Attention of 600 million people: Fundamental sales “revolution” came to understand all six points
Source: China Daily Fund of: Fang Ligong raised fund investment advisory business pilot will be officially launched!
The fund circle as a whole is boiling!
The release of the “fund investment advisory” pilot icebreaking this time means that China is scheduled to enter the public view of the development of investment advisory business.
The planned investment advisory business model that is truly oriented towards customer profitability rather than product sales and is consistent with customer interests will officially enter the pilot.
This is a major issue concerning the current 600 million people.
Five fund companies including Yi Fangda, Nanfang, Castrol, Huaxia, and CEIBS have applied for trial and completed the filing, and will officially launch the pilot work of investment consulting business.
How exactly does the advisory pilot work?
How do ordinary investors participate?
Fund Jun officially approved the relevant pilot investment fund advisory business pilot work, comprehensive 16 points, please investors to pay attention.
1. The investment advisory business “advanced pilot and steadily rolled out” notice stated that the fund investment advisory business will be implemented in accordance with the steps of “pilot pilot, steadily rolled out”, and the regulatory department will prudently and steadily expand the scope of the pilot based on market conditions and pilot results.Orderly push away.
The fund investment advisory business initiated by the institution shall be appropriately filed by the regulatory authority.
Opinion: Existing fund companies, third-party fund sales agencies, and securities companies have a high desire for layout of fund investment consulting business.
According to the steps of “pilot first, steadily roll out”, the pilot situation is better, and other institutions can apply for this business in the future.
2. Six requirements of the pilot institutions The content of the “Notice” also has clear requirements for the relevant provisions of the pilot institutions: 1. Have qualifications for asset management and fund sales; 2. Have certain market competitiveness and customer base.
Securities companies, fund companies or their sales subsidiaries should have consolidated compliance risk control and investor service capabilities; fund application agencies should have non-monetary fund holdings of not less than 10 billion; 3. Good compliance records; 4. Have an excellent fund product research team, investment consultants that match the business development, and information technology capabilities that are compatible with the proposed military business; 5. Complete business solutions and sound business systems to ensure the principle of priority for customer interestsEffectively prevent conflicts and prevent and control classified risks; 6. Other necessary conditions to support business development.
An institution that meets the requirements of items 1 to 3 and the number of customers reaches 1 billion can establish a subsidiary to conduct a fund investment consulting business pilot. The subsidiary properly meets the requirements of items 3 to 6.
The supervisors will organize an expert evaluation committee to carry out the pilot schemes and preparations of relevant institutions, and determine the institutions that determine the conditions for the pilot.
Opinions: The requirements of the pilot institutions as a whole require market competitiveness and customer base, as well as subdivided fund product research teams, etc., and there are clear non-monetary fund holdings requirements for third-party institutions.
For institutions that meet the requirements of 100 million customers, a subsidiary can be set up to implement a pilot fund investment consultation.
3. The management investment advisory business notification regulations can be implemented. The fund investment advisory pilot institutions are compulsory for the fund investment advisory business. They can accept the client’s entrustment, provide them with advice on fund portfolio strategies, and obtain economic benefits directly or indirectly.It is a public fund product or a similar product approved by the CSRC.
According to the investment portfolio strategy agreed with the client agreement, the pilot institutions can make specific decisions on the types, quantity, and timing of fund investment on behalf of clients, and execute client product purchase, redemption, conversion and other transaction applications on behalf of clients, and conduct managed funds.Investment advisory business.
Opinion: The management-type investment advisory business can make decisions on specific varieties, quantities, and timings on behalf of customers, and can directly apply for purchases, redemptions, conversions, etc. on behalf of customers, which is the “full power” model.
4. Adhere to the notification requirements of the principle of priority of customer interests: the pilot agency ‘s military fund investment advisory business, abide by the laws, administrative regulations and the requirements of this notice, follow the principle of priority of customer interests, be honest and trustworthy, provide customers with care and diligence, and establish a sound internal control system, Strengthen compliance management and risk control, effectively identify, assess and deal with conflicts of interest, strengthen the behavioral control of employees, and effectively protect the legitimate rights and interests of customers.
