Core Viewpoint - The wealth management industry is transitioning from a scale-driven approach to a value-driven model, emphasizing high-quality development and a focus on comprehensive account-based advisory services [1][4]. Group 1: Changes in Investor Behavior - Since the implementation of the "9·24" financial policy, there has been a noticeable increase in residents' investment enthusiasm, with a significant rise in participation in ETFs and a growing willingness to choose buy-side advisory services [2][3]. - The demand among investors is diversifying, with some increasing their risk appetite and significantly boosting their allocation to equity assets compared to pre-"9·24" levels [2][3]. - The previous frenzy for overseas products has diminished, with improved participation in A-shares and Hong Kong stocks, as well as a notable improvement in the premium situation of on-site QDII funds [2][3]. Group 2: Industry Trends and Challenges - The competition in the market is intensifying, with a continuous decline in the comprehensive commission rates of domestic brokerage firms since 2023, leading to a price war in traditional brokerage services [3][5]. - The traditional sell-side model, which focuses on product sales commissions, risks misaligning with clients' true needs, potentially harming long-term trust and growth for wealth management institutions [3][5]. - The industry is accelerating its transition from a "sell-side sales" model to a "buy-side advisory" model, driven by the need for deeper service and long-term client relationships [5][6]. Group 3: Strategic Directions for Wealth Management - The wealth management value focus is shifting from "product allocation" to "account-based advisory services," encouraging clients to adopt a long-term investment perspective [6][7]. - Institutions are encouraged to develop lifecycle-oriented products that address residents' retirement needs, helping investors mitigate short-term volatility and promoting long-term investment [6][7]. - The introduction of fees based on clients' asset sizes aims to align the interests of wealth management firms with those of investors, enhancing the buy-side advisory model [7][8]. Group 4: Future Outlook and Industry Ecosystem - The personal investable asset scale in China is projected to exceed 300 trillion yuan by the end of 2024, indicating significant potential for the penetration of the buy-side advisory model [8][9]. - Three major trends are anticipated in the future of wealth management: continued diversification of client risk preferences, varying depth and precision of service needs among different client types, and the increasing importance of global asset allocation [8][9]. - The industry is encouraged to foster a healthy and sustainable wealth management ecosystem by promoting the transition to a buy-side advisory model and collaborating with long-term capital sources like insurance and pension funds [9][10].
中金财富王建力：财富管理价值重心将从“产品配置”延伸至“账户视角的顾问服务”