别被“稳赚”迷了眼！监管出手整治投顾行业，天相等三机构被罚

Core Viewpoint - The regulatory scrutiny on the securities investment consulting industry has intensified significantly at the beginning of 2026, with misleading promotional practices promising high returns being a primary focus of the crackdown [1][7]. Regulatory Actions - Since the start of the year, three licensed investment consulting firms, including Huiyan Zhitu Technology Co., Shenzhen Luojia Investment Consulting Co., and Beijing Tianxiang Wealth Management Co., have received penalties, totaling 12 regulatory fines in the industry [1][7]. - The Shanxi Securities Regulatory Bureau issued five regulatory documents to Huiyan Zhitu on January 16, ordering a three-month suspension of new client acquisitions, marking a typical case in the industry [1][7]. Violations Identified - Huiyan Zhitu has been found to have multiple violations, including misleading marketing content, implicit profit promises, and providing investment advice without adequate basis or risk disclosure [9][11]. - Other firms, such as Beijing Tianxiang Wealth and Shenzhen Luojia Investment, have also faced penalties for similar violations, including improper marketing and inadequate internal control mechanisms [4][11]. Industry Trends - The increase in penalties reflects a high-pressure regulatory environment for the investment consulting industry, with a notable rise in the use of "qualification penalties" [5][12]. - In 2025, over a hundred fines were issued in the investment consulting sector, with misleading marketing practices being the most common violation [12]. Compliance Challenges - The shift of investment consulting services to online platforms has introduced new compliance risks, as firms pursue short-term performance through social media and live streaming, often at the expense of regulatory adherence [5][12]. - Experts suggest that firms need to transition from a sales-driven model to one focused on fiduciary responsibility, emphasizing asset allocation and financial planning [13]. Recommendations for Improvement - Industry professionals advocate for a complete overhaul of business models, moving away from commission-based sales to a membership or advisory fee structure linked to client asset health [13]. - There is a call for improved internal controls and compliance mechanisms to address the fragmented nature of sales through new media channels [13].