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Summary of our market study
The French wealth management market is estimated at over €2.5 billion.
The global wealth management market is estimated at $500 billion. The market is driven by a growing number of high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI), with revenues heavily concentrated in North America and Asia. Assets under management of around $135,000 billion.
ESG investments account for around 30% of French assets.
Individual wealth management clients account for 90% of the market.
The net wealth of the French population is between 12 and 13,000 billion euros.
Real estate accounts for over 60% of French assets.
80% of French people have a savings account, and over 55% own their main residence.
With over 2,000 billion euros, life insurance is the main savings vehicle, followed by equity investments and interest-bearing bank deposits.
Just a few of the many wealth management firms and financial institutions on the market
- Primonial
- Amundi Group
- Cyrus Conseil
- Cholet-Dupont
- Lonlay & Associés
- Althos-Patrimoine
- Scala Patrimoine
- Sagis
All banks have a private banking division specializing in wealth management.
- HSBC Private Bank
- Société Générale Private Banking
- Compagnie Financière Richelieu
- Pictet
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Summary and extracts
1 Market overview
1.1 Market definition and presentation
The aim of wealth management is to make the most of the client's tangible and intangible assets and liabilities. The main task is to determine a client's budget and financial priorities with a view to profitability.
There are three types of wealth management:
- Traditional management: in which the manager manages a financial portfolio by buying and selling securities.
- Active management: in which the manager buys stocks with a specific objective in mind. For example, investing in a company to earn regular dividends.
- Passive management: the client relies entirely on the decisions of his financial advisor.
Wealth management is therefore a very broad activity, encompassing other areas such as real estate management, art acquisition, tax planning, retirement planning and estate planning.
Historically, the wealth management market focused on maximizing financial returns. Today, the approach is more global and personalized.
The global wealth management market is growing worldwide, particularly in the Asia-Pacific region. Indeed, it is often linked to the rise in high net worth individuals, and we are witnessing a significant increase in the number of HNWIs. In 2023, assets under management will total around $118.7 trillion, up 12% on 2022.
Nationally, the wealth management market is stable to growing. Clients are mainly private individuals, although many companies also benefit from this service, and the core target of wealth management advisors are high net worth individuals, defined as the top 10% of households in terms of gross wealth.
Wealth managers can be bankers, stockbrokersor pension fund managers. The French market is particularly fragmented. Almost 50% of the industry ' s sales are generated by the top 50% of wealth management firms.
In 2021, French asset managers will have reduced their partnerships with financial instrument providers, while increasing the number of instruments advised. The profitability of wealth management players has fallen due to low rates, more conservative allocations and regulatory constraints, driving them to explore fintechs to remain competitive.
Similarly, wealth management is acclimatizing to the world in which it operates. We are witnessing a diversification of client portfolios towards sustainable or ESG investments. By 2021, 29% of French assets will be invested in these areas. The creation of labels such as SRI and the growing importance of the European taxonomy reinforce this trend towards sustainable investment.
There is also a trend towards digitalization of the market , with the emergence of robo advisors enabling the automation of certain tasks , and some companies subscribing to account aggregators or fund analysis services.
1.2 The global market is growing
For years, the wealth management industry has been experiencing sustained growth thanks toincreasing assets under management. From an estimated $** trillion in ****, assets are now estimated at $** trillion and are expected to reach $** trillion by **** [***]
What's more, despite heavier regulation, volume is growing and the number of high net worth individuals (***) is ...
1.3 The French market
In ****, sales by wealth management firms will total *.*** billion euros. This is up on **** (***) , and well above the **** level. The market has thus completed its recovery from the health crisis, during which activity was contracted, and is now booming.
Sales of wealth management consultancies France, **** - ****, in billions of euros Source: ...
2 Demand analysis
2.1 Typology of demand
Almost **% of wealth management advisors ' clients are private individuals, as shown in the graph below, while the remainder are corporate clients.
Breakdown of CNCGP members by clientele France, ****, in Source: ****
Wealth management firms are seeing a marked increase in their client base , as shown in the graph below, which shows ...
2.2 French people's wealth
According toINSEE 's publication Revenus et patrimoine des ménages édition ****, based on **** data, total French net wealth amounted to**,*** billion euros. Net wealth is the total amount of assets held by a household (***) from which is deducted the amount of capital it still owes in respect of its contracted loans. In ...
2.3 High net worth, the core target of CGPs
Five million households, or almost **% of the population, are above the wealth threshold, according to the Observatoire des Inégalités .
In addition, several types and thresholds of wealth can be differentiated, as shown in the graph below.
Different wealth thresholds France, ****, in euros Source: ****
In France, the number of wealthy ...
