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].

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 much lower actual returns due to manipulative practices by wealth management companies [1][14]. Group 1: Industry Practices - Wealth management companies are engaging in unfair competition by using T-1 valuation methods to shift returns between products, leading to discrepancies in actual returns received by investors [1][6]. - The practice of "sheltering" products allows companies to inflate the returns of newly launched products while older products bear the losses, creating an illusion of high performance [5][12]. - Regulatory measures have been implemented to curb previous practices like self-built valuation models, but companies continue to seek loopholes to maintain high returns [7][14]. Group 2: Investor Impact - Investors are often left with returns significantly lower than expected, with some reporting annualized returns as low as 1%-2% despite seeing advertised rates above 5% [1][14]. - The reliance on T-1 valuation creates a situation where investors in older products are unfairly treated, as their returns are used to support the performance of newer products [14][15]. - The high expectations set by advertised returns lead to a cycle of short-term investment behavior, undermining the potential for long-term value investment [15]. Group 3: Market Dynamics - The shift towards T-1 valuation methods has been driven by a combination of regulatory scrutiny and the need for wealth management firms to maintain competitive scales in a challenging market environment [7][8]. - The increasing reliance on trust products and the growing share of outsourced investments indicate a significant change in asset allocation strategies within the wealth management industry [8][9]. - The competitive landscape is becoming more challenging, with larger firms facing pressure to deliver returns while adhering to stricter compliance requirements [10][12].