作者简介 建信信托公益慈善与消保部总经理徐进，德恒律师事务所顾问、天津新开法律研究院院长柏高原，天津 新开法律研究院研究员、涉外法治研究中心主任汤杰 登录新浪财经APP 搜索【信披】查看更多考评等级 文章来源：WEALTH财富管理 本文重点以家族信托为例，研究思考财富管理服务信托适当性管理的理论框架、实践路径与优化策略， 以期对规范行业发展、保护委托人和受益人权益、防范金融风险提供建设性的理论参考与现实借鉴。 2025年7月11日，国家金融监督管理总局正式颁布《金融机构产品适当性管理办法》（以下简称《办 法》），并规定自2026年2月1日起实施。该《办法》的出台标志着我国金融消费者适当性保护进入了更 加系统化、规范化的新阶段。 近年来，我国金融市场不断深化发展，金融产品和服务日趋丰富和复杂，金融消费者保护也成为了监管 部门的重点关注领域。适当性管理作为金融消费者保护的核心制度，其理念是通过要求金融机构将适当 的产品销售给适当的客户，来弥补金融交易中信息不对称和专业能力不对等的缺陷。 这次出台的《办法》中第一条明确阐述了其立法目的："为规范金融机构产品适当性管理，保护金融消 费者合法权益"。 这表明《办法》的核 ...

Core Viewpoint - The article emphasizes the importance of appropriate management in wealth management services, particularly focusing on family trusts, to protect the rights of clients and beneficiaries while mitigating financial risks [2][3]. Group 1: Regulatory Framework - The introduction of the "Financial Institutions Product Appropriateness Management Measures" marks a new phase in the systematic and standardized protection of financial consumers in China, effective from February 1, 2026 [3]. - The core value of the new regulations is to standardize the behavior of financial institutions while focusing on protecting relatively vulnerable financial consumers [3]. Group 2: Market Growth - The family wealth management market in China is rapidly growing, with family trusts and insurance trusts becoming essential tools for high-net-worth individuals, leading to a market size of 643.58 billion yuan by the end of 2024 and exceeding 950 billion yuan by the third quarter of 2025, reflecting a 5.6% increase from 2024 [4][5]. Group 3: Unique Characteristics of Family Trusts - Family trusts possess unique characteristics that complicate their appropriateness management, including their dual nature as legal service frameworks and financial products, the complexity of client needs, diverse asset types, and the long-term nature of these trusts [7][8]. - The separation of interests between the trustor and beneficiaries necessitates a comprehensive assessment of both parties' needs in appropriateness evaluations [8]. Group 4: Challenges in Appropriateness Management - The flexibility of the trust system creates challenges in determining the management responsibilities of trust companies, especially when investment management is outsourced to other financial institutions [10]. - There is ambiguity regarding whether the risk tolerance of individual trustors or beneficiaries can be equated with that of the family trust itself, complicating the appropriateness assessment [10]. Group 5: Recommendations for Improvement - The article suggests that family trusts should be evaluated based on a comprehensive framework that considers the decision-making authority, trust objectives, and overall investment portfolio, rather than merely matching products to clients [19]. - It advocates for a dynamic and systematic approach to appropriateness management that incorporates ongoing information collection and assessment of client needs and investment goals [17][18].