基金营销“信任危机”形成已久 投顾转型点出破题关键

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a plan to promote the high-quality development of public funds, emphasizing the need for a classification evaluation mechanism for fund sales institutions to address the current "scale-first" mentality and the "trust crisis" in fund marketing [1][2]. Group 1: Evaluation Mechanism - The plan requires the establishment of a classification evaluation mechanism for fund sales institutions, incorporating metrics such as the scale and proportion of equity fund holdings, the scale and proportion of newly launched products, investor profit and loss, and the scale of regular investment [2][3]. - Institutions with higher evaluation results will receive priority in product access, license applications, and innovative business opportunities, encouraging a shift from a sales-driven model to one focused on customer service and experience [2][3]. Group 2: Industry Transformation - The release of the plan has accelerated changes in the fund distribution landscape, with several fund companies announcing the termination of sales partnerships with certain institutions, indicating a shift towards more sustainable business models [4][5]. - The exit of smaller fund sales institutions signals a natural clearing mechanism that will optimize the industry ecosystem and lead to a healthier market structure [5][6]. Group 3: Investor-Centric Approach - The plan encourages a transition from a focus on sales volume to long-term value, emphasizing the importance of investor retention and returns rather than merely transaction volume [3][6]. - The investment advisory model, which prioritizes investor interests, is seen as a key solution to the challenges faced in the fund distribution sector, requiring a deeper understanding of client needs and goals [7][8]. Group 4: Fee Reduction Impact - The plan also calls for a reasonable reduction in subscription and sales service fees for public funds, which may pose short-term challenges for sales institutions but will ultimately drive them towards a buyer-centric transformation [9][11]. - The trend of fee reduction is expected to promote the development of wealth management and advisory services, as institutions adapt to a more competitive environment [11][12].