Economic Observer reporter Hu YanmingAfter being surpassed by the largest scale, the road to breaking the situation of bank wealth management is in the first placeThis has become one of the key issues that many senior executives in the banking and wealth management industry pay attention to.
At the end of June 2023, the scale of China's public offerings** surpassed that of bank wealth management for the first time. According to the "Semi-annual Report on China's Banking Wealth Management Market (2023 First)" released by the Banking Wealth Management Registration and Custody Center, as of the end of June 2023, the scale of the bank wealth management market was 2534 trillion yuan. According to data released by the China Investment Industry Association, as of the end of June 2023, the total scale of public offerings has reached 2769 trillion yuan.
Bu Yanhong, chairman of Beiyin Wealth Management Co., Ltd., said at the "2023 Global Wealth Management Forum" held on December 8 that the scale of bank wealth management has stabilized and rebounded: on the one hand, as of the end of November, the scale of bank wealth management stock increased by 38.6 billion yuan month-on-month, reaching 2766 trillion yuan;On the other hand, the number of bank wealth management investors continued to grow, from 97 million at the end of 2022 to 10.9 billion.
Challenges
According to the data of the Banking Wealth Management Registration and Custody Center, as of the end of June 2023, a total of 265 banking institutions and 30 wealth management companies across the country have existing wealth management products, and the coexisting products are 3710,000, an increase of 6 from the beginning of the year88%；The scale of existence is 2534 trillion yuan. Among them, the existing products of wealth management companies reached 1620,000, with a living scale of 2067 trillion yuan, an increase of 7 percent year-on-year99%, accounting for 81% of the total market55%。
According to the data calculated by the team of GF** Liu Yu, as of November 24, 2023, the scale of bank wealth management stock increased by 38.6 billion yuan month-on-month to 2766 trillion yuan;Entering November, the scale of wealth management continued the upward trend after the cross-quarter, but the growth rate decreased.
In the view of Guan Shengyi, vice president of the banking wealth management registration and custody center, in the current market environment, although the related business of wealth management companies remains stable overall, the challenges cannot be underestimated.
Guan Shengyi summarized that the challenges mainly come from different aspects: first, at the market level, such as the challenge of product sales on the liability side, and the challenge of asset shortage on the investment side;The second is the internal level of the institution, such as its own investment and research capabilities, risk control capabilities, valuation capabilities, technology capabilities, customer service capabilities, etcThe third is the challenge of regulatory compliance management. To cope with the above challenges, it is necessary to make joint efforts at the regulatory level, the market level and the institutional level, not only to develop in the standard, but also to standardize the development, to study and solve the relevant problems faced by wealth management companies in the development of one by one, and to jointly promote the improvement of the core competitiveness of wealth management companies.
Bu Yanhong believes that the bank wealth management industry has undergone exploration and deep transformation, although the financial market has recovered, but in the complex and changeable market environment of low interest rates, it is necessary to further find market positioning and shape their respective financial competitiveness. How to make joint efforts from the channel side, product side and asset side, strengthen the accompanying investor education and services, and form their own development of their own land and moat, is the direction that each wealth management subsidiary actively explores.
Build core competitiveness
Wang Xiaoli, chairman of Hangzhou Bank Wealth Management, believes that the core competitiveness of wealth management subsidiaries has four points: first, risk control capabilities;Second, the ability to allocate asset portfolios;Third, customer service capabilities;Fourth, the ability to invest in alternative assets. At present, we must focus on three "fines": first, accurately portray product characteristics;The second is to carefully measure the fluctuation of returns;The third is to carefully accompany financial customers.
At the same time, Wang Xiaoli said that blindly improving the high yield of products does not necessarily build a moat, and the most important thing is risk management. If you want to develop in the long run, you must keep the bottom line of risk and develop risk management capabilities. In the initial stage of transformation, the responsibility of the seller is more important than the responsibility of the buyer, and the focus is on how the seller can do a good job of risk management.
Dong Wenzhen, the proposed president of CNCBI Wealth Management, believes that the core competitiveness of bank wealth management comes from "customer-centric", and the improvement of the core competitiveness of bank wealth management will inevitably be accompanied by the improvement of customer satisfaction and sense of gain.
Dong Wenzhen believes that on the whole, the bank wealth management industry should be based on customer needs, through the "1+N" multi-strategy investment management system to combine and package strategies, and design more qualified financial products to provide more stable income for the people. Among them, 1 refers to fixed income investment, mainly including standard asset investment and non-standard asset investment, and bank wealth management has advantages;n refers to multi-strategy investments other than "fixed income", including equity investment, commodity derivatives investment, etc.
For the high-quality development of bank wealth management, Guan Shengyi said that it is necessary to focus on six aspects of basic work: first, to build a set of systems, that is, the basic platform for unified services in the wealth management industry;The second is to build a set of standards, that is, a unified standard system for the financial industry;The third is to build a set of databases, that is, a standardized and unified large database for the financial management industryThe fourth is to build a set of systems, that is, a relatively complete institutional system for the wealth management industry;Fifth, standardized business innovation;Sixth, create financial management with Chinese characteristics.