The French Financial Markets Authority (AMF) published its review of financial investment advisers for 2025, finding that the population increased 9.7% to 7,694. Total revenue across advisers’ activities rose 1.7% to EUR 4.45 billion, while revenue directly attributable to financial investment advice increased 10.9% to EUR 1.01 billion. The analysis is based on annual returns from 6,713 advisers, representing a 92% response rate. Growth was accompanied by further market polarization. The 50 largest advisers generated 52% of financial investment advice revenue, while 11 firms served 40% of reported clients. About 45% of advisers belonged to a group or network, although each firm retained responsibility for its regulatory obligations. Non-independent advice increased to 84% of respondents, while exclusively independent advisers fell from 458 to 395. Among wealth management advisers, which represented 95% of firms and 78% of advice revenue, entry and exit fee rebates accounted for 65% of income, prompting the AMF to highlight conflict management and clear client disclosures on advice and remuneration. Anti-money laundering indicators improved, with 96.7% of advisers reporting a risk classification and 83% assessing risks when selecting suppliers and products. Suspicious transaction reports rose 91% to 166, although the AMF considered the number low relative to the size of the sector and its client base. Crypto-asset activity remained below 1% of advisers. Although 23 intended to seek authorization as crypto-asset service providers, no adviser had applied by the report’s publication, despite authorization being required since July 1, 2026, to provide crypto-asset advice.

Original source