Recently, Daily Economic News reporters visited many banks in Shanghai. As to the rate of return on financial products, financial managers of all banks have no exception to say that they have been falling. When asked by reporters whether the return on financial management will rise because of the pressure of saving in the middle of the year, the financial managers of big banks in a country even joked, Where is the rise? Financial management has only fallen but not risen.
In the process of consultation with financial products, almost every bank will recommend banking insurance products to journalists. Most of these products need to be held for five years, and can achieve an annual income level of more than 5%. Reasonable financial managers say that there are many clients consulting this kind of products, with higher returns and guaranteed principal, but with a longer period of time. If the funds can be idle for a longer time, then this kind of products is worth considering.
_Average Return Rate of Closed Expected Return RMB Products (Unit:%) Data Source: Puyi Standard Zouli Mapping
Will not actively recommend non-capital-guaranteed financial management
Most clients come to consult and manage their finances, not to buy products with high risks, but generally to buy more robust products, said a financial manager.
In fact, in the process of net value transformation of financial products, banksrequirements for wind control have been further enhanced. When introducing financial products to reporters, financial managers of big banks in one country said that, considering the risk tolerance of customers, the non-guaranteed products of the bank need to provide relevant certificates before they can be purchased.
The reporter understands that the certificate to be provided is one of the requirements to satisfy the description of high net asset customers, including the following requirements: natural persons who subscribe for financial products not less than 1 million yuan; when subscribing for financial products, the total net financial assets of individuals or families exceed 1 million yuan; and personal income is the highest. Over 200,000 yuan per year in the past three years or over 300,000 yuan per year in the last three years.
The banks financial manager said, Now we have a tight wind control, the general customers come, we are recommending the capital, unless the customers themselves need non-capital, I need to make it clear to the customers that they are willing to bear losses. But we dont usually take the initiative to push it.
It is worth mentioning that although the overall level of bank financial returns shows a downward trend, but the reporter noted that for high net worth customers, the rate of return on financial products has increased recently.
We have 6% of our products, but the risks are high, said the banks financial manager. Among the non-guaranteed financial products that can be purchased by high net worth customers, it is now generally (annualized) 4.1%, which has only recently risen, before it was a few points. But now there are not many such purchases, because the computer system is forcibly controlled, that is to say, it must meet the requirements of high net worth customers before it can be purchased.
In addition, Rong360 data show that the expected return rate of tens of products sold in recent years exceeds 5%, and the expected return rate of the highest one reaches 9.5%. However, the threshold for starting purchase is relatively high, with a starting purchase amount of 200,000 yuan and a management period of 181 days. According to the reporters consultation, this product can be purchased only when the banks assets reach more than 6 million yuan, and the volatility of earnings is also large.
Yin Yanmin, editor-in-chief of Rong360 Institute of Data Research, told Daily Economic News that private banking products themselves account for a small proportion of the whole banks financial products, so their impact on the overall market average is not great.
Capital-guaranteed financing is not as good as structural deposits
Last year, new regulations on capital management and financial management came to the ground one after another. Banksfinancial management has been transformed to net value. Capital-guaranteed financial management will gradually withdraw from the historical stage. However, at present, the products that can guarantee the principal are still favored by the majority of low-risk preferences.
When journalists consult Capital-Guaranteed financial products, financial managers generally say that it is better to buy Capital-Guaranteed financial products than to buy structural deposits, ordinary Capital-Guaranteed financial products are not as high as structural deposits (earnings).
Taking a large state-owned enterprise as an example, the expected annual rate of return of structured deposits in six months is 2.7%~3.3%, and the expected annual rate of return in one year is 2.7%~3.5%. According to the banks financial manager, the expected return of margin and minimum expected return can generally reach the highest (expected return).
At the same time, the financial manager said that Capital-Guaranteed financing and structural deposits have similar income levels, but Capital-Guaranteed financing has custody fees, and there is no bottom-guaranteed income. Relatively speaking, structural deposits are more appropriate if they are kept for more than half a year.
