从产品到服务 投顾欲打通养老投资“堵点”

Core Viewpoint - The personal pension system in China has seen a significant increase in the number of related funds, approaching 300, but faces a structural challenge of "hot account openings, cold contributions" in the personal pension investment market [1][2] Group 1: Product Supply and Market Dynamics - Since the launch of the personal pension system in November 2022, the supply of related products has expanded, including the inclusion of broad-based and strategy index funds, covering risk levels R2 to R4 [2] - As of June 20, the average return of personal pension funds since inception is 1.59%, with over 60% of products showing positive returns, but the average maximum drawdown is 11.82%, with some products experiencing drawdowns as high as 33.57% [2] - The increase in product supply has not effectively stimulated enthusiasm for pension investments, as investors face higher selection costs and a mismatch in risk perception [2][3] Group 2: Role of Investment Advisory Services - The lack of professional long-term investment advisory support is identified as a key reason for poor client experience and earnings in the Chinese capital market [3] - A report indicates that users of investment advisory services have better investment experiences, with higher profitability compared to those investing in single funds [3][4] - Investment advisory services can help manage investor expectations and focus on long-term goals, potentially alleviating concerns over short-term volatility [4] Group 3: Global Insights and Recommendations - The development of the third pillar of pension investment globally shows a trend towards "advisory-style pensions," which could inform the construction of China's personal pension system [5] - Recommendations include transitioning from "product-based investment" to "account management models," which is a primary mode of overseas advisory services [5] - There is a call for establishing a unified personal pension management platform to facilitate cross-platform transactions and enhance the efficiency of pension fund allocation [6]