Core Viewpoint - The wealth management industry is facing challenges such as compressed returns, increased risk volatility, and diversified customer demands, necessitating a transformation towards a "buy-side advisory" model for high-quality development [4][6]. Group 1: Transformation Breakthrough - Asset management institutions are shifting from a product-driven model to a customer-centric value creation approach, emphasizing the importance of aligning asset and liability management in the insurance sector [6][7]. - The banking wealth management sector must transition from external expansion to internal development, moving towards a "fixed income plus" strategy that embraces multi-asset and multi-strategy approaches [7][8]. - Public fund companies need to enhance their research capabilities and innovate products, such as REITs and overseas allocations, to meet the growing wealth management demands of residents [8][9]. Group 2: Ecological Reconstruction - Building a "buy-side advisory" ecosystem requires both institutional transformation and collaboration among industry players, focusing on long-term value creation for clients rather than short-term profits [10][11]. - The core of investor education should be to help clients understand their investment cognitive limitations, thereby transferring trading authority to professional advisors [10][11]. - Key points for constructing a buy-side advisory model include strengthening the buy-side positioning, establishing a customer-centric advisory system, optimizing assessment models, enhancing channel collaboration, and leveraging financial technology [11][12].