在此基础上，公司建立了代理人分级培训机制，针对不同等级代理人设计差异化课程，并通过定期培训 测试，方可销售相应级别的产品。另外公司还建立销售行为可回溯机制，公司通过录音录像等技术手段 记录和保存保险销售过程关键环节，实现销售行为可回访、重要信息可查询、问题责任可确认，对代理 人销售情况、客户签约流程进行录音录像抽查，重点核查是否明确告知产品风险等级与客户匹配情况。 逯星火 中国平安人寿山东分公司副总经理 为完善需求匹配，新契约回访新增适当性问卷，问卷内容包括对投保计划与客户告知的保障需求、风险 承受能力、保费承担能力是否匹配进行确认，核实代理人是否对客户前期已购买同类保险的情况进行充 分沟通，以及投保需求分析问卷是否由客户亲笔签署，同时重点核查是否存在代理人违规承诺收益或损 失承担、夸大产品收益或保障范围等误导销售行为。特别针对投保人年龄与缴费期限之和达到75岁的保 单，将启动双重保护机制：在投保环节增设专项提示，在双录过程中增加风险等级确认环节，重点核查 客户对产品特性及缴费义务的认知程度。 适当性管理宗旨是金融机构了解产品和客户，将适当的产品通过适当的渠道销售给适合的客户，在产品 销售过程中，代理人队伍的 ...

Core Viewpoint - The year 2025 is identified as a crucial transformation year for the wealth management industry, driven by regulatory changes and increased competition among financial institutions [1] Regulatory Changes - The "Commercial Banks Agency Sales Business Management Measures" will be implemented on October 1, 2023, emphasizing the responsibilities of banks as agency sales institutions [2] - The "Financial Institutions Product Appropriateness Management Measures" will take effect on February 1, 2026, focusing on consumer rights protection and risk identification [3] Market Dynamics - The public fund industry is experiencing a decline in management fees, with a projected 8% decrease in overall management fee income from 2023 to 2024, leading to reduced tail commission income [5][6] - The traditional agency sales model, heavily reliant on tail commissions, is under pressure as major players like China Merchants Bank and Ant Fund report revenue declines despite increased sales volumes [7] Competitive Landscape - The wealth management product distribution market is witnessing a significant reshuffle, with many small and medium-sized institutions exiting the market due to compliance issues and the need for transformation [7] - The proportion of wealth management products distributed by established financial institutions is increasing, with 89.61% of the market share held by 32 licensed wealth management companies as of mid-2025 [8] Strategic Shifts - Wealth management institutions are increasingly focusing on direct sales and expanding their distribution channels, with a notable increase in the number of cooperative distribution institutions [9][10] - The industry is moving towards a more diversified and digital approach, with a shift from sales-driven to service-oriented models, emphasizing investor education and tailored product offerings [11][12]

Regulatory Framework - The "Financial Institutions Product Suitability Management Measures" emphasizes the dual principles of "seller's due diligence and buyer's self-responsibility" to ensure appropriate product sales to suitable clients[3] - The measures will take effect on February 1, 2026, and aim to enhance investor education and break rigid repayment structures[3][7] Impact on Financial Institutions - Compliance costs for banks in the wealth management sector are expected to rise due to stricter suitability matching requirements, necessitating upgrades in information systems and human resources[15][16] - The measures will lead to improved client data quality, enhancing product design capabilities within the banking wealth management industry[3][15] Investor Responsibility - Investors are required to understand products and make informed decisions based on their risk preferences, with a focus on providing accurate information to financial institutions[14] - The measures stipulate that investors must undergo risk assessments, limiting the frequency of such assessments to twice a day and a maximum of eight times within twelve months[14] Market Dynamics - The proportion of high-risk wealth management products is anticipated to increase, as the measures clarify the responsibilities of both buyers and sellers, potentially leading to a rise in equity investments[19][20] - As of the end of 2024, only 0.27% of wealth management products were rated as high-risk, despite over 20% of investors having a risk tolerance above level four[20][22] Future Projections - It is estimated that by 2026, the proportion of equity assets in wealth management products could increase by 1%, translating to an additional RMB 320 billion entering the A-share market[22]

Core Viewpoint - The newly issued "Financial Institutions Product Appropriateness Management Measures" aims to enhance consumer protection and promote healthy financial market development by establishing clear appropriateness standards for financial products [1][2]. Group 1: Appropriateness Management - Appropriateness management is a fundamental principle in financial services, ensuring that suitable consumers purchase appropriate products to mitigate risks associated with product misalignment [1]. - Current issues in the market include superficial customer assessments, insufficient product information disclosure, and inappropriate product recommendations, which can lead to consumer risk misperceptions and potential market instability [1]. Group 2: Implications for Consumers - The new measures will create a risk firewall for consumers by ensuring that appropriate products are sold through suitable channels to the right customers, thereby reducing the likelihood of misleading sales [2]. - Consumers will receive more accurate risk warnings and matching suggestions, enhancing their understanding of complex financial products [2]. Group 3: Implications for Financial Institutions - The measures serve as a guiding framework for financial institutions, requiring them to understand both products and customers, which can enhance compliance capabilities and service professionalism [2]. - Institutions will need to categorize investment products by risk levels and differentiate between professional and ordinary investors, which may seem to increase operational steps but ultimately fosters a more responsible financial environment [2]. Group 4: Implementation Timeline - The measures will take effect on February 1, 2026, allowing financial institutions ample preparation time for a smooth transition to the new standards [3].