2.4 French people's attitudes to financial investments
Savings behavior remains highly polarized, with the proportion of French people expecting to have to dip into their savings reaching a record high, while the proportion planning to save remains stable.
Intention to save in **** France, ****, in Source: ****
In addition, there are several reasons why a saver might hold a savings ...
2.5 The need to rebuild trust between the sector and its customers
Interest in savings and financial investments continues to grow: more than one in two French people now say they are interested in the subject, compared to two in five four years ago.
In the category of those interested in the subject of savings: **% of those in CSP+ categories, **% of those under ...
2.6 Demand trends: preparing for retirement, digitalization, euro and unit-linked savings and environmental and social impact
Worry about retirement is on the decline again, but remains in the majority among working people. Indeed, many French people are worried about the sustainability andadequacy of their future pensions. This uncertainty is fuelled by a number of factors, including the aging of the population, regular reforms to the pension system ...
3 Market structure
3.1 Overview of the competitive landscape
The different players
The wealth management market in France is particularly fragmented, as it is divided among numerous players: brokers, bankers, insurers, real estate agents, lawyers, notaries, chartered accountants, independent advisors, investment firms, property administrators, portfolio managers, auctioneers, and so on.
However, these players can be divided into two categories:
Direct ...
3.2 Financial performance and CGP remuneration
The remuneration of CIF CGP consists mainly of retrocessions of entry fees and annual management fees, which represent respectivelyrepresent respectively **% and **% of total declared CIF sales (***).
The amount advised in **** by CIF CGP is **.* billion euros, so the average retrocession rate for entry fees is *.**% of the amount of subscriptions in ...
3.3. The sector's shift towards ESG
The wealth management sector, like other branches of finance, is increasingly turning its attention to ESG. This necessary shift, demanded by clients and investors alike, is not, however, easy to implement. In fact, according to a report by the AFG (***), there are * challenges to overcoming the major obstacles to implementing impact ...
4 Offer analysis
4.1 Variety of services on offer, and fees applicable to the wealth management business
The wealth management market covers a range of services that are as varied as they are complementary:
Financial management: selection of funds and investment vehicles under discretionary management, management of dedicated funds, development of structured products, etc. ... ; Retirement planning: understanding future needs, long-term investments; Wealth engineering: organization, construction and transfer of ...
4.2 Supply trends: digitalization
Wealth management advisors are increasingly investing in digital solutions.
As a result, the number of members using account aggregators and fund analyst services continues to rise.
Digitalization of wealth management advisors France, ****, in Source: ****
What's more, the sudden development of Artificial Intelligence is seen as a real opportunity for almost **% of ...
4.3 The future of wealth management
The wealth management industry is rapidly evolving in line with customer needs and demands. The sector is becoming increasingly competitive as regulation, globalization of flows and technological disruptions come into play.
According to a Deloitte study, the top ten disruptions that will impact the future of the wealth management sector are ...
5 Regulations
5.1 Regulations applicable to the profession of wealth management advisor
The wealth management advisory profession does not benefit from a specific status, as is the case for lawyers, for example. As a result, wealth management advisors may need to have * statutes/competences listed in the following table, depending on the nature of their activity:[***]
In addition, the asset management market is ...
5.2 The impact of the PACTE Act on the sector
The PACTE Act, passed on April **, ****, proposes major changes to modernize French wealth management tools and numerous measures to support SMEs-ETIs.
Among the main measures impacting the wealth management business, we can cite changes relating to:
life insurance: life insurance and capitalization contracts can now be transferred within the same insurer, ...
5.3. ESG regulations
With the rise of ESG criteria, new European legislation, called SFDR (***), came into force in March ****. [***]
It requires asset managers to integrate and communicate on ESG criteria in their management and to assess the environmental, social and governance impacts of the products they recommend.
6 Positioning the players
6.1 Segmentation
- Amundi
- HSBC Private Bank
- Société Générale Private Banking
- Natixis Wealth Management
- Milleis Banque
- Pictet
- Primonial
- Astoria Groupe
- Cyrus Conseil
- Compagnie Financière Richelieu
- Ethenea
- Cholet-Dupont
- Magnacarta
- Althos-Patrimoine
- K&P Finance
- Experts en Patrimoine
- Lonlay & Associés
- Nalo
- Yomoni
- Grisbee
- Finary
- Epsor
- Premium Groupe
- Ageas France
- BPI France
- Scala Patrimoine
- Shares
- Thesaurus
- Crystal Groupe
- LFPI
- Mandarine gestion
- Oaktree Capital Management
- Rothschild Martin Maurel
- Lazard Frères Gestion
- Meeschaert (LFPI Groupe)
- Abeille Assurance (Aéma groupe)
- Turenne Groupe
- Siparex
- Lucya
- Oddo BHF
- Equance
- Patrimmofi
- Cashbee
- CA Indosuez Private Banking & Wealth Management
- Palatine Banque (BPCE Groupe)
- Banque Palatine (groupe BPCE)
- LCL Crédit Lyonnais
- CIC Banque Privée
List of charts presented in this market study
- HNWI revenues for asset managers by region
- The population of high net worth individuals (HNWI)
- Wealth of high net worth individuals (HNWI)
- Asset allocation for high net worth individuals (HNWI)
- Regional distribution of the number of millionaires worldwide
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Latest news
Cashbee refinances its mobile savings app to become profitable in 2026 - 03/09/2024
- A pioneer in mobile savings in France, Cashbee's application, which simplifies the day-to-day management of assets and cash flow from a smartphone, has won the trust of 10,000 individual customers and 2,000 businesses in the space of five years.
