Summary

The global wealth management market has grown significantly, with a strong compound annual growth rate (CAGR) of 8.0% forecast between 2022 and 2030, and an estimated market size of $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. However, Asia is set to overtake Europe in revenues by 2025. China is showing the strongest growth in terms of total wealth. Assets under management have risen sharply, from $105 trillion in 2020 to a projected $138 trillion in 2025.

Despite challenges such as declining asset yields, increased regulatory pressures and more conservative post-crisis investment allocations, wealths are exploring fintech collaborations to maintain their competitiveness, responding to the growing demand forESG investments, which accounted for 29% of French assets in 2021. The French market, in particular, has recovered well from the pandemic, with sales in the wealth management sector reaching €2.456 billion in 2021, and leading companies such as BNP Paribas and Société Générale reporting substantial increases in wealth management revenues in 2022.

Wealth management market trends in France

The French wealth management market reflects the financial habits and attitudes of its residents, with a strong emphasis on securing assets and a cautious approach to financial investments. Wealth management clients are mainly private individuals, representing around 92% of the customer base. Among these individuals, salaried employees make up the largest segment, closely followed by company directors, shopkeepers, craftsmen, self-employed professionals and pensioners. Customer profiles vary in terms of financial knowledge, with individuals classified as novice, knowledgeable or experienced. At the same time, their risk profiles range from safe to aggressive, indicating a spectrum of investment appetites from the pursuit of high security with low returns to the pursuit of maximum returns despite increased risk.

The net wealth of the French population stands at between 12 and 13,000 billion euros, demonstrating the scale of assets available in the country. There is a clear correlation between age and median wealth, with the highest wealth bracket found among those aged 50 to 59. Interestingly, wealth levels decline as individuals age beyond this bracket. Occupational categories also play a role in determining wealth: farmers, for example, have a large share of their wealth tied up in professional assets, while managers and professionals show a striking difference, with a minor share. Real estate remains an important component of gross wealth, accounting for over 60%. In terms of financial assets, savings books and principal residences appear to be the most prized by French households, with over 80% holding savings books and over 55% owning their principal residence.

The financial assets scenario shows that life insurance leads the way, with over 2,000 billion euros saved in this vehicle, followed by equity investments and interest-bearing bank deposits. There has also been a marked increase in the amount saved by households, reaching over 50 billion euros in the second quarter of 2022, compared with around 20 billion euros in the same quarter of the previous year. This suggests a robust and growing demand for wealth management services to manage and optimize this growing mass of assets.

In essence, the French wealth management market is characterized by a diversified clientele with varying knowledge and risk preferences, substantial assets under management, and a high level of trust.the French wealth management market is characterized by a diversified clientele with varying risk knowledge and preferences, substantial wealth concentrated in older demographic groups, and a marked preference for tangible assets such as real estate. Financial habits have remained stable in recent years, with a significant percentage of the population investing in life insurance and retirement savings plans. As wealth continues to grow, particularly in the context of an ageing population, this opens the way to new forms of wealth management.

Among the many major wealth management firms and financial institutions we can cite the following

  • Primonial: Specialized in wealth management, Primonial stands out for its diversified, customized investment solutions. Its offering includes real estate, savings, retirement planning and investment services, tailored to the needs of its affluent clientele.
  • Amundi Group: Amundi Group is one of the world's leading asset managers, serving clients ranging from individuals to large institutions. It offers a full range of investment management services, making it a benchmark for those seeking to build a solid investment portfolio.
  • Cyrus Conseil: Renowned for its customer-centric approach to wealth management, Cyrus Conseil provides personalized advice on investment, wealth planning, tax optimization and more. Its expertise meets the complex financial needs of high-net-worth individuals.
  • Cholet-Dupont : Renowned for the excellence of its asset management, Cholet-Dupont focuses on implementing tailor-made investment strategies. Its services are shaped by an in-depth understanding of market dynamics and a commitment to client objectives.
  • Lonlay & Associés: This wealth management company provides personalized advisory services, focusing on building long-term, trust-based relationships with its clients. Its global approach enables it to offer comprehensive financial solutions to its clients.
  • Althos-Patrimoine: Althos-Patrimoine is dedicated to providing strategic wealth management services encompassing tax efficiency, real estate planning and financial investment advice, to help clients preserve and grow their wealth over time
  • Scala Patrimoine: Scala Patrimoine offers a range of wealth management services, from asset allocation to retirement planning, for people seeking a personalized approach to managing their financial future.

