Financial investment advisor (CIF)
A regulated professional who habitually provides investment advice and guidance on financial transactions. The CIF is registered with ORIAS and belongs to a professional association approved by the AMF. It is a status distinct from the IOBSP: a wealth-management firm may combine both to advise clients beyond credit alone.
Key points
- Status regulated by the French monetary and financial code, distinct from IOBSP and IAS.
- Registered with ORIAS and obligatorily a member of an AMF-approved professional association.
- Habitually advises on financial investments, savings products and wealth strategies.
- Can be combined with IOBSP status for comprehensive wealth advice including credit.
Frequently asked questions
What is the difference between a CIF and a wealth management advisor (CGP)?
The term 'wealth management advisor' is a commercial title that is not regulated as such. However, the activities a CGP carries out are regulated and require multiple statuses: CIF for investment advice, IAS for insurance, IOBSP for credit. A well-structured CGP combines all three ORIAS registrations, enabling genuinely comprehensive advice. The CIF status is therefore one of the regulatory pillars of the wealth-advisor profession.
Why is membership of a professional association mandatory for a CIF?
The legislature delegated to professional associations approved by the AMF the first-level supervisory role over CIFs: they verify that members comply with conduct rules, continuing education requirements and fitness standards. The AMF retains second-level oversight and sanctioning powers. This structure ensures effective supervision without overburdening the direct regulator, and requires the CIF to be accountable to a body of professional peers.
What risks does a broker run by giving investment advice without CIF registration?
Habitually providing investment advice without CIF registration is a criminal offence and can trigger AMF administrative sanctions. On the civil side, it exposes the professional to claims without the protection of the professional liability insurance linked to that status. It is therefore essential to clearly define the scope of your activity: a credit broker can discuss a rental investment in the context of financing, but cannot advise on an overall wealth strategy without the appropriate registration.
In practice
A wealth-management firm registered as IOBSP, IAS and CIF advises a client wishing to buy a tax-advantaged rental property. In a single relationship, it structures the financing, selects delegated borrower insurance and advises on the tax structure via an IS-regime SCI, three distinct missions covered by three complementary ORIAS registrations.
Official sources
- Financial investment advisers (CIF) · AMF
- The banking-operations intermediary (IOBSP) · ABE Info Service (Banque de France / ACPR)
- Single register of intermediaries · ORIAS