Opinion: To do investment advisory business, we must follow the principle of giving priority to the interests of our customers and put the interests of holders first.
5. It is necessary to formulate appropriate notification requirements for sexual obligations, pilot institutions to conduct mandatory fund investment advisory business, appropriately supplement appropriate sexual obligations, comprehensively understand the situation of customers, thoroughly evaluate customers’ risk identification capabilities, risk tolerance, investment objectives, and accurately defineFund portfolio strategy and risk characteristics, to provide clients with a fund portfolio strategy that meets their risk identification and tolerance.
The pilot institutions shall periodically re-evaluate the customer’s risk tolerance, and if it is found that the customer’s risk tolerance may change significantly, it shall promptly start the assessment and update the risk level.
Where the pilot institutions have appropriate and reasonable assessments and accurately define the risk characteristics of the fund’s investment portfolio strategy, and the laws and regulations have special provisions on the range of reasonable investors for specific fund types, the risk characteristics of the relevant fund’s investment portfolio strategy must not exceed relevant regulations.
Opinion: The investment and consultation business should be carried out according to the actual risk tolerance of the customer, the ability to identify risks, and investment objectives.
6. No notification of promises or promises of capital preservation commitments. Pilot institutions shall be objective, accurate, and complete in conducting business promotion. They shall not provide false, untrue, and misleading information. They shall not promise revenue or make capital commitments. They shall not directly or indirectly refer to simulations.Performance, the revenue created for individual customers, may not predict future performance.
If you notice the past performance, it proves that it is the overall performance of the specific fund portfolio strategy for more than one year, and you are reminded that past performance does not foretell its future performance, and the revenue created for other customers does not constitute a guarantee of performance.
The pilot institutions strengthened investor education, fully revealed market risks, credit risks, liquidity risks, legal risks, and other investment risks to customers through risk disclosure books, and reminded the risk characteristics and individual characteristics of the fund’s investment portfolio strategies in a significant way.There are differences in the risk characteristics of fund products, which effectively protect the legitimate rights and interests of customers.
The pilot institutions properly explain to clients that the fund investment advisory business is still in the pilot stage, and there is a risk that services cannot be provided because the pilot qualification is cancelled.
Opinion: You must not promise income or make a capital preservation commitment. If you point out the past performance, it should be the overall performance of the specific fund investment portfolio strategy for more than 1 year, which is worthy of investors’ attention.
7. Establish a special investment decision-making committee pilot institution to provide fund investment advisory services, and appropriately establish a special investment decision-making committee within the company.
Pilot institutions are feasible to establish a replacement bank system for fund products.
The company appropriately arranges a professional research team to implement standardized and streamlined due diligence on each stored software and related fund manager to form an evaluation report.
Pilot institutions have appropriate and clear categories of product delivery, storage standards, product delivery, storage replacement.
The compliance and risk control department of the pilot institution supplemented and supervised the implementation of the fund product replacement library system. The quality of the fund’s investment portfolio strategy is centralized and implemented by the pilot institutions, the generation and adjustment of the fund’s portfolio strategy assisted by the investment decision-making committee, and the risk characteristics of the formation of the fund’s portfolio strategy are evaluated.
The determination and adjustment of specific product varieties and quantities of the fund’s investment portfolio strategy, while adjusting through the following investment decision-making committees, except those that meet the following conditions: 1. Pilot institutions have comprehensive internal control measures, which can effectively control relevant personnel in accordance with a unifiedThe fund portfolio strategy determines the specific product types and quantities of the fund portfolio strategy within the scope of strict authorization; the investment decision committee of the pilot institution limits the optional range of each category of fund products in the strategy according to the risk characteristics of the fund portfolio strategy.Should not simply replace the limited scope with the entire fund product replacement library; 2. Replace the specific product varieties of the fund’s investment portfolio strategy, and the number of personnel who manage the portfolio has more than three years of securities investment, securities research analysis, securities investment fund research evaluation orAnalytical manager, who has been engaged in the above work in the past year and passed relevant examinations.
