According to the economic observer, the first fund companies that have obtained the pilot qualification of fund investment and consulting business and completed the filing are Huaxia Fund, Harvest Fund, e fund, South Fund and China Europe Fund. With the formal implementation of the pilot work, it also means that the fund sales mode that has lasted for more than 20 years will usher in a major change, and the era of public offering and investment consulting has begun.
According to the reporter, the above-mentioned five companies have been working overtime after getting the approval, system building, testing and even signing the first customer The business of public offering investment adviser is speeding up.
However, in the view of a number of insiders, although the first five institutions have completed the filing, and constantly seize the new highland, the problems facing the era of public offering investment can not be ignored.
The so-called fund investment adviser mainly refers to the investment advisory body with relevant qualifications, which accepts the entrustment of the client, and makes the choice of the specific type, quantity and trading opportunity of the investment fund for the client according to the agreement within the scope of the clients authorization, and applies for the purchase, redemption, conversion and other transactions of the fund products on behalf of the client, and obtains the income from the investment advisory fee and other businesses.
Relevant people of China Southern Fund said that the system of Sinan intelligent investment investment and consulting sub brand has been built, is currently in the testing stage, and is expected to go online as soon as possible .
According to the person, Sinan zhitou helps investors to screen and configure fund products on behalf of them by cooperating with the third-party sales agency Tiantian fund, continuously tracking the implementation of market and strategy, and managing customer investment accounts. It provides a series of investment consulting services, including financial needs assessment, asset analysis and diagnosis, automatic position adjustment and post investment services.
China Europe Fund takes its fund sales subsidiary, China Europe money rolling, as a pilot investment and investment institution. China Europe Fund revealed that it has set up product research and investment management, algorithm research, product and customer behavior analysis team, system construction and customer service team.
However, Huaxia Fund held a press conference only three days after the issuance of the pilot document, saying that the first customer has signed a successful contract.
Up to now, only e fund has not disclosed the latest progress on the pilot investment business.
While the five pilot institutions are in the process of layout and business development, many problems that the public offering investment consultants will face in the future have also attracted the attention of the market.
The reporter of Economic Observer learned that the key point of the investment consulting model lies in the change of the traditional charging model of public offering business, that is, under the operation of the investment consulting business, the application and redemption fees of public offering products will gradually disappear and be replaced by the investment consulting fees. In the long run, it is bound to reduce the corresponding claim and redemption costs by choosing class C shares on the investment side and sticking to the strategy of careful selection of base and long-term holding. Because category C is relatively cost-effective in terms of the redemption fee itself, said one product person familiar with the public offering business
According to the calculation of Huaxia Fund, taking the investment portfolio of its investment advisory product Charlie smart investment version 2.0 as an example, according to the calculation of the investment portfolio of four positions adjustment in a year, 30% of each position adjustment component fund, fixed income and equity two types of preferred portfolio investment advisory accounts can save 40% and 20% of the investment cost respectively, which will also be directly converted into investment income.
The reduction of investment cost can indirectly improve our investment income in the account. If we use the compound interest of 20 years to calculate the thickening of investment income, it is an amazing number. The Chinese Fund said.
The investment advisory fee we collect will be deducted from the clients fund transaction fee and, to the extent permitted by laws and regulations, we will try our best to avoid the extra cost caused by portfolio position adjustment. In the long run, we hope to collect certain investment fees through the scale of assets held by customers for a long time, rather than making profits through transaction-based fees such as purchase and redemption.
The southern fund also adopted this model and believed that to a certain extent, the consensus of interests between managers and investors was better achieved.
To open an exclusive investment account for customers, select funds, and provide customized services for customers. By reducing subscription fees and collecting investment management service fees linked to the scale of investment account, southern fund is better bound with the interests of investors. South Fund people said.
However, a number of people in the public offering industry interviewed by the reporter said that although the investment consulting fee has achieved a substitution effect on the redemption fee to some extent, the public offering fund held in the investment consulting account will still generate corresponding management fees.
As the management fee depends on the management scale, and the approximate rate of investment fee depends on the investment performance and investor trust, some insiders pointed out that the investment business conducted by public institutions may still conflict with the traditional fund management business. The main source of income of public offering institutions is management fee. Even if the subscription fee is replaced by the investment fee, the management fee is still objective, which may lead to the possibility of fund companies to collect more management fee and do large-scale, leading to the lack of independence of investment business. For fund companies, how to achieve business isolation under the existing conditions and obtain the trust of customers in the medium and long term is very important, said a product operator from a public offering agency in Shanghai
Industry structure will change
The gradual development of the pilot business of public offering investment advisers is not optimistic for the small and medium-sized fund companies, whose active management ability is not outstanding and whose product line is relatively single.
A small and medium-sized fund salesperson told reporters, the development of fund investment pilot will face the situation of constant strength of both fund sales end and product end. For small and medium-sized funds, the role of channel and institutional sales may be more and more ignored by the company, and in the investment model, the fund companies with investment business play the role of 0% discount rate, in this kind of production In the trend of lower product rates, debt based products and limited scale, it is possible that fund companies should also reduce costs from sales personnel. For sales, we do not contact customers directly, and the prospect is not optimistic. The company may turn more positions to investment consultants.
In this regard, Li Yimei, general manager of Huaxia Fund, said that the arrival of the era of fund investment consulting means that public funds will shift from product sales orientation to service orientation centered on the interests of customers: from the standpoint of customers, formulate investment plans according to the needs of customers, optimize investment behavior, and ultimately improve the profit experience of fund investment. Fund investment advisory services put forward higher requirements for professionalism. Only an excellent and responsible wealth management institution can provide proper fund investment advice for clients. With the improvement of clients professional level, it is important and necessary to have a deep understanding of clients needs and rich experience in asset management to carry out the pilot work of fund investment advisory business.