Choosing the right management mode for a PEA or a securities account is a key step in optimizing your investments. Free management, guided management, or management under mandate: these options address different needs depending on your level of experience, your available time, and your risk tolerance. The offerings of financial intermediaries now allow everyone, from novices to experts, from prudent to aggressive profiles, to invest in the stock market while respecting their investor profile, their needs, and their desires.
In this guide, we explain how to select the most suitable management for your investor profile to invest in a PEA (Plan d’épargne en actions) and in a standard securities account (CTO).
Securities accounts, PEA: which management modes to choose to invest in the stock market? In video
Under-mandate, advised or free management: what to choose for a PEA or a securities account?
Before choosing one management mode over another, it is essential to know yourself well and to anticipate your relationship with your investments.
- What are your knowledge levels regarding financial markets?
- Is this your first time investing in the stock market?
- Do you have a very fixed view on stock picking?
- Are you more of a growth or value investing enthusiast?
- Do you know well the rules to follow in terms of money management?
If you vaguely know the difference between a stock and a bond and you have never heard of diversification, it is better to delegate portfolio management. On the other hand, if you are an experienced trader who has been investing in financial markets for many years, comfortable with CAC 40 stocks as well as small and mid-cap stocks and index derivatives, you will likely choose free management. Between these two options, and many investors are concerned, several other options can also suit investors who, while not experts, are not beginners either. For example, ETF investments and/or investing in solid, dependable stocks with a DCA strategy implemented via an investment plan.
You will also need to consider, beyond your level of market knowledge and experience, your degree of involvement and motivation. If you are starting out but want to train yourself and devote time to your investments, you can choose a management solution identical to that of an expert investor but with very little time to dedicate to your investments, such as building a diversified portfolio of 5 well-chosen ETFs with a buy & hold approach. The choice of a management mode for your stock investments should be driven by your needs but also by your desires and your motivation.
Finally, to refine your choice of management mode, you will need to define your investor profile. For this, you should determine your investment objectives, your time horizon, and your risk tolerance. Indeed, you will not invest in the same way if you want to finance the purchase of a second home within 5 years or plan for retirement in 30 years. You will need to take this into account when choosing your management mode. Likewise, it is essential to define your risk profile to invest successfully. There is no point in taking on high-risk titles directly if you are very risk-averse. It is the safest way to decide to sell everything when prices fall and to suffer a significant loss. Again, this factor must be considered when choosing your management mode.
Finally, before choosing your stock investments, you should also know how much money you want to invest. Indeed, some management modes are only accessible starting from a minimum amount.
Summary table: choosing your management mode according to your investor profile
| Management mode | Required level | Time to devote | Cost | Ideal for |
| Free management | Beginner → Expert | High | Low | Autonomous investor with time |
| Advised management | Intermediate → Advanced | Low | High | Experienced investors lacking time |
| Under-mandate management | Intermediate → Advanced | Very Low | Medium | Investor delegating everything due to lack of time and/or knowledge |
Free management: who it’s for and how it works
Free management is the most widespread mode of management, offered by all financial intermediaries: network banks as well as online banks, fintechs such as specialized stock brokers. With this type of management, the investor is the sole captain on board. It is up to them to select the stocks they want to include in their portfolio, decide when to buy and when to sell, monitor proper diversification of their holdings, and maintain a risk-return balance. It is their task to create a stock portfolio aligned with their risk profile, their investment horizon, and their investment goals. It is also up to them to stay composed and avoid making arbitrage decisions that would be harmful during a crash or a stock market correction.
Free management is, without a doubt, the most economical management mode. Only brokerage fees are to be paid. You will also pay any custody or platform fees (actively managed traditional funds are more expensive than ETFs, which are themselves more expensive than individual securities). Note also that brokerage fees vary greatly depending on the intermediary, with online players showing prices much lower than traditional players.
Therefore, be careful to choose the best PEA or best securities account for your free management investments, i.e., an envelope offering the assets you want to invest in, with reasonable fees, at a broker with effective customer service and tools that match your profile.
Free management is the recommended mode for the passionate investor who has time and skills. However, the less experienced but motivated investor who wants to learn and dedicate time to their placements can also choose this mode.
