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"Wealth Management in China"
Written by Zhang Shuaishuai
Published by CITIC Publishing Group
Introduction
In-depth analysis of the business experience of international leading wealth management companies
Panoramic interpretation of the development status and future growth of domestic peers
With the rapid development of the economy, China has become the world's second largest wealth management market in terms of the scale of wealth of Chinese people, and China's wealth management industry may usher in a golden decade. However, China's wealth management industry is still very young, and there are still many developing problems to be solved.
CICC Research Department and CICC Wealth Management conducted extensive research on a number of Chinese and foreign banks, securities firms, and third-party institutions, conducted in-depth analysis and summary of China's wealth management industry, and introduced the rise, development history, current development, organizational framework, and business model changes of the international wealth management industry, as well as an in-depth analysis of the leading enterprises in the international wealth management industry, in order to provide ideas for the development of other enterprises in the wealth management industry and the future development of the entire industry.
More importantly, the book dismantles and analyzes the development space of the wealth management industry in mainland China, summarizes the development history and current situation of Chinese wealth management enterprises, and provides an in-depth outlook on the future development of the industry. At the same time, the hot issues that the industry, the market and investors are concerned about, such as the three-pillar pension in mainland China, banking asset management, wealth platform, buy-side investment advisory, regulatory framework, third-party institutions, and talent training in the wealth management industry, are analyzed, and practical guidance is provided for practitioners in the wealth management industry from the macro and micro levels.
About the Author
Zhang Shuaishuai
Chief Banking Analyst and Executive General Manager of Research Department of CICC. Its team covers banking, wealth management, wealth management, credit liquidity and other fields. Won awards in Asiamoney/Institutional Investor (Greater China, Asia) and more.
Expert recommendation
Wu Xiaoling (Former Deputy Governor of People's Bank of China)
With the growth of residents' wealth, providing residents with appropriate asset management products and providing customers with wealth planning in the narrow sense of wealth management has become an important task and challenge faced by the financial industry, and the narrow sense of wealth management is even more lacking. "China's Practice of Wealth Management" focuses on wealth management in a narrow sense, and concisely introduces foreign experience and the current situation and hot issues of domestic development, which is worthy of reading by people in the industry. We look forward to discussing the methods and paths for the development of China's wealth market, and contributing wisdom and strength to improving the ecological environment of the wealth management market.
Ma Weihua (Former President of China Merchants Bank)
Wealth management is an inevitable trend and a new form of financial development, but "change because of you", the customer-centric service concept and cultural heritage are still the foundation for growing together with customers, which is my true feeling in the banking industry for decades. At present, the supply and demand side of China's wealth management have undergone great changes, facing greater challenges and opportunities, financial institutions should recognize the situation, innovate and forge ahead, explore new models and methods of wealth management in the new era, always uphold the customer-centric concept, and use financial tools and technological means to serve the people's yearning for a better life and the sustainable development of economy and society. "The Practice of Wealth Management in China" puts forward some new views and ideas on wealth management under the new situation, and provides a very meaningful discussion on the transformation and development of China's wealth management business.
Gao Hao (Director, Global Family Business Research Center, PBC School of Finance, Tsinghua University)
China is in the downward phase of the financial cycle, and improving the financial structure and promoting scientific and technological innovation is the key. To do a good job in science and technology finance, the capital market needs to play a pivotal role, on the one hand, to promote the increase in the proportion of direct financing on the supply side to better serve the real economy, and on the other hand, to enhance investors' sense of wealth acquisition on the demand side, so that investors and financiers can achieve a win-win situation in the process of economic development. Through in-depth research on industries and companies at home and abroad, "Wealth Management in China" pragmatically discusses the professional capacity building of wealth management institutions and the transformation of buy-side investment advisors, which I believe will have some enlightenment for us to think about the high-quality development of China's wealth management, which is worth reading.
