At present, the wealth management subsidiaries of a number of large banks have launched announcements to reduce the fees of wealth management products, especially for newly issued wealth management products, and there is a frequent "zero rate" when subscribing, that is, there is no need to pay money in the early stage of subscribing to bank wealth management products. What's going on?
Of course, for the wealth management subsidiaries of banks, the purpose is also very simple, that is, to attract investors to actively subscribe. If the wealth management products issued do not reach the predetermined scale, but according to the supervision, the cost of input is not much different, especially the huge cost of human compensation, then the bank's profits will be reduced in the future. At this time, absorbing more subscription funds and allowing the total amount of wealth management products to achieve scale effect is the most important work content of the bank's wealth management subsidiary.
In the past, investors lined up to buy wealth management, why do they need to reduce fees to attract them now? In fact, this is all the fault of the previous historical performance! At present, the market size of wealth management products in the country has reached 29 trillion yuan, but the growth rate is getting slower and slower, the income is getting lower and lower, and the attractiveness to customers is also greatly reduced, which prompts banks to compete intelligently to attract customers.
Overall, looking at the income, in 2022, the average rate of return of all types of products in the wealth management market is 2.09%. In 2023, the average yield of wealth management products will rebound slightly, at 2.94%. In 2024, as the benchmark deposit rate declines rapidly, so does the average yield. According to the latest statistics, the average annualized rate of return of one of the mainstream products in the wealth management market and the most profitable fixed-income wealth management fell below 2.9%, hitting a new low this year.
Moreover, wealth management products involving equity, that is, wealth management products related to the underlying assets and the secondary market of the stock market, are basically loss-making. Some reporters have counted some of the situations in 2023, and there are not a few equity investment advisory portfolios that lose more than 10%, and the average decline is also 12%. The net value of a small number of investment advisory portfolios has fallen by more than 30% since their establishment, which is equivalent to less than 7% off. Especially after the net worth, it is basically a floating loss state.
If the income of bank wealth management products can reach the ideal state preached at the time of issuance, investors will naturally seek after them, how can they need bank wealth management subsidiaries to reduce fees and rates? It is because of the unsatisfactory performance of the previous wealth management products, and even caused a loss of principal, so that investors are reluctant to subscribe to wealth management products, and various preferential measures have been launched in desperation.
In fact, the fees charged to investors for subscribing to bank wealth management products are a lot, and it is difficult for many investors to carefully read all the terms and conditions and distinguish so many charging subjects when subscribing. Generally speaking, the set items include: subscription fee, subscription fee, redemption fee, fixed management fee, sales fee, custody fee, excess performance remuneration (floating management fee), etc.
Why there are so many charging items, in fact, it is related to the internal operation and regulatory requirements of wealth management products, the issuance and operation of each wealth management product must be coordinated by multiple departments and institutions, so different fees should be charged to different institutions or departments.
At present, the wealth management subsidiaries of various banks have announced that the main reductions are subscription fees, subscription fees and fixed management fees. Investors do not have to pay or pay less when subscribing, but the main source of profit for banks is mainly in fixed management fees, custodian fees and floating management fees. Reducing some upfront fees now has little impact on the reduction of the total bank fee charge.
However, from the perspective of investors, it is more necessary for banks to learn from private equity and implement the preferential and subordinate gradient fee method. If the bank issues a product, it must take out a part of its own investment funds into it, and then divide it into several predetermined performance intervals to charge fees separately. If it can't be achieved, then the bank can't charge a fee, and has to substitute part of the customer, so as to achieve the purpose of allowing retail investors to lose less or no loss, isn't it better?
For example, if the net value of a wealth management product does not reach 1, then it cannot continue to charge in the wealth management product; If you lose money, you also need to use your own funds to make up for it; If the net worth is very high, it can increase the continuous management fee and excess performance remuneration fee, etc., and use the bank's own investment funds as a safety cushion to bear the responsibility for the decline or loss of performance, wouldn't it be fairer?
For investors, it is indeed a good thing to reduce the amount of fees charged in the early stage, but the most important thing when buying wealth management products is to think about whether they can make profits in the future. This is the real last word, if you can't make a profit, even if you don't charge all zero, what's the point for investors?
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#当前银行理财产品 "0 rate" is frequent#