Over the past four years since the introduction of the new asset management regulations, banks have achieved remarkable results in the transformation of net wealth 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 still poses a test to the wealth management subsidiaries of banks.
On the afternoon of December 24th, at the China Wealth Management 50 People Forum · 2022 Annual Conference, a summit forum themed “Comprehensive Net Worth: Development Strategies and Capacity Improvement for Bank Wealth Management” was held. Chairman of ICBC Wealth ManagementWang HailuPresident of ABC Wealth ManagementDuan BingChairman of Bank of Communications Wealth ManagementZhang HongliangPresident of Industrial Bank Wealth ManagementWang ShengmingPresident of Minsheng Wealth ManagementZhang ChanglinPresident of Huaxia Wealth ManagementYuan ZhihongAttended the meeting and spoke at the forum, and discussed the future high-quality development of bank wealth management.
Wang Hailu believes that during the “14th Five-Year Plan” period, bank wealth management companies have ushered in new opportunities for development, but the industry is also facing many challenges in the short term. First of all, the healthy development of bank wealth management cannot be separated from the adherence to long-termism; secondly, 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 wealth management cannot be separated from the sincere cooperation of the whole industry .
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 pointed out that to promote the sustainable and high-quality development of bank wealth management, we should do a good job of “six persistences”: first, insist on putting the people first, and further improve customer companionship 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 risks and returns; the fourth is to adhere to problem orientation, and further identify breakthrough points that meet the needs of entities; Integrate into high-level opening up.
Duan Bing believes that the development effectiveness of bank wealth management is mainly reflected in eight aspects: first, the smooth progress of product net value transformation, and continuous expansion of wealth management companies; second, the steady increase in the scale of the wealth management industry; third, the steady growth of the number of customers; There are fluctuations, but the overall stability; fifth, the concept of absolute return product management objectives has basically reached a consensus; sixth, actively undertake social responsibilities, and actively serve the real economy and national strategy; seventh, the investment research and operation capabilities of wealth management companies have rapidly improved; Eighth, a sound linkage between wealth management companies and banking channels has basically taken shape.
Duan Bing pointed out that the current bank wealth management industry is also facing several challenges: first, the challenge of the strategic positioning of bank wealth management differentiation; second, the challenge of talent team and market-oriented mechanism construction; third, the challenge of information system construction and digital operation 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 financial net worth fluctuations and risk-taking ability.
Zhang Hongliang believes that under the leadership of the regulatory authorities, after three years of difficult exploration of bank wealth management, the 1.0 stage of bank wealth management net worth transformation has achieved positive results. At this stage, bank wealth management has gradually returned to the origin of “being entrusted by others, wealth management on behalf of customers”, as an important bridge connecting 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 value management”, and the industry as a whole has encountered unprecedented challenges. Institutional subject capacity building must take the initiative to “self-revolution”. On the one hand, it is necessary to respect the law and coordinate the effective improvement of quality and the reasonable growth of quantity. On the other hand, it is necessary to embrace changes and do a good job in the matching management of assets and liabilities.
Wang Shengming believes that although there are many unexpected elements in the market oscillation adjustment in November, market fluctuations are objective, which not only has the influence of feedback effects, but also is related to the liquidity and depth of the market, and is also related to the risk of customer groups. preferences, demands for liquidity, and tolerance for volatility. Wang Shengming pointed out that the further transformation and development of bank wealth management needs to adhere to the basic positioning of keeping the “money bag” for the common people through the creation and operation management of wealth management products on behalf of customers, and do some transformation and reconstruction on this basis. First of all, the entire asset management market should cultivate a relatively good market opening trend; secondly, wealth management companies should reshape the investment-side system to make the asset portfolio construction more balanced and pay more attention to liquidity.
Zhang Changlin believes that the operation of the new asset management regulations for more than four years has witnessed great changes in the industry. The banking wealth management industry is on the road to standardization, but the operation of net worth has also brought many challenges to the industry. In particular, facing two major market fluctuations this year, wealth management products have also encountered a greater crisis of trust to some extent. Zhang Changlin pointed out that the reasons for market fluctuations and “panic redemption” are not only investors’ low understanding and acceptance of fluctuations, but also the bank’s financial product system, product system structure, and product risk and return. 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 expectation of short-term product returns, thereby substantially reducing the risk exposure of short-term products. The third is to strictly manage fluctuations according to the pre-set risk-return characteristics of different risk levels in the medium and long term.
Yuan Zhihong centered on the theme of “re-understanding of bank wealth management business“, focusing on four aspects: First, the development of bank wealth management business is facing huge 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 banking wealth management business. Fourth, vigorously developing bank wealth management business is the direction of high-quality development of commercial banks. Yuan Zhihong believes that after the comprehensive net value transformation, commercial banks should change the functional positioning of wealth management business as soon as possible, appropriately reduce the requirements for wealth management business scale and profit creation, and focus on improving comprehensive customer service capabilities, valuation levels and brand influence etc.
(Editor: Wang Xinyu)
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