Professionals

22. Does the provision of answers to specific questions constitute financial planning advice under the Law of 25 April 2014?

Such answers do not constitute financial planning advice as long as the answers do not pertain to optimizing, inter alia, the structuring, the planning, the protection, the legal organization or the transmission of a client’s wealth, according to the needs and goals stated by such client.

As a rule, the three features of specific questions are the following:

  1. they relate to a specific legal issue or a point of law concerning a specific transaction;
  2. knowledge of the client’s general circumstances is not required to provide an accurate and comprehensive answer to such questions, and
  3. the answers to these questions may be of a customized nature.

Examples which do not constitute financial planning advice:

  • a client wishes to buy a second residence in France and wonders how to complete the transaction;
  • a client asks about the details of the mechanism of split purchase usufruct / bare ownership.