In summary…
A wealth management advisor is compensated in three ways: fees that you pay directly, commissions that the product supplier pays them from the costs you incur, or a combination of both. No model is free: the only question is who pays, when, how much, and whether you can read it in writing before signing.
Balmont Conseil is a firm not independent in the regulatory sense and receives commissions paid by product suppliers. For an expatriate, the price of consulting is compared based on the duration of the contract and the scope it covers, not on the amount of the first invoice.
«"My advisor told me it wouldn't cost me anything." The statement is accurate in the sense that no bill arrives. It's not accurate in the sense that fees are deducted from your deposit and your balance, and that part of that goes to the advisor who gave you compensation. Knowing which part is your right.
1. The three models, from the reader's perspective
| Model | Who pays? | What you see | What you need to ask |
|---|---|---|---|
| Fees | You, directly | An invoice or an agreement: fixed price or time spent | The area covered, the amount in euros, and whether the advisor also receives commissions. |
| Commissions on entry and exit fees | The supplier, based on the fees deducted from your deposit or withdrawal | Nothing on an invoice: a percentage in the contract's entry fees | The entry fee, and the share that goes to the advisor |
| Commissions on management fees (outstanding) | The supplier, each year, from management fees | Contract and support management fees are detailed in the key information document. | The amount paid back each year, and the monitoring that justifies it |
| Mixed | You and the supplier | An invoice and fees are included in the contract. | The total in euros for the first year and subsequent years |
A tip not independent The advisor may be remunerated by the institution managing the product; in return, the AMF (French Financial Markets Authority) expects an improvement in the quality of service, for example, regular monitoring of the suitability of the investment. Advice independent The advisor must rely on a sufficient and diverse range of products and must not be remunerated by their supplier; the advisor cannot retain benefits received from a third party. In both cases, the advisor must tell you which of the two plans they are applying.
2. What the AMF figures say
In wealth management consulting, the commission dominates
The key figures for financial investment advisors (CIFs), published by the AMF for 2024, break down revenues by segment. As of January 2, 2025, 7,013 CIFs were registered, of which 81 (%) reported providing non-independent advice. For CIFs classified in the wealth management advisory segment: 60% Revenue is derived from the rebate of entry and exit fees., 28% management fee rebates and 12% fees, or 88% of total retrocessions. For so-called institutional CIFs, fees represent 96 % of revenues.
Interpretation: If your advisor belongs to the first segment, it should be assumed that the majority of their compensation is taken from the fees of the products you hold. This is not an anomaly; it's the pattern these figures describe. Hence the importance of written information.
For the technician. Monetary and Financial Code: Article L. 541-1 (status of financial investment advisors), Article L. 541-4-1 (registration with the ORIAS register), and Article L. 541-8-1 (duty to act honestly, fairly, and professionally). AMF General Regulation: Article 325-5 (client onboarding document), Article 325-6 (engagement letter signed by both parties before any advice is given), and Article 325-16 (remuneration for non-independent advice), which refers to Articles 314-13 to 314-17; Articles 314-18 to 314-20 for the prohibition on retaining benefits from third parties in independent advice. AMF Position-Recommendation DOC-2006-23. In insurance: Directive (EU) 2016/97 requires the intermediary to indicate, before the conclusion of the contract, the nature of his remuneration (fees, commission, other or combination) and, for fees paid directly by the client, their amount or method of calculation (Article 19); he must act in the best interests of the client (Article 17).
3. The special case of the expatriate
Three elements change the cost of advice for a person living abroad, without the scale being modified.
- The perimeter. A consultant based in France is familiar with French tax law. Taxation in the host country often falls under the purview of a local colleague: ask if the engagement includes this service, how coordination is arranged, and who pays this colleague.
- The statements. A contract taken out abroad must be declared in France using a specific form; a French contract held by a non-resident is subject to specific rules. The time spent preparing these declarations must be included in the scope of the declaration, or excluded in writing.
- Ongoing monitoring. Advice paid based on outstanding balance is justified by follow-up: frequency, channel, language, time zone. Request this information in writing, at the end of the engagement.
4. What to request in writing
- The letter of assignment, signed in duplicate before any advice, which specifies the service, the independent or non-independent nature of the advice and the remuneration.
- The onboarding document : identity, status, registration number with ORIAS (the official register of intermediaries), professional association, business links with financial institutions.
- The amount of remuneration in euros, first year then subsequent years, and its source: you, the insurer, the management company.
- THE cost of each product proposed, in their key information document, line by line (entry fees, management fees, arbitration fees).
- The scope of monitoring, its frequency, and what is charged extra.
- The conditions of end of mission : What happens to the remuneration based on assets under management if you change advisors or countries?
Specifically. Ask this question before you pay the first euro, to us as to any other advisor: "If I invest this amount, what will you receive, in euros, from whom, in the first year and each subsequent year?" A non-independent advisor must be able to answer this in writing. Regulations also require them to provide a letter of engagement, which specifies their remuneration.
Our model, put bluntly
Balmont Conseil is a financial investment consulting and insurance brokerage firm., not independent He receives commissions paid by product providers, including insurers. This remuneration is specified in the engagement letter and in the documents provided before any subscription. You are free to compare it with that of any other firm and to decline.
Frequently asked questions
Can a consultant be paid both by fees and by commissions?
Yes, it's the mixed model. The total amount in euros must then appear with its two components in the documents provided before subscription.
How can I tell if my advisor is independent or not?
The financial advisor (CIF) must state this in the engagement letter and upon commencement of the relationship. If this information is missing, request it in writing: it determines what third-party benefits they are entitled to retain.
Is the cost of an advisor higher for an expatriate?
Not by nature. It increases when the scope expands to include the host country, declarations, and remote monitoring. Request this scope in writing to compare two proposals.
Are you comparing two advisors, or two contract proposals?
Send us the documents: the first interview compares the remuneration, expenses and scope of each.
Are you a notary, chartered accountant, lawyer, or fellow consultant? Are your expatriate clients looking for a wealth management advisor? We work in partnership: the relationship remains yours, and our fees are agreed upon before any assignment.
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.
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Alexis Sagnier, financial and real estate investment advisor, insurance broker, AMF certified. ORIAS 13003497. Updated on 23/10/2026.
Official sources consulted
- AMF — Key figures for financial investment advisors 2024
- AMF — Guide «Financial Investment Advisors (FIAs)»
- AMF — Position DOC-2006-23, questions and answers on the CIF regime
- Service-Public.fr — Life insurance contract: subscription (fact sheet F15268)
- EUR-Lex — Directive (EU) 2016/97 on insurance distribution
