Workflow
从“卖方销售”到“买方服务”,基金代销加速转型
券商中国·2025-07-14 02:33

Core Viewpoint - The public fund sales institutions are undergoing a transformation due to the shrinking of trailing commissions and upcoming sales fee reforms, shifting from a "sell-side sales" model to a "buy-side service" model [1][2][5]. Group 1: Impact of Fee Reforms - The first impact on fund sales institutions is the reduction of trailing commissions, with management fees and custody fees decreasing since the initiation of the public fund fee reform in July 2023. The projected management fee income for 2024 is 124.73 billion yuan, an 8.1% decrease from 2023, with trailing commissions expected to be 35.48 billion yuan, down 8.7% [3]. - Many fund sales institutions, such as China Merchants Bank and Tiantian Fund, reported a significant decline in their distribution income, with reductions around 20% [4]. - The second impact is the anticipated reduction in sales fees, which is expected to be implemented by 2025, further constraining the revenue space for sales institutions [5]. Group 2: Transformation Strategies - Fund sales institutions are actively seeking transformation strategies in response to the dual pressures of commission shrinkage and upcoming sales fee reductions [6]. - Companies like Jiyu Fund are adjusting their product structures to focus more on multi-asset and equity products, enhancing their service offerings to meet diverse investor needs [7]. - Yingmi Fund is adopting a buy-side advisory model, aiming to align its interests with those of clients and reduce reliance on sales fees by developing a comprehensive advisory service system [8]. Group 3: Evaluation and Performance Metrics - The regulatory framework is shifting towards evaluating fund sales institutions based on investor returns, emphasizing the importance of maintaining investor profitability and long-term performance [9][10]. - Companies are adjusting their internal assessment mechanisms to focus more on the long-term stability and goal achievement of institutional clients, rather than just overall scale [11]. - The industry consensus is moving towards enhancing the investor experience through comprehensive advisory services, addressing the historical focus on initial sales rather than ongoing client engagement [12][13].