Investir en 2026 : à qui faire confiance ? - Pierre Marin

In this episode of *La Martingale*, host Mathieu Stéphanie sits down with Pierre Marin, co-founder of Rockfi, to discuss the evolving landscape of wealth management in France. The conversation centers on the need for a "modern" approach to financial advisory, moving away from opaque traditional banking models toward transparency, technology, and alignment of interests. ### The Problem with Traditional Wealth Management Pierre Marin identifies a fundamental breakdown in trust between the French public and traditional private banks. The primary culprit is a lack of transparency regarding fees. Currently, most advisors operate on a model of "retro-commissions," where they are paid by the financial products they sell rather than by the client directly. Marin uses a medical analogy to illustrate the conflict of interest: it is like a doctor offering a free consultation but only getting paid based on the specific brand of medication they prescribe. This creates a natural bias toward high-commission products, often at the expense of the client’s best interests. A clear example of this bias is the underutilization of ETFs (Exchange Traded Funds) in France. While ETFs frequently outperform active fund managers and cost significantly less, they represent only 10% of French allocations because they pay zero commissions to advisors. Traditional banks, burdened by heavy administrative tasks, often see their advisors spending 80% of their time on paperwork and only 20% with clients. ### The Rockfi Model: Hybrid and Transparent Rockfi positions itself as a modern "CGP" (Conseiller en Gestion de Patrimoine). Their model is hybrid, combining experienced human advisors—many of whom are former private bankers seeking independence—with a high-tech platform. The goal is to reverse the industry standard by using technology to automate administrative hurdles like KYC (Know Your Customer) and asset consolidation, allowing advisors to spend 80% of their time on client strategy. Unlike traditional banks that charge between 2% and 2.5% in total hidden fees, Rockfi advocates for a transparent, fixed percentage (averaging 1%) of assets under management. This fee is decoupled from the products recommended. By using "clean share" products (financial instruments without built-in retro-commissions), Rockfi ensures that the advice remains objective. ### Market Segments and the "Silver Tsunami" The wealth management market is divided into three segments: 1. **Mass Affluent (under €100k):** These investors are largely self-served through DIY apps like eToro or Trade Republic. 2. **Ultra-High Net Worth (over €10-20m):** These families use dedicated Family Offices with highly aligned interests. 3. **The "Soft Middle" (€100k to €10m):** This is Rockfi’s primary target. These individuals have complex needs—such as selling a business or planning an inheritance—but are currently underserved by the rigid structures of traditional retail banks. The industry is also facing a massive demographic shift known as the "Silver Tsunami." In France, approximately €5 trillion in assets will be transferred to younger generations over the next decade. This younger cohort demands more digital transparency and is far more likely to switch advisors than their parents, making it a pivotal moment for modern firms to capture market share. ### Goal-Based Investment vs. Risk Profiling Traditional banks typically categorize clients into three buckets: Prudent, Moderate, or Dynamic. Rockfi rejects this as outdated, favoring "Goal-Based Investment." This approach starts with the client's life objectives—such as retiring at 40, financing a passion, or protecting children—and reverse-engineers a strategy to meet those milestones. For different life stages, the advice varies: * **Young Investors (25-35):** The focus is on time and leverage. Pierre suggests starting as early as possible to benefit from compounding interest. Strategies include using credit to invest in SCPIs (Real Estate Investment Trusts) or long-term ETFs. * **Pre-Retirees:** The focus shifts to tax structuring and income regularity. Marin highlights the importance of opening life insurance policies before age 70 to maximize inheritance tax benefits. He also discusses "structured products" and private debt as ways to generate regular coupons (yield), though he warns that these require a trusted advisor to navigate their inherent complexity and risks. ### Strategies for Entrepreneurs For entrepreneurs, the stakes are higher due to professional assets. Marin emphasizes the importance of "patrimonial engineering" before a sale. This includes setting up holding companies or using the "150-0 BTE" tax mechanism, which allows entrepreneurs to defer capital gains taxes if they reinvest 60% of their sale proceeds into qualifying assets, such as private equity or specific real estate clubs. Rockfi also provides access to non-listed assets (Private Equity), ranging from high-risk venture capital to more mature, diversified "funds of funds." While these assets are illiquid—often locked for 5 to 10 years—they offer diversification and returns that are generally unavailable in the public markets. ### Conclusion and Personal Advice Pierre Marin concludes by stressing the importance of early financial education, suggesting that personal finance should be taught in schools. His personal "Martingale" or investment conviction involves the geopolitical importance of semi-conductors. He suggests looking into companies in this sector that are not based in Taiwan to mitigate regional risks. For those looking to take control of their wealth, Marin’s advice is simple: find an independent advisor you trust, demand to know exactly how much you are paying in euros, and start investing as early as possible to let time do the heavy lifting.