exit fees | 60 % (71 % in 2023) |
| Management fee rebates | 28 % (+8 points compared to 2023) |
| Fees | 12 % (+3 points compared to 2023) |
These figures are worth only for this category of firms Institutional investment advisors (CIFs), for example, are primarily compensated through fees. They explain how firms make their money, not how much you'll pay: it's not a fixed price. Two key takeaways emerge. In wealth management, compensation from product providers is the dominant model, and the share of fees is increasing. In both cases, the best course of action is the same: get the amount in writing.
According to the AMF, 81 of the registered firms report non-independent advice. This says nothing about the quality of the advice: you simply have to ask each firm whether it is independent or not, and where its remuneration comes from.
3. What an advisor must give you in writing before you sign
Before providing any advice, your financial advisor must inform you whether their service is provided independently or not. According to the AMF (French Financial Markets Authority), a non-independent advisor "has the right to be remunerated by the company that manages the product." An independent advisor, on the other hand, must pass on all sums received from third parties to their client in full and may charge advisory fees.
The terms of the assignment, including remuneration, are set out in a letter of assignment, signed by both parties before the meeting. Upon entering into a relationship, the advisor also provides an information document which specifies, in particular, the institutions with which he has a significant relationship, whether of a capital or commercial nature.
Specifically. Before comparing any figures, make sure you have: the advisor's ORIAS registration number (the official register, which you can consult yourself), their written response to the question "independent or non-independent," the client onboarding document, and a draft engagement letter outlining their remuneration. If any of these are missing, the comparison is premature.
For the technician. Client onboarding document: Article 325-5 of the AMF General Regulation (AMF position DOC-2006-23, question 4.1: provided upon onboarding a new client, before the engagement letter is signed; question 4.2: identification of the institutions with which the investment firm has a significant capital or commercial relationship). Engagement letter: Article 325-6 of the same regulation (DOC-2006-23, question 6.3: letter signed by both parties before the consultation). Independent advice: funds received from third parties are fully transferred to the client (DOC-2006-23, question 4.4).
4. Compare two proposals in euros per year
The method can be summed up in three lines. For each proposal, ask in writing: (1) everything you pay only once : (1) initial fees, product entry fees; (2) anything else you pay each year : recurring fees, contract management fees, investment vehicle fees; (3) the length of time you intend to hold the product. Then calculate:
Annual cost = (costs paid once ÷ holding period in years) + costs paid each year.
| Line to fill in | Proposal A | Proposal B |
|---|---|---|
| Fees paid only once (€) | … | … |
| Product entry fees (€) | … | … |
| Expected holding period (years) | … | … |
| = One-time cost per year (€) | … | … |
| Recurring fees (€ per year) | … | … |
| Contract management fees (€ per year) | … | … |
| Investment vehicle fees (€ per year) | … | … |
| = Total cost per year (€) | … | … |
Here's an example calculation, using figures chosen for demonstration purposes and not representing a fixed price: an entry fee of 0.5 % on €100,000 invested amounts to €500. If you keep the contract for ten years, that's €50 per year, plus the annual fees. The same reasoning applies to initial fees. A high one-time cost isn't necessarily the most expensive: it all depends on the duration.
Specifically. Ask for the cost of the first year, that of the following years, and what a early release. A proposal that only provides a percentage leaves you to do the calculation: ask them to do it.
5. Eight questions to ask before signing
- What is your ORIAS number, and under which categories are you registered?
- Is your advice independent or not?
- Who pays you based on my file: me, the product supplier, or both?
- For each product offered, how much does this represent in euros in the first year, and then each year thereafter?
- What is included in your fees, and what is not?
- What do I pay if I leave before the scheduled time?
- With which institutions do you have a commercial or financial relationship?
- Who will follow me after the signing, how often, and at what price?
See also Choosing a Luxembourg assurance-vie broker, the cost of an advisor for an expatriate and What to ask a wealth manager in Lyon.
At Balmont Conseil: what you pay, step by step
Balmont Conseil is a simplified joint-stock company (SASU) established in January 2013. We have been supporting business leaders, professionals, and families for nearly 14 years. We are financial investment advisors, members of ANACOFI-CIF, and insurance brokers, registered with ORIAS under number 13003497. We work with 23 partner companies and asset management firms and have no financial ties to any bank or insurer.
| Step | What you pay |
|---|---|
| Contract X-ray : your statements, their charges calculated in euros | Free |
| Initial meeting, in Lyon or via videoconference | Free |
| Balance sheet | Fixed price announced |
| Customized mission | €500 including VAT per hour |
| Contracts signed through us | Commissions paid by the provider. Example: entry fees of 0.5 % on Luxembourg assurance-vie contracts |
| Annual follow-up, possible remotely | Free |
Details of our offers can be found on the page Offers & fees. We are a firm not independent Part of our remuneration comes from the contracts you sign, and we state that here without mincing words.
Our position
The price of an advisor is meaningless in isolation: it's calculated in euros per year, over the duration of your engagement, and for comparable services. An advisor who refuses to provide this figure in writing deprives you of the only information you need to make an informed decision. One who does provide it, even if paid on commission, allows you to make a fully informed choice. Ask anyone, including us.
Frequently asked questions
Is a "free" advisor really free?
No. It's paid by the product supplier, from the fees you incur under the contract. You won't receive an invoice, but the cost exists: ask for it in euros.
Fees or commissions: which is cheaper?
It depends on the amount invested, the holding period, and the service provided. Neither option is inherently cheaper. Only converting the two proposals into annual euros allows for a clear distinction.
Which document indicates how much the consultation will cost me?
The engagement letter, signed by both parties before the meeting, sets out the terms of the engagement, including remuneration. For the cost of the product itself, request the supplier's information documents before signing.
Are you comparing two proposals?
Send us your statements or proposals: the analysis of your contracts is free and calculates their costs in euros per year, even before an appointment.
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 24/10/2026.
Official sources consulted
- AMF — Key figures for financial investment advisors (CIF), financial year 2024, published in December 2025 (section 3.1 and share of advice methods)
- AMF — «What you need to know about financial investment advisors?» (October 19, 2018)
- AMF — Position DOC-2006-23, questions and answers on the CIF regime (last modified on October 23, 2018)
