The threshold is around 200,000 euros in financial assets. Beyond that, a saver ceases to be a mass client to become a target of the two major models of French wealth advice. On the one hand, the private bankbacked by a large insurance or banking group, which offers monitoring presented as free. On the other, the independent wealth management advisorin a firm or in a network, which charges explicit fees for its advice and compares the vehicles of several management companies.
The economic logics differ radically. Banking advice is remunerated on retrocessions paid by management companies on the products placed (life insurance, UCITS, real estate funds). The independent CGP charges consulting fees of around 200 to 500 euros for a heritage audit And 1 to 2% per year for management under mandate. Since the European directive MiFID IItransparency on these retrocessions is now imposed and disrupts the reading of the real costs of the council.
Two models, two approaches to wealth advice
On the private banking side, the central argument is integration. The customer benefits from unique access to an extensive range covering life insurancecapitalization France and Luxembourg, savings bankingreal estate, retirement And transmission. “Our role consists above all of providing a broad and coherent heritage offering. The objective is to allow everyone to build a wealth strategy adapted to their situation and their life plans.explains Bertrand Dauba, director of AXA Wealth Management. The grid of in-house products constitutes the backbone of the advice here.
On the independent CGP side, the claimed advantage is freedom of architecture. Under status CIF (Financial Investment Advisor) registered with ORIAS, the professional can compare vehicles from several management companies without exclusive commercial constraints. He invoices his fees separately from the products placed, which eliminates the conflict of interest inherent in remuneration by retrocessions. Please note that certain banking networks have been collaborating with CGPs for a long time. AXA has been working with independents for more than thirty years via AXA THEMA, its commercial department dedicated to asset partners.
The directive MiFID II reshuffled the cards by imposing transparency on costs. Retrocessions, long invisible in customer invoicing, are now shown in black and white in annual statements. “AXA communicates in complete transparency on the retrocessions which are brought to the attention of customers in an isolated and aggregated manner. This information is available on the annual account situations for the media chosen by the customer.specifies Emmanuel de la Jonquière, director of individual savings, retirement and protection at AXA France. The client can thus measure what seemingly free banking advice actually costs.
From what heritage do we switch, and according to what criteria
Above 500,000 euros in financial assetsprivate banking is gaining relevance through its arsenal of dedicated offers. In March 2026, AXA Bank launched a wealth offering targeting business leaders, liberal professions, senior executives and managers. “18-month heritage term account at an enhanced rate of 0.50% compared to the best general public grid, access to management under Rothschild & Co and Amundi mandate, Lombard overdraft from 150,000 euros to 5 million, real estate credit enhanced by 20 basis points for loans from 1 million”explains Emmanuel Wehry, CEO of AXA Banque. These banking advantages are only accessible above certain thresholds.
Between 200,000 and 500,000 euros, the Independent CGP often offers better value for money. Remuneration through explicit fees is more understandable than retrocessions buried in management fees, and independence in the choice of media makes it possible to avoid conflicts of interest. To check the solidity of the advisor, several cconcrete criteria must be demanded. CIF status registered withORIASprofessional certifications (CGPC, CIP, CCBI), seniority of the firm (five years minimum recommended), and membership in a professional association recognized by theAMF (Anacofi, La Compagnie des CGP, CNCGP).
Three questions allow you to assess the true independence of an advisor. What is the share of fees in his total remuneration (a truly independent CGP bills most of his remuneration in explicit fees)? Then how many management companies are referenced (a CGP must work with at least ten managers). Finally, can he provide a comparative table of several solutions before any recommendation. On the private banking side, the questions to ask concern managed management, full fees profile by profile, and the possibility of accessing non-house funds. In the end, the right advisor is the one who responds to your situation, not the one who corresponds to an asset threshold.
The asset thresholds cited are indicative and vary depending on the establishments and CGPs. The fee ranges for independent CGPs (200 to 500 euros for an audit, 1 to 2% for management under mandate) correspond to current market practices at the start of 2026. The AXA Banque wealth banking offers presented apply to eligible premium customers. Before any commitment, check the CIF status of the advisor on the ORIAS website and request an explicit advisory mandate.