Sample stock portfolios
Sample portfolios are often offered by online banks, such as EasyBourse or Fortuneo, for example. They can be set up from a PEA or a securities account. These are portfolios tailored to different profiles that vary according to the investor’s strategy and risk appetite.
With this type of management, you are sure to own a diversified stock portfolio with a satisfactory risk-return balance, and to see your portfolio evolve to adapt as efficiently as possible to market circumstances. However, be careful to accurately determine your profile to choose the portfolio that best fits you, especially in terms of risk aversion. Your investment should not give you cold sweats or keep you up at night.
Sample portfolios may or may not incur additional fees compared to free management.
Sample portfolios are aimed at investors who do not have a lot of time to devote to their placements and/or who do not have deep knowledge of the financial markets but still want to be invested in the stock market.
Advised management: advantages and limits
With advised management, a financial investment advisor (CIF) issues recommendations to the individual investor, who is free to apply them or not. This mode of management is often offered by wealth management advisors.
This type of management is charged separately, usually in the form of a subscription.
Advised management is suitable for expert investors who cannot devote much time to their investments but who are most often passionate and wish to retain control of their PEA and/or their securities account. This type of management can also suit investors who do not have extensive knowledge of financial markets but want to learn and devote time to their placements. They can, for example, try to understand the reasons behind experts’ recommendations to improve themselves.
Under-mandate management: to delegate to an expert
Guided management or under-mandate management consists of giving a mandate to a management company that will take all decisions regarding stock picking (the selection of securities in the portfolio) and will perform necessary arbitrage (buying and selling securities) based on market circumstances but also on your risk profile, your time horizon, and your investment objectives.
Indeed, before choosing this type of management, you must first complete a questionnaire to determine in very precise terms what your investor profile is, a document essential on which the management company will rely to build a stock portfolio perfectly tailored to your profile.
Guided management is charged in addition as annual management fees and is added to any fund or instrument fees. Brokers, online banks, and robo-advisors offer it at highly competitive rates, or even for free, with a minimal threshold that is often affordable (no minimum or rarely just a few thousand euros). However, traditional network banks may require a much higher minimum asset under management and typically apply significantly higher guided management fees than those charged by online players.
Guided management is ideally suited for a investor with very little knowledge in this area and/or who does not want to devote time to their stock market investments.
Comparison: best stock broker PEA and Securities Account in free management 2026
| Top Stock Brokers | Current Offers | See Offers |
|---|---|---|
| Invest with 0€ commission and 5% interest on invested cash. Potential capital loss* | ||
| A Renault share offered until 28/02/26 + open a free demo account + stocks and ETFs at 0% commission (0.20% beyond 100,000€ invested / month). Potential capital loss* | ||
| Get up to $500 of free assets. Your capital is at risk* | ||
 |
2% interest on your cash + invest from €1 on stocks, ETFs, scheduled plans, cryptos and market products. Risk of capital loss* | |
 |
Buy stocks, ETF or ETC or transfer your portfolio before 14/02/26 and get 1% with Bitpanda. Your capital is at risk* | |
 |
Open your account quickly and receive up to 20 free shares on your first deposit. Invest with a free personal manager. See T&Cs. Risk of capital loss* | |
| Invest with confidence in stocks, options, futures, currencies, bonds and funds on 150 global markets. Investing involves a risk of loss* | ||
 |
0.08% on French and US stocks + Saxo Turbos at 0€ + Up to 2.66% interest on cash. Risk of capital loss* | |
 |
From 0.99€ per stock order + transfer fees reimbursed and free training. Risk of capital loss* | |
 |
Transfer fees 2x reimbursed + from 0€ per stock order with Boursomarkets. Investing involves a risk of loss* |
*See terms on the site.
What are the different risk profiles for a PEA or a securities account under guided management?
There are usually 3 to 5 different risk profiles for a PEA or a securities account under mandate management, ranging from least to most risky. The designations may vary but typically you will find the following endings:
- Defensive or Conservative
- Balanced
- Dynamic or Offensive
The defensive or conservative profile is invested in money market instruments, bonds, and a small proportion of equity markets. The balanced profile is typically invested in similar proportions in equity-type products and products exposed to rates and money markets. Finally, the riskiest profile, most often called dynamic or offensive, is usually almost exclusively invested in the stock market via securities, ETFs, and classic UCITS funds.