All banks have a private banking division specializing in wealth management. Here are just a few names

  • HSBC Private Bank: Part of one of the world's largest banking and financial services organizations, HSBC Private Bank offers exclusive services including wealth planning, investment management and banking solutions to high net worth individuals worldwide.
  • Société Générale Private Banking: Société Générale's private bank is known for its personalized wealth management services that integrate estate planning, investment advice and other specialized financial services for high-net-worth clients.
  • Compagnie Financière Richelieu: This private bank offers a comprehensive range of wealth management and investment advisory services, characterized by an in-depth understanding of clients' individual needs and a commitment to discretion and excellence.
  • Pictet: With a long tradition in wealth and asset management, this Swiss private bank offers a comprehensive range of investment advisory services
Get all the information you need
to understand this market

Detailed content

Inforamtion

  • Number of pages : 30 pages
  • Format : Digital and PDF versions
  • Last update : 15/01/2024
Update Details

Summary and extracts

1 Market overview

1.1 Market definition and presentation

The aim of wealth management is to make the client's tangible and intangible assets and liabilities bear fruit. Wealth management is a very broad field, encompassing a wide range of activities such as financial investment management, real estate management, art acquisition and more.

The global wealth management market is doing well. Indeed, the global market grew at a CAGR of 4.8% between 2015 and 2020. What's more, growth prospects are good, with market size set to double between 2021 and 2030, despite ever-increasing regulation.

Nationally, the wealth management market is stable. Clients are mainly private individuals, although many companies also benefit from this service. The core target of wealth management advisors is high net worth individuals, i.e. the top 10% of households in terms of gross assets. What's more, the wealth management market in France is particularly fragmented, as it is divided between many different types of player. Nevertheless,the majority of sales are captured by just a handful of them .

The wealth management market in France is highly competitive, dominated by direct players such as IFAs, insurers and major banks, with indirect players such as lawyers, chartered accountants and notaries.

By 2021, IFAs in France had 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.

Wealth management is responding to the growing demand for ESG, with 29% of French assets invested in 2021, although there are significant challenges. Between 2019 and 2021, the number of fund managers without an ESG strategy fell by 12%, with increasing adoption of ESG integration, accounting for 54% in 2021.

The market trend is towards digitalization, notably with the emergence of "fintechs" such as Yomoni, Advize, Nalo and Finary. The trend is also towards investments with greater environmental and social impact.

1.2 The global market is growing

In ****, the global wealth management market is estimated to be worth $*** billion , according to Bain & Company. Between **** and ****, the market is expected to grow at a CAGR of *.*% to reach $*** billion, doubling in value according to Bain.

Moreover, despite heavier regulation, volume is increasing, andthe number of high net worth (***) customers ...

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

Clients of wealth management advisors :

The clientele of wealth management advisors consists mainly of private individuals (***) round out the private clientele. The remaining *% are corporate clients.

Breakdown of CGP clients France, ****, in Source: ****

Customer profiles :

Clients can be classified according to two characteristics: their level of knowledge and experience, and their ...

2.2 French people's wealth

According to INSEE'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 ...

2.3 High net worth, the core target of CGPs

In ****,"high net worth households", which refer to the top **% of households in terms of gross wealth, owned a minimum of ***,*** euros in assets. These high net worth households numbered *.* million in ****, owning an average of *.** million euros. What's more, the top *% have ***,*** euros, while the top *% have more than *.** million ...

2.4 French people's attitudes to financial investments

Low interest rates on various investments are having an impact on French attitudes. The graph below shows, for example, that more and more French people are turning to slightly riskier products for their savings (***). Nevertheless, the rise in interest rates in **** in the context of inflation is changing French people's investment ...

2.5 The need to rebuild trust between the sector and its customers

Confidence in CGPs France, September ****, in Source: ****

In ****, French consumers were asked about the trust they place in wealth management services. Nearly half of French people tend to trust CGPs (***) don't really trust them or don't trust them at all. So, although a proportion of the population has a positive opinion, ...

2.6 Demand trends: preparing for retirement, digitalization, euro and unit-linked savings and environmental and social impact

An increase in retirement savings:

More and more non-retirees are saving for their retirement. Whereas only **% were doing so in ****, **% - up ** points in * years - will be doing so in ****.