Similar claims are made in other banks. In a city commercial bank, the reporter learned that the expected annual return rate of principal-guaranteed financial products of the bank is 3.6% for half a year and 3.65% for one year. Financial managers also advise that its better to buy structured deposits. According to their introduction, under the same capital guarantee, the one-year structured deposits are 3.95%. If the capital is large, large deposit certificates can be selected for more than 200,000 yuan. The annual interest rate for three-year period can reach 4.18%. At present, the performance-price ratio is high.
According to Liu Yinping, a financial analyst at Rong360, although large deposit receipts have many maturities, only three-year or five-year interest rates are competitive, while most structural deposits have a maturity of less than one year. Therefore, if the liquidity requirement of investors is not high, the fund will not be used in the next three or five years, you can buy large deposits; if the liquidity requirement is high, it is more appropriate to buy structured deposits.
Bancassurance products are popular
It is worth mentioning that in the process of journalists consulting financial products, a number of financial managers recommended banking and insurance products to journalists. In addition to structured deposits and large deposit receipts, such products are another option for capital-guaranteed demanders. Financial insurance itself belongs to the capital-insured type, and does not need to make risk assessment on the counter, said a state-owned banks financial manager.
However, the duration of such products is often longer, which is a feature that financial managers generally emphasize. Most of the products that journalists come into contact with during the consultation process need to hold for more than five years, and they will get more than 5% annual income level.
A financial manager told reporters: Many customers come to ask this (Bancassurance products), the premise is that money (short-term) is not used, Bancassurance products are still good, it is time for capital appreciation space.
Similar products also appear in other banks. Take a product recommended by the manager of a state-owned bank as an example. According to the age of the journalist, the annual yield of this product is 5.15% for five years and 3.86% for four years. If you hold it for three years, you might as well buy a large deposit certificate. The purpose of this product is to let you hold it for five years, but flexibly turn it around in time.
Yin Yanmin told Daily Economic News that some conservative investors may turn to other conservative financial products as the banks financial products shift to net value and the income level continues to fall. If many insurance products do not reach the expected holding time, the income is not actually cost-effective, so investors in the selection of this insurance-type financial products, we must see clearly the contract details, if the holding period is not up to the agreed period, how to calculate its earnings. In addition, this product is suitable for investors who have long idle time and pursue stable returns. The specific choice depends on the degree of risk and the level of return of the product.
Financial management yield hit a 28-month low in June
When the reporter asked whether the return on financial management will rise because of the pressure of storage in the middle of the year, the response was generally there will be no such situation. (Overnight) Interbank lending rates are less than 1%. The financial manager of a big state-owned bank even joked, Where did the rise come from? Financial management has only fallen but not risen.
A financial manager told reporters that even if a product with higher revenue was launched at this time of the year, the period of time for such a product would be very short. For example, one or two months, the revenue would not be much higher, and there was no need for customers to toss about.
Yin Yanmin said that the central bank has injected liquidity into many small and medium-sized banks, and the Liquidity Fund of the whole market is relatively abundant. From Shibor or DR001, the overall overnight lending rate is also low. When the market is relatively abundant, the average return of financial products does not show a phenomenon of the end of the quarter.
According to Puyi Standard Data, the highest average yield of bank closed expected return RMB products appeared in February 2018, reaching 4.88%, and then entered the downward channel. As of June this year, this figure has dropped to 4.12%, down 0.01 percentage points from the previous period, and has fallen for 16 consecutive months, reaching nearly 28%. Its a new low in the past month.
In fact, not only are the yields on bank financial products declining, but also on large deposit receipts, which were once a hot spot at the beginning of this year. According to the financial manager of a large state-owned bank, the banks large deposit receipt was 24.18% (three-year annualized interest rate), now only 4.03% of the one million.
Source: Daily Economic News Responsible Editor: Yang Bin_NF4368