The Paper's reporter Hu Zhiting
2022 is coming, and the asset management industry will start a new journey.
Over the past three years, under the requirements of the new asset management regulations, the bank's wealth management business has undergone adjustments, net worth management, restriction of non-standard, breaking the rigid exchange... A series of "hot words" outline the whole picture of the industry throughout the transition period.
The transition period of the new asset management regulations has ended on December 31, 2021, will bank wealth management usher in a new spring? A person from a wealth management subsidiary of a large state-owned bank bluntly said that the challenges are unprecedented and the opportunities are unprecedented.
According to data from China Wealth Management Network, as of the end of September, the existing scale of net worth wealth management products in the whole market was 24.19 trillion yuan, accounting for 86.56%, accounting for 7.53 percentage points higher than the end of June, and the amount of existence increased by 18.64% compared with the end of June. Judging from the overall market situation, the degree of net worth transformation of wealth management products has been continuously improved, especially in various banking institutions that have established wealth management subsidiaries, and the progress of net worth transformation is in the forefront.
From a recent point of view, the expansion speed of bank wealth management subsidiaries has gradually slowed down, what are the first-mover advantages of established wealth management subsidiaries? What are the difficulties in the transformation of net worth, and what are the new directions in the product? How to reduce the pressure of cash management wealth management that still has a one-year transition period? After the transformation of net worth, how to carry out the crucial investor education work?
The difficulty of net worth transformation mainly lies in investor education and system development
In the past, bank wealth management generally gave people the feeling of "stability". Under the general direction of net worth transformation, the overall transformation of wealth management products to the market price method, the net value performance of products and the market performance of underlying assets are more closely linked, in this context, product net value fluctuations will become the norm.
According to the "Wealth Management Market Data Report" released by the China Banking Association and Puyi Standard, the level of wealth management income of banks nationwide in November was 3.49%, down 1BP from the previous month.
For wealth management subsidiaries, their investment and research capabilities need to be improved, and they must also be more effective in investor education. Because many investors who are accustomed to the "just exchange" thinking, it still takes time to change their concept of net worth products.
The relevant person in charge of Ping An Wealth Management, a wholly-owned wealth management subsidiary of Ping An Bank, told the surging news that after the new asset management regulations, it is necessary to pay equal attention to and go hand in hand in terms of investor education for customers and the investment management capabilities of wealth management institutions themselves.
"After the comprehensive net worth transformation of wealth management products in the new asset management era, fluctuations may become the norm, and Ping An Wealth Management will face up to market changes while doing a good job in customer companionship and investment education." The relevant person in charge of Ping An Wealth Management told the surging news that on the other hand, using simple products to carry complex active management capabilities and multi-asset and multi-strategy advantages, so as to serve the core needs of the steady allocation of family funds, which is also the key to testing the company's investment philosophy to truly integrate into the retail ecology.
A person in charge of a bank's wealth management subsidiary also told The Paper that in the process of net worth transformation, the difficulties faced by banks and wealth management companies are mainly investor education and system development. The former is mainly to let investors better understand the net worth products through various ways, so as to understand and accept the fluctuations of the net value of the products; the latter is mainly to complete the development and launch of various system functions in a relatively short period of time according to the requirements of various regulatory systems, including the migration of existing products, which poses certain challenges to the system development work.
"In fact, after the transformation of the net worth of wealth management products, its net value can more truly and directly reflect the actual operation of the product, so that investors can more intuitively understand the risk and return status of the product, which does not increase the investment risk of investors." Ningyin Wealth Management, a wholly-owned wealth management subsidiary of Bank of Ningbo, told the surging news that wealth management companies need to enhance their investment research capabilities and optimize their investment experience on the one hand; on the other hand, they need to vigorously carry out investor education work such as roadshows, training and publicity to help investors better understand the net value of products and investment strategies, so as to improve investors' acceptance of fluctuations in product net value.
Wealth management products are expected to take diversification as the main direction and will increase the layout of financial management with rights
With the growth of residents' wealth and the expansion of middle-income groups, residents' investment concepts will also increase with the growth of wealth management needs. Diversification is the consensus of many people in wealth management subsidiaries on the future development direction.
In an interview with the surging news, a relevant person from Ningyin Wealth Management said that the investment model of traditional bank wealth management business based on fixed income assets can no longer fully meet the diversified investment needs of various customer groups. The exhibition in the form of wealth management subsidiaries will help establish a diversified wealth management product system to better meet the diversified investment needs of customers, and at the same time, it will also help to achieve complete risk isolation between self-operated business and wealth management business on behalf of customers, and truly achieve the transformation goal of "buyers bear their own responsibilities and sellers do their duty".
