How to choose the best wealth management advisor?

 How to choose the best wealth management advisor?

How to choose the best wealth management advisor?

How to choose the best wealth management advisor?

Having a huge heritage to manage is not easy. You have to know about law, taxation, real estate, accounting… To avoid the inconveniences of managing your assets alone, it is best to go through the services of a wealth management advisor. These professionals are now displayed everywhere and are in great demand whether you have a small or a large heritage to manage.

Wealth management advisor: why use his services?

Wealth management is a perilous exercise, especially if you have neither the availability nor the necessary skills on the subject. Indeed, you will have to manage your real estate, stay up to date with stock market news, choose the right investments, create effective financial arrangements and much more. At the slightest mistake, you risk a lot. Consequently, it is preferable not to embark on this adventure alone and to call on the services of a wealth management advisor (CGP).

Endorsing at the same time the title of analyst, investor, tax specialist, financial adviser, chartered accountant or lawyer, this multi-hat professional has the mission of taking care of all of your assets: real estate and land, material assets , financial assets, works of art, copyrights, etc. Its tasks are particularly varied. He can guide you on the best investments to make according to your objectives, your hopes of gain or your aversion to risk. He is also there to take care of the transmission of your assets or help you prepare for retirement more serenely. The intervention of a CGP always takes place in three stages. The first phase begins with a financial, tax and legal audit of your assets. Then, he establishes the actions to be taken after consultation with you and finally follows up on the file.

What professional hired to manage your assets?

The hardest part will now be to find the right CGP, because in France there are nearly 4,000 firms specializing in the subject. These professionals have different statuses: some exercise as liberal professions while others work as employees with banks. CGPs operating as insurance brokers also exist. Several chartered accountants or notaries also offer this type of service. The choice will be made mainly according to the value of the heritage. At less than 200,000 euros, it is better to take care of your own property yourself. A word of advice: allocate half of your capital to precautionary savings and the other half to various investments such as shares, life insurance or a PEA.

With assets of 500,000 euros, bet on a good CGP. Those working as employees for banks will tend to offer only the products of their own establishment, hence the interest of turning to independent advisers who are not attached to national banking or insurance networks. Finally, if you have assets estimated at several million euros, the wisest thing to do is to contact a family office or a private bank.

The qualifications and qualities of a good CGP

To be able to practice, a CGP must be registered in the Single Register of Intermediaries in Insurance, Banking and Finance (ORIAS). He may also be affiliated with a professional chamber certified by the Compagnie des CGPI, the CNGP, the CNCIF, the Anacofi or the Autorité des Marchés Financiers (AMF). Having a status of Financial Investment Advisor (CIF) is also necessary although it is not mandatory. Also, you need to ask yourself about how your future partner will charge. The CGP usually charges fees or is remunerated on the basis of retro-commissions that it recovers on the products that it manages to sell.