“Anyone can consult a wealth management adviser, even small savers”, scans the entry Maxime Frantz, who exercises this profession in Selexium, a specialized company. In other words, no, it is not only reserved for owners of good assets, which include both the property held, but also assets such as shares or savings.
“The idea is to have a constructive approach. Just because you’re a small saver today doesn’t mean you will be tomorrow.”abounds Valérie Bentz, head of heritage studies for the Financial Union of France (UFF).
However, if you are short of savings, by definition, it is not necessary to go to consult. And the expert to clarify: “The young clients with us are mainly in the liberal professions, self-employed or senior managers, they have a rather comfortable income, with savings that go beyond precautionary savings.”
Tax rates, project preparation…
Young workers represent half of the people supported by Maxime Frantz, himself 28 years old. The classic case: a young couple in the Paris region that accumulates 5,000 euros of income, with 20,000 euros in savings. They are in free union, each is taxed on its side, with a capacity of two savings from 200 to 300 euros every month.
Very often, clients seek advice on how to reduce their taxation, increase their savings (especially from covid), acquire real estate, generate additional income or even prepare a project… “Couples come and say to me: “We have 30,000 euros aside to complete a world tour, but this should cost us more. How do we grow this heritage?” »
They come for advice. A first appointment is always made with the financial situation of the client at the moment T and the objectives of it. Depending on the situation, the council will explore all the fiscal possibilities (tax deductions for example), civil (pacs, marriage, transfer, etc.) and financial (investments) that are available to him. And ensure legal monitoring over time.
Only solutions that allow you to get out of the low remuneration of the savings books, such as the book A (known to be raised to 1% since February 1). “We are able to offer investments with a yield three to four times higher than Livret A, while being safe and liquid. This is the case of life insurance, a kind of shell where you put what you want: funds in euros, real estate funds to be insured … “ adds Maxime Frantz. According to him, in the Paris region, rental investment is also popular, especially with customers who cannot acquire a main residence to their ambition.
“Important point: the younger you start, the more likely you are to organize well and achieve your goals”, adds Valérie Bentz. Investing early means taking advantage of a long-term investment horizon.
The question that bothers you remains: how much does it cost? The method of remuneration fluctuates according to the advisors. The company’s employees mainly receive kickbacks from the products and solutions they recommend to their customers. For example: take life insurance through an insurer, the adviser will be remunerated by this third party as a commercial contributor.
Fees or commissions
Some companies and freelancers also pay for the first appointment (the budget one), for others, it is free, as with the UFF and Selexium. In this last cabinet, you have to pay an entrance ticket, up to 1,000 euros depending on the projects, as soon as you choose to invest with them.
The others, often self-employed, operate on the rate, from 150 to 500 euros per hour or per package and are free of commission, a guarantee for some of impartial advice and without conflict of interest. Be aware that a salaried wealth management advisor must be transparent about his remuneration on the various products he advises.
You may also be asked to pay additional costs offered by management companies, such as the services of brokers in the case of a mortgage or notaries for purchases, inheritances, donations, etc.
Be careful though, some advisors are not always aligned with your interests, others are more “product sellers” with high fees, than there to provide advice.