directory
Overseas wealth management
Chapter 1 Wealth Management Industry in Europe and the United States
The development history and competitive landscape of the wealth management industry in Europe and the United States
The evolution of fund distribution channels in Europe and the United States: from simple fund sales to pan-wealth management
Chapter 2 Leading Enterprises in Wealth Management in Europe and the United States
UBS: 20 years of wealth management, from revenue growth to operational efficiency
Morgan Stanley: Comprehensive financial capabilities to meet the needs of wealth customers
AMP: The wealth front office is weakly bound to the middle and back office, and the paradigm of traditional financial institutions serving the middle class
Fidelity Investments and Charles Schwab: Implications for a retail-based integrated wealth management platform
Chapter 3 Organizational Structure of Wealth Management Institutions in Europe and the United States
Organizational structure of comprehensive wealth management institutions in Europe and the United States
UBS and Morgan Stanley independent wealth management unit operating mechanism
Chapter 4 Changes in the Business Models of Overseas Asset Management Institutions
The current situation and future of the business model of leading overseas asset management institutions
Puxin: long-term believers, value investment benchmarks
BlackRock: Establish risk control, M&A + platform construction to break through the growth boundary
Blackstone: Post-investment management brings excess returns, and a multi-pronged approach attracts long-term investment
People-oriented: a common feature of leading overseas asset management institutions
Wealth Management in China
Chapter 5 Domestic Wealth Management Market
Asset size: rapid growth under the resonance of supply and demand
Income scale: The income volume of large wealth in the broad sense reaches the trillion yuan
Chapter 6 Development of Chinese Wealth Management Enterprises
Research and judgment of market competition pattern: try to introduce a 3×3 analysis matrix
Customer group channels: customer group positioning differentiation - three-dimensional and online advantages
Products and services: high-quality products are the foundation, and value-added services match the demands of customer groups
Service system: comprehensive middle and back office to empower customer management, platform middle and back office to operate customers
Chapter 7 Outlook for China's Wealth Management Industry
Industry scale outlook: a high-growth trillion-yuan market
Rate trend outlook: not necessarily downward, customer group hierarchical operation is the core
Competitive Landscape Outlook: Top wealth managers are expected to gain higher market share and faster business growth
New opportunities in wealth management
Chapter VIII Wealth Management Institutions Lay Out Personal Pension Business
Perspective on personal account pension business
Experience in the development of personal account pension business of overseas wealth management institutions
Suggestions for the development of personal pension business
Chapter 9 The innovative model of mother-child linkage between banking asset management and management
The asset management market has a vast space and needs to be strategically invested in the early stage
The construction of a market-oriented salary system is urgent
Parent Bank Channel and Linkage Model Positioning - Achieve Sustainable Scale Growth
Organizational structure construction - the balance between market-oriented competition and parent bank linkage
Fintech needs to be supported by both resource investment and internal linkage
Risk: The transformation of wealth management subsidiaries under the change of business model is not as expected
Chapter 10 Focus on the wealth platform and integrate the product and service system
Different resource endowments, similar business objectives
Three elements of wealth open platform
Chapter 11 Clarify the relationship between fund investment and investment advisors and promote the transformation of buy-side investment advisors
The regulatory framework for fund investment consulting is gradually becoming clearer, and the future of standardized development can be expected
Re-analysis of fund investment advisors - the perspective of service process
Outlook of China's investment advisory industry: Based on the comparative perspective of China and the United States
Chapter 12 The Emergence of Third-Party Institutions
C-side: represented by Yingmi, deeply cultivating the personal investment advisory business
B-side: investment advisory services and technical support for institutional customers
Chapter 13 Fee Reduction of Insurance Public Offering Channels and Selection of Wealth Asset Management Institutions
The impact of public insurance fee reduction on the large wealth industry chain and countermeasures
The value transfer of the U.S. wealth industry chain
Prospect of innovative fee models for asset management products
Seize the opportunities of the times and join the journey of technology and finance
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金融微课堂 Weclass in Finance
The list of donated books was announced
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Arriflex 35BL
ZHANG Chun
Lin Tzu
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Editor丨Wang Han, Lan Yinfan
Preliminary trial丨Xu Lanying
Final Review丨Zhang Wei