Definition
A CIF (Conseiller en Investissements Financiers, or financial investment advisor) is authorised to provide investment advice on financial instruments — equities, bonds, UCITS, AIFs, SCPI units — without being a credit institution or an investment firm.
Created in 2003 and supervised by the AMF, the status is obtained by registering with ORIAS through an approved professional association (ANACOFI-CIF, CNCGP, CNCEF Patrimoine, La Compagnie des CGP).
What a CIF does (and does not do)
It can advise a client on allocation, the choice of instruments and arbitrages, receive and transmit orders (RTO) if its licence provides for it, and be remunerated through fees and/or retrocessions.
It cannot:
- manage a portfolio under mandate (AMF asset-management company status);
- hold securities accounts or safekeep assets (custodian investment-services-provider status);
- distribute banking products — credit, deposits — which fall under the IOBSP;
- distribute life insurance, which falls under the insurance broker.
CIF vs IOBSP vs insurance broker
Three distinct statuses, all registrable with ORIAS but not freely combinable:
| CIF | IOBSP | Insurance broker | |
|---|---|---|---|
| Scope | Financial instruments | Credit, deposits, payments | Insurance contracts |
| Regulator | AMF | ACPR | ACPR |
| Mandatory association | Yes (ANACOFI-CIF, CNCGP, etc.) | Yes (ANACOFI-IOBSP, AFIB, etc.) | Yes (Planète CSCA, etc.) |
| Professional capacity | AMF exam + degree | Level I/II/III | IAS levels 1/2/3 |
In practice, a wealth-management advisor (CGP — Conseiller en Gestion de Patrimoine) often combines all three statuses to offer a comprehensive proposition (investments + credit + life insurance).
Professional obligations
A CIF must join an AMF-approved association, hold a three-year (Bac+3) degree in finance/economics/law (or equivalent experience) and pass the AMF exam, take out dedicated professional liability cover, comply with the AMF general regulation (MiFID II profiling, advice formalised in writing, declaration of conflicts of interest, 5-year archiving) and follow annual continuing education.
What MiFID II added
The MiFID II directive (2018) significantly strengthened the obligations:
- Suitability: the advice must match the client's risk profile, situation and objectives.
- Pre-contractual information: an onboarding document (DER) and an engagement letter.
- Cost transparency: full, ex ante and ex post (entry, management, retrocessions).
- Independence: a CIF is "independent" only if it assesses a broad range of products with no retrocessions; otherwise it must declare itself non-independent.
- Recording of communications (calls, emails, video calls), archived 5 to 7 years.
What a CIF is not
- Not an estate agent: advising on SCPI units is CIF activity, but selling a property directly falls under the Hoguet law.
- Not a robo-advisor: a pure robo (Yomoni, Nalo) is generally an AMF asset-management company, not a CIF.
- Not allowed to promise performance (except capital-guaranteed products); any communication must be balanced and mention the risks.
- Not exempt from solicitation rules in banking and finance, which apply on top.
In the PSD2 ecosystem
The CIF is not a PSD2 status, but wealthtech intersects with it: some CIFs use an AISP to retrieve their clients' bank and wealth accounts (a 360° view), foreshadowing the future FIDA framework on Open Finance for investment products.
Real-world examples
- Wealth-management firms (CGP): most are CIF + IOBSP + insurance broker, with 100 to 500 clients; a fragmented market (~4,000 firms in France).
- Wealthtech CIF: Grisbee, Nalo (partly), Cashbee, Goodvest combine CIF with asset-management company status or a partnership with one.
- Pure robo-advisors: Yomoni is an asset-management company (not a CIF) because it manages under mandate; Cashbee is CIF + broker.
- PACTE law and the PER: the PACTE law (2019) made the PER a flagship product for CIFs, who must master its insurance and financial arbitrages.
- Retrocessions: the European Retail Investment Strategy (under discussion in 2024–2025) could impose a "value for money" model and restrict retrocessions on non-independent advice.
- CIF + AISP data: a CGP who aggregates all of a client's accounts saves time, but must qualify the use of the data (consent, purpose) — a typical case for Harvest, O2S, Manymore.
- AMF sanctions: checks have intensified since 2020, with public sanctions for failures in MiFID II profiling or advice documentation.