Core Viewpoint - The article discusses the achievements, challenges, and future directions of the buy-side investment advisory business in China over the past five years, emphasizing the critical role of investment advisors in the aging financial landscape [1]. Group 1: Achievements and Practices - The buy-side investment advisory has significantly improved investor return experiences, with data showing that over 70% of clients from several advisory pilot institutions are profitable [3]. - The value of investment advisory is multidimensional, enhancing client returns, creating new job opportunities, reshaping industry sales dynamics, and reducing information asymmetry between buyers and sellers [3]. - Investment advisors must maintain a buy-side stance and cultivate a culture prioritizing client interests, which includes comprehensive market fund selection and establishing independent research teams [3][4]. Group 2: Role in Pension Finance - As China enters an aging society, the pension finance sector faces significant challenges and opportunities, necessitating the integration of investment advisors to enhance service precision [5][6]. - The introduction of investment advisors can transition the pension model from a corporate decision-making approach to a more personalized "individual choice + investment advisor" model, allowing for tailored pension investment plans [6]. Group 3: Trends and Challenges - The TAMP (Turnkey Asset Management Platform) has promising development prospects in China, providing an efficient platform for investment advisors [7]. - The shift from asset management to wealth management presents challenges for fund companies, requiring management to possess "patient capital" and long-term vision [7]. - Data collaboration poses another challenge, particularly in areas like anti-money laundering and sales suitability, necessitating effective utilization of client data [7].