Guide: Usually traveling in Shanghai, I especially like to take the subway, it is very convenient to go anywhere, and I can avoid traffic jams and calculate the time. This year, with the vigorous development of the fund industry, subway cars and subway stations will often see some advertising of fund companies. However, when I took the subway these two days, I saw an advertisement for a fund company and ant wealth's investment tool "Zhi Xiaobao", which made a special impression on me. This subway poster does not promote any products, but uses some simple cartoon pictures to tell everyone the operational misunderstandings in financial management.
After I went home, I immediately searched on Alipay and paid attention to "Zhi Xiaobao", and indeed saw a short video, which told some professional investment principles in a popular and interesting way. Many of the investor education articles that we used to spend thousands of words at length can be fully expressed with a 20-second cartoon video, and they do not require any threshold of understanding.
This has also led me to think about the "Internet model" of investor education recently. The biggest change in the fund industry in the past few years is the Internet, from the Internet of fund sales, to the Internet of fund manager roadshow communication, and then to the Internet of investor education today. To be precise, investor education has not only become Internet-based, but also digital. Digital education has also become an important engine to promote the healthy development of the wealth management industry.
Education or communication? Surrender is the anti-human but correct thing to do
I have always believed that there are two key points that affect the investment income of fund holders: 1) what products to invest in; and 2) how to invest in products. Over the years, everyone has become more and more clear about what type of products to invest in. The vast majority of ordinary shareholders have also begun to invest money in good fund products and let professional people do financial management for them. However, because the basic people are not very clear about "how to invest", even if they buy a good product, the yield is not satisfactory. In this link, investors become extremely important.
In fact, since the establishment of the asset management industry, investor education has become an important job for fund companies. For example, Dongfanghong Asset Management has long held the "Oriental Miles" activity, and continuously exports their value investment ideas through offline investors and channel exchanges. Due to the success of Dongfanghong Asset Management, offline investor education has also become the mainstream of the industry.
But over the past few years, investor education has always faced two major problems:
1) How to educate investors? After all, investors are adults, and educating students is completely different, and it is difficult to change an adult's thinking. Even, we used to say on Wall Street "you don't change people, you change people";
2) How to improve the efficiency of investor education? The biggest cost for all of us is time. In the form of offline investor education activities, a relatively large problem is efficiency. It takes a lot of time and energy, and each offline event can't face too many audiences.
For a long time, investor education has been a difficult problem that has plagued us: how to do it, how to change the behavior of holders, how to see the effect, how to effectively reach customers and a series of other issues have been repeatedly discussed by many people. In fact, compared to the word "education", I think that teaching is more "communication", especially two-way, effective interaction. On the one hand, fund companies, fund distribution agencies, etc. have a deeper understanding of the current situation and needs of the basic people's financial management; on the other hand, they can continuously and efficiently export investment and financial knowledge and suggestions according to the needs and information acquisition preferences of the basic people, and help the basic people make better decisions.
In the context of the transformation of the entire fund industry to "service-oriented" and the emphasis on fund sales, whether it is for fund companies, or third-party sales institutions such as banks, securities companies, and Internet companies, continuous investment and education companionship is undoubtedly the key to improving the long-term profit experience of the basic people and retaining users.
After all, in the Internet era, deleting an APP only needs to tap the screen twice...
Behavioral returns: A major sticking point in the fact that the fund makes money and the people do not make money
According to the "Profit Insight Report for Investors in Public Equity Funds" released by a number of fund companies, the annualized return of active equity funds was 16.67% in the fifteen years ended March 31, 2021. Corresponding to the time node, the average yield of all individual customers in history is only 8.85%.
This is an old problem in the industry, "funds make money and people don't make money". This is almost the biggest problem, and investor education needs to be continuously done.
At the recent investment and education conference, Li Xiaojun, deputy general manager of Ant Wealth, repeatedly mentioned "user behavior gains". Fund income can be disassembled into product income and user behavior income, and product income includes benchmark income and excess return, which add up to determine the final return of investors.
Product returns are more about the operation of fund managers, while behavioral returns can be influenced by the fundamentals autonomously. According to Ant Wealth data, in 2020, the average product yield of equity funds held by investors reached 27.8%, and the average behavior yield of users was -12.1%, and the final actual return caused by wear and tear was only 15.7%, which was nearly half of the loss compared with the income of the deserving product. Overall investor yields are low in 2021, but the conclusions are still similar.