Opinions: Fund investment advisory services, appropriate establishment of special investment decision-making committees at the company scale, and establishment of relevant standards.
At the same time, 3 years of relevant business experience is required to carry out related business management. There are norms and strict requirements for this business.
8. The investment portfolio should be diversified. The market value of a single fund does not exceed 20%. The notification regulations, the pilot institutional fund investment portfolio strategy appropriately meets the diversified investment requirements: 1. Individual clients of the management fund investment advisory service hold the market value of a single fund.20% of the client account ‘s net asset value, money market funds, index funds are not limited to this; 2. Under a single fund portfolio strategy, the total share of a single fund held by all customers must not exceed 20% of the total share of the fund, holding the indexThe sum of the fund’s shares must not exceed 30% of the total fund’s shares; 3, no complex structured funds can be recommended to clients, including internal shares of grading fund farms and other funds recognized by the regulatory authority; 4, clients are advised to invest in closed-operation funds, regularlyFor open-end risk funds such as funds, a special risk management system shall be appropriately formulated to alert clients to risks.
If a general investor is recommended to invest in a circulation fund, the customer’s consent has been obtained in advance, and it is confirmed that the investment period of the circulation fund does not conflict with the customer’s target investment period.
Non-compliance with the above requirements due to factors other than the fund’s investment portfolio strategy due to fluctuations in the securities market and changes in fund size should be adjusted within 3 months, unless approved by the regulatory authority.
Opinion: The fund portfolio needs to meet diversified investment requirements.
9. Recommending “home fund” requires prior announcement, which stipulates that the pilot institutions should follow the principle of giving priority to the interests of customers, establish a sound conflict of interest management mechanism, ensure that the fund’s investment advisory business is effectively separated from other businesses with conflicts of interest, and control the misuse of sensitive information.Liquidity and use, effective methods of conflict of interest, shall not undermine the objectivity of investment advice for the benefit of itself, related parties, specific customers and specific product issuers.
Customers are advised to invest in the products managed by this institution or related parties, and appropriately inform customers in advance and fully disclose potential conflicts of interest to customers.
In addition, the relevant notice also stipulated a unified fund investment strategy description for the statutory system of the pilot institutions, as well as requirements for launching recommendations, agreement and concurrent authorization of accounts, establishment of a transaction detection and recording system, management of various retention marks, and establishment of a return visit mechanism.
Comments: Further standardize specific details.
10. Daily disclosure of net asset value. If there is a position report for management fund investment advisory service at least every quarter, it shall disclose account income, position, transaction records and other information in accordance with the frequency, method and scope agreed with the client, and disclose it to the client daily.The net asset value of the account on the previous day will be sent to customers with account holdings, transaction records and other information at a frequency not less than quarterly.
The pilot institution’s inspections ensure that the client’s ability to inquire account information in accordance with the regulations and time and methods agreed in the investment advisory agreement.
When a major event that may affect the interests of customers occurs, within 2 days from the date of the occurrence of an appropriate major event, it shall be disclosed to the client in the manner agreed in the service agreement.
Opinion: The net value of the product is received daily, and the position report is received at least once a quarter.
Investors should also pay attention to these reports if they participate in this business.
11. The notification fee cannot exceed 5%. The pilot institution correctly understands the charging items and methods from the client correctly, and agrees with the client in writing the compensation standards and methods of investment advisory service fees.
The annualized standard of fund investment and service fee shall not exceed 5% of the net asset value of the client account, except for expenses that are in the form of annual fees, membership fees, etc. and do not exceed 1,000 yuan per year.
The management fund investment advisory service fee may be statutory from the client’s authorized account as agreed.
Where a pilot institution conducts fund sales business at the same time, reasonable arrangements shall be made for fund sales expenses.
Where the client’s maintenance fee is acknowledged to the fund manager, the client’s maintenance fee shall be deducted from the investment advisor service fee to avoid conflicts of interest.
Opinion: There are strict requirements for charging standards. At this step, investors can make inquiries and subsidies when the current pilot institutions officially start their business, and can choose services with higher cost performance.
