CIF: Key Figures 2025 Reveal Increased Revenue Concentration

The AMF publishes its annual report on financial investment advisors, highlighting growing market polarization and evolving revenue structures.

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The Autorité des marchés financiers (AMF) has released the key figures for the activity of Financial Investment Advisors (CIF) for the year 2025. The report, based on 6,713 annual information sheets, highlights increased revenue concentration among major players and a slight rise in the CIF activity's share of total revenue.

In 2025, CIFs reported a total turnover of 4.45 billion euros across all activities. The specific CIF activity accounted for approximately 1.01 billion euros, representing nearly 23% of the total turnover, an increase from the previous year's 21%. This rise underscores the growing importance of this specialized activity.
The CIF market is marked by significant polarization. The top 50 players concentrate over half of the total turnover (52% in 2025, up from 49% in 2024). Among professional associations, ANACOFI-CIF leads with 40% of cumulative turnover, followed by CNCGP (34%), CNCEF (24%), and COMPAGNIE-CIF (2%).
CIFs advised 2.92 million clients across all activities in 2025, with 647,983 clients specifically linked to CIF activities. Financial instruments, particularly units or shares of collective investment undertakings (OPC), remain the preferred investment. Activity in cryptoassets remains marginal.
Membership in a group or network is a common model, with 45% of CIFs belonging to one. The three largest groups represent 26% of CIFs.
The remuneration structure for CIFs has evolved little. Wealth management advisors (CGP), comprising 95% of the actors and generating 78% of CIF turnover, derive 65% of their income from entry and exit fee rebates, and 26% from management fees. So-called 'institutional' CIFs, though fewer (3.4%), account for nearly 21% of CIF turnover, with fees being their primary income source (59%).
Based on information from the official source: Autorité des marchés financiers (AMF) (12/10/2026)