- this summer, the Paris-based fintech bailed out its own funds to the tune of 7.5 million euros.
- This is the third operation since its creation in 2018 - 1.1 million in 2019 and 5.5 million in 2022.
- Mutuelle d'Ivry-La Fraternelle (MIF) took a majority stake.
- cashbee employs 23 people.
- Its remuneration model is based on the level of outstandings, which to date stand at 400 million, of which 60% for individuals and 40% for businesses.
- Its retail offering includes a passbook account launched in partnership with CFCAL-Crédit Mutuel Arkéa, paying 4% for the first two months, then 2.5%.
- Thanks to its alliance with Generali, concluded in 2020, the fintech now offers a range of life insurance products with discretionary management and themes (climate, inclusion, technology, etc.)
- Fintechs capture less than 1% of the French savings market
Milleis Banque Privée posts first profit - 03/06/2024
- - Earnings before tax in 2023: 3.8 million euros.
- - Revenues in 2023: 150 million euros.
- - Acquisition of Cholet Dupont Oudart completed in late 2021.
- - Assets under management and deposits: 13 billion euros.
- - Number of client families: 64,000.
- - Number of employees: 688 in 2023, compared with 1,100 at the end of 2021.
Dijon-based Patrimoine et Gestion joins Patrimmofi - 22/05/2024
- - Patrimoine et Gestion sales in 2021: Almost 3 million euros.
- - Patrimoine et Gestion net profitability in 2021: 1.2 million euros.
- - Assets under management by Patrimoine et Gestion: Around 500 million euros.
- - Number of Patrimoine et Gestion employees*: Thirteen.
- - Assets advised by the Patrimmofi group: 2.2 billion euros.
- - Annual funds collected by the Patrimmofi group: Over 300 million euros.
- - Target assets under management for the Patrimmofi group by the end of 2025: 3 billion euros.
- - Number of families advised by Patrimmofi: 500.
Arthus Conseil wants to continue growing with Equance - 13/05/2024
- Alain Iteney and his son Kévin have sold 70% of the shares in their company, Arthus Conseil, to the Montpellier-based Equance group.
- Equance now manages €1.06 billion in assets, 50% of which for non-residents of France.
- Equance posted sales of 16 million euros.
- Equance acquired Segefi and Arthur Conseil at the end of 2023.
- Arthus Conseil achieved sales of 3 million euros in 2023.
- Arthus Conseil has a team of seven people.
- Arthus Conseil's customer base comprises some 600 individuals and companies, mainly in the Bourgogne-Franche-Comté region.
"13,000 billion potential for the Capital Markets Union" according to Philippe Oddo - 03/05/2024
- **Oddo BHF net banking income last year:** 807 million euros.
- - **Breakdown of Oddo BHF's business:** Private banking (40%), Investment banking (30%), Asset management (30%).
- - **Total number of employees:** 3,000
- - **Financial savings of Europeans:** 32,000 billion euros.
- - **Percentage of these savings invested in equities:** 15%.
- - **Percentage of US household savings invested in equities:** 45%.
- - **Risk investment potential in Europe:** 10,000 billion euros.
- - **Banks' commitment to real estate financing for individuals:** 6,000 billion euros.
- - **Capital Markets Union potential with the addition of securitization:** 13,000 billion euros.
Stéphane Vidal steps down as Chairman of Primonial - 11/04/2024
- - Acquisition of Primonial Ingénierie et Développement (PID) by the Crystal group, following the sale of La Financière de l'Echiquier by Primonial.
- - Sale of La Financière de l'Echiquier to La Banque Postale Asset Management Bridgepoint (2017), Latour Capital and Sogecap (2019) together hold 79% of Primonial's capital.
- - Assets under management by the Primonial group by the end of 2022: €58 billion.
- - Real estate assets under management: €42 billion, including €6 billion from the acquisition of Icade Santé.
- - Primonial REIM, France's leading provider of real estate funds
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