Taking a technology-themed fund as an example, the "lazy user" who also holds for 1 year and has less operation has a final yield of 47%, and the behavioral yield is only -3%, while the final yield of the "chasing up and killing the fall" is only 24%, and the behavioral yield is -28%, and the actual return of the former is nearly double that of the latter.
Xu Xin, deputy general manager of CEIBS Fund, also mentioned at the investment and education conference that 60% of ceio fund users are profitable in 2021, and the typical behavior of profitable users is to hold low-wave products and hold them for a long time; hold 2-3 products and diversify investment; and open fixed investment services. On the contrary, the typical behavior of loss-making users is: holding high-wave track products, high-frequency trading, holding a single product, and not opening a fixed investment service.
If the basic people can avoid unreasonable investment behaviors such as short holding period, chasing up and killing down, and frequent trading, they can further turn the due income into real returns. However, "the authorities are confused by the bystanders", which requires fund companies, fund sales agencies and other industry institutions to blow the wind from time to time to remind the basic people how to identify risks and avoid wrong financial behavior.
Embracing the Internet, fund companies open "fancy investment education"
Recently, we have also found an interesting phenomenon that fund companies are becoming more and more grounded in the matter of investment and education.
"Although liquor is good, don't be greedy", in the "outlet" of the liquor market, Hou Hao, the fund manager of China Merchants Fund, gained a lot of fans with this risk tip in the Ant Fund discussion area. The basic people in the discussion area also like Hou Hao very much, and often leave messages to ask some investment questions, affectionately calling him "Monkey Brother" and "Master Brother".
Yongying Fund did financial live broadcast on Alipay for the first time in May 2020, with more than 250 live broadcasts in one year, answering questions, early evaluations, debates and tasting times, and also invited fund managers, researchers, industry celebrities and other professionals to share in the live broadcast room. Each live broadcast was viewed more than 100,000 times.
According to the "2021 Fund Manager Thousand Survey Report" previously released by Ant Wealth, digital online channels are regarded by 60% of fund managers as a position to deepen investment education, share investment ideas and accompany investors.
This is just one aspect of the fund company's opening of fancy investment. According to the CEIBS Fund Survey, the top four favorite forms of investment and education for investors are live broadcasting, short videos, talk shows and comics. Xu Xin, deputy general manager of CEIBS Fund, believes that most ordinary investors are indigenous to the Internet and must learn to embrace their habits and favorite ways.
New technologies have also brought new solutions to investment and education. Ant Wealth's chief investment instructor Zhi Xiaobao officially debuted at the investment education conference, this intelligent assistant robot can respond to users' financial management questions anytime and anywhere, behind which not only absorbs the professional financial knowledge provided by a large number of fund companies, but also introduces ant wealth's AI capabilities. Since 2021, the overall return-risk ratio of mature users who continue to use Zhixiaobao has increased by 10% compared with users who do not use it, and the number of fixed investments in the past year has increased by 72%.
I have always believed that investor education is definitely not just a brand building, but a higher dimension of public welfare behavior. Through investor education, it can indeed effectively improve the returns of fund holders. As long as the fund holders are allowed to lengthen the time period of holding, reduce the behavior of "chasing up and killing the fall", avoid continuously investing additional funds at the high point, and reduce the operation of fund products and other wrong behaviors, it will help to bring about the improvement of investment income.
The essence of investment returns is win-win, not mutual game. As a group, everyone can get positive returns in investment, because long-term investment returns come from sustained economic growth and value creation of enterprises in the whole society. In the same way, investor education is also a win-win situation for all participants in our industry, whether it is a fund sales platform like Ant Wealth, an asset management institution like a public fund, or even an "industry observer" like us.
Many retail investors lose money in stock speculation, most of which are because of "chasing up and killing down", short-term holding, and arbitrary decision-making. I once said an example, everyone buys a dish of dozens of dollars and compares goods, and buys tens of thousands, hundreds of thousands of stocks but it is very casual. In recent years, after retail investors have not speculated in stocks and become basic people, they still follow the bad habit of stock speculation: "chasing up and killing down" short-term holding and arbitrary decision-making. Through ant wealth's online investment and education, it can fundamentally solve the behavior patterns of many basic people's investment, and the real meaning is to enable them to achieve a leap in investment returns.
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