It is common for some profiles to be offered in a responsible finance version by investing exclusively or predominantly in funds labeled as ISR to attract investors who want to incorporate ESG (Environmental, Social, Governance) criteria into their investments.
Comparative: best stock broker PEA in guided management 2026
| Yomoni | ActivSeed | BoursoBank | Fortuneo | |
|---|---|---|---|---|
| Cumulative performance since inception | Profile 10: 102.2% Profile 9: 72.8% Profile 8: 59.5% Profile 7: 47.1% Profile 6: 35.2% Profile 5: 27% Profile 4: 18.9% Profile 3: 11.4% (1) | Moderate: 27.55% Balanced: 59.36% Dynamic: 120.56% Audacious: 97.04% (2) | Defensive: 24.34% Balanced: 69.69% Dynamic: 223.95% Dynamic Responsible: 126.13% (3) | Moderate: 13.34% Balanced: 25.32% Dynamic: 37.36% (4) |
| Minimum entry | €5,000 | €50,000 (€5,000 for a transfer) | €100 | €30,000 |
| Management fees | 1.60% /year | 1.20% /year* | 1.0% /year | 10% / year on the mandate’s performance for the moderate mandate 12% / year on performance for the balanced mandate 15% /year on performance for the dynamic mandate |
| Investment supports | ETF | ETF | UCITS | UCITS |
| Number of profiles | 8 | 4 | 4 | 3 |
| Manager | Yomoni | ActivSeed | Oddo BHF Asset Management | Arkéa Asset Management |
(1) Net performances calculated from 31/05/2016 to 20/02/2026
(2) Net performances calculated from 01/01/2015 to 31/12/2024
(3) Net performances calculated from 01/06/2012 to 31/12/2025
(4) Net performances calculated from 30/06/2020 and 30/06/2025
*The fee structure varies according to the number of transactions on your account. The distribution shown here is a simulated average based on an annual portfolio rotation of 100% (historical prudent simulation).
Comparative: best stock broker PEA in guided management 2026
| Yomoni | Ramify | BoursoBank | Fortuneo | |
|---|---|---|---|---|
| Cumulative performance since inception | Profile 10: 102.2% (1) | Variable depending on the investor | Conservative: 14.66% Balanced: 17.17% Dynamic: 35.98% Offensive Select: 47.48% (2) | Dynamic: 44.21% (3) |
| Minimum entry | €5,000 | €50,000 (€5,000 for a transfer) | €100 | €30,000 |
| Management fees | 1.60% /year | 1.00% to 1.4% /year | 1.20% /year | 10% / year on the performance realized for the moderately managed mandate 12% / year on the performance realized for the balanced mandate 15% /year on the performance realized for the dynamic mandate |
| Investment supports | ETF | Assets eligible for PEA | UCITS | UCITS |
| Number of profiles | 1 | Not relevant | 4 | 1 |
| Manager | Yomoni | Advised management with Ramify experts | Amundi | Arkéa Asset Management |
(1) Net performances calculated from 31/05/2016 to 20/02/2026
(2) Net performances calculated from 20/10/2022 to 31/12/2025
(3) Net performances calculated from 30/06/2020 and 30/06/2025
FAQ – Which management mode to choose for a PEA or a securities account?
The free management generally shows the lowest fees (only brokerage fees and potentially custody rights).
The guided management adds management fees to compensate for allocation and arbitrage performed by the platform.
The advised management often presents higher fees, sometimes complemented by a significantly higher entry ticket.
Guided management is often suitable for beginner investors. It allows you to benefit from an allocation managed by professionals while maintaining a structured framework, without having to select each asset yourself.
But you can also opt for free management if you want to learn and have some time to devote to your placements.
Yes, in most institutions it is possible to modify the management mode. Switching from guided management to free management involves taking back full control of arbitrages and may incur fees depending on the contract terms. It is advisable to check the exact modalities before making any changes.
All of our information is, by nature, generic. It does not take into account your personal situation and does not constitute personalized investment recommendations or any form of investment advisory services. The reader is solely responsible for using the information provided, and Cafedelabourse.com cannot be held liable. The publisher’s responsibility cannot be engaged in case of error, omission or unsuitable investment.
