理财产品收益“注水”？业界呼吁规范业绩展示

Core Viewpoint - The issue of "inflated" returns on wealth management products has gained significant attention, with many investors reporting discrepancies between advertised and actual returns, prompting calls for standardized performance disclosures in the industry [1][2]. Group 1: Factors Leading to Inflated Returns - Wealth management institutions often highlight better-performing return periods prominently while downplaying poorer performance, leading to investor dissatisfaction when actual returns fall short of expectations [2]. - Some banks employ various methods to artificially boost short-term returns to enhance product rankings, which can mislead investors [2]. - A specific example shows a bank's product advertised a historical annualized return of 3.149%, while actual returns over the past months were significantly lower, failing to meet the performance benchmark [2][3]. Group 2: Underlying Causes of the Issue - The persistent focus on scale and performance metrics among wealth management firms drives them to create products with misleadingly attractive returns [3]. - There is a conflict between risk appetite on the liability side and the reality of net value management, as clients transitioning from savings accounts expect stable returns, increasing the need for accurate information disclosure [3]. - The low-interest-rate environment has created challenges for enhancing returns, leading some firms to resort to technical adjustments to reported returns [3]. Group 3: Industry Recommendations - There is a call for the industry to standardize performance disclosures, with suggestions to clarify that performance benchmarks are reference targets rather than guaranteed returns [4][5]. - Firms should shift towards a client-demand-driven service model, focusing on asset allocation solutions tailored to individual client needs, enhancing long-term engagement [5]. - Strengthening capabilities in multi-asset strategies and developing transparent, low-cost index products can provide investors with clearer, more resilient investment options [5]. Group 4: Investor Awareness - Investors need to recognize that the implementation of new asset management regulations means there are no longer guaranteed returns, and they should remain vigilant against misleading promotions [6]. - Understanding that performance benchmarks are merely reference points, not promises of returns, is crucial for investors [6]. - Investors should consider the relationship between product returns and the bond market, which is influenced by macroeconomic factors, to avoid being misled by short-term performance of individual products [6].