"From the perspective of institutions that have established wealth management subsidiaries, they have formed obvious advantages in terms of product system perfection, investment and research capabilities, customer service level, risk control and system architecture." The above-mentioned Ningyin wealth management people believe that in the future, the overall development of wealth management products is expected to be diversified as the main direction, pay more attention to the segmentation of investment strategies and the differentiated needs of customers, and tend to diversify in terms of product form, functional design, and strategy types. In the process, it is expected that the proportion of investment in equity assets will increase.
The person in charge of Ping An Wealth Management also holds the same view. The person in charge told the surging news that after more than a year of development, Ping An Wealth Management has initially established a full product line covering different risk-return characteristics of cash, fixed income, fixed income + and mixed. In the future, we will increase the layout of rights-containing wealth management, continue to select public funds and managers in the whole market mainly through FOF and MOM, and lay out rights-containing products with different risk-return characteristics through the allocation of multi-assets and multiple strategies.
A person from a large bank wealth management subsidiary told the surging news that bank wealth management must deeply integrate its own strategy with the background of high-quality economic development, such as focusing on the development direction supported by the state such as "specialization and specialization" and "common prosperity". At the same time, wealth management and cross-border business are also a major "blue ocean" in the future asset management market.
The person also pointed out that for some new formats with high technology, light assets and lack of collateral, it is not possible to rely solely on indirect financing support, and direct financing services such as bonds and equity are needed, and bank wealth management can match the financing needs of enterprises at different stages of development through its own advantages.
How will cash management be adjusted in the coming year?
Although the "big limit" of the transition period of the new asset management regulations has passed, the transition period for cash management wealth management that some bank wealth management subsidiaries are keen on is still one year. In June this year, the China Banking and Insurance Regulatory Commission and the Central Bank of China jointly issued the Notice on Matters Related to regulating the Management of Cash Management Wealth Management Products, which regulates the operation of cash wealth management products from the aspects of investment scope, credit rating, investment ratio restrictions, liquidity requirements, and investor concentration management.
It can be seen that under the framework of the new asset management regulations, the advantages of cash management wealth management products will no longer be obvious. Ming Ming, chief FICC analyst of CITIC Securities, believes that in cash management products, the sub-problems of financial management are concentrated in ratings, national banks are mainly terms, and urban and rural commercial banks have a relatively high proportion of products with deadlines and ratings to be rectified. Combined with the current scale of cash management, it is expected that the assets that need to be rectified may reach 3.5 trillion yuan.
A person from the management of a bank's wealth management subsidiary told the surging news that the new regulations implement scale control for cash management products accounted for by commercial banks and wealth management companies using the amortized cost method, and some commercial banks or wealth management companies with larger cash management wealth management products may need to compress or control the scale of cash management products. In this case, some customer needs may flow to other institutions to issue and manage similar products.
The person also pointed out that at present, commercial banks and wealth management companies have begun to control the upper limit of product scale in accordance with the requirements of the new regulations, and at the same time increase the development of the system to ensure that the regulatory indicators required by the new regulations can be controlled through the system in the future. In terms of product issuance, some institutions have successively issued short-term bond fund products and short-term holding period products, which can meet the short- and medium-term investment needs of some customers with slightly loose liquidity requirements, higher income requirements, and certain risk tolerance.
"After the release of the new regulations, Ping An Wealth Management has comprehensively sorted out the investment status of the stock of cash wealth management products, and according to the time requirements for meeting the standards at the end of 2022, the proportion of over-term and over-proportional assets in cash wealth management products is very small, and it can be adjusted in the market during the transition period." At the same time, in order to actively implement the policy requirements for the transformation of cash wealth management products, Ping An Wealth Management laid out in advance to enhance customer stickiness with scene capabilities to stabilize the scale and continue to serve customers well. The relevant person in charge of Ping An Financial Management said to the surging news.
According to him, on the one hand, Ping An Wealth Management relies on the scientific and technological strength of Ping An Group to fully integrate cash wealth management into various life scenarios to enhance customer experience, enhance customer stickiness with strong scene capabilities and ease of use, and reduce customers' dependence on high yields; on the other hand, taking into account investors' demand for short-term high liquidity products, actively lay out short-term products, enrich shelves, and serve investors.
Editor-in-Charge: Zheng Jingxin Photo Editor: Jiang Lidong
Proofreader: Yan Zhang
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