Hywin Wealth issued an announcement on the postponement of payment, officially and materially defaulting, byZhongzhi Group explodedThe domino effect in the wealth management industry has officially opened.
Almost allThe capital operation model of private wealth management companies is the capital pool model, once the continued investment can't keep up, it will inevitably explode.
Almost all private wealth management companiesThe main financing channels are basically fake gold exchangesOnce there is a problem, self-help is not successful, and it will inevitably be judged to be non-sucking.
The establishment of Zhongzhi Wealth Company marks the birth of China's third-party wealth management industrySince then, all kinds of wealth management companies have sprung up everywhere, and the wealth management industry has experienced roughly three business models in the past 10 years.
First, the first stage
The first phase of the business model of the wealth management company: product consignment
There is no problem with this model, which is similar to dealers in traditional industriesIt is a real third-party wealth management, and the first stage is also a period of rapid development and customer accumulation in the wealth management industry.
At this stage, many wealth management companies are okayFrom the perspective of investors, we help investors analyze risks and select productsPersonally, I believe that this stage isThe interests of financial planners and investors are the most similarUnfortunately, the good times did not last long, and after the wealth company completed the original accumulation, it soon ushered in the second stage of the wealth management company.
Second, the second stage
The second stage of the wealth management company's business model: self-issuance
After 2015, various wealth management companies began to frantically apply for private equity manager certificates (Other types of private placement** licensesThrough the private placement of the contract type, and then inlaid a layer of banks or trusts, debt investmentBefore 2018, it is not an exaggeration to describe the issuance of contract-type ** with the word crazy, and the scale of existence managed by a company is tens of billions at every turn.
The investment teams of these wealth management companies are all temporary teamsBasically, noThe investment research ability of the professional investment team and the professionalism of effective fund managementFunds are idling, peer lending, benefit transfer, and capital misappropriationand other kinds of chaos emerge in endlessly.
Finally,In 2018, the contract-type ** thundered across the board, and systemic risks occurredFor a time, the whole market was full of mourning, and investors had no way to sue and no way to protect their rightsBeijing's private equity cloud, Hangzhou's Jincheng WealthIt's all hundreds of billions of scales, and there are many families behind this.
The second phase of the wealth management company's interest appeal has run counter to the investor'sFinancial planners falsely advertise, exaggerate earnings, and do everything to sell productsAfter the explosion of contract **, the wealth management industry ushered in the third stage.
3. The third stage
After the 2018 contract-type thunderstorm, the surviving wealth management companies have opened the third stage of their business model: the combination of industry and finance
What is the combination of industry and finance, to put it nicelyIndustry + Financing, Entity + Finance, to say that the ugly point is self-financing, the typical representative of the combination of industry and finance is:Zhongzhi Group.
After the second phase of the thunderstorm, the regulatorsPausedWith the filing and issuance of contractual **, the third stage of wealth management companies has encountered a fatal problem:Without a cheap and easy-to-use license for private placement, how to get financing?
However, this problem was quickly solved, and wealth management companies represented by the planting system began to have one after anotherBypass the "pseudo gold exchange" to record and issue pseudo fixed financing productsThe problem of access to financing is solved, but it is also buriedIllegal fundraisingof seeds,Because the pseudo-fixed financing is illegal and non-compliant, the joint meeting of the China Securities Regulatory Commission clearly stipulates that the pseudo gold exchange and the pseudo fixed financing products are suspected of financial violations and crimes.
The third stage of wealth management companies can no longer be called wealth management, and the accurate positioning should be:Financing Instruments.
Once a company becomes a financing tool for shareholdersThe so-called risk control measures are to fool investorsThere is basically no risk control, many underlying assets are fake, and it is only a matter of time before the thunder explodes.
As a result of being subjected toMask causes and economic inflection pointsThe impact of the downward pressure on the economy is greaterPrivate wealth management companies simply do not have the ability and fundamentals to deal with economic downside risksThe original capital pool model is also vulnerable in the face of the economic downturn, and finally, the planting wealth company officially kicked off the prelude to the thunder.
Summarize the statement
Zhongzhi Group's thunder pairInvestor confidencewithEnthusiasm for continued investmentBothA devastating blow, directly leading to the entire wealth management industry, whether investors or financial planners, everyone is at riskIt has completely drained the liquidity of the wealth management industry.
After Zhongzhi is Haiyin, what about Haiyin?
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