China Securities News · CSI Taurus reporter learned that since the release of the notice on regulating fund investment suggestions in November 2021, at present, third-party fund consignment institutions, fund big V and fund companies have launched many actions. Previously, some big V active on various platforms have joined licensed securities companies and investment advisory licensed companies of fund companies. Some consignment agencies without investment advisory licenses cooperate with licensees in the form of investment advisory strategy output.
new model of big V cooperation
In November 2021, fund companies and fund sales institutions in Guangdong, Shanghai and Beijing successively received the notice on regulating fund investment suggestions issued by the local securities regulatory bureau. Third party fund sales platforms have taken fund portfolios off the shelves one after another. At the same time, the fund big V engaged in fund portfolio business on the platform also needs to be adjusted.
So far, many actions have been taken by third-party fund sales agencies and fund big v.
“Some combinations on our platform have been dissolved on December 31, 2021, and the rest have been fully transformed into investment advisory services according to the specification requirements.” A senior Fund said.
Another person from the fund consignment platform said that the deadline for rectification of fund sales institutions that do not have the qualification of fund investment consulting business is June 30, 2022. Therefore, at present, their platform only offline the original portfolio without other rectification actions.
The above two platform parties said that there was no significant redemption of the portfolio at present.
Li Lei (pseudonym), a senior third-party sales agent, said that at present, it is feasible for institutions with investment advisory licenses to cooperate with unlicensed sales agents in the form of investment advisory strategy output, but the display page of the fund portfolio must be produced by the licensed institutions. Previously, insiders generally believed that the notice would speed up the cooperation between fund sales institutions and institutions with investment advisory licenses, and this cooperation trend will be more common in the future.
“At the same time, the head big V has joined Orient Securities Company Limited(600958) , and big V has joined the fund sales subsidiary with investment advisory license of the fund company. After big V joined the company’s product department, the work content mainly focuses on products and services, which is basically the same as before. The company also has performance and stock scale assessment for big v.” Li Lei said.
In addition, the reporter also learned that big V transferred its portfolio and IP to a fund third-party agency with investment advisory license, but big V itself was not employed. Another situation is that big V itself is not employed, but its assistant is employed or signs a type of outsourcing agreement.
A large V has said that many well-known fund groups have been dissolved after its official account was released.
eager for investment advisory license
Overall, in the view of many industry insiders, the biggest difference from the previous one is that the portfolios provided by big V or fund companies will be transformed into investment advisory products in the future, which also means that fees and independent position adjustment of investment advisers will be involved. Different from the previous model in which the fund company or big V periodically told investors how to adjust or follow the investment with one key, the portfolio bought by investors is directly adjusted by investment advisers without their own operation. “This is the pain of the industry, but also for the future development of investment advisers in compliance.” These senior people said.
In addition, the further standardization of the fund investment advisory business highlights the value of the investment advisory license, which makes some companies that have not yet obtained the qualification of investment advisory business more eager for this license. “Without a license, you can only sell single products or a combination of investment advisory license agencies, which will lead to a sharp decline in sales.” A third-party sales agency said, “we hope to get the investment advisory license as soon as possible.”
At present, the pilot work of fund investment advisory business has been carried out for more than two years, and 59 institutions have obtained the filing letter of fund investment advisory qualification pilot, including 24 public funds, 29 securities companies, 3 banks and 3 third-party independent sales institutions.
(China Securities Journal)
