招商基金马晓蕾：坚持买方投顾业务立足于客户，顶层设计决定业务大方向

Core Viewpoint - The "2025 Guangzhou Investment Advisory Conference and Wealth Management Transformation Development Meeting" emphasizes the importance of client-centric investment advisory services, highlighting the need for a shift from product selling to focusing on client returns [1][2]. Group 1: Investment Advisory Business - The investment advisory business should be grounded in the client's experience, with a focus on enhancing investor satisfaction as the primary principle [1]. - The investment advisory process is characterized as a long-term investment, which, while challenging and slow, creates significant competitive barriers due to accumulated experience [2]. - The correct top-level design is crucial for determining the overall direction of the investment advisory business, ensuring it remains client-focused [2]. Group 2: Business Model and Assessment - The business model of the investment advisory at China Merchants Fund involves independent teams that prioritize client profitability, repurchase, and retention in their assessment criteria, differing from other business lines [2]. - The assessment system for team managers focuses on their ability to consistently generate excess value and profits for clients, providing the team with confidence to navigate market fluctuations [2].