试点六年 基金投顾供需错配仍存

Core Insights - The article highlights the significant progress and challenges in the development of the public fund investment advisory business in China over the past six years since its pilot launch [1][2][3] Group 1: Business Development - The pilot program for public fund investment advisory services was officially launched by the China Securities Regulatory Commission (CSRC) on October 25, 2019, with 60 institutions obtaining pilot qualifications [2] - As of October 2025, the asset scale of buyer advisory services has exceeded 120 billion yuan, with some institutions reporting a high profitability ratio among their advisory accounts [2][3] - The overall profitability of advisory accounts has been significantly higher than non-advisory accounts, with reported excess returns of 7.01%, 4.23%, and 1.33% over one, two, and three years respectively [2] Group 2: User Experience and Strategy - Institutions have developed diverse strategies to cater to different investor needs, including liquidity management, conservative investments, and aggressive investments [3] - Feedback from clients indicates a generally positive experience with advisory services, although challenges remain in user awareness and service content alignment with client needs [3][4] Group 3: Fee Structure and Optimization - Suggestions for optimizing the fee structure include diversifying the charging model and linking advisory fees to product performance to align the interests of advisors and investors [4] Group 4: Investment Variety and Regulatory Support - There is a call for a broader range of investment products, including overseas markets and various asset classes, to meet diverse investor demands [5][6] - The CSRC is actively working to transition the advisory business from pilot to regular status, with plans to include more investment options such as Sci-Tech Innovation Board ETFs [6][7]