Fund investment adviser is not only an important part of asset management client service, but also a key practical link of financial technology.
In 2022, the transition period of the “new asset management regulations” was officially ended, and the fund investment advisory pilot policy officially introduced in October 2019 has also passed two years. During the two-year pilot period, the development of fund investment advisers in China has achieved remarkable results, and the concept of investment advisers has been spread rapidly.
In this context, on January 25, 2022, under the guidance of Shanghai Huangpu District Finance Office, the “2022 China Fund Investment Advisory summit” (hereinafter referred to as the “summit”) jointly hosted by 21st Century Business Herald and pioneer pilot investment advisers was successfully held, and more than a dozen representatives of the investment advisory industry were invited to think and share around the topics of customers, services, innovation, transformation and so on. On the same day, pioneer pilot investment advisers and KPMG jointly released the blue book 2022 of China fund investment advisers, which made suggestions for the development of the industry through extensive research and analysis.
Five dimensions of “blue book” depict the group image of fund investment adviser customers
Yang Guowei, party secretary and director of Shanghai Huangpu District Financial Services Office, attended the summit and delivered a speech, saying that fund investment advisers represent the future of asset management and wealth management industries. Fund investment adviser is not only an important part of asset management client service, but also a key practical link of financial technology.
Shen Ning, head of the first member service department of China Securities Investment Fund Association, talked about the expectations of the industry at the meeting. She said that as a useful exploration to serve residents’ wealth management needs and the real economy, fund investment advisers have achieved good demonstration effects since the pilot. In the next step, fund investment advisory institutions should strive to improve their advisory service ability on the basis of maintaining the bottom line of compliance risk. “The industry needs to further clarify the boundary between fund investment consulting business and fund sales business.”
Huang Hao, chairman of pioneer pilot investment consulting, said in his speech that how the first batch of customers in China’s fund investment consulting industry view investment consultants, what needs they have and where to use “card points” are crucial to the long-term development of the industry. Based on this, KPMG jointly released the blue book 2022 of China fund investment advisers (hereinafter referred to as the “blue book”) at the meeting, focusing on user observation and overseas comparison, and conducting research on fund investment advisory services with Chinese characteristics.
Based on extensive research and research, the “blue book” focuses on three main contents. First, the group portrait of fund investment adviser customers in China describes the characteristics of fund investment adviser customers from five aspects: demographic characteristics, investment ability, investment adviser mind, investment adviser demand and investment adviser judgment; Secondly, it analyzes the development process of American fund investment consulting market, compares the differences between Chinese and foreign markets, and puts forward five pain points in the development of Chinese fund investment consulting market; Third, it summarizes the development trend and objectives of China’s fund investment advisory market, and puts forward seven key tasks for the development of China’s fund investment advisory market.
Development trend of mutual fund investment advisers
Representatives of diversified investment advisory institutions from securities companies, fund companies, independent third parties and overseas asset management institutions participated in the summit and shared their thoughts on the development of fund investment advisory business from different angles and ideas.
Zhang Yu, CEO of pioneer pilot investment consulting, said in his speech that investment consultants should take “people” as the center to carry out pre investment appropriateness matching and asset management in the investment process. Citing the report of vanguard, one of its shareholders, he pointed out that the correct use of investment advisers can create an average of 3% additional income for customer accounts every year. The 3% gain comes from the sum of seven actions: reasonable asset allocation, low-cost investment, portfolio position adjustment, user behavior guidance, asset distribution, redemption strategy and reinvestment of total income, of which “user behavior guidance” is the most critical.
Zhang Yu said at the scene that as of the end of 2021, the customer service invested by Alipay on the line of Alipay has exceeded 3 million, and it will soon usher in the 2 version — focusing on behavior guidance, not only on the Vanguard exclusive VCMM global capital market model, but also on the VAAM asset allocation model and the TVAA time-varying model 2 models to make more refined investment decisions. It will also initiate and launch the “follow-up” service, which is similar to the way of “trial before payment”, so that users can experience all services including portfolio customization, dynamic position adjustment, market interpretation and position detection of investment advisers before investment, so as to further popularize investment advisory services.
