In summary…
A family office is a structure that coordinates a family's assets over time: estate planning, financial management, legal and tax engineering, and philanthropy. It is "single" when it works for one family, and "multi" when it serves several. In France, no text regulates the family office as such : what is regulated are the services it provides (investment advice, discretionary management, insurance, credit), each under a status that is verified.
Regarding assets, no rule sets a threshold. Before the National Assembly on May 12, 2026, the president of the French Association of Family Offices (AFFO) cited as order of magnitude «"several tens of millions of euros" for a multi family office and "at least 100 million" for a single family office, specifying that assets are "not the only" criterion.
Balmont Conseil does not present itself as a family office: it is a wealth management consulting firm in Lyon., not independent in the regulatory sense, remunerated by commissions paid by product suppliers, which we say before the first meeting.
Imagine a Lyon-based business owner preparing to sell their company. Their notary, accountant, and banker have each made an offer, but no one is coordinating the process. A contact mentions a "family office." Before comparing names of these firms, three questions are sufficient: what is the legal status of this firm, how is it compensated, and what exactly does it do for me?
1. Single family office, multi-family office, wealth management advisor: three different realities
| Term | What it is | Source |
|---|---|---|
| Single family office (SFO) | A structure serving a single family. Its staff generally have employment contracts: they are employees of the family. The report from the 118th Congress of French Notaries (2022) counted around one hundred such firms practicing in France. | AFFO, hearing of May 12, 2026; Congress of Notaries, 2022 |
| Multi-family office (MFO) | These companies offer their services to multiple families. They emerged in the 2000s, founded by former private bank executives or wealth management advisors; some are affiliated with a private bank. Their relationship with families is commercial, most often based on fees. | Congress of Notaries, 2022; AFFO, 2026 |
| Wealth Management Advisor (CGP) | A professional who advises a client on their assets, under one or more regulated statuses depending on the services provided (see part 2). For the AFFO, wealth management advice and support "differ from family office services". | ACPR; AFFO, 2026 |
According to the AFFO, "to qualify as a family office, one must operate" in four areas simultaneously (see Part 3). An advisor who operates in only some of these areas is no less competent: they provide a different service, and the law requires the same proof of status. Our page on the role of the wealth management advisor details this perimeter.
2. What the law says: no "family office" status, but statutes for each department
An activity that is not regulated by any legislation
The report from the 118th Congress of French Notaries (2022) states it unequivocally: "Family office activity is not regulated by any legislation in France." It adds that most practicing family offices adopt the status of financial investment advisor. Therefore, there is neither a "family office accreditation" nor an official list of these structures. The name proves nothing; the status, however, is verifiable.
The applicable statutes depend on the services rendered.
| Status | What it covers | Who frames him |
|---|---|---|
| Financial Investment Advisor (FIA) | Advice on financial instruments and other assets. He cannot manage his client's portfolio: this service can only be provided by an investment services provider. | Registration with ORIAS; professional association approved by the AMF; AMF oversight |
| Investment firm (investment services provider) | Investment services: order reception and transmission, execution, portfolio management, investment advice, placement, etc. | ACPR approval; the AMF approves the business plan or forwards its observations depending on the services |
| Portfolio management company (PMC) | Management of collective investment schemes (UCITS, alternative investment funds). It can also provide, under certain conditions, discretionary portfolio management, investment advice and order reception and transmission. | AMF approval |
| Insurance broker | Insurance intermediation, particularly in assurance-vie contracts | Registration with ORIAS |
| Intermediary in banking and payment services (IOBSP) | Introduction or introduction regarding banking operations, for example credit | Registration with ORIAS |
These statuses can be combined: the ACPR (French Prudential Control and Resolution Authority) indicates that the statuses of Investment Advisor (CIF) and Investment Firm can be combined with those of Insurance Intermediary and Intermediary in Banking and Payment Services (IOBSP). A single entity can therefore have several registration numbers and several regulators, depending on its actual services.
Specifically. If you are promised portfolio management "under mandate," ask for the corresponding accreditation (investment firm or portfolio management company): a financial advisor (CIF) alone is not authorized to manage a client's portfolio. For other services, the ORIAS register indicates the registration categories. See also How to verify that an advisor is properly accredited.
For the technician. Investment services: Article L. 321-1 of the French Monetary and Financial Code (CMF). Ancillary services of the portfolio management company: Article L. 532-9, VI, of the CMF, as discussed in AMF Recommendation DOC-2012-19 (amended on March 26, 2026). Conditions for authorization of an investment firm: ACPR, with AMF review or approval of the business plan. The scope of the Investment Advisor (CIF) and the prohibition on managing the client's portfolio are detailed in the AMF guide on financial investment advisors.
3. What a family office does: four areas
The president of AFFO, Charles-Henri Bujard, describes a family office as "a structure providing comprehensive support to families, operating over the long term," which "acts like a conductor." He cites four areas:
- Family wealth management strategy and governance : deciding what the family wants to keep, pass on, finance, and how it makes its decisions.
- Financial management and asset allocation : allocate financial assets between asset classes and monitor this allocation.
- Administrative, legal and tax engineering : detention facilities, declarations, coordination of councils.
- Philanthropy, which AFFO links to "emotional wealth, the art of living".
One key point to remember: according to the AFFO (French Association of Family Offices), "a family office cannot be an expert in all areas" and operates within an "ecosystem" of regulated professions (lawyers, notaries, accountants, asset managers). The family office coordinates; regulated acts remain the responsibility of professionals who are qualified to perform them.
