券商需回归客户本位 从“卖产品”向“管资产”跨越

Core Insights - The transformation towards buy-side advisory services has become a core pathway for the development of wealth management in the securities industry, driven by market recovery and industry changes [1][2][3] - Firms must return to a client-centric approach, focusing on systematic capability building, ecological platform layout, and deep organizational change to transition from "selling products" to "managing assets" [1][2] Buy-Side Advisory Transformation - The mission of the Chinese securities industry is shifting from "zero-sum games" to growing together with clients, emphasizing the importance of a systematic capability in advisory services [2][3] - The buy-side advisory transformation is a necessary response to declining commission rates and interest margins, requiring firms to focus on service fundamentals for sustainable growth [2][3] ETF Business Development - The ETF market is expanding rapidly, becoming a focal point for wealth management strategies, although growth may lag behind insurance and bank wealth management products [4][5] - Firms should leverage ETFs not just as products but as business vehicles, enhancing core capabilities in client segmentation, intent insight, and asset allocation [4][5] Organizational Change and Assessment Reforms - Organizational transformation is crucial for the buy-side advisory shift, requiring firms to balance short-term profits with long-term value [6][7] - Assessment mechanisms should move away from sales metrics to focus on AUM growth, client profitability, and service activity, aligning closely with client interests [6][7] Localized Practices - Firms like Dongguan Securities emphasize localized practices, retaining strong client relationships at the branch level while empowering advisors through tools and incentives from headquarters [7]