21专访｜中金财富吴显鏖：财富管理3.0是“做规划”的时代

Core Viewpoint - The wealth management industry is transitioning into a 3.0 era focused on planning, addressing the alignment of interests between wealth management providers and investors, amidst a low-interest-rate environment and increasing asset allocation needs in the Greater Bay Area [2][5][11]. Group 1: Wealth Management Evolution - Wealth management has evolved from a 1.0 era of "selling products" to a 2.0 era of "doing allocation," and is now moving towards a 3.0 era of "doing planning" [2][4][5]. - The 1.0 era was characterized by a focus on product sales, often leading to misalignment of interests between wealth management firms and clients, resulting in situations where funds perform well but investors do not [4][10]. - The 2.0 era introduced a client-driven advisory model, but still relied heavily on transaction-based revenue, which could lead to neglect of post-investment management [4][10]. Group 2: Current Challenges and Strategies - The traditional asset allocation strategies are facing challenges due to low interest rates and an "asset shortage," prompting the need for diversified asset allocation strategies [6][7]. - Investors are encouraged to explore multiple asset classes, including global bonds, alternative strategies, and real estate investment trusts (REITs), to enhance returns and reduce volatility [7][8]. - The "5A allocation model" proposed by the company emphasizes aligning investment strategies with client risk preferences, dynamic asset allocation, and comprehensive risk assessment [8][9]. Group 3: Market Size and Future Directions - The wealth management scale in Shenzhen has reached 31 trillion RMB, while Hong Kong's wealth management scale is at 35 trillion HKD [3][13]. - Future directions for wealth management institutions in the Greater Bay Area include focusing on cross-border client needs, developing family offices and trusts, and enhancing cross-border service capabilities [3][13]. - The integration of digital technologies and data analytics is seen as essential for improving advisory efficiency and service coverage in the wealth management sector [12][13].