4. Based on what assets?
Since no text defines a family office, no legal rule sets a threshold for using one. The figures circulating are statements from professionals. The only one we were able to link to an identifiable institutional source is this: during the hearing of the French Family Office Association (AFFO) by the National Assembly's inquiry committee on the taxation of the wealthiest individuals (minutes no. 026, session of May 12, 2026), its president answered a question about an intervention threshold.
| Structure | Order of magnitude cited by the president of AFFO (May 12, 2026) |
|---|---|
| Multi-family office | «"assets worth tens of millions of euros"» |
| Single family office | «"based on assets of at least 100 million", "with the production tool"» |
Three precautions for reading. This is a order of magnitude This information was provided orally, not as a rule or statistical study. The president clarifies that "wealth level is one of the criteria for contacting a family office, but it is not the only one." A third point to note: these amounts do not apply directly to wealth management advice, which is a separate service.
5. How is a family office paid, and what should you ask for?
According to the AFFO (French Association of Family Offices), single family offices operate under employment contracts: their financing is most often negotiated directly with the family. Multi-family offices have a commercial relationship with families and generally charge fees, with "greater diversity in terms of remuneration." They are, again according to the AFFO, "often" registered with ORIAS (French Register of Insurance, Banking and Financial Intermediaries) and "often" CIF (Financial Investment Advisor): "often" is not "always," hence the need for verification. The AFFO also indicates that within its organization, the share of commissions must not exceed 50% of the total declared remuneration; this is an internal rule of the association, not a legal obligation.
Six questions to ask any organization that presents itself as a family office:
- Under what status and registration numbers do you operate (ORIAS, ACPR or AMF approval)?
- Which services do you provide yourself, and which do you outsource to other professionals?
- Who pays you for my case, and how much in euros each year: me, product suppliers, or both?
- Are you an employee of one family, or a service provider for several families?
- Who owns my assets, and who can access them?
- What documents will you give me before I sign: letter of assignment, information on remuneration?
6. At Balmont Conseil
Balmont Conseil does not present itself as a family office. It is a simplified joint-stock company with a single shareholder, based in Lyon, created in January 2013, which has been advising executives, families, and expatriates for almost 14 years. The firm is not a structure dedicated to a single family.
- Statutes : financial investment advisor, member of ANACOFI-CIF, insurance broker, registered with ORIAS under number 13003497. You can check these details in the register.
- Remuneration The firm is not independent in the regulatory sense and receives commissions paid by product suppliers. It has no capital ties with any bank or insurer.
- For individuals and families Savings, insurance, taxation, inheritance, expatriation.
- For businesses : end-of-career compensation, employee savings, group retirement and insurance contracts, and introductions to credit partners for financing projects.
- With your other advice Customized assignments are carried out in conjunction with your notary or accountant. We offer notaries, accountants, lawyers, and colleagues a joint contracting arrangement: the client remains theirs.
- Before making any recommendations Regulations require us to provide you with the mission letter, information on remuneration and the suitability statement; we provide them before you decide.
For details on what a manager should expect from their advisor, see Wealth manager in Lyon for business owners: what should you ask for? and the page wealth management advisor in Lyon.
Our position
The term "family office" reveals nothing about what the structure does, under whose control it operates, or who benefits from its fees. Three things provide the answers: its verifiable legal status, the fee amount in euros, and the scope of services outlined in the engagement letter. Depending on the size of the assets and the presence of a business, the best solution might be a family office, a wealth management consulting firm, or the existing notary and accountant, who can work more effectively together.
Frequently asked questions
Is a family office regulated in France?
Not as such: the report from the 118th Congress of Notaries (2022) indicates that family office activity is not regulated by any legislation in France. However, each service provided to third parties falls under a specific legal status: investment advice (CIF), portfolio management (investment firm or portfolio management company), insurance, and credit.
What is the difference between a multi-family office and a wealth management consulting firm?
According to the French Association of Family Offices (AFFO), a family office intervenes in family strategy and governance, financial management, legal and tax planning, and philanthropy over the long term. A wealth management consulting firm generally intervenes in some of these areas, under the corresponding legal status. In both cases, the legal status, remuneration, and defined scope of services are the key points of comparison.
Does it cost tens of millions of euros to get support?
The figure cited by AFFO relates to the use of a family office and is presented as an approximate figure. It does not include wealth management advice. At Balmont Conseil, the first step is a review of your contracts: you submit your statements, and their fees are calculated in euros, free of charge.
Are you hesitating between a family office and a wealth management consulting firm?
Send us your situation: the first exchange focuses on what you have, what you expect, and the status and remuneration of each of the possible stakeholders.
Are you a notary, chartered accountant, lawyer, or fellow consultant? And a client asks you about a family office? We can review the proposal jointly: the client remains yours.
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
- National Assembly — Committee of Inquiry on the Taxation of the Highest Assets and Incomes, Report No. 026, Hearing of the French Family Office Association (May 12, 2026)
- Congress of French Notaries — Report of the 118th Congress (2022), «The Context», single-family office and multi-family office
- ACPR — I provide investment or wealth management advice: what status does my activity fall under?
- ACPR — Investment firm (authorization procedure)
- AMF — Position-recommendation DOC-2012-19, guide for developing the business program of portfolio management companies (amended on March 26, 2026)
- AMF — Guide «Financial Investment Advisors (FIAs)»
- ORIAS — What is ORIAS? (categories of registered intermediaries)