Change in the proportion of non-retirees saving for retirement France, ****, in Source: ****

However, among the **% of non-retirees saving for retirement, ...

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 between a wide range of 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 ...

3.2 Financial performance and CGP remuneration

The wealth management advisor business is concentrated among the top players. The top ** account for **% of the sector's sales. The next *** account for **% of market revenues. The remaining **% is divided between the remaining **** firms.

Level of concentration of CGP players, by sales revenue France, ****, in Source: ****

This high concentration of the ...

3.3 Interview with Malcolm Vincent, Managing Director of Astoria Finance

Cantiane:Hello and welcome to vue d'ensemble, the podcast that takes you on a **-minute tour of a market. My name is Cantiane and I'm an analyst at Businesscoot, a start-up specializing in market research. For today's episode, we're going to talk about the wealth management market, and to do so, ...

3.4 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, requested by clients and investors, 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

Half of all wealth management advisors took advantage of the health crisis to invest in and develop their digital solutions offering. The following graph shows that this trend is stronger in **** than it was the previous year. These investments are slightly more focused on customer communication than on business management.

CGP ...

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, ...

List of charts

  • Assets under management worldwide
  • Evolution of HNWI assets according to scenarios
  • HNWI revenues for asset managers by region
  • Breakdown of CGP sales
  • Sales of wealth management consulting firms
Show more Hide

All our studies are available online in PDF format

Take a look at an example of our research on another market!

Do you have a question about this study?   +44 238 097 0676

Latest news

Amundi emerges from 2022 without a scratch - 09/02/2023
  • Sales €3.1 billion, net profit €1.2 billion
  • 1.904 billion in assets under management
  • Passive management 171 billion at December 31
Amundi posts first-quarter outflows of 11 billion euros - 03/05/2023
  • Assets under management at March 31: 1,934 billion euros.
  • Assets under management in Asia: 371 billion euros.
  • Outflows from joint venture with Agricultural Bank of China: 5 billion euros.
Milleis private bank reduces losses - 13/07/2023
  • Milleis reported a net loss of 19.2 million euros in 2022, compared with 43 million in 2021 and 87 million in 2020.
  • The recently integrated Cholet-Dupont Oudart private bank reported a profit of 7.3 million euros in 2022.
  • The workforce was reduced from 1,100 to 686 between the end of 2021 and the end of 2022.
  • The bank's network has been reduced from 74 branches to 22 "patrimonial spaces"
  • Milleis plans to acquire other small private banks and asset managers.

Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

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

Choosing this study means :

Access to more than 35 hours of work

Our studies are the result of over 35 hours of research and analysis. Using our studies allows you to devote more time and added value to your projects.

Benefit from 6 years' experience and over 1,500 industry reports already produced

Our expertise enables us to produce comprehensive studies in all sectors, including niche and emerging markets.

Our know-how and methodology enable us to produce reports that offer unique value for money.

Access to several thousand articles and paid-for data

Businesscoot has access to all the paid economic press as well as exclusive databases to carry out its market research (over 30,000 articles and private sources).

To enhance our research, our analysts also use web indicators (semrush, trends, etc.) to identify market trends and company strategies. (Consult our paying sources)

Guaranteed support after your purchase

A team dedicated to after-sales service, to guarantee you a high level of satisfaction. +44 238 097 0676

A digital format designed for our users

Not only do you have access to a PDF, but also to a digital version designed for our customers. This version gives you access to sources, data in Excel format and graphics. The content of the study can therefore be easily retrieved and adapted for your specific needs.

Our offers :

the wealth management market | France

89 €
  • What are the figures on the size and growth of the market?
  • What is driving the growth of the market and its evolution?
  • What is the positioning of companies in the value chain?
  • Data from several dozen databases

Pack 5 études (-15%) France

75.6 € / study
378 € instead of 445 € -15%
  • 5 études au prix de 75,6€HT par étude à choisir parmi nos 800 titres sur le catalogue France pendant 12 mois
  • Conservez -15% sur les études supplémentaires achetées
  • Choisissez le remboursement des crédits non consommés au terme des 12 mois (durée du pack)

Consultez les conditions du pack et de remboursement des crédits non consommés.

Updates

Do you have a question ?
Our team is at your disposal at   +44 238 097 0676