In the last four years since the introduction of the new asset management regulations, banks have achieved remarkable results in the transformation of net asset management. The income of wealth management products fluctuated sharply twice during the year, and investors’ attitudes towards wealth management urgently need to be changed, which is still a test case for the wealth management subsidiaries of banks.
On the afternoon of December 24, a summit forum on “Comprehensive Net Worth: Development Strategies and Capacity Improvement for Bank Wealth Management” was held at the China Wealth Management 50 People Forum · 2022 Annual Conference.Wang HailuChairman of ABC Wealth ManagementDuan BingChairman of Bank of Communications Wealth ManagementZhang HonglianChairman of Wealth Management Banca IndustrialeWang ShengmingChairman of Minsheng Wealth ManagementZhang ChanglinChairman of Huaxia Wealth ManagementYuan ZhihongHe attended the meeting and spoke at the forum and discussed the future development of high-quality asset management of banks.
Wang Hailu believes that during the “14th Five-Year Plan” period, bank wealth management companies have introduced new development opportunities, but the industry is also facing many short-term challenges. First of all, the healthy development of bank asset management cannot be separated from adherence to the long term; second, the healthy development of bank wealth management cannot be separated from the sincere companionship of customers together with sales channels; thirdly, the healthy development of bank asset management cannot do without the whole industry’s sincere cooperation.
From a medium to long-term perspective, Wang Hailu believes that my country’s economy has strong resilience, great potential and sufficient vitality. Facing the future, Wang Hailu stressed that in order to promote the high-quality and sustainable development of bank wealth management, we should do a good job of “six persistence”: first, insist on putting people first and improve further the company of customers and service; second, insist on self-reliance and self-confidence, and further enhance independent investment and research capabilities; the third is to adhere to integrity and innovation, and further balance risk and reward; the fourth is to adhere to the problem orientation and further identify the turning points that meet the needs of the entities; integrate into the high-level opening.
Duan Bing believes that the effectiveness of bank wealth management development is mainly reflected in eight aspects: first, the smooth progress of product net worth transformation and the continuous expansion of wealth management companies; second, the steadily increasing size of the wealth management industry; third, the steady growth in the number of customers; There are fluctuations, but the general stability; fifth, the concept of absolute return product management objectives has basically reached a consensus; sixth, actively assume social responsibilities and actively serve the real economy and national strategy; seventh, the investment research and operational capabilities of asset management companies are rapidly improving; eighth, a solid link between asset management companies and banking channels has basically taken shape.
Duan Bing pointed out that the current bank wealth management industry is also facing various challenges: First, the challenge of strategic positioning of bank wealth management differentiation; secondly, the challenge of the talent team and market-oriented mechanism construction; thirdly, the challenge of building the information system and digital operational capabilities; the fourth is the challenge of the shortage of standardized asset supply; the fifth is the challenge of the lack of risk management tools; the sixth is the challenge of the long-term investment value of the stock market the seventh is the challenge of customers’ lack of awareness of fluctuations in financial equity and the ability to take risks.
Zhang Hongliang believes that under the guidance of regulators, after three years of difficult exploration of bank wealth management, the 1.0 stage of equity transformation of bank wealth management has achieved positive results. In this phase, bank asset management has gradually returned to the origin of “reliance on others, asset management on behalf of customers”, as an important bridge between finance and the real economy to help deepen the development of the direct financing market, actively serve the country’s major strategies and continuously improve the ability to serve the real economy. Zhang Hongliang pointed out that the current bank wealth management has entered the 2.0 era of “net worth management” and the industry as a whole has encountered unprecedented challenges. Strengthening the capacity of institutional players must take the lead of “self-revolution”. On the one hand, it is necessary to comply with the law and coordinate the effective improvement of quality and the reasonable growth of quantity. On the other hand, you need to embrace change and do a good job of matching your assets and liabilities.
Wang Shengming believes that although there are many unexpected elements in the adjustment of the market swings in November, the market fluctuations are objective, which is not only influenced by feedback effects, but also related to the liquidity and depth of the market, and is also related to the risk of client groups, preferences, liquidity demands and volatility tolerance. Wang Shengming stressed that the further transformation and development of bank wealth management must adhere to the basic positioning of maintaining the “money purse” for ordinary people through the creation and operational management of wealth management products on behalf of customers, and do some transformation and reconstruction on this basis. First, the entire asset management market is expected to cultivate a relatively good market opening trend; second, asset management companies should reshape the investment system to make asset portfolio construction more balanced and pay more attention to liquidity.
Zhang Changlin believes that the new wealth management regulations have been in effect for more than four years and have witnessed tremendous changes in the industry. The bank wealth management industry is on the road to standardization, but the operation of equity has also brought many challenges to industry. In particular, facing two major market fluctuations this year, wealth management products also encountered a major crisis of confidence. Zhang Changlin pointed out that the reasons for market volatility and “redemption panic” are not only investors’ poor understanding and acceptance of volatility, but also the bank’s financial product system, product system structure and the risk and return of the product. Positioning needs further refinement. Zhang Changlin suggested: first, return to the risk positioning of different products in the short, medium and long term. The second is to reduce the return expectation of short-term products, thereby substantially reducing the risk exposure of short-term products. The third is to rigorously manage fluctuations according to the pre-set risk-return characteristics of the different levels of risk in the medium and long term.
Yuan Zhihong focused on the theme of “reunderstanding of bank wealth management business”, focusing on four aspects: First, the development of bank wealth management business is facing enormous pressure in the short term. Second, the development of long-term bank wealth management business is facing many challenges. Third, building differentiated core competencies is the key to the development of the banking wealth management business. Fourth, the vigorous development of bank wealth management business is the direction of high-quality development of commercial banks. Yuan Zhihong believes that after the complete transformation of the net worth, commercial banks should change the functional positioning of the wealth management business as soon as possible, appropriately reduce the requirements for the enterprise scale of wealth management and profit creation, and focus on improving of comprehensive customer service capabilities, assessment levels and brand influence etc.
(edited by: Wang Xinyu)
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