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Core Insights - The era of buyer wealth management has officially arrived, prompting a shift from traditional product-selling models to a more client-centric approach in the securities industry [1][3] - Experts from various securities firms discussed the challenges and necessary transformations in the industry during a recent forum [1] Group 1: Buyer Thinking Evaluation Standards - The core evaluation standard for determining whether an institution or advisor possesses buyer thinking is centered around "how to earn money," contrasting with the traditional focus on product sales [5][7] - Institutions like Ping An Securities have shifted to a model focused on "earning retention money," emphasizing long-term client relationships and service value [7][11] - The recognition of the buyer fee model by clients is crucial for the transformation process, as many still prefer traditional commission-based structures [9][14] Group 2: Transformation Challenges and Solutions - The necessity for transformation in the wealth management industry is driven by declining commission levels and changing client demands for sustainable returns [14][15] - Institutions must overcome the "license dependency" mindset and create real, sustainable value for clients to gain their trust and long-term loyalty [15] - A collaborative approach involving professional services, a scientific assessment mechanism, and a reasonable profit distribution system is essential for successful transformation [15][16] Group 3: Asset Allocation Services - Asset allocation is identified as a critical component of wealth management, with a focus on long-term returns [16][17] - Institutions need to enhance their asset allocation capabilities by broadening their product frameworks and developing a core methodology tailored to different investor profiles [17][18] - Effective communication between research strategies and client services is vital for translating institutional insights into tangible client returns [18] Group 4: Building Competitive Advantages - To establish core competitiveness, firms must have clear strategic insights and maintain a long-term commitment to building unique service offerings [19][20] - Collaboration across departments is emphasized as essential for the success of buyer wealth management initiatives [20] - Differentiation in product offerings and transparent communication about risk and return characteristics are crucial for addressing information asymmetry in the wealth management sector [20][21]