12. The establishment of long-term incentive notice requirements stipulates that the relevant personnel of the pilot institutions’ military investment consulting business shall obtain the qualification for fund practice.
At the same time, the pilot institutions may establish and improve long-term incentive and restraint mechanisms for investment consultants.
Investment and appraisal personnel’s assessment and incentive measures shall not have any arrangements that may have conflicts of interest, such as those linked to fund sales expenses.
Fund investment advisory service fees that are received in advance may not be used as incentives for personnel until they are recognized as investment consultant income.
Opinion: Only by establishing a long-term incentive and constraint mechanism can this business go a long way.
13. Prohibited behavior of pilot institutions and investment consultants Pilot institutions and their investment consultants must not: 1. Use the fund’s investment advisory business to violate the law, violate regulations, or provide convenience; 2. Have customer information, investment plans, and transactions; 3. Engaging in unfair transactions, benefits transmission, etc. that harm the legitimate rights and interests of customers; 4. Committing revenue to customers, promising no principal loss or a limited amount or proportion of losses; other acts that harm the legitimate rights and interests of customers.
Opinion: “Promise revenue to customers, promise no loss of principal or limit the amount or proportion of losses” is not allowed, investors must pay attention, if similar behavior is found in the future actual business operation process, it is inappropriateRegulatory.
14. Establish a pilot institution for compliance and risk control management system. Appropriately establish a service model design for fund investment consultants, fund product research, fund portfolio strategy generation, business promotion, investment transactions, dynamic position adjustment, information disclosure, customer service, technology platforms, etc.Various secondary compliance risk control management systems.
Opinion: Compliance risk control provides guarantee for the smooth operation of the business.
15. The pilot period or one-year notice stipulates that the pilot institutions should carefully control the scale of the pilot business in accordance with the requirements.
The trial period is one year. When the trial period expires, the supervisory organization will start inspection and evaluation. If the pilot target is not reached or a major problem occurs during the trial period, the trial will be terminated.
If the pilot institution terminates the pilot, the existing stock business shall be properly and properly closed.
Provided management fund investment advisory services, and cancelled the authorization of fund investment advisory business accounts.
In addition, it also stipulates that the pilot institutions should regularly report the fund investment advisory business as required. If the pilot institution changes the person in charge of the fund investment advisory business, the method of charging, or generates major issues such as complaints and lawsuits, it should report to the Securities Regulatory Commission within 3 working days.Board.
There are also requirements for many details such as investment advisory agreements.
Opinion: If something goes wrong during the pilot, the related business may be terminated.
The five major fund companies piloted Fangda, Nanfang, Castrol, Huaxia, CEIBS and other five fund companies have applied for trial and completed the filing, and will officially launch the investment consulting business pilot work. In fact, affected by irrational behaviors such as chasing gains, losses, and losses, the “curse” that funds are easy to send but customers do n’t make money is widespread, and it ‘s divided from the prevailing investment and investment models abroad.Intervening in intermediary forces to guide clients to make rational and long-term investments, and intervening intermediaries are to be developed.
The launch of the fund investment advisory pilot will greatly change the existing dilemma of fund sales, and the wealth management industry will usher in rare development potential.
At the same time, the fund investment advisor adopts the “alternative agent” model to provide customers with tailored financial planning and 24/7 asset allocation services, which places higher requirements on professionalism.
By reducing the subscription purchase fee and acknowledging certain account management fees, it can better bind with the investment interests of customers and help customers earn long-term benefits. The model of fund investment and consultation will change the long-term fund marketing led by sales agenciesLayout to enhance the customer’s financial investment experience.
The fund investment advisory business needs to open a dedicated investment advisory account for each client, tailor the investment advisory strategy, select only products that match the strategy from the total market, and continue to track and adjust. This is a dynamic involving massive data.The process, the fund company’s investment management capabilities, risk control systems and system support capabilities have extremely high requirements.
The first batch of approved institutions are domestic first-class public fund management companies and their sales subsidiaries. They have conducted quite repeated explorations in related service fields, and have considerable customer base and Internet service experience.
The major fund companies also have advantages.
