Original title: Playing the regulatory edge ball, financial sales at the end of the year gimmick
Near the end of the year, the “New Asset Management Regulations” formally entered the “countdown” stage. After the comprehensive transformation, wealth management products will be completely withdrawn from the market and all underwritten and issued by wealth management subsidiaries. Transformation is just the beginning. Investor education and strengthening the compliance upgrade of the sales system are the key points. Recently, a reporter from Beijing Commercial Daily conducted a survey on some bank branches in Beijing. Although wealth management sales staff no longer use terms such as capital protection and return protection to describe the specific information of wealth management products, they send gifts and guide investors to fill in risks during the sales process. Chaos such as evaluation still exists.
Guide investors to fill in risk assessment
Currently, individual investor risk ratings are divided into 5 levels, C1 (conservative), C2 (robust), C3 (balanced), C4 (aggressive), C5 (aggressive). After passing the evaluation, if the investor’s risk tolerance is C2 (stable), he can purchase two types of products including C1 (conservative) and C2 (stable), and cannot purchase more than C2 (stable) risk tolerance Other products above the capabilities.
However, in the process of visiting the outlets, the reporter of Beijing Commercial Daily noticed that the situation of financial managers guiding investors’ risk assessment still exists. In a bank branch, when a reporter asked as an investor how to buy medium-to-high-risk products, the bank’s wealth management manager said, “You can modify one or two options in the next evaluation, which will lead to changes in the results. Risk evaluation changes. After that, the bank will not inquire investors, but only pay attention to the transfer of large amounts of customers, etc.”.
Talking about the weakness of banks in the verification of the authenticity of individual customer risk assessment questionnaires, Yin Yanmin, an analyst at Rong360 Digital Technology Research Institute, pointed out that for the risk assessment link, the questionnaires and processes of each bank are not the same. Some banks have risk assessments. Customers will be required to complete the double recording at the counter, and some banks may be simple paper questionnaires. If customers are required to complete the risk assessment by double recording in the counter, it will also cause inconvenience to many customers during the implementation process. Therefore, the risk assessment may be more about improving investor education so that investors can clearly understand their own risk tolerance. Ability, don’t blindly follow the trend and choose products beyond your risk tolerance.
Consulting financial management but was recommended to buy insurance
In addition to guiding investors to fill out risk assessments, a reporter from Beijing Commercial Daily also found in the investigation that the phenomenon of bundled marketing still exists when handling wealth management products. Some wealth management managers will bundle insurance products and wealth management product portfolios for sale, and some wealth management managers will directly give up wealth management products and recommend insurance products to investors instead.
In the wealth management reception room of a major state-owned bank branch, a reporter from the Beijing Commercial Daily said, “I want to buy robust wealth management products for investment.” The bank’s wealth management manager said, “At present, the general risk levels of wealth management subsidiaries sold on behalf of the bank are stable and do not require high risk tolerance. However, the wealth management products are not guaranteed for capital and the possibility of loss is not ruled out. It is better to buy insurance products. Really.” “Insurance products fully guarantee income, but also guarantee capital, and there is a minimum guaranteed interest rate. The actual settlement interest rate can be as high as 4.3%, and the rate of return is higher than that of financial products.” The financial manager said.
When the wealth management manager of another large state-owned bank heard the purchase demand raised by a reporter from Beijing Commercial Daily, he skipped the wealth management product and recommended an insurance product sold by the bank instead. “Wealth management products are not cost-effective. There is a risk. In addition, the recent performance of wealth management products is not good, and there are more cases of losses, so I still recommend buying insurance products.”
In an interview with a reporter from Beijing Business Daily, Li Wei, an analyst at Zero One Think Tank, said that in 2022, the “new asset management regulations” will be formally implemented, and the wealth management business will fully implement the concept of “breaking the redemption”. Compared with net value products, insurance products The underlying capital is relatively stable and belongs to low- and medium-risk financial management projects. In the future, wealth management products will be handled by professional wealth management subsidiaries of banks, and professional team management will be formed in terms of asset allocation, marketing channels, and customer risk tolerance assessment. It is expected that such phenomena should be reduced.
You can give gifts if you buy money
At the end of the year, banks tend to attract customers through the activities of “deposit to earn points and redeem gifts”. A reporter from Beijing Commercial Daily found during their visits to outlets that this phenomenon also exists in the marketing process of bank wealth management products.
At a joint-stock bank branch, the wealth management manager took out a “Hao” gift promotion poster, “This is an exclusive event launched by our branch, and other branches do not have this event.”
A reporter from Beijing Business Daily noticed that the greater the amount of wealth management products purchased, the more “drained” gifts you will get. If you buy 50,000 yuan of wealth management products, you can get a piece of paper, and you can get an electronic scale if you buy 300,000 yuan of wealth management products, and you can buy 1 million. Yuan wealth management products can get gifts such as fruit and vegetable washing machines and bedding.
However, the above method obviously does not meet the regulatory requirements. Article 37 of the “Measures for the Administration of the Sales of Wealth Management Products of Commercial Banks” stipulated that “Commercial banks shall not sell wealth management products by means of lottery, rebates, or gifts in kind, etc. “.
Yin Yanmin further pointed out that the “Interim Measures for the Administration of the Sales of Wealth Management Products of Wealth Management Companies” released in May this year once again emphasized that the sale of wealth management products such as lucky draws, rebates, gifts, surrogate rights and financial products should not be provided. Therefore, this kind of marketing model of buying money and giving prizes is not compliant.
After the implementation of a series of supporting measures such as the “New Asset Management Regulations”, higher requirements have been imposed on the sales staff of wealth management products. Further rectification is required for issues such as supervising the “edge ball” recommending products and guiding investors in risk assessment.
The above-mentioned banking industry practitioners pointed out that banks should strengthen the management of sales staff and not allow marketers to mislead investors; at the same time, strengthen assessment, penalize violations, strengthen investor education, and let investors understand the risks and risks of investment products. Possible loss.
Zhou Maohua, a macro researcher at the Financial Markets Department of Everbright Bank, believes that for banks, it is necessary to speed up the improvement of internal governance, straighten out business processes, consolidate the main responsibilities of each link of the business, strengthen salesperson training, and enhance compliance awareness; strengthen supervisory intelligence and increase The penalties for major violations are vigorous and the normal market order is maintained. In order to improve the standardization of wealth management products and services and enhance the efficiency of supervision, it is necessary to unify the risk assessment standards, strengthen the review and supervision during and after the event, and impose strict penalties on violations to enhance the deterrence of supervision.
“For commercial banks to sell wealth management products on a commission basis, the current regulatory sales regulations have clear rules and regulations. Banks may be more focused on strengthening the management training of marketing staff, improving professionalism, and changing sales concepts, from providing products to customers. Providing professional investment and financial management services can be more recognized by customers.” Yin Yanmin said.
Beijing Business Daily Financial Investigation Team
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