Li Yimei, general manager of Huaxia Fund, said that the central bank officially released the financial industry standard wealth management and defined wealth management. Customer focus has become a standard from consensus, and the rapid transformation of the industry has contributed to the investment adviser. The difference between fund investment adviser and fof fund has become a hot topic in the industry. Li Yimei takes fitness as an example to explain the difference between fof and fund investment advisers: fund investment advisers are like one-on-one private education. They will fully grasp the customer’s physical data in real time, clarify the exercise objectives, and even better understand when the customer will be lazy. They try their best to accompany and encourage perseverance every day, while fof is similar to the standard star course.
Xiao Wen, CEO of yingmi fund, said that the most critical threshold of the investment adviser’s service system is digitization. The digital direction of investment advisory business mainly lies in online, professional, intelligent and ecological. She pointed out that the focus of online is to focus on customers and promote the closed-loop and online of the whole investment advisory service business process around the client-to-end journey; The focus of specialization is to use tools and research to make the investment adviser’s suggestions richer, professional and accurate; Intellectualization refers to the use of the latest information technology tools, which can be continuously upgraded and iterated, and gradually intellectualized; The value of ecology is to let people with different abilities combine to provide more accurate and high-quality investment consulting services around the needs of customers.
Xu Haining, vice president of Orient Securities Company Limited(600958) and general manager of wealth management business headquarters, pointed out that the market development space of public fund investment consulting business is huge, and the attraction of equity asset allocation represented by public fund has increased, and fund investment consulting is a buyer’s investment consulting service from the perspective of customers, which is a good way for investors to allocate equity assets. Secondly, to carry out the investment advisory business of public funds, we should pay attention to the top-level design and give full play to the resource endowment of various institutions. Third, we should adhere to the long-term principle. All institutions should have a long-term vision, deploy business development, avoid disorderly competition, and jointly promote the development of the industry under the guidance of regulatory authorities. Moreover, in the process of promoting the development of fund investment advisory business, both institutional customers and individual customers need to adhere to the process of investor education and cultivating customer trust for a long time.
PI Shun, head of the investment consulting department, said that the current two bottom layers of wealth management, a single stock and a single product, now seem to be unable to achieve stable happiness. However, in the medium and long term, the general trend of investment opportunities in the equity market will not change. We must grasp this main battlefield of financial management in the future. As a new species, fund investment adviser is the solution to the dilemma of wealth management, because its essence determines that it can help maintain and increase the value of customers’ wealth. PI Shun also said that in the future, we need to firmly grasp the fund investment advisory business as the dividend of financial service innovation. It is simply estimated that the new scale of public funds in recent years is about 3 trillion yuan. Assuming that the future fund investment adviser can bring an increase of 10%, the average annual growth rate of fund investment adviser business is expected to reach 300 billion yuan.
Li Shaojie, managing director of Fidelity International China, shared his prediction of the future market. First, we should constantly improve the customer experience; Second, more accurate portraits of customers are needed; Third, due to the high development cost at the initial stage of the development of investment consulting business, some large overseas institutions are more willing to cooperate with some companies and invest more in tob; Fourth, online and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) hybrid man-machine solutions are needed. For different customers, especially high-end customers, offline solutions are still very important. “The most important purpose of the investment advisory business is to solve problems for customers, rather than simply bring benefits to customers, so we think this should be a core consideration for the development of the investment advisory market.”
Kang side, President of pioneer pilot Asia, believes that good investment suggestions should meet the needs and preferences of investors; Only reasonable and transparent service fees shall be charged without any hidden fees; It should be tailored to specific goals, needs or other personalized features; While meeting the objectives of investors and providing measurable results, we should enhance emotional attributes, such as giving customers a sense of financial security; An open and transparent methodology should be adopted. “Everyone’s path to financial happiness is different, so the advice should not be the same. There is no” golden oil “investment plan. The hope is to provide a series of suggestions to meet the needs of different types of investors while maintaining a low cost.”