E Fund says that it will provide investment advisory services based on the needs of different customer groups, and provide investment advisory services to customers in three sizes of asset allocation, timing rotation and fund selection.
E Fund Fund said that the fund investment advisory business is carried out to allow professional investment consultants to assist investors in investment decisions and supervise the implementation of fund products, so as to improve the investor’s investment discipline, moderately suppress the behavior of chasing gains and losses, and effectively strengthen the majority of investors.A sense of gain; it also helps to improve the ability of the public fund industry to serve the wealth management needs of residents and better meet the individual investment needs of investors.
Southern Fund said that it will launch a managed fund investment advisory business and cooperate with a third-party sales agency, Tiantian Fund, to realize the allocation of public market fund products, which has no precedent.
China Southern Fund will open a dedicated investment advisory account and customized investment advisory strategy for customers, and conduct market-wide fund product selection and configuration based on this variable strategy, and continuously track the market and strategy implementation to manage customer investment advisory accounts.
The management fund investment and consulting business is carried out to better achieve customer-centricity, based on investor’s individual investment needs, and provide investment advisory services based on matching “risk targets” to help investors avoid chasing gainsKill and respond to market style rotation.
Huaxia Wealth stated that, as a wholly-owned subsidiary of Huaxia Fund, on the basis of inheriting 21 years of asset management experience of Huaxia Fund, Huaxia Wealth has experienced many years of 四川耍耍网 in-depth cultivation in the field of fund management and deep innovation in the field of artificial intelligence.The unique service model of “offline investment advisor + online financial robot” is dedicated to creating a professional fund investment advisor brand that “knows you and understands investment”, and provides customers with professional and reliable investment advisory services from a specific perspective.
In addition, Huaxia Wealth has fully absorbed nearly 100 years of wealth management experience of the Canadian shareholder Bauer Group, allowing customers to obtain world-class investment advisory services without going abroad.
These various advantages have allowed China Fortune to form significant competition among the first batch of institutions that have obtained the pilot qualifications for fund investment and advisory, which has attracted strong market attention.
Zhang Hui, general manager of Huaxia Wealth, said that in order to launch the fund investment advisory business, Huaxia Fortune has been preparing for three years. After the fund investment advisory business is officially launched, each contracted customer will get a dedicated investment advisory account.The company’s asset allocation team provides customers with 7 * 24 hours of professional investment decisions, tracks changes in market style, and timely adjusts and checks the constituent funds of the fund portfolio.
Huaxia Wealth is committed to building an investment advisory brand that “knows you better, and understands investment.” It is hoped that the investment advisors will set up a professional channel between customers and investment, so that customers can invest in peace of mind and strive to realize the long-term value-added of personal wealth.
Huaxia Wealth will make full use of the advantages of advanced wealth management concepts, integrated investment and research platforms of parent and subsidiary companies, and market-proven smart investment consulting practice experience to implement this concept.
In the future, Huaxia Wealth will take the interests of investors first, and monitor the investment manager for the client from the perspective of the core team, investment philosophy, performance, decision-making process, portfolio, etc., based on the client’s different investment goals, long-term, strategic needs, etc., using configurationThe idea of transformation is to strive to provide customers with effective fund investment advice and avoid misunderstandings about traditional fund purchases.
CEIBS Money said that as the sales subsidiary of CEIBS Funds, when CEI Money was founded, it focused on Internet wealth management services.
As of October 25, 2019, China-Europe Fund’s Internet personal customers reached 12.86 million, with asset management scale of 10.81 billion, of which non-monetary scale reached 15.4 billion.
CEIBS Money rolled out the “Water Drop Smart Investment” service in 2016 in an attempt to improve customer profitability experience.
At present, it has launched two major product lines, “Water Drop Smart Investment” and “Water Drop Pension”. Its independently developed intelligent investment advisory related system has obtained 15 copyrights and one patent.
The head of the China-Europe Money Rolling Business said that they cherish the first batch of business pilot opportunities and have been equipped with a professional investment management team, algorithm research team, product design, customer service and system construction team, dedicated to providing customers with professional investment consulting services.