Choosing the right Wealth Management Advisor?

Asset Management

Your personal and financial situation is unique! That’s why it’s important to entrust its management to someone you can trust, who is competent, open-minded and attentive to your needs.

With so many options available when it comes to choosing a wealth management advisor, it’s important to take the time to consider which CGP will help you achieve your goals.

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Where can I find a good wealth management advisor?

Today, there are many professionals who can offer advice and optimization services for your assets:

  • Bank advisor
  • Insurance advisor
  • Lawyer
  • Chartered accountant
  • Notary
  • Independent CGP

Wealth management consulting covers many areas of expertise, including civil law, taxation, financial products, insurance products and real estate.

What are the key criteria for choosing a CGP?

It is essential to entrust the management of your assets to someone you trust. The specificities of the CGP profession mean that it is sometimes difficult to guarantee the skills of a CGP. To avoid unpleasant surprises, we recommend that you check your advisor’s qualifications.

In addition, there are 3 AMF-approved professional associations to which wealth management advisors must belong in order to practice their profession:

  • National Chamber of Wealth Management Advisors (CNCGP)
  • National Chamber of Financial Investment Advisors (CNCIF)
  • National Association of Financial Advisors (ANCF)

Bank, consulting firm, independent… which CGP to choose?

We need to distinguish between CGPs linked to an organization and independent CGPs.

Non-independent CGP

This applies not only to your bank advisor, but also to any CGP contractually bound to an organization: they can only offer products provided by their organization (your banker, your insurer, etc.).

This in no way calls into question the quality of his advice or the investment options offered, but you should be aware that other opportunities that may be better suited to your needs will not be presented to you.

Independent CGP

Working alone or as part of a firm, he can distribute any financial product available on the market, based on the principle of open architecture.

The vast majority of IFAs work within a network that remunerates them on the basis of products sold. This gives end customers access to a wide range of financial products under attractive conditions.

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How much does a CGP cost?

In general, the advice of a CGP employed by a bank or insurance company is not billed. The bank or insurance company then earns a return on the products sold.

💡When it’s free, it’s because you’re the product!

Independent wealth management firms have a variety of practices:

  • Some IFAs act like bankers or insurers, earning their fees solely on the products they sell.
  • On the other hand, other IFAs adopt an advisory approach, charging for time spent on a wealth study, insurance audit or retirement audit. Although they may also earn fees on products sold, this reinforces their independence from the customer and the products on offer (as is the case with Altermès Patrimoine).

Consulting fees can be paid in 3 different ways:

  • Hourly rate, as for a lawyer
  • Flat-rate or fixed price
  • At the deed, like a notary

What makes a good CGP?

A good CGP will first get to know you, your needs and your short-, medium- and long-term life objectives, before proposing products. A good understanding of your situation will enable him to provide you with appropriate advice.

At your first meeting with your CGP, you’ll fill in a DER (Document d’Entrée en Relation) to help define your expectations. It will also help you assess your CGP’s listening skills.

Your CGP must :

  • Helping you draw up your balance sheet
  • Understand your needs: passing on your assets, preparing for retirement…
  • Present you with realistic solutions (beware of over-promising)

⚠ tax optimization should not be an end in itself, and may in some cases be considered anabuse of rights by the tax authorities.

Finally, an essential criterion for choosing your CGP is your instinct. We strongly recommend that you choose someone you trust. If in doubt, consult another professional.

Altermès Patrimoine is a wealth management firm backed by an accounting firm. This strengthens our expertise and independence, and gives us a global, objective approach to your situation . We support you over the long term, with an advisory approach that treatsthe product as an accessory to wealth management advice.

📞 If you have a question, a project or if you would like to be accompanied by Altermès Patrimoine, don’t hesitate to get in touch with our experts!

👆 Find out more about our wealth management expertise!

🔎 If you’d like to find out more about the objectives of a wealth assessment, it’s over here!


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