基金投顾试点六周年（上）：规模增长显著，供需“错位”待解

Core Insights - The article highlights the growth and effectiveness of the fund advisory service model in China, which has been in place for six years since its pilot launch in 2019, leading to increased asset scales and customer retention rates among qualified institutions [2][3][4] Industry Overview - The fund advisory service model has seen significant development, with 60 institutions obtaining pilot qualifications since its inception [2] - As of October 2025, the asset scale of CICC Wealth's advisory services is expected to exceed 120 billion yuan, while Guolian Minsheng Securities has signed 360,000 clients with an asset scale of 9.7 billion yuan, reflecting a year-on-year growth of 39.52% [2][3] Client Experience - Clients report improved investment understanding and habits due to the advisory services, with 88% of clients from E Fund's advisory service being profitable [3][4] - The average holding period for clients using the "Help You Invest" service is 688 days, with a profitability rate exceeding 90% [4] Performance Metrics - The advisory accounts have outperformed non-advisory accounts, with excess returns of 7.01%, 4.23%, and 1.33% over the past one, two, and three years, respectively [3] - The average service duration for clients at Shenwan Hongyuan is over 1,400 days, indicating strong client engagement [3] Strategic Development - Institutions are focusing on enhancing client experience and addressing emotional costs, optimizing investment strategies, and leveraging digital tools to expand advisory services [5][6] - E Fund has developed a comprehensive strategy system covering various investment needs, while other institutions are also diversifying their strategies to meet different client demands [6][7] Challenges in the Industry - Despite progress, the fund advisory industry faces challenges such as low user awareness and trust, with a need for better education on the benefits of advisory services [8][9] - The profitability model for advisory services remains thin, primarily based on management fees tied to signed asset scales, which poses a challenge for sustainable growth [9] Future Directions - The role of AI in enhancing client experience is becoming increasingly significant, with institutions exploring AI-driven personalized services [7][10] - The industry is at a critical juncture, transitioning from quantity accumulation to quality improvement, necessitating collaborative efforts to address existing shortcomings [9][10]