Core Viewpoint - The article highlights the existence of "wealth management assassins" in the banking wealth management sector, where investors are misled by high advertised returns that are not realized, leading to unfair treatment among clients and potential market manipulation [1][16]. Group 1: Industry Practices - Many wealth management companies are still pursuing scale blindly, leading to the development of new "ranking methods" that manipulate product returns [1][8]. - A prevalent method involves using the T-1 valuation model to shift returns between products, creating high-yield "ranking" products while older products suffer losses [1][5][7]. - This practice results in unfair treatment of clients, where some investors see their returns redirected to other products, leading to dissatisfaction and complaints [1][16]. Group 2: Regulatory Environment - Financial regulators have restricted various practices that circumvent asset management regulations, such as smoothing trust and self-built valuation models [1][8]. - The shift to T-1 valuation methods is partly a response to regulatory scrutiny, as companies seek new ways to maintain high returns amidst changing market conditions [8][12]. Group 3: Market Dynamics - The current market environment shows a significant shift, with increased volatility in the bond market and declining attractiveness of wealth management products compared to public funds [8][9]. - The reliance on trust companies for T-1 valuation has increased, with a notable rise in the proportion of outsourced investments in wealth management assets [9][10]. Group 4: Impact on Investment Behavior - The manipulation of returns leads to a short-term investment behavior among clients, as they adapt to fluctuating returns and are forced into quick buy-sell decisions [17]. - This environment hampers the ability of wealth management companies to engage in value investing, as they focus on managing client redemptions rather than long-term strategies [17]. Group 5: Ethical Concerns - The practices of shifting returns raise ethical concerns, as they may border on fraud by creating unrealistic expectations for investors regarding product performance [17][18]. - Industry insiders call for regulatory measures to ensure fairness and compliance, emphasizing the need for a level playing field in the market [18].