Core Viewpoint - The article highlights the existence of "financial assassins" in the banking wealth management sector, where investors are misled by high advertised returns but receive significantly lower actual returns due to manipulative practices by wealth management companies [1][2]. Group 1: Industry Practices - Wealth management companies are engaging in unfair competition by using "T-1 valuation" methods to manipulate returns, leading to discrepancies in actual investor earnings [2][6]. - The practice of "yield shifting" allows new products to appear more attractive by transferring returns from older products, creating an illusion of high performance [6][10]. - The regulatory environment has tightened, limiting previous methods of smoothing returns, prompting companies to seek new ways to maintain high reported yields [9][12]. Group 2: Impact on Investors - Investors in older products often receive lower returns, leading to feelings of being treated unfairly and encountering "financial assassins" [15][16]. - The average net value growth rate for certain products has been low, with a reported annualized return of only 1.7%, indicating that many investors are not receiving the returns they expect [16]. - The reliance on short-term gains and high turnover in investment behavior is detrimental to the overall market, as it discourages long-term value investing [15][16]. Group 3: Regulatory and Market Dynamics - The shift towards T-1 valuation methods has been driven by a desire to circumvent stricter regulations, reflecting a persistent "scale obsession" within the industry [9][14]. - The article calls for regulatory measures to ensure fairness in the market and to penalize non-compliant practices, emphasizing the need for a more equitable investment environment [15][16].